UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21864
----------------------------
WisdomTree Trust
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
380 Madison Avenue, 21st Floor
New York, NY 10017
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
The Corporation Trust Company
1209 Orange Street
Wilmington, DE 19801
--------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (866)-909-9473
----------------
Date of fiscal year end: March 31
----------------
Date of reporting period: March 31, 2008
----------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
Item 1. Report(s) to Stockholders.
The Trust's annual report transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940 is as follows:
[LOGO]
WISDOMTREE
Fundamental ETFs
WisdomTree Trust
Domestic Dividend Funds
--------------------------------------------------------------------------------
Annual Report
March 31, 2008
WisdomTree Total Dividend Fund
WisdomTree High-Yielding Equity Fund
WisdomTree LargeCap Dividend Fund
WisdomTree Dividend Top 100(SM) Fund
WisdomTree MidCap Dividend Fund
WisdomTree SmallCap Dividend Fund
Table of Contents
Letter to Shareholders ..................................................... 1
Management's Discussion of Funds' Performance .............................. 2
Performance Summaries (unaudited) .......................................... 3
Shareholder Expense Examples (unaudited) ................................... 9
Schedules of Investments
WisdomTree Total Dividend Fund ............................................ 11
WisdomTree High-Yielding Equity Fund ...................................... 22
WisdomTree LargeCap Dividend Fund ......................................... 27
WisdomTree Dividend Top 100(SM) Fund ...................................... 32
WisdomTree MidCap Dividend Fund ........................................... 34
WisdomTree SmallCap Dividend Fund ......................................... 40
Statements of Assets and Liabilities ....................................... 49
Statements of Operations ................................................... 50
Statements of Changes in Net Assets ........................................ 51
Financial Highlights ....................................................... 53
Notes to the Financial Statements .......................................... 56
Report of Independent Registered Public Accounting Firm .................... 61
Approval of Investment Advisory and Sub-Advisory Agreement (unaudited) ..... 62
Frequency Distribution of Discounts & Premiums (unaudited) ................. 63
Trustee and Officer Information (unaudited) ................................ 68
Supplemental Information (unaudited) ....................................... 66
General Information (unaudited) ............................................ 67
"WisdomTree", "WisdomTree Investments" and "Dividend Top 100" are marks of
WisdomTree Investments, Inc. and are licensed for use by the Trust.
[This page intentionally left blank.]
Letter to Shareholders
Dear Shareholders:
It is a pleasure to report highlights for the funds of the WisdomTree
Trust for the fiscal year that ended March 31, 2008.
Over this period, many U.S. and international stock markets declined
between 5% and 15%, disappointing equity investors. With toxic sub-prime loans
causing huge write-downs in the value of assets held at large banks and
brokerage firms, financial stocks dramatically underperformed the broader
market. For the first time since 1999, value stocks underperformed growth stocks
in 2007, both domestically and internationally. WisdomTree's smaller
capitalization U.S. funds, with greater exposure to real estate and financial
stocks, generated sub-par returns for the period. Nevertheless, despite the
challenging environment, 21 of WisdomTree's 36 funds with one-year track records
outperformed their comparable capitalization weighted benchmark over the 12
months ended March 31, 2008.
Some of WisdomTree's strongest relative performance occurred in the
developing world. Within the past year, the Trust added the WisdomTree Emerging
Markets High-Yielding Equity Fund (DEM) and the WisdomTree Emerging Markets
SmallCap Dividend Fund (DGS), the first ETF to offer investors access to the
small-cap segment of emerging equity markets. Since the inception of the funds
(July 13, 2007 and October 30, 2007, respectively) through March 31, 2008, both
DEM and DGS outperformed the capitalization-weighted barometer for the emerging
markets: the MSCI Emerging Markets Index. In February, WisdomTree launched the
industry's first India ETF, the WisdomTree India Earnings Fund (EPI), which
gives U.S. investors exposure to local shares trading in India. By March 31,
2008, overall assets under management in the WisdomTree Trust stood at
approximately $4.3 billion, up from approximately $3 billion a year earlier.
The past fiscal year was also punctuated by an initiative that has the
potential to significantly expand WisdomTree's reach: a platform that allows
plan sponsors to use ETFs within employee 401(k) programs. This program gives
clients the ability to use traditional index funds, actively managed mutual
funds or ETFs within their retirement plans. Increasingly, investors view
WisdomTree products as alternatives to both types of investments. Like
traditional index funds, WisdomTree ETFs provide broad exposure to equity
markets in 42 countries. But unlike traditional capitalization- weighted
indexes, which set weights based on a company's market value, WisdomTree sets
component weights based on income streams, such as earnings or dividends.
WisdomTree is presenting advisors, plan sponsors, and self-directed investors a
new way to understand and invest in equity markets. This report contains another
full year of real-time performance data that will, I hope, provide greater
clarity as to whether we are meeting our goal of delivering market-beating
returns in a passive structure.
Thank you for your continued support.
Best regards,
/s/ Jonathan Steinberg
Jonathan Steinberg
President, WisdomTree Trust
CEO, WisdomTree Asset Management, Inc.
Mr. Steinberg is a registered representative of ALPS Distributors, Inc.
This information is subject to change at any time based on market and other
conditions and should not be construed as a recommendation of any specific
security. Fund returns are quoted at NAV. Please see Performance Summaries on
the subsequent pages for more complete performance information.
The MSCI Emerging Markets Index is a market cap weighted index that is designed
to measure equity market performance consisting of 25 emerging market country
indexes. MSCI Index performance information assumes the reinvestment of net
dividends and excludes management fees, transaction costs and expenses. You
cannot invest directly in an index.
WisdomTree Domestic Dividend Funds 1
Management's Discussion of Funds' Performance
The six domestic dividend-based ETFs developed by the WisdomTree Trust give
investors alternatives to market capitalization-weighted index funds in all
major market capitalization segments of the U.S. equity market. The six ETFs
discussed in this report track specific indexes that are derived from the
WisdomTree Dividend Index, which measures the performance of dividend-paying
companies in the U.S. Unlike ETFs that track traditional market
capitalization-weighted indexes, WisdomTree's dividend-based ETFs are designed
to track indexes that are weighted based on the dividends that companies pay.
For ease of comparison, this report provides index performance data on each
ETF's underlying WisdomTree Index and a comparable capitalization weighted
benchmark index.
The U.S. equity market, measured by the Russell 3000 Index*, a broad measure of
U.S. stock performance, declined 6.03% in the 12 months that ended March 31,
2008. The first quarter of 2008 marked the largest quarterly retrenchment in
U.S. equity prices since the third quarter of 2002. Stocks reacted to continued
credit concerns emanating from Wall Street and from broader evidence that the
U.S. economy is faltering. The unemployment rate rose to 5.1%, its highest
level in nearly three years. Jobless claims spiked above 400,000, signaling
recession. The weakening job market, coupled with rising foreclosures and
falling home prices, have undermined consumer confidence. One of the only
positive aspects to emerge recently has been the Federal Reserve's (the "Fed")
willingness to reduce interest rates. The Fed cut rates three times in the
first quarter, reducing the target Fed Funds rate from 4.25% to 2.25%.
WisdomTree's domestic dividend-based ETFs, all of which have broader exposure
to financial stocks than their comparable capitalization weighted peers,
underperformed their respective benchmarks in this period. WisdomTree's
broadest domestic dividend-based ETF, the WisdomTree Total Dividend Fund (DTD),
had a total return of negative 7.77% for the year that ended March 31, 2008.
Large company stocks outperformed small-cap stocks. The best performing
WisdomTree ETF in this group was the WisdomTree LargeCap Dividend Fund (DLN),
which fell 6.47% for the period, compared to a 5.05% retracement for the S&P
500 Index*. The WisdomTree MidCap Dividend Fund (DON), which is heavily
weighted towards REITs and financial stocks, experienced the greatest relative
underperfomance for the period. DON lost 14.47% at NAV for the year that ended
March 31, 2008, versus a 6.93% decline for the S&P MidCap 400 Index*.
The views expressed in this report reflect those of the portfolio managers only
through the end of the period of the report as stated on the cover. The
portfolio managers' views are subject to change at any time based on market and
other conditions and should not be construed as a recommendation. Past
performance is no guarantee of future results.
Fund returns are shown at NAV. Please see Performance Summaries on the
subsequent pages for more complete performance information.
Fund performance assumes reinvestment of dividends and capital gain
distributions. 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. 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 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.
The Russell 3000 Index measures the performance of the 3000 largest stocks in
the U.S. market by market value; the S&P 500 Index is the Standard & Poor's
composite index of 500 stocks; the S&P MidCap 400 Index is an unmanaged group
of 400 domestic stocks chosen for market size, liquidity and industry group
representation. Index performance information assumes the reinvestment of gross
dividends and excludes management fees, transaction costs and expenses. You
cannot invest directly in an index.
* Performance information for the Russell 3000 Index, S&P MidCap 400 Index
and S&P 500 Index assumes the reinvestment of gross dividends and excludes
management fees, transaction costs and expenses.
2 WisdomTree Domestic Dividend Funds
Performance Summary (unaudited)
WisdomTree Total Dividend Fund
Sector Breakdown+ as of 3/31/08++
---------------------------------
[PIE CHART]
Financials 31.2%
Consumer Non-Cyclical 20.2%
Industrials 11.4%
Energy 7.6%
Communications 7.4%
Consumer Cyclical 6.8%
Utilities 5.7%
Basic Materials 4.7%
Technology 4.5%
Other 0.5%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
-------------------------------------------
Description % of Net Assets
-------------------------------------------
General Electric Co. 4.3%
-------------------------------------------
Bank of America Corp. 3.9%
-------------------------------------------
AT&T, Inc. 3.1%
-------------------------------------------
Citigroup, Inc. 2.9%
-------------------------------------------
Pfizer, Inc. 2.7%
-------------------------------------------
Exxon Mobil Corp. 2.6%
-------------------------------------------
JPMorgan Chase & Co. 1.9%
-------------------------------------------
Johnson & Johnson 1.7%
-------------------------------------------
Chevron Corp. 1.7%
-------------------------------------------
Procter & Gamble Co. 1.6%
-------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Total Dividend Fund seeks investment results that closely
correspond to the price and yield performance, before fees and expenses, of the
WisdomTree Dividend Index.
The WisdomTree Total Dividend Fund (DTD) returned -7.77% at net asset value
("NAV") for the fiscal year ended March 31, 2008 (for more complete performance
information, please see below). Energy contributed most significantly to this
performance, comprising on average 7.82% of the Fund and returned 17.43% over
the period. Southern Copper Corp. was the top performing security in the Fund.
Financials contributed the least to the Fund returning -29.12% over the period
and comprising on average 30.34% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.28%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
Average Annual Total Return
------------------------------------------------------------------------------------------
WisdomTree Russell
Net Asset Value Market Price Dividend Index 3000 Index
------------------------------------------------------------------------------------------
One Year (7.77)% (7.81)% (6.88)% (6.03)%
------------------------------------------------------------------------------------------
Since Inception(1) 4.26% 4.14% 4.55% 4.74%
------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
Date WisdomTree Total Dividend Fund Russell 3000 Index
--------------------------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,177 $10,189
7/31/2006 $10,403 $10,179
8/31/2006 $10,616 $10,428
9/30/2006 $10,843 $10,661
10/31/2006 $11,168 $11,048
11/30/2006 $11,350 $11,286
12/31/2006 $11,573 $11,421
1/31/2007 $11,760 $11,642
2/28/2007 $11,567 $11,447
3/31/2007 $11,684 $11,566
4/30/2007 $11,930 $12,028
5/31/2007 $12,301 $12,467
6/30/2007 $11,930 $12,233
7/31/2007 $11,495 $11,816
8/31/2007 $11,722 $11,986
9/30/2007 $11,993 $12,423
10/31/2007 $12,097 $12,651
11/30/2007 $11,591 $12,081
12/31/2007 $11,297 $12,008
1/31/2008 $10,991 $11,280
2/29/2008 $10,410 $10,930
3/31/2008 $10,358 $10,865
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree Domestic Dividend Funds 3
Performance Summary (unaudited)
WisdomTree High-Yielding Equity Fund
Sector Breakdown+ as of 3/31/08++
-----------------------------------
[PIE CHART]
Financials 52.7%
Consumer Non-Cyclical 16.2%
Communications 12.6%
Utilities 7.4%
Basic Materials 5.8%
Consumer Cyclical 3.0%
Industrials 0.7%
Energy 0.5%
Technology 0.5%
Other 0.6%
-----------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
--------------------------------------------
% of Net
Description Assets
--------------------------------------------
Bank of America Corp. 8.8%
--------------------------------------------
AT&T, Inc. 7.0%
--------------------------------------------
Citigroup, Inc. 6.5%
--------------------------------------------
Pfizer, Inc. 6.0%
--------------------------------------------
JPMorgan Chase & Co. 4.2%
--------------------------------------------
Phillip Morris International, Inc. 3.5%
--------------------------------------------
Verizon Communications, Inc. 3.5%
--------------------------------------------
Wells Fargo & Co. 3.4%
--------------------------------------------
Wachovia Corp. 3.0%
--------------------------------------------
U.S. Bancorp 2.4%
--------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree High-Yielding Equity Fund seeks investment results that closely
correspond to the price and yield performance, before fees and expenses, of the
WisdomTree High-Yielding Equity Index.
The WisdomTree High-Yielding Equity Fund (DHS) returned -14.18% at net asset
value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Consumer Staples contributed most
significantly to this performance, comprising on average 8.53% of the Fund and
returned 13.00% over the period. Chevron Corp. was the top performing security
in the Fund. Financials contributed the least to the Fund returning -31.62%
over the period and comprising on average 43.56% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.38%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
Average Annual Total Return
-----------------------------------------------------------------------------------------
WisdomTree
High-Yielding Russell 1000
Net Asset Value Market Price Equity Index Value Index
-----------------------------------------------------------------------------------------
One Year (14.18)% (14.10)% (13.92)% (9.94)%
-----------------------------------------------------------------------------------------
Since Inception(1) 0.82% 0.85% 0.87% 3.78%
-----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
Date WisdomTree High-Yielding Equity Fund Russell 1000 Value Index
-------------------------------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,160 $10,224
7/31/2006 $10,560 $10,473
8/31/2006 $10,786 $10,648
9/30/2006 $11,002 $10,860
10/31/2006 $11,296 $11,216
11/30/2006 $11,410 $11,472
12/31/2006 $11,696 $11,729
1/31/2007 $11,876 $11,879
2/28/2007 $11,677 $11,694
3/31/2007 $11,823 $11,875
4/30/2007 $11,962 $12,314
5/31/2007 $12,271 $12,758
6/30/2007 $11,813 $12,460
7/31/2007 $11,297 $11,884
8/31/2007 $11,597 $12,017
9/30/2007 $11,788 $12,429
10/31/2007 $11,777 $12,431
11/30/2007 $11,150 $11,823
12/31/2007 $10,646 $11,709
1/31/2008 $10,748 $11,240
2/29/2008 $9,821 $10,769
3/31/2008 $9,635 $10,688
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
4 WisdomTree Domestic Dividend Funds
Performance Summary (unaudited)
WisdomTree LargeCap Dividend Fund
Sector Breakdown+ as of 3/31/08++
-----------------------------------
[PIE CHART]
Financials 28.2%
Consumer Non-Cyclical 22.5%
Industrials 11.8%
Energy 8.6%
Communications 7.9%
Consumer Cyclical 6.4%
Utilities 4.9%
Technology 4.8%
Basic Materials 4.5%
Other 0.4%
-----------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
-----------------------------------
% of Net
Description Assets
-----------------------------------
General Electric Co. 5.1%
-----------------------------------
Bank of America Corp. 4.7%
-----------------------------------
AT&T Inc. 3.7%
-----------------------------------
Citigroup, Inc. 3.4%
-----------------------------------
Pfizer, Inc. 3.2%
-----------------------------------
Exxon Mobil Corp. 3.2%
-----------------------------------
JPMorgan Chase & Co. 2.2%
-----------------------------------
Chevron Corp. 2.1%
-----------------------------------
Johnson & Johnson 2.1%
-----------------------------------
Procter & Gamble Co. 1.9%
-----------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree LargeCap Dividend Fund seeks investment results that closely
correspond to the price and yield performance, before fees and expenses, of the
WisdomTree LargeCap Dividend Index.
The WisdomTree LargeCap Dividend Fund (DLN) returned -6.47% at net asset value
("NAV") for the fiscal year ended March 31, 2008 (for more complete performance
information, please see below). Energy contributed most significantly to this
performance, comprising on average 8.99% of the Fund and returned 18.23% over
the period. Southern Copper Corp. was the top performing security in the Fund.
Financials contributed the least to the Fund returning -31.02% over the period
and comprising on average 27.79% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.28%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
Average Annual Total Return
------------------------------------------------------------------------------------------
WisdomTree
LargeCap S&P 500
Net Asset Value Market Price Dividend Index Index
------------------------------------------------------------------------------------------
One Year (6.47)% (6.62)% (6.35)% (5.05)%
------------------------------------------------------------------------------------------
Since Inception(1) 5.05% 4.88% 5.00% 5.13%
------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
Date WisdomTree LargeCap Dividend Fund S&P 500 Index
----------------------------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,165 $10,155
7/31/2006 $10,443 $10,217
8/31/2006 $10,654 $10,460
9/30/2006 $10,892 $10,730
10/31/2006 $11,197 $11,080
11/30/2006 $11,353 $11,290
12/31/2006 $11,609 $11,449
1/31/2007 $11,767 $11,622
2/28/2007 $11,549 $11,394
3/31/2007 $11,677 $11,522
4/30/2007 $11,977 $12,032
5/31/2007 $12,357 $12,452
6/30/2007 $12,008 $12,245
7/31/2007 $11,633 $11,866
8/31/2007 $11,854 $12,043
9/30/2007 $12,162 $12,494
10/31/2007 $12,264 $12,693
11/30/2007 $11,788 $12,162
12/31/2007 $11,513 $12,078
1/31/2008 $11,167 $11,353
2/29/2008 $10,580 $10,984
3/31/2008 $10,532 $10,937
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree Domestic Dividend Funds 5
Performance Summary (unaudited)
WisdomTree Dividend Top 100(SM) Fund
Sector Breakdown+ as of 3/31/08++
-----------------------------------
[PIE CHART]
Financials 43.3%
Consumer Non-Cyclical 17.1%
Utilities 13.0%
Basic Materials 8.3%
Consumer Cyclical 7.3%
Communications 5.0%
Industrials 3.0%
Energy 1.5%
Technology 0.9%
Other 0.6%
-----------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
----------------------------------------------
% of Net
Description Assets
----------------------------------------------
American Capital Strategies Ltd. 3.2%
----------------------------------------------
Southern Copper Corp. 2.2%
----------------------------------------------
KeyCorp. 1.8%
----------------------------------------------
HCP, Inc. 1.7%
----------------------------------------------
National City Corp. 1.7%
----------------------------------------------
Equity Residential 1.6%
----------------------------------------------
BB&T Corp. 1.6%
----------------------------------------------
Fifth Third Bancorp 1.5%
----------------------------------------------
Bank of America Corp. 1.5%
----------------------------------------------
U.S. Bancorp 1.5%
----------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Dividend Top 100 Fund seeks investment results that closely
correspond to the price and yield performance, before fees and expenses, of the
WisdomTree Dividend Top 100 Index.
The WisdomTree Dividend Top 100 Fund (DTN) returned -11.15% at net asset value
("NAV") for the fiscal year ended March 31, 2008 (for more complete performance
information, please see below). Materials contributed most significantly to
this performance, comprising on average 10.75% of the Fund and returned 13.16%
over the period. Southern Copper Corp. was the top performing security in the
Fund. Financials contributed the least to the Fund returning -28.28% over the
period and comprising on average 33.84% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.38%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
Average Annual Total Return
----------------------------------------------------------------------------------------------
WisdomTree Dow Jones
Dividend Top 100 U.S. Select
Net Asset Value Market Price Index Dividend Index
----------------------------------------------------------------------------------------------
One Year (11.15)% (11.30)% (10.62)% (15.20)%
----------------------------------------------------------------------------------------------
Since Inception(1) 4.12% 4.01% 4.28% (0.13)%
----------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
Dow Jones U.S. Select
Date WisdomTree Dividend Top 100 Fund Dividend Index
--------------------------------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,182 $10,112
7/31/2006 $10,509 $10,424
8/31/2006 $10,700 $10,551
9/30/2006 $10,912 $10,693
10/31/2006 $11,337 $11,053
11/30/2006 $11,496 $11,261
12/31/2006 $11,697 $11,511
1/31/2007 $11,993 $11,628
2/28/2007 $11,999 $11,617
3/31/2007 $12,099 $11,775
4/30/2007 $12,268 $12,123
5/31/2007 $12,586 $12,387
6/30/2007 $12,119 $11,993
7/31/2007 $11,666 $11,290
8/31/2007 $11,818 $11,549
9/30/2007 $12,092 $11,636
10/31/2007 $12,256 $11,631
11/30/2007 $11,726 $11,273
12/31/2007 $11,230 $10,917
1/31/2008 $11,107 $10,966
2/29/2008 $10,380 $ 9,994
3/31/2008 $10,252 $ 9,977
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
6 WisdomTree Domestic Dividend Funds
Performance Summary (unaudited)
WisdomTree MidCap Dividend Fund
Sector Breakdown+ as of 3/31/08++
-----------------------------------
[PIE CHART]
Financials 43.3%
Utilities 12.7%
Industrials 10.4%
Consumer Cyclical 8.5%
Consumer Non-Cyclical 8.5%
Basic Materials 5.3%
Communications 4.0%
Technology 3.4%
Energy 3.1%
Other 0.8%
-----------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
------------------------------------------------
% of Net
Description Assets
------------------------------------------------
Windstream Corp. 1.6%
------------------------------------------------
Allied Capital Corp. 1.2%
------------------------------------------------
Developers Diversified
Realty Corp. 1.2%
------------------------------------------------
New York Community
Bancorp, Inc. 1.2%
------------------------------------------------
Fidelity National Title Group, Inc.
Class A 1.1%
------------------------------------------------
Huntington Bancshares, Inc. 1.0%
------------------------------------------------
Hospitality Properties Trust 1.0%
------------------------------------------------
CapitalSource, Inc. 1.0%
------------------------------------------------
Microchip Technology, Inc. 1.0%
------------------------------------------------
Citizens Communications Co. 1.0%
------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree MidCap Dividend Fund seeks investment results that closely
correspond to the price and yield performance, before fees and expenses, of the
WisdomTree MidCap Dividend Index.
The WisdomTree MidCap Dividend Fund (DON) returned -14.47% at net asset value
("NAV") for the fiscal year ended March 31, 2008 (for more complete performance
information, please see below). Energy contributed most significantly to this
performance, comprising on average 1.77% of the Fund and returned 21.68% over
the period. Lyondell Chemical Co. was the top performing security in the Fund.
Financials contributed the least to the Fund returning -22.78% over the period
and comprising on average 43.89% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.38%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
Average Annual Total Return
------------------------------------------------------------------------------------------
WisdomTree
MidCap S&P MidCap
Net Asset Value Market Price Dividend Index 400 Index
------------------------------------------------------------------------------------------
One Year (14.47)% (14.43)% (15.88)% (6.93)%
------------------------------------------------------------------------------------------
Since Inception(1) 0.38% 0.64% (0.68)% 4.21%
------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
Date WisdomTree MidCap Dividend Fund S&P MidCap 400 Index
--------------------------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,207 $10,336
7/31/2006 $10,227 $10,041
8/31/2006 $10,482 $10,156
9/30/2006 $10,645 $10,224
10/31/2006 $11,082 $10,649
11/30/2006 $11,398 $10,992
12/31/2006 $11,464 $10,939
1/31/2007 $11,813 $11,336
2/28/2007 $11,767 $11,419
3/31/2007 $11,771 $11,573
4/30/2007 $11,871 $11,925
5/31/2007 $12,178 $12,522
6/30/2007 $11,634 $12,249
7/31/2007 $10,922 $11,721
8/31/2007 $11,106 $11,829
9/30/2007 $11,226 $12,142
10/31/2007 $11,303 $12,462
11/30/2007 $10,732 $11,834
12/31/2007 $10,392 $11,811
1/31/2008 $10,187 $11,084
2/29/2008 $9,677 $10,878
3/31/2008 $9,645 $10,766
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree Domestic Dividend Funds 7
Performance Summary (unaudited)
WisdomTree SmallCap Dividend Fund
Sector Breakdown+ as of 3/31/08++
-----------------------------------
[PIE CHART]
Financials 56.0%
Consumer Cyclical 10.2%
Industrials 6.8%
Consumer Non-Cyclical 6.5%
Utilities 5.5%
Basic Materials 5.5%
Communications 5.4%
Technology 1.5%
Energy 1.0%
Diversified 0.3%
Other 1.3%
-----------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
---------------------------------------------
% of Net
Description Assets
---------------------------------------------
Ares Capital Corp. 0.8%
---------------------------------------------
Colonial Properties Trust 0.8%
---------------------------------------------
American Financial Realty Trust 0.8%
---------------------------------------------
Home Properties, Inc. 0.8%
---------------------------------------------
MCG Capital Corp. 0.7%
---------------------------------------------
Entertainment Properties Trust 0.7%
---------------------------------------------
Washington Real Estate
Investment Trust 0.7%
---------------------------------------------
Lexington Corporate Properties
Trust 0.7%
---------------------------------------------
Cousins Properties, Inc. 0.7%
---------------------------------------------
Healthcare Realty Trust, Inc. 0.7%
---------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree SmallCap Dividend Fund seeks investment results that closely
correspond to the price and yield performance, before fees and expenses, of the
WisdomTree SmallCap Dividend Index.
The WisdomTree SmallCap Dividend Fund (DES) returned -15.93% at net asset value
("NAV") for the fiscal year ended March 31, 2008 (for more complete performance
information, please see below). Materials contributed most significantly to
this performance, comprising on average 5.67% of the Fund and returned 6.07%
over the period. Compass Minerals International, Inc. was the top performing
security in the Fund. Financials contributed the least to the Fund returning
-18.35% over the period and comprising on average 50.42% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.38%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
Average Annual Total Return
------------------------------------------------------------------------------------------
WisdomTree
SmallCap Russell 2000
Net Asset Value Market Price Dividend Index Index
------------------------------------------------------------------------------------------
One Year (15.93)% (15.69)% (16.93)% (12.94)%
------------------------------------------------------------------------------------------
Since Inception(1) (0.98)% (0.98)% (2.02)% 0.84%
------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
Date WisdomTree SmallCap Dividend Fund Russell 2000 Index
------------------------------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,326 $10,464
7/31/2006 $10,314 $10,123
8/31/2006 $10,543 $10,423
9/30/2006 $10,717 $10,510
10/31/2006 $11,259 $11,115
11/30/2006 $11,532 $11,407
12/31/2006 $11,645 $11,445
1/31/2007 $11,799 $11,637
2/28/2007 $11,624 $11,545
3/31/2007 $11,688 $11,668
4/30/2007 $11,417 $11,878
5/31/2007 $11,753 $12,364
6/30/2007 $11,407 $12,183
7/31/2007 $10,460 $11,350
8/31/2007 $10,862 $11,607
9/30/2007 $10,773 $11,807
10/31/2007 $10,764 $12,145
11/30/2007 $10,029 $11,273
12/31/2007 $ 9,662 $11,266
1/31/2008 $ 9,695 $10,498
2/29/2008 $ 9,127 $10,109
3/31/2008 $ 9,278 $10,151
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
8 WisdomTree Domestic Dividend Funds
Shareholder Expense Examples (unaudited)
As a shareholder of a WisdomTree Fund, you incur two types of costs: (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 following example is 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 example is based on an investment of $1,000 invested at the beginning of
the period and held for the entire period from October 1, 2007 to March 31,
2008.
Actual expenses
The first line under each Fund in the table on the next page 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 Period 10/01/07 to 3/31/08" to estimate
the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table on the next page provides
information about hypothetical account values and hypothetical expenses based
on each 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 under each Fund 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 Domestic Dividend Funds 9
Shareholder Expense Examples (unaudited) (concluded)
-------------------------------------------------------------------------------------------------------------------
Annualized
Expense Ratio Expenses Paid
Based on the During the
Beginning Ending Period Period+
Account Value Account Value 10/01/07 to 10/01/07 to
10/01/07 3/31/08 3/31/08 3/31/08
-------------------------------------------------------------------------------------------------------------------
WisdomTree Total Dividend Fund
Actual $ 1,000.00 $ 872.85 0.28% $ 1.33
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.58 0.28% $ 1.44
-------------------------------------------------------------------------------------------------------------------
WisdomTree High-Yielding Equity Fund
Actual $ 1,000.00 $ 829.74 0.38% $ 1.76
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.08 0.38% $ 1.94
-------------------------------------------------------------------------------------------------------------------
WisdomTree LargeCap Dividend Fund
Actual $ 1,000.00 $ 874.57 0.28% $ 1.33
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.58 0.28% $ 1.44
-------------------------------------------------------------------------------------------------------------------
WisdomTree Dividend Top 100 Fund
Actual $ 1,000.00 $ 861.57 0.38% $ 1.79
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.08 0.38% $ 1.94
-------------------------------------------------------------------------------------------------------------------
WisdomTree MidCap Dividend Fund
Actual $ 1,000.00 $ 868.19 0.38% $ 1.80
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.08 0.38% $ 1.94
-------------------------------------------------------------------------------------------------------------------
WisdomTree SmallCap Dividend Fund
Actual $ 1,000.00 $ 876.12 0.38% $ 1.80
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.08 0.38% $ 1.94
-------------------------------------------------------------------------------------------------------------------
+ Expenses are calculated using each Fund's annualized expense ratio,
multiplied by the average account value for the period, multiplied by
183/366 (to reflect one-half year period).
10 WisdomTree Domestic Dividend Funds
Schedule of Investments
WisdomTree Total Dividend Fund
March 31, 2008
-----------------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------------
COMMON STOCKS - 99.4%
Advertising - 0.1%
Omnicom Group, Inc. 1,335 $ 58,980
-----------------------------------------------------------------------------
Aerospace/Defense - 1.7%
Boeing Co. (The) 3,958 294,356
General Dynamics Corp. 1,767 147,315
Goodrich Corp. 593 34,103
L-3 Communications Holdings, Inc. 417 45,595
Lockheed Martin Corp. 2,119 210,417
Northrop Grumman Corp. 2,182 169,781
Raytheon Co. 2,417 156,162
Rockwell Collins, Inc. 528 30,175
United Technologies Corp. 5,666 389,935
-----------
Total Aerospace/Defense 1,477,839
-----------------------------------------------------------------------------
Agriculture - 3.0%
Altria Group, Inc. 27,586 612,409
Archer-Daniels-Midland Co. 2,503 103,023
Loews Corp. 802 58,185
Philip Morris International, Inc. * 27,586 1,395,301
Reynolds American, Inc. 4,906 289,601
Universal Corp. 375 24,574
UST, Inc. 2,256 122,997
Vector Group Ltd. 1,676 29,481
-----------
Total Agriculture 2,635,571
-----------------------------------------------------------------------------
Apparel - 0.3%
Cherokee, Inc. 432 14,545
NIKE, Inc. Class B 1,843 125,324
VF Corp. 1,207 93,555
-----------
Total Apparel 233,424
-----------------------------------------------------------------------------
Auto Manufacturers - 0.3%
General Motors Corp.(a) 6,930 132,016
Oshkosh Truck Corp. 360 13,061
Paccar, Inc. 1,855 83,475
-----------
Total Auto Manufacturers 228,552
-----------------------------------------------------------------------------
Auto Parts & Equipment - 0.2%
American Axle & Manufacturing Holdings, Inc. 685 14,043
ArvinMeritor, Inc. 1,361 17,026
BorgWarner, Inc. 400 17,212
Cooper Tire & Rubber Co. 791 11,841
Johnson Controls, Inc. 2,807 94,876
-----------
Total Auto Parts & Equipment 154,998
-----------------------------------------------------------------------------
Banks - 12.7%
1st Source Corp. 317 6,673
AMCORE Financial, Inc. 79 1,608
Ameris Bancorp 97 1,558
Associated Banc-Corp 2,185 58,187
BancorpSouth, Inc. 1,190 27,560
BancTrust Financial Group, Inc. 301 3,236
Bank Mutual Corp. 197 2,116
Bank of America Corp. 91,247 3,459,174
Bank of Hawaii Corp. 674 33,403
Bank of New York Mellon Corp. (The) 7,634 318,567
Banner Corp. 47 1,083
BB&T Corp. 10,493 336,406
BOK Financial Corp. 425 22,198
Cadence Financial Corp. 87 1,389
Capital One Financial Corp. 350 17,227
Capitol Bancorp Ltd. 460 9,724
Cathay General Bancorp 76 1,575
Central Pacific Financial Corp. 754 14,213
Chemical Financial Corp. 555 13,231
Citizens Republic Bancorp, Inc. 2,261 28,104
City Holding Co. 88 3,511
City National Corp. 558 27,599
Colonial BancGroup, Inc. (The) 2,948 28,389
Columbia Banking System, Inc. 45 1,007
Comerica, Inc. 3,025 106,117
Commerce Bancshares, Inc. 613 25,764
Community Bank System, Inc. 610 14,982
Community Trust Bancorp, Inc. 81 2,373
Corus Bankshares, Inc.(a) 2,162 21,036
Cullen/Frost Bankers, Inc. 702 37,234
CVB Financial Corp. 1,510 15,719
East West Bancorp, Inc. 592 10,508
Fidelity Southern Corp. 130 1,093
Fifth Third Bancorp 11,516 240,915
First Bancorp 66 1,315
First Busey Corp.(a) 713 15,059
First Charter Corp. 477 12,741
First Commonwealth Financial Corp.(a) 2,001 23,192
First Community Bancorp 418 11,223
First Community Bancshares, Inc. 82 2,986
First Financial Bancorp 1,274 17,135
First Financial Bankshares, Inc. 383 15,695
First Financial Corp. 81 2,493
First Horizon National Corp.(a) 4,214 59,038
First Merchants Corp. 118 3,368
First Midwest Bancorp, Inc. 814 22,605
First State Bancorp. 205 2,745
FirstMerit Corp. 1,843 38,076
FNB Corp. 1,702 26,568
FNB United Corp. 104 1,092
Frontier Financial Corp.(a) 918 16,230
Fulton Financial Corp. 3,382 41,565
GB&T Bancshares, Inc. 123 1,058
Glacier Bancorp, Inc. 782 14,991
Greene County Bancshares, Inc. 150 2,654
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 11
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2008
--------------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------------
Hancock Holding Co. 434 $ 18,237
Hanmi Financial Corp. 805 5,949
Harleysville National Corp. 944 13,612
Heartland Financial USA, Inc. 76 1,608
Huntington Bancshares, Inc. 8,907 95,750
IBERIABANK Corp. 40 1,770
Imperial Capital Bancorp, Inc. 187 4,043
Independent Bank Corp. 721 7,484
Integra Bank Corp. 247 4,001
International Bancshares Corp. 975 22,016
KeyCorp 8,398 184,336
M&T Bank Corp. 1,184 95,288
Macatawa Bank Corp. 551 5,736
Marshall & Ilsley Corp. 3,861 89,575
MB Financial, Inc. 450 13,851
MBT Financial Corp. 237 2,038
Mercantile Bank Corp. 202 2,085
Midwest Banc Holdings, Inc. 266 3,399
National City Corp. 21,502 213,945
National Penn Bancshares, Inc. 1,119 20,355
NBT Bancorp, Inc. 599 13,298
North Valley Bancorp 110 1,307
Northern Trust Corp. 1,033 68,664
Old National Bancorp 1,633 29,394
PAB Bankshares, Inc. 87 1,196
Pacific Capital Bancorp 1,010 21,715
Park National Corp.(a) 331 23,451
PNC Financial Services Group, Inc. (The) 4,330 283,918
Prosperity Bancshares, Inc. 88 2,522
Provident Bankshares Corp. 875 9,398
Regions Financial Corp. 14,705 290,424
Renasant Corp. 175 3,938
Royal Bancshares of Pennsylvania, Inc. Class A 505 7,307
S&T Bancorp, Inc. 558 17,951
Seacoast Banking Corp. of Florida(a) 556 6,088
Security Bank Corp.(a) 650 5,168
Simmons First National Corp. Class A 41 1,219
South Financial Group, Inc. (The) 1,358 20,180
State Street Corp. 1,451 114,629
StellarOne Corp. 92 1,556
Sterling Financial Corp. 520 8,117
SunTrust Banks, Inc. 5,269 290,533
Susquehanna Bancshares, Inc. 1,258 25,625
Synovus Financial Corp. 3,863 42,725
Taylor Capital Group, Inc. 150 2,463
TCF Financial Corp. 2,531 45,356
Temecula Valley Bancorp, Inc. 99 937
TrustCo Bank Corp. 2,111 18,767
Trustmark Corp. 954 21,255
U.S. Bancorp 29,098 941,611
UMB Financial Corp. 367 15,120
Umpqua Holdings Corp.(a) 1,380 21,404
Union Bankshares Corp. 77 1,491
UnionBanCal Corp. 1,913 93,890
United Bankshares, Inc. 742 19,774
United Community Banks, Inc. 228 3,871
United Security Bancshares 235 3,948
Univest Corp. of Pennsylvania 109 2,855
Valley National Bancorp 2,047 39,323
Vineyard National Bancorp(a) 312 2,533
Wachovia Corp. 43,359 1,170,693
Webster Financial Corp. 826 23,021
Wells Fargo & Co. 45,283 1,317,735
WesBanco, Inc. 356 8,797
West Coast Bancorp 138 2,013
Westamerica Bancorp.(a) 442 23,249
Whitney Holding Corp. 1,222 30,293
Wilmington Trust Corp. 1,034 32,157
Wilshire Bancorp, Inc. 258 1,971
Zions Bancorp 1,267 57,712
-----------
Total Banks 11,222,948
-------------------------------------------------------------------------------
Beverages - 2.5%
Anheuser-Busch Cos., Inc. 6,169 292,719
Brown-Forman Corp. Class A 404 27,973
Brown-Forman Corp. Class B 477 31,587
Coca-Cola Co. (The) 16,697 1,016,346
Coca-Cola Enterprises, Inc. 1,358 32,864
Molson Coors Brewing Co., Class B 679 35,695
Pepsi Bottling Group, Inc. 1,085 36,792
PepsiAmericas, Inc. 753 19,224
PepsiCo, Inc. 10,443 753,985
-----------
Total Beverages 2,247,185
-------------------------------------------------------------------------------
Building Materials - 0.2%
Eagle Materials, Inc. 455 16,175
Lennox International, Inc. 512 18,417
Martin Marietta Materials, Inc. 177 18,792
Masco Corp. 5,374 106,566
Trane, Inc. 1,040 47,736
-----------
Total Building Materials 207,686
-------------------------------------------------------------------------------
Chemicals - 2.4%
Air Products & Chemicals, Inc. 1,074 98,808
Airgas, Inc. 268 12,186
Albemarle Corp. 389 14,206
Ashland, Inc. 567 26,819
Cabot Corp. 593 16,604
Celanese Corp. Series A 277 10,817
Chemtura Corp. 2,725 20,002
Dow Chemical Co. (The) 12,778 470,869
E.I. du Pont de Nemours & Co. 11,275 527,218
See Notes to Financial Statements.
12 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Eastman Chemical Co. 797 $ 49,773
Ecolab, Inc. 771 33,485
Ferro Corp. 591 8,782
FMC Corp. 238 13,207
Hercules, Inc. 647 11,834
Huntsman Corp. 1,360 32,028
International Flavors & Fragrances, Inc. 524 23,082
Kronos Worldwide, Inc. 1,274 30,767
Lubrizol Corp. 488 27,089
Monsanto Co. 1,234 137,591
NL Industries, Inc. 1,233 13,464
Olin Corp. 1,195 23,613
PPG Industries, Inc. 1,669 100,991
Praxair, Inc. 1,438 121,123
Rohm & Haas Co. 1,787 96,641
RPM International, Inc. 1,847 38,676
Sensient Technologies Corp. 561 16,544
Sherwin-Williams Co. (The) 904 46,140
Sigma-Aldrich Corp. 374 22,309
Spartech Corp. 114 963
UAP Holding Corp. 546 20,934
Valhi, Inc. 1,128 26,384
Valspar Corp. (The) 932 18,491
-----------
Total Chemicals 2,111,440
----------------------------------------------------------------------------
Coal - 0.1%
Arch Coal, Inc. 391 17,009
Consol Energy, Inc. 370 25,600
Massey Energy Co. 42 1,533
Peabody Energy Corp. 428 21,828
Penn Virginia GP Holdings LP 556 15,056
-----------
Total Coal 81,026
----------------------------------------------------------------------------
Commercial Services - 0.5%
ABM Industries, Inc. 764 17,144
Advance America, Cash Advance Centers, Inc. 2,017 15,228
Corporate Executive Board Co. 396 16,030
Deluxe Corp. 778 14,945
H&R Block, Inc. 3,486 72,370
Interactive Data Corp. 662 18,847
Manpower, Inc. 471 26,498
McKesson Corp. 395 20,686
Moody's Corp. 908 31,626
Pharmaceutical Product Development, Inc. 495 20,741
R.R. Donnelley & Sons Co. 2,237 67,804
Robert Half International, Inc. 1,113 28,649
Rollins, Inc. 822 14,541
Service Corp. International 1,468 14,886
Sotheby's Class A 511 14,773
Weight Watchers International, Inc. 510 23,628
Western Union Co. (The) 690 14,676
-----------
Total Commercial Services 433,072
----------------------------------------------------------------------------
Computers - 1.3%
Diebold, Inc. 770 28,914
Electronic Data Systems Corp. 1,817 30,253
Hewlett-Packard Co. 5,288 241,450
Imation Corp. 613 13,940
International Business Machines Corp. 6,982 803,907
-----------
Total Computers 1,118,464
----------------------------------------------------------------------------
Cosmetics/Personal Care - 2.0%
Alberto-Culver Co. 130 3,563
Avon Products, Inc. 2,702 106,837
Colgate-Palmolive Co. 3,113 242,534
Estee Lauder Cos., Inc. (The) Class A 558 25,584
Procter & Gamble Co. 19,958 1,398,458
-----------
Total Cosmetics/Personal Care 1,776,976
----------------------------------------------------------------------------
Distribution/Wholesale - 0.2%
Fastenal Co. 732 33,621
Genuine Parts Co. 1,717 69,058
Owens & Minor, Inc. 368 14,477
Pool Corp. 96 1,813
W.W. Grainger, Inc. 483 36,896
Watsco, Inc. 445 18,432
-----------
Total Distribution/Wholesale 174,297
----------------------------------------------------------------------------
Diversified Financial Services - 7.6%
Advanta Corp. Class A 1,019 6,094
Advanta Corp. Class B 1,466 10,306
American Express Co. 5,096 222,797
Ameriprise Financial, Inc. 816 42,310
Bear Stearns Co., Inc. (The) 555 5,822
BlackRock, Inc. 525 107,195
Charles Schwab Corp. (The) 3,227 60,764
CIT Group, Inc. 2,896 34,318
Citigroup, Inc. 119,046 2,549,964
CME Group, Inc. 91 42,688
Cohen & Steers, Inc.(a) 546 14,464
Countrywide Financial Corp. 13,300 73,150
Discover Financial Services 2,507 41,040
Eaton Vance Corp. 631 19,252
Evercore Partners, Inc., Class A 154 2,734
Federal National Mortgage Association 17,863 470,153
Federated Investors, Inc. Class B 791 30,976
Franklin Resources, Inc. 383 37,147
Freddie Mac 6,754 171,011
Goldman Sachs Group, Inc. 864 142,897
Greenhill & Co., Inc.(a) 257 17,877
Jefferies Group, Inc. 1,061 17,114
JPMorgan Chase & Co. 38,635 1,659,372
Legg Mason, Inc. 620 34,708
Lehman Brothers Holdings, Inc. 1,784 67,150
Merrill Lynch & Co., Inc. 7,141 290,924
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 13
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2008
-------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------
Morgan Stanley 7,470 $ 341,379
National Financial Partners Corp.(a) 379 8,516
Nelnet, Inc., Class A 308 3,619
Nymex Holdings, Inc. 94 8,519
NYSE Euronext 1,104 68,128
Raymond James Financial, Inc. 692 15,902
Student Loan Corp. (The) 311 30,758
SWS Group, Inc. 344 4,207
T. Rowe Price Group, Inc. 1,013 50,650
Waddell & Reed Financial, Inc. Class A 689 22,138
-----------
Total Diversified Financial Services 6,726,043
-------------------------------------------------------------------------
Electric - 5.1%
ALLETE, Inc. 528 20,391
Alliant Energy Corp. 1,243 43,517
Ameren Corp. 3,169 139,563
American Electric Power Co., Inc. 4,595 191,290
Avista Corp. 729 14,259
Black Hills Corp. 517 18,498
CenterPoint Energy, Inc. 4,226 60,305
CH Energy Group, Inc. 373 14,510
Cleco Corp. 835 18,520
CMS Energy Corp. 944 12,782
Consolidated Edison, Inc. 4,324 171,663
Constellation Energy Group, Inc. 809 71,410
Dominion Resources, Inc. 6,182 252,473
DPL, Inc. 1,242 31,845
DTE Energy Co. 2,453 95,397
Duke Energy Corp. 18,254 325,834
Edison International 2,250 110,295
Empire District Electric Co. (The) 802 16,241
Energy East Corp. 2,487 59,986
Entergy Corp. 1,611 175,728
Exelon Corp. 4,428 359,864
FirstEnergy Corp. 2,697 185,068
FPL Group, Inc. 3,115 195,435
Great Plains Energy, Inc. 1,717 42,324
Hawaiian Electric Industries, Inc. 1,604 38,287
IDACORP, Inc. 650 20,872
Integrys Energy Group, Inc. 1,389 64,783
ITC Holdings Corp. 340 17,700
MDU Resources Group, Inc. 1,445 35,475
MGE Energy, Inc. 449 15,293
Northeast Utilities 1,467 36,000
NorthWestern Corp. 755 18,399
NSTAR 1,485 45,189
OGE Energy Corp. 1,351 42,111
Otter Tail Corp. 497 17,589
Pepco Holdings, Inc. 2,543 62,863
PG&E Corp. 3,610 132,920
Pinnacle West Capital Corp. 1,767 61,986
PNM Resources, Inc. 1,313 16,373
Portland General Electric Co. 942 21,242
PPL Corp. 2,567 117,877
Progress Energy, Inc. 4,307 179,602
Public Service Enterprise Group, Inc. 3,942 158,429
Puget Energy, Inc. 1,555 40,228
SCANA Corp. 1,628 59,552
Sierra Pacific Resources 1,586 20,031
Southern Co. 10,340 368,208
TECO Energy, Inc. 3,337 53,225
UIL Holdings Corp. 561 16,903
UniSource Energy Corp. 492 10,952
Westar Energy, Inc. 1,577 35,908
Wisconsin Energy Corp. 824 36,248
Xcel Energy, Inc. 5,619 112,099
-----------
Total Electric 4,483,542
-------------------------------------------------------------------------
Electrical Components & Equipment - 0.4%
Ametek, Inc. 320 14,051
Emerson Electric Co. 5,600 288,177
Hubbell, Inc. Class B 518 22,631
Molex, Inc. 764 17,694
Molex, Inc. Class A 680 14,865
-----------
Total Electrical Components & Equipment 357,418
-------------------------------------------------------------------------
Electronics - 0.1%
Applera Corp. 421 13,834
AVX Corp. 1,093 14,001
Brady Corp. Class A 439 14,676
Gentex Corp. 1,332 22,843
Jabil Circuit, Inc. 1,534 14,512
National Instruments Corp. 492 12,861
PerkinElmer, Inc. 591 14,332
-----------
Total Electronics 107,059
-------------------------------------------------------------------------
Engineering & Construction - 0.0%
Fluor Corp. 202 28,514
-------------------------------------------------------------------------
Entertainment - 0.1%
International Game Technology 1,431 57,540
Regal Entertainment Group Class A 2,957 57,041
Warner Music Group Corp.(a) 4,433 22,076
-----------
Total Entertainment 136,657
-------------------------------------------------------------------------
Environmental Control - 0.2%
Mine Safety Appliances Co. 323 13,304
Republic Services, Inc. 1,441 42,135
Waste Management, Inc. 4,922 165,183
-----------
Total Environmental Control 220,622
-------------------------------------------------------------------------
Food - 2.3%
B&G Foods, Inc. Class A 1,277 14,047
Campbell Soup Co. 3,133 106,365
See Notes to Financial Statements.
14 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2008
---------------------------------------------------------------------
Investments Shares Value
---------------------------------------------------------------------
ConAgra Foods, Inc. 5,165 $ 123,702
Corn Products International, Inc. 429 15,933
Del Monte Foods Co. 1,839 17,526
Flowers Foods, Inc. 840 20,790
General Mills, Inc. 2,942 176,167
H.J. Heinz Co. Ltd. 3,488 163,831
Hershey Co. (The) 1,721 64,830
Hormel Foods Corp. 947 39,452
J.M. Smucker Co. (The) 573 29,000
Kellogg Co. 3,025 158,994
Kraft Foods, Inc. Class A 16,612 515,139
Kroger Co. (The) 2,500 63,500
McCormick & Co., Inc. 989 36,563
Ruddick Corp. 350 12,901
Safeway, Inc. 1,269 37,245
Sara Lee Corp. 6,296 88,018
SUPERVALU, Inc. 1,282 38,434
SYSCO Corp. 5,657 164,166
Tyson Foods, Inc. Class A 1,367 21,804
Weis Markets, Inc. 368 12,685
Whole Foods Market, Inc.(a) 993 32,739
Wm. Wrigley Jr. Co. 1,388 87,222
-----------
Total Food 2,041,053
---------------------------------------------------------------------
Forest Products & Paper - 0.6%
International Paper Co. 4,358 118,538
Louisiana-Pacific Corp. 1,594 14,633
MeadWestvaco Corp. 1,841 50,112
Plum Creek Timber Co., Inc. 2,020 82,214
Potlatch Corp. 606 25,010
Rayonier, Inc. 1,118 48,566
Temple-Inland, Inc. 1,025 13,038
Weyerhaeuser Co. 2,357 153,298
Xerium Technologies, Inc. 552 712
-----------
Total Forest Products & Paper 506,121
---------------------------------------------------------------------
Gas - 0.6%
AGL Resources, Inc. 1,220 41,870
Atmos Energy Corp. 1,650 42,075
Energen Corp. 153 9,532
Laclede Group, Inc. (The) 427 15,214
New Jersey Resources Corp. 577 17,916
Nicor, Inc. 785 26,305
NiSource, Inc. 4,759 82,046
Northwest Natural Gas Co. 370 16,073
Piedmont Natural Gas Co., Inc. 1,104 28,991
Sempra Energy 1,679 89,458
South Jersey Industries, Inc. 437 15,343
Southern Union Co. 957 22,269
Southwest Gas Corp. 647 18,090
UGI Corp. 1,122 27,960
Vectren Corp. 1,265 33,940
WGL Holdings, Inc. 838 26,866
-----------
Total Gas 513,948
---------------------------------------------------------------------
Hand/Machine Tools - 0.2%
Baldor Electric Co. 500 14,000
Black & Decker Corp. (The) 485 32,059
Kennametal, Inc. 587 17,275
Lincoln Electric Holdings, Inc. 298 19,218
Snap-On, Inc. 544 27,662
Stanley Works (The) 745 35,477
-----------
Total Hand/Machine Tools 145,691
---------------------------------------------------------------------
Healthcare-Products - 2.4%
Baxter International, Inc. 3,117 180,225
Beckman Coulter, Inc. 264 17,041
Becton Dickinson & Co. 1,156 99,243
C.R. Bard, Inc. 283 27,281
DENTSPLY International, Inc. 307 11,850
Hillenbrand Industries, Inc.* 552 26,386
Johnson & Johnson 23,566 1,528,726
Medtronic, Inc. 3,813 184,435
Mentor Corp. 411 10,571
Stryker Corp. 433 28,167
-----------
Total Healthcare-Products 2,113,925
---------------------------------------------------------------------
Healthcare-Services - 0.1%
Brookdale Senior Living, Inc. 2,287 54,659
Quest Diagnostics, Inc. 578 26,166
UnitedHealth Group, Inc. 224 7,697
-----------
Total Healthcare-Services 88,522
---------------------------------------------------------------------
Holding Companies-Diversified - 0.0%
Compass Diversified Holdings 1,185 15,583
Leucadia National Corp. 453 20,484
-----------
Total Holding Companies-Diversified 36,067
---------------------------------------------------------------------
Home Builders - 0.2%
Centex Corp. 462 11,185
D.R. Horton, Inc. 5,128 80,765
KB Home(a) 1,518 37,540
Lennar Corp. Class A 1,832 34,460
Lennar Corp. Class B 218 3,761
MDC Holdings, Inc. 501 21,939
Pulte Homes, Inc. 1,530 22,262
Ryland Group, Inc. (The) 376 12,367
-----------
Total Home Builders 224,279
---------------------------------------------------------------------
Home Furnishings - 0.1%
Ethan Allen Interiors, Inc. 553 15,722
Furniture Brands International, Inc. 1,390 16,263
La-Z-Boy, Inc. 1,511 12,602
Sealy Corp. 1,114 8,466
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 15
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
Whirlpool Corp. 613 $ 53,196
-----------
Total Home Furnishings 106,249
------------------------------------------------------------------------------
Household Products/Wares - 0.6%
Avery Dennison Corp. 1,262 62,154
Blyth, Inc. 566 11,162
Church & Dwight Co., Inc. 41 2,224
Clorox Co. (The) 1,199 67,911
Fortune Brands, Inc. 1,151 79,995
Kimberly-Clark Corp. 4,384 282,986
Scotts Miracle-Gro Co. (The) Class A 399 12,936
Tupperware Brands Corp. 662 25,606
-----------
Total Household Products/Wares 544,974
------------------------------------------------------------------------------
Housewares - 0.1%
Newell Rubbermaid, Inc. 3,089 70,645
------------------------------------------------------------------------------
Insurance - 3.6%
Alfa Corp. 872 19,167
Allstate Corp. (The) 5,818 279,612
AMBAC Financial Group, Inc. 1,316 7,567
American Family Life Assurance Co., Inc. 2,073 134,641
American Financial Group, Inc. 906 23,157
American International Group, Inc. 11,166 482,929
American National Insurance Co. 281 29,983
AON Corp. 1,261 50,692
Arthur J. Gallagher & Co. 1,686 39,823
Assurant, Inc. 373 22,701
Brown & Brown, Inc. 713 12,392
Chubb Corp. (The) 2,741 135,625
Cincinnati Financial Corp. 2,150 81,786
CNA Financial Corp. 1,733 44,694
Commerce Group, Inc. 862 31,084
Erie Indemnity Co. Class A 661 33,837
Fidelity National Title Group, Inc. Class A 6,075 111,355
First American Corp. 996 33,804
Genworth Financial, Inc. Class A 2,469 55,898
Harleysville Group, Inc. 434 15,663
Hartford Financial Services Group, Inc. (The) 2,379 180,257
HCC Insurance Holdings, Inc. 770 17,471
LandAmerica Financial Group, Inc. 98 3,868
Lincoln National Corp. 2,519 130,988
Loews Corp. 952 38,289
Marsh & McLennan Cos., Inc. 5,412 131,782
Mercury General Corp. 844 37,398
Metlife, Inc. 2,795 168,427
MGIC Investment Corp.(a) 237 2,496
Nationwide Financial Services, Inc. Class A 492 23,262
Old Republic International Corp. 3,783 48,839
PMI Group, Inc. (The) 923 5,372
Principal Financial Group, Inc. 1,222 68,090
Progressive Corp. (The) 611 9,819
Protective Life Corp. 664 26,932
Prudential Financial, Inc. 1,831 143,276
Radian Group, Inc. 543 3,568
Safeco Corp. 976 42,827
Safety Insurance Group, Inc. 403 13,754
Selective Insurance Group, Inc. 700 16,716
StanCorp Financial Group, Inc. 353 16,842
State Auto Financial Corp. 545 15,876
Torchmark Corp. 318 19,115
Transatlantic Holdings, Inc. 255 16,919
Travelers Cos., Inc. (The) 4,729 226,282
Unitrin, Inc. 1,016 35,905
Unum Group 1,721 37,879
W.R. Berkley Corp. 574 15,894
Zenith National Insurance Corp. 795 28,509
-----------
Total Insurance 3,173,062
------------------------------------------------------------------------------
Internet - 0.0%
United Online, Inc. 1,738 18,353
------------------------------------------------------------------------------
Investment Companies - 0.7%
Allied Capital Corp.(a) 6,322 116,515
American Capital Strategies Ltd.(a) 7,330 250,394
Apollo Investment Corp. 5,149 81,509
Ares Capital Corp. 3,047 38,301
BlackRock Kelso Capital Corp.(a) 2,459 29,360
Gladstone Capital Corp. 741 13,864
Hercules Technology Growth Capital, Inc. 1,370 14,878
Kohlberg Capital Corp. 1,105 11,470
MCG Capital Corp. 3,846 34,960
Medallion Financial Corp. 101 913
NGP Capital Resources Co. 798 13,103
Patriot Capital Funding, Inc. 1,373 14,375
Prospect Capital Corp.(a) 1,233 18,766
TICC Capital Corp. 1,497 11,257
-----------
Total Investment Companies 649,665
------------------------------------------------------------------------------
Iron/Steel - 0.2%
Allegheny Technologies, Inc. 316 22,550
Carpenter Technology Corp. 208 11,642
Cleveland-Cliffs, Inc. 33 3,954
Mesabi Trust 647 16,440
Nucor Corp. 850 57,579
Reliance Steel & Aluminum Co. 255 15,264
Steel Dynamics, Inc. 714 23,591
United States Steel Corp. 343 43,516
-----------
Total Iron/Steel 194,536
------------------------------------------------------------------------------
Leisure Time - 0.1%
Brunswick Corp. 1,133 18,094
See Notes to Financial Statements.
16 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2008
-----------------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------------
Harley-Davidson, Inc. 2,147 $ 80,512
Polaris Industries, Inc.(a) 453 18,578
-----------
Total Leisure Time 117,184
-----------------------------------------------------------------------------
Lodging - 0.2%
Ameristar Casinos, Inc. 67 1,223
Boyd Gaming Corp. 621 12,420
Choice Hotels International, Inc. 599 20,432
Marriott International, Inc. Class A 1,062 36,490
Starwood Hotels & Resorts Worldwide, Inc. 1,227 63,498
Wyndham Worldwide Corp. 558 11,539
-----------
Total Lodging 145,602
-----------------------------------------------------------------------------
Machinery-Construction & Mining - 0.4%
Caterpillar, Inc. 4,374 342,441
Joy Global, Inc. 396 25,803
-----------
Total Machinery-Construction & Mining 368,244
-----------------------------------------------------------------------------
Machinery-Diversified - 0.4%
Applied Industrial Technologies, Inc. 505 15,094
Briggs & Stratton Corp. 905 16,200
Cummins, Inc. 694 32,493
Deere & Co. 1,862 149,780
Flowserve Corp. 180 18,788
Graco, Inc. 537 19,472
IDEX Corp. 534 16,388
Nordson Corp. 264 14,216
Rockwell Automation, Inc. 948 54,435
Sauer-Danfoss, Inc. 680 15,055
-----------
Total Machinery-Diversified 351,921
-----------------------------------------------------------------------------
Media - 1.4%
Belo Corp. Class A 1,258 13,297
CBS Corp. Class A 897 19,824
CBS Corp. Class B 7,790 172,003
Clear Channel Communications, Inc. 3,577 104,520
E.W. Scripps Co. (The) Class A 607 25,500
Entercom Communications Corp. 1,299 12,899
Gannett Co., Inc. 3,575 103,854
GateHouse Media, Inc.(a) 4,111 24,008
Lee Enterprises, Inc. 1,142 11,431
McClatchy Co. Class A(a) 1,426 15,258
McGraw-Hill Cos., Inc. (The) 1,935 71,498
Meredith Corp. 249 9,524
New York Times Co. (The) Class A(a) 2,900 54,752
News Corp. Class A 4,155 77,906
News Corp. Class B 1,657 31,549
Sinclair Broadcast Group, Inc. Class A 1,614 14,381
Time Warner, Inc. 17,701 248,169
Walt Disney Co. (The) 6,494 203,782
Washington Post Co. (The) Class B 32 21,168
-----------
Total Media 1,235,323
-----------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.1%
Commercial Metals Co. 649 19,451
Quanex Corp. 36 1,863
Timken Co. (The) 895 26,598
Worthington Industries, Inc.(a) 1,124 18,962
-----------
Total Metal Fabricate/Hardware 66,874
-----------------------------------------------------------------------------
Mining - 1.5%
Alcoa, Inc. 5,442 196,239
Compass Minerals International, Inc. 394 23,238
Freeport-McMoRan Copper & Gold, Inc. Class B 1,699 163,478
Newmont Mining Corp. 1,262 57,169
Southern Copper Corp. 7,670 796,375
Titanium Metals Corp. 761 11,453
Vulcan Materials Co. 729 48,406
-----------
Total Mining 1,296,358
-----------------------------------------------------------------------------
Miscellaneous Manufacturing - 6.0%
3M Co. 5,526 437,383
Acuity Brands, Inc. 382 16,407
AptarGroup, Inc. 363 14,132
Barnes Group, Inc. 533 12,232
Carlisle Cos., Inc. 482 16,118
Crane Co. 425 17,149
Danaher Corp. 120 9,124
Donaldson Co., Inc. 345 13,897
Dover Corp. 1,277 53,353
Eastman Kodak Co. 2,259 39,917
Eaton Corp. 1,006 80,148
General Electric Co. 101,540 3,757,995
Harsco Corp. 455 25,198
Honeywell International, Inc. 4,194 236,625
Illinois Tool Works, Inc. 3,783 182,454
ITT Industries, Inc. 593 30,723
Lancaster Colony Corp. 424 16,943
Leggett & Platt, Inc. 3,037 46,314
Pall Corp. 667 23,392
Parker Hannifin Corp. 666 46,134
Pentair, Inc. 788 25,137
Reddy Ice Holdings, Inc. 680 8,860
Roper Industries, Inc. 212 12,601
SPX Corp. 228 23,917
Teleflex, Inc. 374 17,844
Textron, Inc. 1,172 64,952
Trinity Industries, Inc. 612 16,310
-----------
Total Miscellaneous Manufacturing 5,245,259
-----------------------------------------------------------------------------
Office Furnishings - 0.0%
Herman Miller, Inc. 564 13,857
HNI Corp. 531 14,279
Steelcase, Inc. Class A 1,560 17,254
-----------
Total Office Furnishings 45,390
-----------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 17
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
Office/Business Equipment - 0.2%
Pitney Bowes, Inc. 2,780 $ 97,356
Xerox Corp. 3,263 48,847
-----------
Total Office/Business Equipment 146,203
------------------------------------------------------------------------------
Oil & Gas - 6.8%
Anadarko Petroleum Corp. 1,009 63,597
Apache Corp. 659 79,620
Chesapeake Energy Corp. 1,344 62,026
Chevron Corp. 17,901 1,528,029
ConocoPhillips 10,548 803,863
Crosstex Energy, Inc. 508 17,247
Devon Energy Corp. 964 100,574
Diamond Offshore Drilling, Inc. 174 20,254
EOG Resources, Inc. 396 47,520
Exxon Mobil Corp. 27,591 2,333,647
Hess Corp. 516 45,501
Holly Corp. 332 14,412
Marathon Oil Corp. 4,033 183,905
Murphy Oil Corp. 589 48,380
Noble Energy, Inc. 374 27,227
Occidental Petroleum Corp. 3,812 278,924
Patterson-UTI Energy, Inc. 1,576 41,260
Pioneer Natural Resources Co. 346 16,996
Rowan Cos., Inc. 558 22,978
Sunoco, Inc. 786 41,241
Tesoro Corp. 511 15,330
Valero Energy Corp. 1,449 71,160
XTO Energy, Inc. 1,517 93,842
-----------
Total Oil & Gas 5,957,533
------------------------------------------------------------------------------
Oil & Gas Services - 0.3%
Baker Hughes, Inc. 765 52,403
BJ Services Co. 1,195 34,069
Halliburton Co. 3,039 119,524
RPC, Inc. 239 3,630
Smith International, Inc. 360 23,123
Tidewater, Inc. 365 20,115
-----------
Total Oil & Gas Services 252,864
------------------------------------------------------------------------------
Packaging & Containers - 0.2%
Ball Corp. 337 15,482
Bemis Co. 1,152 29,295
Greif, Inc. Class A 225 15,284
Packaging Corp. of America 1,613 36,018
Sealed Air Corp. 1,080 27,270
Silgan Holdings, Inc. 213 10,571
Sonoco Products Co. 1,276 36,533
-----------
Total Packaging & Containers 170,453
------------------------------------------------------------------------------
Pharmaceuticals - 6.3%
Abbott Laboratories 11,838 652,866
Allergan, Inc. 357 20,131
AmerisourceBergen Corp. 487 19,957
Bristol-Myers Squibb Co. 26,277 559,700
Cardinal Health, Inc. 1,020 53,560
Eli Lilly & Co. 12,286 633,835
Merck & Co., Inc. 18,645 707,578
Perrigo Co. 64 2,415
Pfizer, Inc. 113,813 2,382,106
Schering-Plough Corp. 5,094 73,405
Wyeth 10,670 445,579
-----------
Total Pharmaceuticals 5,551,132
------------------------------------------------------------------------------
Pipelines - 0.5%
El Paso Corp. 2,045 34,029
Equitable Resources, Inc. 638 37,578
National Fuel Gas Co. 655 30,923
ONEOK, Inc. 1,170 52,217
Questar Corp. 526 29,751
Spectra Energy Corp. 7,305 166,188
Williams Cos., Inc. (The) 2,114 69,720
-----------
Total Pipelines 420,406
------------------------------------------------------------------------------
Real Estate - 0.0%
Forest City Enterprises, Inc. Class A 153 5,630
Jones Lang LaSalle, Inc. 189 14,618
-----------
Total Real Estate 20,248
------------------------------------------------------------------------------
REITS - 5.3%
Acadia Realty Trust 391 9,443
Agree Realty Corp. 59 1,620
Alexandria Real Estate Equities, Inc. 337 31,247
AMB Property Corp. 1,117 60,787
American Campus Communities, Inc. 561 15,349
American Financial Realty Trust 4,532 35,984
Apartment Investment & Management Co. Class A 2,087 74,735
Ashford Hospitality Trust, Inc. 4,933 28,019
Associated Estates Realty Corp. 114 1,304
AvalonBay Communities, Inc. 912 88,026
BioMed Realty Trust, Inc. 1,314 31,391
Boston Properties, Inc. 1,088 100,172
Brandywine Realty Trust 2,838 48,132
BRE Properties, Inc. 887 40,412
BRT Realty Trust(a) 990 13,870
Camden Property Trust 1,047 52,559
CapitalSource, Inc. 10,515 101,680
CapLease, Inc. 1,662 12,914
CBL & Associates Properties, Inc. 1,746 41,083
Cedar Shopping Centers, Inc. 1,441 16,831
Cogdell Spencer, Inc. 98 1,541
Colonial Properties Trust 1,676 40,308
Corporate Office Properties Trust 680 22,855
Cousins Properties, Inc.(a) 1,235 30,517
See Notes to Financial Statements.
18 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
DCT Industrial Trust, Inc. 3,479 $ 34,651
Deerfield Capital Corp. 158 222
Developers Diversified Realty Corp. 2,611 109,349
DiamondRock Hospitality Co. 1,909 24,187
Digital Realty Trust, Inc. 779 27,655
Douglas Emmett, Inc. 1,053 23,229
Duke Realty Corp. 3,652 83,302
EastGroup Properties, Inc. 368 17,097
Education Realty Trust, Inc. 451 5,669
Entertainment Properties Trust 611 30,141
Equity One, Inc. 1,375 32,959
Equity Residential 4,531 187,990
Essex Property Trust, Inc. 309 35,220
Extra Space Storage, Inc. 1,767 28,608
Federal Realty Investment Trust 544 42,405
FelCor Lodging Trust, Inc. 1,611 19,380
First Industrial Realty Trust, Inc.(a) 1,212 37,439
First Potomac Realty Trust 758 11,650
Franklin Street Properties Corp. 1,918 27,466
General Growth Properties, Inc. 3,789 144,625
Getty Realty Corp. 627 9,988
Glimcher Realty Trust 1,383 16,541
GMH Communities Trust 2,303 19,990
HCP, Inc. 4,013 135,680
Health Care REIT, Inc. 1,631 73,607
Healthcare Realty Trust, Inc. 1,165 30,465
Hersha Hospitality Trust 1,261 11,387
Highwoods Properties, Inc. 1,149 35,699
Home Properties, Inc. 724 34,745
Hospitality Properties Trust 2,797 95,154
Host Hotels & Resorts, Inc. 7,607 121,103
HRPT Properties Trust 9,289 62,515
Inland Real Estate Corp. 1,611 24,503
Investors Real Estate Trust 1,518 14,846
iStar Financial, Inc. 5,632 79,017
Kilroy Realty Corp. 476 23,376
Kimco Realty Corp. 3,565 139,641
Kite Realty Group Trust 723 10,122
LaSalle Hotel Properties 797 22,898
Lexington Corporate Properties Trust 1,902 27,408
Liberty Property Trust 2,540 79,019
LTC Properties, Inc. 608 15,632
Macerich Co. (The) 999 70,200
Mack-Cali Realty Corp. 1,715 61,243
Maguire Properties, Inc. 1,076 15,398
Medical Properties Trust, Inc. 2,045 23,149
Mid-America Apartment Communities, Inc. 483 24,073
Mission West Properties, Inc. 410 3,875
National Health Investors, Inc. 762 23,813
National Retail Properties, Inc. 1,504 33,163
Nationwide Health Properties, Inc. 1,714 57,848
Omega Healthcare Investors, Inc. 1,851 32,133
One Liberty Properties, Inc. 223 3,588
Parkway Properties, Inc. 441 16,299
Pennsylvania Real Estate Investment Trust 939 22,902
PMC Commercial Trust 375 2,644
Post Properties, Inc. 797 30,780
ProLogis 2,477 145,795
PS Business Parks, Inc. 286 14,843
Public Storage, Inc. 1,443 127,879
Public Storage, Inc. Class A 147 3,691
Ramco-Gershenson Properties Trust 741 15,643
Realty Income Corp. 1,996 51,138
Regency Centers Corp. 930 60,227
Resource Capital Corp. 1,921 14,542
Saul Centers, Inc. 254 12,761
Senior Housing Properties Trust 1,964 46,547
Simon Property Group, Inc. 2,742 254,758
SL Green Realty Corp. 622 50,674
Sovran Self Storage, Inc. 472 20,159
Strategic Hotels & Resorts, Inc. 1,437 18,868
Sun Communities, Inc. 728 14,924
Sunstone Hotel Investors, Inc. 1,354 21,678
Supertel Hospitality, Inc. 190 1,007
Tanger Factory Outlet Centers, Inc. 398 15,311
Taubman Centers, Inc. 488 25,425
UDR, Inc. 2,703 66,278
Universal Health Realty Income Trust 375 12,488
Urstadt Biddle Properties, Inc. Class A 130 2,045
U-Store-It Trust 2,601 29,469
Ventas, Inc. 1,981 88,967
Vornado Realty Trust 2,070 178,454
Washington Real Estate Investment Trust 897 29,978
Weingarten Realty Investors 1,602 55,173
Winthrop Realty Trust 1,306 5,381
-----------
Total REITS 4,712,570
--------------------------------------------------------------------------
Retail - 4.7%
Abercrombie & Fitch Co. 308 22,527
Advance Auto Parts, Inc. 342 11,645
American Eagle Outfitters, Inc. 1,530 26,790
Asbury Automotive Group, Inc. 926 12,742
Barnes & Noble, Inc. 473 14,497
Bebe Stores, Inc. 147 1,580
Best Buy Co., Inc. 1,508 62,522
Bob Evans Farms, Inc. 56 1,545
Brinker International, Inc. 998 18,513
Buckle, Inc. (The) 380 16,997
Burger King Holdings, Inc. 627 17,343
Cato Corp. (The) Class A 153 2,286
Circuit City Stores, Inc.(a) 2,106 8,382
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 19
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2008
-----------------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------------
Costco Wholesale Corp. 1,288 $ 83,681
CVS Corp. 3,030 122,745
Darden Restaurants, Inc. 1,028 33,461
Family Dollar Stores, Inc. 1,201 23,420
Foot Locker, Inc. 2,365 27,836
Gap, Inc. (The) 4,292 84,467
Guess ?, Inc. 350 14,165
Home Depot, Inc. (The) 19,013 531,794
IHOP Corp. 56 2,682
J.C. Penney Co., Inc. 1,476 55,660
Jones Apparel Group, Inc. 1,119 15,017
Limited Brands, Inc. 3,874 66,245
Lowe's Cos., Inc. 6,554 150,349
Macy's, Inc. 2,714 62,585
McDonald's Corp. 10,194 568,519
MSC Industrial Direct Co. Class A 402 16,985
Nordstrom, Inc. 1,462 47,661
Nu Skin Enterprises, Inc. Class A 789 14,218
OfficeMax, Inc. 869 16,633
Penske Auto Group, Inc. 830 16,152
RadioShack Corp. 929 15,096
Ross Stores, Inc. 699 20,942
Ruby Tuesday, Inc. 1,218 9,135
Sonic Automotive, Inc. Class A 101 2,076
Staples, Inc. 2,947 65,158
Talbots, Inc.(a) 977 10,532
Target Corp. 2,888 146,364
Tiffany & Co. 662 27,698
TJX Cos., Inc. 1,852 61,246
Triarc Cos., Inc. Class B 1,487 10,275
Walgreen Co. 3,572 136,057
Wal-Mart Stores, Inc. 24,711 1,301,776
Wendy's International, Inc. 738 17,018
Williams-Sonoma, Inc. 709 17,186
Yum! Brands, Inc. 2,910 108,281
-----------
Total Retail 4,120,484
-----------------------------------------------------------------------------
Savings & Loans - 1.1%
Astoria Financial Corp. 1,596 43,347
BankAtlantic Bancorp, Inc. Class A 1,030 4,027
Brookline Bancorp, Inc. 251 2,881
Capitol Federal Financial 1,643 61,580
Citizens First Bancorp, Inc. 173 1,860
Dime Community Bancshares 228 3,985
Downey Financial Corp.(a) 284 5,220
First Financial Holdings, Inc. 48 1,126
First Niagara Financial Group, Inc. 2,086 28,349
First Place Financial Corp. 339 4,407
Hudson City Bancorp, Inc. 4,252 75,175
New York Community Bancorp, Inc. 6,160 112,235
NewAlliance Bancshares, Inc. 1,213 14,871
Northwest Bancorp, Inc. 718 19,623
People's United Financial, Inc. 3,497 60,533
Provident Financial Holdings, Inc. 130 2,085
Provident Financial Services, Inc. 918 12,981
United Community Financial Corp. 1,048 6,498
Washington Federal, Inc. 1,336 30,514
Washington Mutual, Inc.(a) 45,356 467,168
Willow Grove Bancorp, Inc. 179 1,323
-----------
Total Savings & Loans 959,788
-----------------------------------------------------------------------------
Semiconductors - 1.7%
Altera Corp. 1,241 22,872
Analog Devices, Inc. 2,566 75,748
Applied Materials, Inc.(a) 5,686 110,934
Intel Corp. 37,994 804,712
Intersil Corp. Class A 952 24,438
KLA -Tencor Corp. 812 30,125
Linear Technology Corp. 1,913 58,710
Microchip Technology, Inc. 2,964 97,012
National Semiconductor Corp. 1,123 20,573
Texas Instruments, Inc. 5,395 152,517
Xilinx, Inc. 2,449 58,164
-----------
Total Semiconductors 1,455,805
-----------------------------------------------------------------------------
Software - 1.9%
Automatic Data Processing, Inc. 4,704 199,403
Broadridge Financial Solutions, Inc. 756 13,306
CA, Inc. 1,350 30,375
Dun & Bradstreet Corp. 279 22,705
Fidelity National Information Services, Inc. 459 17,506
IMS Health, Inc. 648 13,614
Mastercard, Inc. Class A 92 20,515
Microsoft Corp. 39,659 1,125,522
Paychex, Inc. 4,081 139,815
Quality Systems, Inc. 472 14,099
SEI Investments Co. 380 9,382
Total System Services, Inc. 2,756 65,207
-----------
Total Software 1,671,449
-----------------------------------------------------------------------------
Telecommunications - 5.9%
Adtran, Inc. 632 11,692
Alaska Communications Systems Group, Inc. 1,203 14,725
AT&T, Inc. 71,943 2,755,416
CenturyTel, Inc. 337 11,202
Citizens Communications Co. 8,882 93,172
Consolidated Communications Holdings, Inc. 1,130 17,097
Corning, Inc. 4,674 112,363
Embarq Corp. 2,646 106,105
FairPoint Communications, Inc. 1,645 14,838
Harris Corp. 519 25,187
IDT Corp. Class B 2,667 10,321
Iowa Telecommunications Services, Inc. 1,349 23,918
See Notes to Financial Statements.
20 WisdomTree Domestic Dividend Funds
Schedule of Investments (concluded)
WisdomTree Total Dividend Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
Motorola, Inc. 9,868 $ 91,772
NTELOS Holdings Corp. 565 13,673
QUALCOMM, Inc. 7,647 313,527
Telephone & Data Systems, Inc. 209 7,796
Verizon Communications, Inc. 37,988 1,384,663
Virgin Media, Inc. 1,209 17,011
Windstream Corp. 12,753 152,398
-----------
Total Telecommunications 5,176,876
-------------------------------------------------------------------------------
Textiles - 0.0%
Cintas Corp. 861 24,573
-------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.2%
Hasbro, Inc. 1,307 36,465
Mattel, Inc. 4,856 96,635
-----------
Total Toys/Games/Hobbies 133,100
-------------------------------------------------------------------------------
Transportation - 1.4%
Alexander & Baldwin, Inc. 447 19,257
Arkansas Best Corp. 83 2,644
Burlington Northern Santa Fe Corp. 1,890 174,296
C.H. Robinson Worldwide, Inc. 1,123 61,091
CSX Corp. 2,133 119,597
Expeditors International Washington, Inc. 580 26,204
FedEx Corp. 453 41,980
Horizon Lines, Inc. Class A 70 1,303
JB Hunt Transport Services, Inc. 822 25,835
Norfolk Southern Corp. 2,860 155,355
Overseas Shipholding Group, Inc. 260 18,210
Pacer International, Inc. 227 3,730
Ryder System, Inc. 462 28,140
Union Pacific Corp. 1,273 159,609
United Parcel Service, Inc. Class B 5,244 382,918
-----------
Total Transportation 1,220,169
-------------------------------------------------------------------------------
Trucking & Leasing - 0.1%
GATX Corp. 595 23,247
TAL International Group, Inc. 1,025 24,159
-----------
Total Trucking & Leasing 47,406
-------------------------------------------------------------------------------
Water - 0.0%
Aqua America, Inc. 1,190 22,348
California Water Service Group 345 13,162
-----------
Total Water 35,510
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $99,732,144) 87,598,127
===============================================================================
RIGHTS* - 0.0%
Capital Markets - 0.0%
Ares Capital Corp., expiring 4/22/08 1,015 $ 568
MCG Capital Corp., expiring 4/19/08 549 588
-----------
TOTAL RIGHTS
(Cost: $0) 1,156
===============================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $99,732,144) 87,599,283
===============================================================================
SHORT-TERM INVESTMENT - 0.3%
MONEY MARKET FUND - 0.3%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $221,565) 221,565 221,565
===============================================================================
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED - 1.7%
MONEY MARKET FUND(c) - 1.7%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $1,483,805)(d) 1,483,805 1,483,805
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 101.4%
(Cost: $101,437,514) 89,304,653
Liabilities in Excess of Other Assets - (1.4)% (1,233,921)
-----------
NET ASSETS - 100.0% $88,070,732
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $1,384,736 and the total market value of the collateral held by the
Fund was $1,483,805.
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 21
Schedule of Investments
WisdomTree High-Yielding Equity Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
COMMON STOCKS - 99.4%
Agriculture - 6.3%
Altria Group, Inc. 96,967 $ 2,152,667
Philip Morris International, Inc.* 96,967 4,904,591
Reynolds American, Inc. 17,663 1,042,647
Universal Corp. 1,168 76,539
UST, Inc. 7,996 435,942
Vector Group Ltd. 5,029 88,460
------------
Total Agriculture 8,700,846
--------------------------------------------------------------------------
Apparel - 0.0%
Cherokee, Inc. 924 31,111
--------------------------------------------------------------------------
Auto Manufacturers - 0.3%
General Motors Corp.(a) 24,981 475,888
--------------------------------------------------------------------------
Auto Parts & Equipment - 0.1%
ArvinMeritor, Inc. 3,076 38,480
Modine Manufacturing Co. 1,561 22,619
Superior Industries International, Inc. 1,085 22,514
------------
Total Auto Parts & Equipment 83,613
--------------------------------------------------------------------------
Banks - 25.8%
AMCORE Financial, Inc. 847 17,236
Ameris Bancorp 509 8,175
Arrow Financial Corp. 581 13,067
Associated Banc-Corp 6,913 184,093
BancorpSouth, Inc. 3,546 82,125
BancTrust Financial Group, Inc. 932 10,019
Bank Mutual Corp. 1,976 21,222
Bank of America Corp. 321,400 12,184,273
Bank of Hawaii Corp. 2,073 102,738
BB&T Corp. 37,411 1,199,396
Capitol Bancorp Ltd. 1,092 23,085
Central Pacific Financial Corp. 1,839 34,665
Chemical Financial Corp. 1,265 30,158
Citizens Republic Bancorp, Inc. 7,572 94,120
City Holding Co. 686 27,371
Colonial BancGroup, Inc. (The) 9,860 94,952
Comerica, Inc. 10,857 380,864
Community Bank System, Inc. 1,392 34,188
Community Trust Bancorp, Inc. 764 22,385
Corus Bankshares, Inc.(a) 6,072 59,081
Fifth Third Bancorp 41,158 861,025
First Bancorp 687 13,692
First Busey Corp. 1,521 32,124
First Commonwealth Financial Corp.(a) 5,446 63,119
First Community Bancshares, Inc. 418 15,224
First Financial Bancorp 2,535 34,096
First Financial Bankshares, Inc. 797 32,661
First Horizon National Corp.(a) 14,352 201,072
First Merchants Corp. 926 26,428
First Midwest Bancorp, Inc. 2,377 66,009
First South Bancorp, Inc. 359 8,078
FirstMerit Corp. 5,570 115,076
FNB Corp. / PA 4,761 74,319
Frontier Financial Corp.(a) 1,886 33,344
Fulton Financial Corp. 11,165 137,218
Harleysville National Corp. 1,927 27,787
Huntington Bancshares, Inc. 32,780 352,385
Independent Bank Corp. / MI 2,498 25,929
Integra Bank Corp. 1,162 18,824
KeyCorp 29,833 654,834
Lakeland Bancorp, Inc. 933 12,064
MainSource Financial Group, Inc. 761 11,796
Marshall & Ilsley Corp. 14,334 332,549
Midwest Banc Holdings, Inc. 1,346 17,202
National City Corp. 74,981 746,061
National Penn Bancshares, Inc. 2,621 47,676
NBT Bancorp, Inc. 1,254 27,839
Old National Bancorp 4,637 83,466
Pacific Capital Bancorp 2,480 53,320
Park National Corp.(a) 963 68,229
Peoples Bancorp, Inc. 408 9,837
PNC Financial Services Group, Inc. (The) 15,563 1,020,466
Provident Bankshares Corp. 2,232 23,972
Regions Financial Corp. 52,483 1,036,539
Renasant Corp. 768 17,280
S&T Bancorp, Inc. 1,175 37,800
Seacoast Banking Corp. of Florida(a) 1,339 14,662
South Financial Group, Inc. (The) 3,766 55,963
State Bancorp, Inc. 819 9,664
Sterling Bancorp 1,164 18,077
SunTrust Banks, Inc. 18,813 1,037,348
Susquehanna Bancshares, Inc. 3,515 71,601
Synovus Financial Corp. 13,406 148,270
TCF Financial Corp. 8,152 146,084
TrustCo Bank Corp. 5,586 49,660
Trustmark Corp. 2,529 56,346
U.S. Bancorp 102,949 3,331,429
Umpqua Holdings Corp.(a) 3,616 56,084
Union Bankshares Corp. 548 10,615
UnionBanCal Corp. 6,954 341,302
United Bankshares, Inc. 2,013 53,646
Univest Corp. of Pennsylvania 559 14,640
Valley National Bancorp 6,527 125,384
Wachovia Corp.(a) 152,733 4,123,790
Washington Trust Bancorp, Inc. 507 12,584
Webster Financial Corp. 2,372 66,108
Wells Fargo & Co. 159,858 4,651,867
WesBanco, Inc. 1,220 30,146
Whitney Holding Corp. 3,671 91,004
Wilmington Trust Corp. 3,155 98,121
Zions Bancorp 4,534 206,524
------------
Total Banks 35,783,472
--------------------------------------------------------------------------
See Notes to Financial Statements.
22 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree High-Yielding Equity Fund
March 31, 2008
-----------------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------------
Building Materials - 0.3%
Masco Corp. 19,002 $ 376,810
-----------------------------------------------------------------------------
Chemicals - 2.8%
Dow Chemical Co. (The) 45,491 1,676,343
E.I. du Pont de Nemours & Co. 40,668 1,901,636
Georgia Gulf Corp.(a) 1,995 13,825
Innophos Holdings, Inc. 1,134 18,246
Kronos Worldwide, Inc. 3,510 84,767
NL Industries, Inc. 2,606 28,458
Olin Corp. 3,640 71,926
Quaker Chemical Corp. 531 16,615
RPM International, Inc. 5,434 113,788
Spartech Corp. 1,560 13,182
------------
Total Chemicals 3,938,786
-----------------------------------------------------------------------------
Coal - 0.0%
Penn Virginia GP Holdings LP 1,785 48,338
-----------------------------------------------------------------------------
Commercial Services - 0.1%
Advance America, Cash Advance Centers, Inc. 4,896 36,965
Deluxe Corp. 1,941 37,286
Diamond Management & Technology
Consultants, Inc. 1,740 11,223
Landauer, Inc. 438 22,049
------------
Total Commercial Services 107,523
-----------------------------------------------------------------------------
Computers - 0.0%
Imation Corp. 1,334 30,335
-----------------------------------------------------------------------------
Distribution/Wholesale - 0.0%
Watsco, Inc. 1,178 48,793
-----------------------------------------------------------------------------
Diversified Financial Services - 12.4%
Advanta Corp. Class B 3,493 24,556
CIT Group, Inc. 9,537 113,013
Citigroup, Inc. 418,994 8,974,850
Countrywide Financial Corp. 45,108 248,094
Federal National Mortgage Association(a) 62,927 1,656,239
JPMorgan Chase & Co. 136,549 5,864,780
Student Loan Corp. (The) 1,141 112,845
------------
Total Diversified Financial Services 16,994,377
-----------------------------------------------------------------------------
Electric - 6.8%
ALLETE, Inc. 1,475 56,965
Ameren Corp. 11,614 511,481
American Electric Power Co., Inc. 16,573 689,934
Black Hills Corp. 1,444 51,666
CenterPoint Energy, Inc. 14,265 203,562
Central Vermont Public Service Corp. 357 8,532
CH Energy Group, Inc. 904 35,166
Cleco Corp. 2,286 50,703
Consolidated Edison, Inc. 15,318 608,125
Dominion Resources, Inc. 22,608 923,311
DPL, Inc. 4,663 119,559
DTE Energy Co. 8,927 347,171
Duke Energy Corp. 64,498 1,151,288
Empire District Electric Co. (The) 1,965 39,791
Energy East Corp. 8,543 206,057
Great Plains Energy, Inc. 5,745 141,614
Hawaiian Electric Industries, Inc. 5,282 126,081
IDACORP, Inc. 1,842 59,147
Integrys Energy Group, Inc. 4,668 217,716
MGE Energy, Inc. 1,027 34,980
NorthWestern Corp. 1,880 45,816
NSTAR 4,855 147,738
OGE Energy Corp. 4,077 127,080
Otter Tail Corp. 1,170 41,406
Pinnacle West Capital Corp. 5,895 206,797
PNM Resources, Inc. 3,767 46,974
Portland General Electric Co. 2,542 57,322
Progress Energy, Inc. 15,311 638,469
Puget Energy, Inc. 4,945 127,927
SCANA Corp. 5,708 208,799
Southern Co. 37,461 1,333,985
TECO Energy, Inc. 11,228 179,087
UIL Holdings Corp. 1,407 42,393
Westar Energy, Inc. 4,889 111,323
Xcel Energy, Inc. 19,932 397,643
------------
Total Electric 9,295,608
-----------------------------------------------------------------------------
Entertainment - 0.2%
Regal Entertainment Group Class A(a) 10,004 192,978
Warner Music Group Corp.(a) 14,781 73,609
------------
Total Entertainment 266,587
-----------------------------------------------------------------------------
Food - 0.4%
B&G Foods, Inc. Class A 3,376 37,136
H.J. Heinz Co. Ltd. 12,135 569,981
------------
Total Food 607,117
-----------------------------------------------------------------------------
Forest Products & Paper - 0.9%
Louisiana-Pacific Corp. 5,339 49,012
Plum Creek Timber Co., Inc. 7,441 302,849
Potlatch Corp. 1,984 81,880
Rayonier, Inc. 4,035 175,280
Wausau Paper Corp. 2,166 17,891
Weyerhaeuser Co. 8,383 545,230
Xerium Technologies, Inc. 5,402 6,969
------------
Total Forest Products & Paper 1,179,111
-----------------------------------------------------------------------------
Gas - 0.7%
AGL Resources, Inc. 4,064 139,476
Atmos Energy Corp. 4,995 127,373
Chesapeake Utilities Corp. 314 9,307
Laclede Group, Inc. (The) 1,075 38,302
New Jersey Resources Corp. 1,585 49,214
Nicor, Inc. 2,286 76,604
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 23
Schedule of Investments (continued)
WisdomTree High-Yielding Equity Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
NiSource, Inc. 16,129 $ 278,065
Piedmont Natural Gas Co., Inc.(a) 3,270 85,870
Vectren Corp. 4,004 107,427
------------
Total Gas 911,638
----------------------------------------------------------------------------
Healthcare-Products - 0.0%
LCA-Vision, Inc. 928 11,600
----------------------------------------------------------------------------
Healthcare-Services - 0.1%
Brookdale Senior Living, Inc. 8,050 192,395
----------------------------------------------------------------------------
Holding Companies-Diversified - 0.0%
Compass Diversified Holdings 3,244 42,659
----------------------------------------------------------------------------
Home Builders - 0.3%
D.R. Horton, Inc. 16,865 265,624
KB Home(a) 4,844 119,792
Lennar Corp. Class B 1,497 25,823
------------
Total Home Builders 411,239
----------------------------------------------------------------------------
Home Furnishings - 0.1%
Furniture Brands International, Inc. 3,615 42,296
Kimball International, Inc. Class B 1,307 14,011
La-Z-Boy, Inc.(a) 3,903 32,551
------------
Total Home Furnishings 88,858
----------------------------------------------------------------------------
Household Products/Wares - 0.2%
Avery Dennison Corp.(a) 4,021 198,034
Ennis, Inc. 1,123 18,844
Standard Register Co. (The) 2,172 16,920
------------
Total Household Products/Wares 233,798
----------------------------------------------------------------------------
Housewares - 0.2%
Newell Rubbermaid, Inc. 10,949 250,404
----------------------------------------------------------------------------
Insurance - 1.0%
Arthur J. Gallagher & Co. 5,386 127,217
Baldwin & Lyons, Inc. Class B 584 14,997
Cincinnati Financial Corp. 7,109 270,426
Commerce Group, Inc. 2,361 85,138
Fidelity National Title Group, Inc. Class A 20,411 374,135
LandAmerica Financial Group, Inc. 705 27,826
Mercury General Corp. 2,706 119,903
Old Republic International Corp. 11,826 152,674
Safety Insurance Group, Inc. 842 28,737
Unitrin, Inc. 3,098 109,483
Universal Insurance Holdings, Inc. 2,033 7,685
Zenith National Insurance Corp. 2,140 76,740
------------
Total Insurance 1,394,961
----------------------------------------------------------------------------
Internet - 0.0%
United Online, Inc. 5,341 56,401
----------------------------------------------------------------------------
Investment Companies - 1.2%
American Capital Strategies Ltd.(a) 26,407 902,062
Apollo Investment Corp. 17,537 277,611
Ares Capital Corp. 9,796 123,136
BlackRock Kelso Capital Corp. 7,122 85,037
Gladstone Capital Corp.(a) 1,740 32,555
Hercules Technology Growth Capital, Inc. 4,042 43,896
MCG Capital Corp. 11,541 104,908
NGP Capital Resources Co.(a) 1,942 31,888
Patriot Capital Funding, Inc. 3,137 32,844
PennantPark Investment Corp. 2,276 19,369
Prospect Capital Corp.(a) 3,067 46,680
TICC Capital Corp. 3,932 29,569
------------
Total Investment Companies 1,729,555
----------------------------------------------------------------------------
Iron/Steel - 0.0%
Mesabi Trust 1,473 37,429
----------------------------------------------------------------------------
Leisure Time - 0.0%
Marine Products Corp. 1,480 11,958
----------------------------------------------------------------------------
Machinery-Diversified - 0.0%
Briggs & Stratton Corp. 2,278 40,776
----------------------------------------------------------------------------
Media - 1.0%
CBS Corp. Class B 28,498 629,236
Entercom Communications Corp. 3,833 38,062
Gannett Co., Inc. 11,666 338,897
GateHouse Media, Inc.(a) 11,463 66,944
Journal Communications, Inc. Class A 1,827 13,483
Lee Enterprises, Inc.(a) 2,457 24,595
McClatchy Co. Class A(a) 3,773 40,371
Media General, Inc. Class A(a) 1,133 15,885
New York Times Co. (The) Class A(a) 9,139 172,544
Sinclair Broadcast Group, Inc. Class A 4,188 37,315
World Wrestling Entertainment, Inc. 1,839 34,224
------------
Total Media 1,411,556
----------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.0%
Worthington Industries, Inc.(a) 3,312 55,873
----------------------------------------------------------------------------
Mining - 2.1%
Compass Minerals International, Inc. 1,202 70,894
Southern Copper Corp. 27,108 2,814,624
------------
Total Mining 2,885,518
----------------------------------------------------------------------------
Miscellaneous Manufacturing - 0.1%
Leggett & Platt, Inc.(a) 10,656 162,505
Reddy Ice Holdings, Inc. 1,746 22,750
Standex International Corp. 645 14,409
------------
Total Miscellaneous Manufacturing 199,664
----------------------------------------------------------------------------
Office Furnishings - 0.0%
Steelcase, Inc. Class A 3,848 42,559
----------------------------------------------------------------------------
Office/Business Equipment - 0.2%
Pitney Bowes, Inc. 9,428 330,169
----------------------------------------------------------------------------
See Notes to Financial Statements.
24 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree High-Yielding Equity Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
Packaging & Containers - 0.2%
Packaging Corp. of America 5,527 $ 123,418
Sonoco Products Co. 3,772 107,992
------------
Total Packaging & Containers 231,410
-------------------------------------------------------------------------------
Pharmaceuticals - 9.2%
Bristol-Myers Squibb Co. 93,136 1,983,797
Eli Lilly & Co. 42,621 2,198,817
Pfizer, Inc. 400,548 8,383,470
------------
Total Pharmaceuticals 12,566,084
-------------------------------------------------------------------------------
Pipelines - 0.4%
Spectra Energy Corp. 25,836 587,769
-------------------------------------------------------------------------------
REITS - 10.5%
Agree Realty Corp. 622 17,074
AMB Property Corp. 4,234 230,414
American Campus Communities, Inc. 1,594 43,612
American Financial Realty Trust 14,441 114,662
Apartment Investment & Management Co. Class A 7,473 267,608
Ashford Hospitality Trust, Inc. 15,843 89,988
Associated Estates Realty Corp. 1,238 14,163
AvalonBay Communities, Inc. 3,329 321,315
BioMed Realty Trust, Inc. 4,059 96,970
Brandywine Realty Trust 9,799 166,191
BRE Properties, Inc. 3,153 143,651
Camden Property Trust 3,862 193,872
CapitalSource, Inc.(a) 33,648 325,376
CapLease, Inc. 4,734 36,783
CBL & Associates Properties, Inc. 6,767 159,228
Cedar Shopping Centers, Inc. 4,141 48,367
Colonial Properties Trust 5,141 123,641
Corporate Office Properties Trust 2,305 77,471
Cousins Properties, Inc. 4,022 99,384
DCT Industrial Trust, Inc. 13,581 135,267
Deerfield Capital Corp. 330 465
Developers Diversified Realty Corp. 9,652 404,226
DiamondRock Hospitality Co. 6,753 85,561
Digital Realty Trust, Inc. 2,494 88,537
Duke Realty Corp. 12,779 291,489
EastGroup Properties, Inc. 1,319 61,281
Education Realty Trust, Inc. 2,469 31,035
Entertainment Properties Trust 2,114 104,284
Equity One, Inc. 4,587 109,950
Equity Residential 15,959 662,139
Essex Property Trust, Inc. 1,128 128,569
Extra Space Storage, Inc. 5,647 91,425
FelCor Lodging Trust, Inc. 5,296 63,711
First Industrial Realty Trust, Inc.(a) 4,260 131,591
First Potomac Realty Trust 2,188 33,630
Franklin Street Properties Corp. 6,806 97,462
General Growth Properties, Inc. 13,846 528,502
Getty Realty Corp. 2,081 33,150
Glimcher Realty Trust 6,014 71,927
GMH Communities Trust 5,433 47,158
HCP, Inc. 14,668 495,925
Health Care REIT, Inc. 5,903 266,402
Healthcare Realty Trust, Inc. 3,753 98,141
Hersha Hospitality Trust 3,407 30,765
Highwoods Properties, Inc. 3,715 115,425
Home Properties, Inc. 2,303 110,521
Hospitality Properties Trust 10,163 345,745
Host Hotels & Resorts, Inc. 27,841 443,229
HRPT Properties Trust 29,352 197,539
Inland Real Estate Corp. 5,070 77,115
Investors Real Estate Trust 4,658 45,555
iStar Financial, Inc.(a) 19,282 270,526
Kilroy Realty Corp. 1,588 77,987
Kimco Realty Corp. 13,068 511,874
Kite Realty Group Trust 1,919 26,866
LaSalle Hotel Properties 2,862 82,225
Lexington Corporate Properties Trust 7,041 101,461
Liberty Property Trust 9,283 288,794
LTC Properties, Inc. 1,620 41,650
Macerich Co. (The) 3,819 268,361
Mack-Cali Realty Corp. 6,296 224,830
Maguire Properties, Inc. 3,128 44,762
Medical Properties Trust, Inc. 6,240 70,637
Mid-America Apartment Communities, Inc. 1,666 83,033
Mission West Properties, Inc. 1,540 14,553
National Health Investors, Inc. 2,129 66,531
National Retail Properties, Inc. 5,163 113,844
Nationwide Health Properties, Inc. 5,819 196,391
Omega Healthcare Investors, Inc. 5,612 97,424
One Liberty Properties, Inc. 888 14,288
Parkway Properties, Inc. 1,275 47,124
Pennsylvania Real Estate Investment Trust 3,570 87,072
Post Properties, Inc. 2,535 97,902
PS Business Parks, Inc. 808 41,935
Ramco-Gershenson Properties Trust 1,847 38,990
Realty Income Corp.(a) 7,088 181,595
Regency Centers Corp. 3,408 220,702
Resource Capital Corp.(a) 4,421 33,467
Saul Centers, Inc. 714 35,871
Senior Housing Properties Trust 6,037 143,077
Simon Property Group, Inc. 9,887 918,602
Sovran Self Storage, Inc. 1,528 65,261
Strategic Hotels & Resorts, Inc. 4,652 61,081
Sun Communities, Inc. 2,429 49,795
Sunstone Hotel Investors, Inc. 4,972 79,602
Tanger Factory Outlet Centers, Inc. 1,351 51,973
UDR, Inc. 10,281 252,090
Universal Health Realty Income Trust 892 29,704
Urstadt Biddle Properties, Inc. Class A 1,339 21,062
U-Store-It Trust 8,056 91,274
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 25
Schedule of Investments (concluded)
WisdomTree High-Yielding Equity Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
Ventas, Inc. 7,091 $ 318,457
Vornado Realty Trust 7,496 646,230
Washington Real Estate Investment Trust 3,101 103,635
Weingarten Realty Investors 5,980 205,951
Winthrop Realty Trust 3,723 15,339
------------
Total REITS 14,431,319
-------------------------------------------------------------------------------
Retail - 1.5%
Asbury Automotive Group, Inc. 2,284 31,428
Cato Corp. (The) Class A 1,560 23,306
Foot Locker, Inc. 6,768 79,659
Home Depot, Inc. (The)(a) 68,042 1,903,135
Kenneth Cole Productions, Inc. Class A 581 9,842
Lithia Motors, Inc. Class A 709 7,203
Ruby Tuesday, Inc. 2,562 19,215
Talbots, Inc.(a) 2,620 28,244
Triarc Cos., Inc. Class B 3,113 21,511
------------
Total Retail 2,123,543
-------------------------------------------------------------------------------
Savings & Loans - 1.9%
Astoria Financial Corp. 5,061 137,457
Brookline Bancorp, Inc. 2,393 27,472
Capitol Federal Financial 5,605 210,075
Dime Community Bancshares 1,665 29,104
First Financial Holdings, Inc. 501 11,753
First Niagara Financial Group, Inc. 5,962 81,024
First Place Financial Corp. 874 11,362
New York Community Bancorp, Inc. 22,126 403,136
Northwest Bancorp, Inc. 1,753 47,909
OceanFirst Financial Corp. 743 12,995
Washington Federal, Inc. 4,109 93,850
Washington Mutual, Inc.(a) 158,578 1,633,353
------------
Total Savings & Loans 2,699,490
-------------------------------------------------------------------------------
Semiconductors - 0.2%
Microchip Technology, Inc.(a) 9,893 323,798
-------------------------------------------------------------------------------
Software - 0.0%
Computer Programs & Systems, Inc. 881 18,413
Quality Systems, Inc. 1,032 30,826
------------
Total Software 49,239
-------------------------------------------------------------------------------
Telecommunications - 11.7%
Alaska Communications Systems Group, Inc. 2,886 35,325
AT&T, Inc. 253,700 9,716,709
Citizens Communications Co. 30,489 319,830
Consolidated Communications Holdings, Inc. 2,730 41,305
D&E Communications, Inc. 638 5,678
Embarq Corp. 9,237 370,404
FairPoint Communications, Inc. 4,309 38,867
IDT Corp. Class B 7,016 27,152
Iowa Telecommunications Services, Inc. 3,698 65,566
NTELOS Holdings Corp. 1,490 36,058
SureWest Communications 1,032 15,955
Verizon Communications, Inc. 133,984 4,883,717
Windstream Corp. 43,772 523,075
------------
Total Telecommunications 16,079,641
-------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.2%
Mattel, Inc. 16,458 327,514
-------------------------------------------------------------------------------
Transportation - 0.0%
Pacer International, Inc. 1,858 30,527
-------------------------------------------------------------------------------
Trucking & Leasing - 0.0%
TAL International Group, Inc. 2,599 61,258
-------------------------------------------------------------------------------
Water - 0.0%
Middlesex Water Co. 670 12,167
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $170,474,064) 137,831,084
===============================================================================
RIGHTS* - 0.0%
Capital Markets - 0.0%
Ares Capital Corp., expiring 4/22/08 3,265 1,829
MCG Capital Corp., expiring 4/19/08 1,648 1,763
------------
TOTAL RIGHTS
(Cost: $0) 3,592
===============================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $170,474,064) $137,834,676
===============================================================================
SHORT-TERM INVESTMENT - 0.3%
MONEY MARKET FUND - 0.3%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $339,910) 339,910 339,910
===============================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 8.4%
MONEY MARKET FUND(c) - 8.4%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $11,665,860)(d) 11,665,860 11,665,860
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 108.1%
(Cost: $182,479,834) 149,840,446
Liabilities in Excess of and Other Assets - (8.1)% (11,181,353)
------------
NET ASSETS - 100.0% $138,659,093
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $11,134,881 and the total market value of the collateral held by the
Fund was $11,665,860.
See Notes to Financial Statements.
26 WisdomTree Domestic Dividend Funds
Schedule of Investments
WisdomTree LargeCap Dividend Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
COMMON STOCKS - 99.7%
Advertising - 0.1%
Omnicom Group, Inc. 5,737 $ 253,461
--------------------------------------------------------------------------
Aerospace/Defense - 2.0%
Boeing Co. (The) 16,634 1,237,071
General Dynamics Corp. 7,460 621,940
Goodrich Corp. 2,235 128,535
L-3 Communications Holdings, Inc. 1,607 175,709
Lockheed Martin Corp. 8,896 883,373
Northrop Grumman Corp. 9,040 703,402
Raytheon Co. 10,053 649,524
Rockwell Collins, Inc. 2,068 118,186
United Technologies Corp. 24,011 1,652,438
------------
Total Aerospace/Defense 6,170,178
--------------------------------------------------------------------------
Agriculture - 3.5%
Altria Group, Inc. 115,329 2,560,304
Archer-Daniels-Midland Co. 10,755 442,676
Loews Corp. 1,583 114,847
Philip Morris International, Inc.* 115,329 5,833,340
Reynolds American, Inc. 20,364 1,202,087
UST, Inc. 9,229 503,165
------------
Total Agriculture 10,656,419
--------------------------------------------------------------------------
Airlines - 0.0%
Southwest Airlines Co. 2,100 26,040
--------------------------------------------------------------------------
Apparel - 0.3%
NIKE, Inc. Class B 7,728 525,504
VF Corp. 4,818 373,443
------------
Total Apparel 898,947
--------------------------------------------------------------------------
Auto Manufacturers - 0.3%
General Motors Corp.(a) 28,002 533,438
Paccar, Inc. 7,485 336,825
------------
Total Auto Manufacturers 870,263
--------------------------------------------------------------------------
Auto Parts & Equipment - 0.1%
Johnson Controls, Inc. 11,327 382,853
--------------------------------------------------------------------------
Banks - 13.1%
Bank of America Corp. 378,374 14,344,158
Bank of New York Mellon Corp. (The) 32,395 1,351,843
BB&T Corp. 43,810 1,404,549
Capital One Financial Corp. 2,200 108,284
Comerica, Inc. 13,563 475,790
Fifth Third Bancorp(a) 49,973 1,045,435
KeyCorp(a) 36,966 811,404
M&T Bank Corp. 5,332 429,119
Marshall & Ilsley Corp. 17,742 411,614
National City Corp. 91,105 906,495
Northern Trust Corp. 4,321 287,217
PNC Financial Services Group, Inc. (The) 17,753 1,164,064
Regions Financial Corp. 63,561 1,255,330
State Street Corp. 6,049 477,871
SunTrust Banks, Inc. 22,322 1,230,835
Synovus Financial Corp. 18,302 202,420
U.S. Bancorp 118,556 3,836,472
UnionBanCal Corp. 8,428 413,646
Wachovia Corp.(a) 182,414 4,925,178
Wells Fargo & Co. 186,085 5,415,074
------------
Total Banks 40,496,798
--------------------------------------------------------------------------
Beverages - 3.0%
Anheuser-Busch Cos., Inc. 26,113 1,239,062
Coca-Cola Co. (The) 70,505 4,291,640
Coca-Cola Enterprises, Inc. 6,322 152,992
Molson Coors Brewing Co., Class B 2,439 128,218
Pepsi Bottling Group, Inc. 4,149 140,693
PepsiCo, Inc. 44,421 3,207,196
------------
Total Beverages 9,159,801
--------------------------------------------------------------------------
Building Materials - 0.2%
Masco Corp. 21,475 425,849
Trane, Inc. 4,465 204,944
------------
Total Building Materials 630,793
--------------------------------------------------------------------------
Chemicals - 2.2%
Air Products & Chemicals, Inc. 4,691 431,572
Dow Chemical Co. (The) 53,742 1,980,393
E.I. du Pont de Nemours & Co. 45,867 2,144,740
Ecolab, Inc. 3,369 146,316
Monsanto Co. 5,037 561,626
PPG Industries, Inc. 7,076 428,169
Praxair, Inc. 6,325 532,755
Rohm & Haas Co. 7,604 411,224
Sherwin-Williams Co. (The) 3,573 182,366
------------
Total Chemicals 6,819,161
--------------------------------------------------------------------------
Coal - 0.1%
Consol Energy, Inc. 1,034 71,542
Peabody Energy Corp. 1,631 83,181
------------
Total Coal 154,723
--------------------------------------------------------------------------
Commercial Services - 0.2%
Automatic Data Processing, Inc. 19,171 812,659
Mastercard, Inc. Class A 297 66,228
McKesson Corp. 1,476 77,298
Moody's Corp. 3,200 111,456
Paychex, Inc. 16,336 559,671
R.R. Donnelley & Sons Co. 8,627 261,484
Western Union Co. (The) 1,906 40,541
------------
Total Commercial Services 1,929,337
--------------------------------------------------------------------------
Computers - 1.5%
Electronic Data Systems Corp. 7,110 118,382
Hewlett-Packard Co. 23,006 1,050,454
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 27
Schedule of Investments (continued)
WisdomTree LargeCap Dividend Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
International Business Machines Corp. 29,544 $ 3,401,696
------------
Total Computers 4,570,532
--------------------------------------------------------------------------
Cosmetics/Personal Care - 2.4%
Avon Products, Inc. 10,952 433,042
Colgate-Palmolive Co. 12,989 1,011,973
Procter & Gamble Co. 83,313 5,837,742
------------
Total Cosmetics/Personal Care 7,282,757
--------------------------------------------------------------------------
Distribution/Wholesale - 0.1%
Genuine Parts Co. 7,237 291,072
W.W. Grainger, Inc. 1,764 134,752
------------
Total Distribution/Wholesale 425,824
--------------------------------------------------------------------------
Diversified Financial Services - 8.5%
American Express Co. 20,387 891,320
Ameriprise Financial, Inc. 3,368 174,631
Bear Stearns Co., Inc. (The) 2,468 25,889
BlackRock, Inc.(a) 2,225 454,300
Charles Schwab Corp. (The) 13,536 254,883
Citigroup, Inc. 496,650 10,638,242
CME Group, Inc. 378 177,320
Discover Financial Services 9,299 152,225
Federal National Mortgage Association(a) 75,022 1,974,579
Franklin Resources, Inc. 1,686 163,525
Freddie Mac 28,570 723,392
Goldman Sachs Group, Inc. 3,533 584,323
JPMorgan Chase & Co. 159,859 6,865,943
Legg Mason, Inc. 2,473 138,439
Lehman Brothers Holdings, Inc. 7,213 271,497
Merrill Lynch & Co., Inc.(a) 29,598 1,205,823
Morgan Stanley 31,221 1,426,800
Nymex Holdings, Inc. 453 41,055
NYSE Euronext 4,323 266,772
T. Rowe Price Group, Inc. 4,119 205,950
------------
Total Diversified Financial Services 26,636,908
--------------------------------------------------------------------------
Electric - 4.7%
Ameren Corp. 13,940 613,918
American Electric Power Co., Inc. 19,585 815,324
Consolidated Edison, Inc. 18,456 732,703
Constellation Energy Group, Inc. 4,453 393,066
Dominion Resources, Inc. 27,351 1,117,015
DTE Energy Co. 10,023 389,794
Duke Energy Corp. 77,030 1,374,986
Edison International(a) 9,598 470,494
Entergy Corp. 6,908 753,525
Exelon Corp. 19,141 1,555,589
FirstEnergy Corp. 11,912 817,401
FPL Group, Inc. 13,591 852,699
PG&E Corp. 15,666 576,822
PPL Corp. 12,067 554,117
Progress Energy, Inc. 18,423 768,239
Public Service Enterprise Group, Inc.(a) 17,710 711,765
Southern Co. 44,925 1,599,779
Xcel Energy, Inc. 23,782 474,451
------------
Total Electric 14,571,687
--------------------------------------------------------------------------
Electrical Components & Equipment - 0.4%
Emerson Electric Co. 23,529 1,210,802
--------------------------------------------------------------------------
Electronics - 0.0%
Amphenol Corp. Class A 498 18,551
--------------------------------------------------------------------------
Engineering & Construction - 0.0%
Fluor Corp. 694 97,965
--------------------------------------------------------------------------
Entertainment - 0.1%
International Game Technology 5,747 231,087
--------------------------------------------------------------------------
Environmental Control - 0.2%
Waste Management, Inc. 20,165 676,737
--------------------------------------------------------------------------
Food - 2.3%
Campbell Soup Co. 13,011 441,723
ConAgra Foods, Inc. 21,021 503,453
General Mills, Inc. 12,345 739,219
H.J. Heinz Co. Ltd. 14,470 679,656
Kellogg Co. 12,803 672,926
Kraft Foods, Inc. Class A 68,679 2,129,735
Kroger Co. (The) 10,058 255,473
Safeway, Inc. 4,976 146,046
Sara Lee Corp. 25,603 357,930
SYSCO Corp. 23,360 677,907
Wm. Wrigley Jr. Co. 5,627 353,601
------------
Total Food 6,957,669
--------------------------------------------------------------------------
Forest Products & Paper - 0.5%
International Paper Co. 18,054 491,069
Plum Creek Timber Co., Inc. 8,872 361,090
Weyerhaeuser Co. 9,770 635,441
------------
Total Forest Products & Paper 1,487,600
--------------------------------------------------------------------------
Gas - 0.1%
Sempra Energy 7,352 391,715
--------------------------------------------------------------------------
Healthcare-Products - 2.8%
Baxter International, Inc. 13,037 753,799
Becton Dickinson & Co. 4,773 409,762
C.R. Bard, Inc. 1,020 98,328
Johnson & Johnson 98,913 6,416,487
Medtronic, Inc. 15,843 766,326
Stryker Corp. 1,725 112,211
------------
Total Healthcare-Products 8,556,913
--------------------------------------------------------------------------
Healthcare-Services - 0.0%
Aetna, Inc. 497 20,919
Quest Diagnostics, Inc. 1,968 89,091
See Notes to Financial Statements.
28 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree LargeCap Dividend Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
UnitedHealth Group, Inc. 1,210 $ 41,576
------------
Total Healthcare-Services 151,586
-------------------------------------------------------------------------------
Holding Companies-Diversified - 0.0%
Leucadia National Corp. 1,710 77,326
-------------------------------------------------------------------------------
Household Products/Wares - 0.6%
Clorox Co. (The) 4,825 273,288
Fortune Brands, Inc. 4,757 330,612
Kimberly-Clark Corp. 18,218 1,175,971
------------
Total Household Products/Wares 1,779,871
-------------------------------------------------------------------------------
Housewares - 0.1%
Newell Rubbermaid, Inc. 12,392 283,405
-------------------------------------------------------------------------------
Insurance - 3.2%
Allstate Corp. (The) 24,129 1,159,640
American Family Life Assurance Co., Inc. 9,102 591,175
American International Group, Inc. 49,572 2,143,988
AON Corp. 5,009 201,362
Assurant, Inc. 1,235 75,162
Chubb Corp. (The) 11,608 574,364
Cigna Corp. 150 6,086
CNA Financial Corp. 4,475 115,410
Genworth Financial, Inc. Class A 9,543 216,054
Hartford Financial Services Group, Inc. (The) 9,918 751,487
Lincoln National Corp. 10,285 534,820
Loews Corp. 3,938 158,386
Marsh & McLennan Cos., Inc.(a) 22,374 544,807
Metlife, Inc. 11,872 715,407
Principal Financial Group, Inc. 5,122 285,398
Progressive Corp. (The) 1,870 30,051
Prudential Financial, Inc. 7,845 613,871
Travelers Cos., Inc. (The) 20,048 959,297
Unum Group 6,249 137,540
------------
Total Insurance 9,814,305
-------------------------------------------------------------------------------
Investment Companies - 0.3%
American Capital Strategies Ltd.(a) 30,806 1,052,333
-------------------------------------------------------------------------------
Iron/Steel - 0.2%
Allegheny Technologies, Inc. 1,061 75,713
Nucor Corp. 3,160 214,058
United States Steel Corp. 1,373 174,193
------------
Total Iron/Steel 463,964
-------------------------------------------------------------------------------
Leisure Time - 0.1%
Harley-Davidson, Inc. 8,601 322,538
-------------------------------------------------------------------------------
Lodging - 0.1%
Marriott International, Inc. Class A 4,188 143,900
Starwood Hotels & Resorts Worldwide, Inc. 4,746 245,605
------------
Total Lodging 389,505
-------------------------------------------------------------------------------
Machinery-Construction & Mining - 0.5%
Caterpillar, Inc.(a) 18,087 1,416,031
-------------------------------------------------------------------------------
Machinery-Diversified - 0.3%
Cummins, Inc. 2,464 115,364
Deere & Co. 7,746 623,089
Rockwell Automation, Inc. 3,624 208,090
------------
Total Machinery-Diversified 946,543
-------------------------------------------------------------------------------
Media - 1.4%
CBS Corp. Class B 32,497 717,534
Clear Channel Communications, Inc. 14,823 433,128
Gannett Co., Inc. 14,372 417,507
McGraw-Hill Cos., Inc. (The) 7,844 289,836
News Corp. Class A 17,392 326,100
News Corp. Class B 6,564 124,979
Time Warner, Inc. 74,592 1,045,779
Walt Disney Co. (The)(a) 28,682 900,041
------------
Total Media 4,254,904
-------------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.0%
Precision Castparts Corp. 136 13,883
-------------------------------------------------------------------------------
Mining - 1.7%
Alcoa, Inc. 22,517 811,963
Freeport-McMoRan Copper & Gold, Inc. 6,887 662,667
Newmont Mining Corp. 4,984 225,775
Southern Copper Corp. 31,194 3,238,874
Vulcan Materials Co. 3,036 201,590
------------
Total Mining 5,140,869
-------------------------------------------------------------------------------
Miscellaneous Manufacturing - 6.7%
3M Co. 23,358 1,848,786
Danaher Corp. 671 51,016
Dover Corp. 4,873 203,594
Eaton Corp. 3,994 318,202
General Electric Co. 427,963 15,838,910
Honeywell International, Inc. 17,891 1,009,410
Illinois Tool Works, Inc. 15,495 747,324
ITT Industries, Inc. 2,238 115,951
Parker Hannifin Corp. 2,603 180,310
Textron, Inc. 4,692 260,031
------------
Total Miscellaneous Manufacturing 20,573,534
-------------------------------------------------------------------------------
Office/Business Equipment - 0.2%
Pitney Bowes, Inc. 11,191 391,908
Xerox Corp. 5,380 80,539
------------
Total Office/Business Equipment 472,447
-------------------------------------------------------------------------------
Oil & Gas - 7.8%
Anadarko Petroleum Corp. 4,000 252,120
Apache Corp. 2,735 330,443
Chesapeake Energy Corp. 5,119 236,242
Chevron Corp.(a) 75,675 6,459,618
ConocoPhillips 43,853 3,342,037
Devon Energy Corp. 4,162 434,221
Diamond Offshore Drilling, Inc. 508 59,131
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 29
Schedule of Investments (continued)
WisdomTree LargeCap Dividend Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
ENSCO International, Inc. 436 $ 27,302
EOG Resources, Inc. 1,522 182,640
Exxon Mobil Corp. 115,251 9,747,930
Hess Corp. 2,036 179,534
Marathon Oil Corp. 16,963 773,513
Murphy Oil Corp. 2,559 210,196
Noble Energy, Inc. 1,632 118,810
Occidental Petroleum Corp. 15,598 1,141,306
Sunoco, Inc. 2,706 141,984
Valero Energy Corp. 5,746 282,186
XTO Energy, Inc. 6,653 411,555
-----------
Total Oil & Gas 24,330,768
------------------------------------------------------------------------------
Oil & Gas Services - 0.3%
Baker Hughes, Inc. 2,919 199,952
BJ Services Co. 3,381 96,392
Halliburton Co. 12,285 483,169
Smith International, Inc. 1,054 67,698
-----------
Total Oil & Gas Services 847,211
------------------------------------------------------------------------------
Pharmaceuticals - 7.5%
Abbott Laboratories 49,627 2,736,929
Allergan, Inc. 1,304 73,533
AmerisourceBergen Corp. 1,537 62,986
Bristol-Myers Squibb Co. 106,241 2,262,933
Cardinal Health, Inc. 4,044 212,350
Eli Lilly & Co. 51,744 2,669,473
Merck & Co., Inc. 78,748 2,988,487
Pfizer, Inc. 473,610 9,912,657
Schering-Plough Corp. 19,073 274,842
Wyeth 43,408 1,812,718
-----------
Total Pharmaceuticals 23,006,908
------------------------------------------------------------------------------
Pipelines - 0.4%
El Paso Corp. 9,934 165,302
Questar Corp. 2,235 126,412
Spectra Energy Corp.(a) 26,926 612,566
Williams Cos., Inc. (The) 9,371 309,055
-----------
Total Pipelines 1,213,335
------------------------------------------------------------------------------
REITS - 2.2%
AvalonBay Communities, Inc. 3,823 368,996
Boston Properties, Inc. 4,685 431,348
Equity Residential 19,157 794,824
General Growth Properties, Inc. 16,183 617,705
HCP, Inc. 16,337 552,354
Host Hotels & Resorts, Inc. 33,250 529,340
Kimco Realty Corp. 14,893 583,359
ProLogis 10,285 605,375
Public Storage, Inc. 6,198 549,267
Simon Property Group, Inc.(a) 10,828 1,006,029
Vornado Realty Trust 8,638 744,682
-----------
Total REITS 6,783,279
------------------------------------------------------------------------------
Retail - 5.0%
Abercrombie & Fitch Co. 1,053 77,016
Best Buy Co., Inc. 6,074 251,828
Costco Wholesale Corp. 5,290 343,691
CVS Corp. 12,520 507,185
Gap, Inc. (The) 17,762 349,556
Home Depot, Inc. (The) 79,923 2,235,446
J.C. Penney Co., Inc. 6,088 229,578
Limited Brands, Inc. 17,428 298,019
Lowe's Cos., Inc.(a) 28,070 643,926
Macy's, Inc. 12,730 293,554
McDonald's Corp. 42,785 2,386,119
Nordstrom, Inc. 5,561 181,289
Staples, Inc. 12,270 271,290
SUPERVALU, Inc. 5,005 150,050
Target Corp. 11,527 584,188
TJX Cos., Inc. 7,694 254,441
Walgreen Co. 14,593 555,847
Wal-Mart Stores, Inc. 103,297 5,441,687
Yum! Brands, Inc. 11,684 434,762
-----------
Total Retail 15,489,472
------------------------------------------------------------------------------
Savings & Loans - 0.7%
Hudson City Bancorp, Inc. 16,543 292,480
Washington Mutual, Inc.(a) 189,478 1,951,624
-----------
Total Savings & Loans 2,244,104
------------------------------------------------------------------------------
Semiconductors - 1.6%
Analog Devices, Inc. 10,347 305,443
Applied Materials, Inc.(a) 24,979 487,340
Intel Corp. 158,883 3,365,142
KLA-Tencor Corp. 3,186 118,201
Texas Instruments, Inc. 24,569 694,566
-----------
Total Semiconductors 4,970,692
------------------------------------------------------------------------------
Software - 2.0%
CA, Inc. 4,705 105,863
Fidelity National Information Services, Inc. 1,257 47,942
Microsoft Corp. 165,380 4,693,484
-----------
Total Software 4,847,289
------------------------------------------------------------------------------
Telecommunications - 6.5%
AT&T, Inc. 300,363 11,503,903
Corning, Inc. 18,425 442,937
Embarq Corp. 10,634 426,423
Harris Corp. 1,857 90,120
Motorola, Inc. 40,637 377,924
QUALCOMM, Inc. 31,949 1,309,909
Verizon Communications, Inc. 159,068 5,798,029
-----------
Total Telecommunications 19,949,245
------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.1%
Mattel, Inc. 19,476 387,572
------------------------------------------------------------------------------
See Notes to Financial Statements.
30 WisdomTree Domestic Dividend Funds
Schedule of Investments (concluded)
WisdomTree LargeCap Dividend Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
Transportation - 1.5%
Burlington Northern Santa Fe Corp. 7,609 $ 701,702
C.H. Robinson Worldwide, Inc. 4,115 223,856
CSX Corp. 8,514 477,380
Expeditors International Washington, Inc. 1,827 82,544
FedEx Corp. 1,754 162,543
Norfolk Southern Corp. 11,353 616,695
Union Pacific Corp. 5,212 653,481
United Parcel Service, Inc. Class B 22,257 1,625,206
------------
Total Transportation 4,543,407
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $340,338,345) 307,331,847
===============================================================================
SHORT-TERM INVESTMENT - 0.1%
MONEY MARKET FUND - 0.1%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $373,210) 373,210 373,210
===============================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 6.0%
MONEY MARKET FUNDS(c) - 6.0%
AIM Prime Portfolio, 2.73% 2 2
UBS Private Money Market Fund LLC, 3.17% 18,394,141 18,394,141
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $18,394,143)(d) 18,394,143
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 105.8%
(Cost: $359,105,698) 326,099,200
Liabilities in Excess of Other Assets - (5.8)% (17,720,547)
------------
NET ASSETS - 100.0% $308,378,653
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $17,616,667 and the total market value of the collateral held by the
Fund was $18,394,143.
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 31
Schedule of Investments
WisdomTree Dividend Top 100(SM) Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
COMMON STOCKS - 99.4%
Agriculture - 3.4%
Altria Group, Inc. 23,287 $ 516,971
Philip Morris International, Inc.* 23,287 1,177,856
Reynolds American, Inc. 34,789 2,053,595
UST, Inc. 35,807 1,952,198
------------
Total Agriculture 5,700,620
--------------------------------------------------------------------------
Apparel - 0.9%
VF Corp. 18,711 1,450,290
--------------------------------------------------------------------------
Auto Manufacturers - 0.7%
General Motors Corp.(a) 64,213 1,223,258
--------------------------------------------------------------------------
Banks - 20.7%
Bank of America Corp. 67,565 2,561,389
BB&T Corp. 83,159 2,666,078
Comerica, Inc. 66,111 2,319,174
Fifth Third Bancorp 123,248 2,578,348
KeyCorp 133,884 2,938,753
M&T Bank Corp. 20,054 1,613,946
Marshall & Ilsley Corp. 75,887 1,760,578
National City Corp. 280,697 2,792,934
PNC Financial Services Group, Inc. (The) 27,309 1,790,651
Regions Financial Corp.(a) 123,413 2,437,407
SunTrust Banks, Inc. 33,062 1,823,039
Synovus Financial Corp. 66,996 740,976
U.S. Bancorp 77,756 2,516,184
UnionBanCal Corp. 39,774 1,952,108
Wachovia Corp. 76,854 2,075,058
Wells Fargo & Co. 60,357 1,756,389
------------
Total Banks 34,323,012
--------------------------------------------------------------------------
Beverages - 0.6%
Anheuser-Busch Cos., Inc. 21,690 1,029,191
--------------------------------------------------------------------------
Building Materials - 1.1%
Masco Corp. 94,670 1,877,306
--------------------------------------------------------------------------
Chemicals - 3.6%
Dow Chemical Co. (The) 45,616 1,680,950
E.I. du Pont de Nemours & Co. 41,287 1,930,580
PPG Industries, Inc. 20,121 1,217,522
Rohm & Haas Co.(a) 22,726 1,229,022
------------
Total Chemicals 6,058,074
--------------------------------------------------------------------------
Commercial Services - 0.7%
R.R. Donnelley & Sons Co.(a) 35,811 1,085,431
--------------------------------------------------------------------------
Distribution/Wholesale - 0.7%
Genuine Parts Co. 30,051 1,208,651
--------------------------------------------------------------------------
Diversified Financial Services - 3.7%
Citigroup, Inc. 108,018 2,313,746
Federal National Mortgage Association(a) 47,809 1,258,333
Freddie Mac 42,894 1,086,076
JPMorgan Chase & Co. 35,871 1,540,659
------------
Total Diversified Financial Services 6,198,814
--------------------------------------------------------------------------
Electric - 13.0%
Ameren Corp. 40,224 1,771,465
American Electric Power Co., Inc. 34,301 1,427,951
Consolidated Edison, Inc. 45,126 1,791,502
Dominion Resources, Inc. 32,183 1,314,354
DTE Energy Co. 46,031 1,790,146
Duke Energy Corp. 98,339 1,755,351
Entergy Corp. 10,069 1,098,327
FirstEnergy Corp. 18,435 1,265,010
FPL Group, Inc. 15,472 970,713
PG&E Corp. 31,461 1,158,394
PPL Corp. 19,524 896,542
Progress Energy, Inc. 47,582 1,984,168
Public Service Enterprise Group, Inc. 23,324 937,392
Southern Co. 49,801 1,773,414
Xcel Energy, Inc. 80,794 1,611,840
------------
Total Electric 21,546,569
--------------------------------------------------------------------------
Environmental Control - 0.9%
Waste Management, Inc. 45,349 1,521,912
--------------------------------------------------------------------------
Food - 5.3%
Campbell Soup Co. 30,317 1,029,262
ConAgra Foods, Inc. 56,439 1,351,714
General Mills, Inc. 21,173 1,267,839
H.J. Heinz Co. Ltd. 32,417 1,522,627
Kraft Foods, Inc. Class A 45,183 1,401,125
Sara Lee Corp. 73,506 1,027,614
SYSCO Corp. 39,697 1,152,007
------------
Total Food 8,752,188
--------------------------------------------------------------------------
Forest Products & Paper - 2.5%
International Paper Co. 45,046 1,225,251
Plum Creek Timber Co., Inc. 36,839 1,499,347
Weyerhaeuser Co. 21,867 1,422,230
------------
Total Forest Products & Paper 4,146,828
--------------------------------------------------------------------------
Healthcare-Products - 0.7%
Johnson & Johnson 16,723 1,084,821
--------------------------------------------------------------------------
Household Products/Wares - 1.4%
Clorox Co. (The) 17,314 980,665
Kimberly-Clark Corp. 20,850 1,345,867
------------
Total Household Products/Wares 2,326,532
--------------------------------------------------------------------------
Housewares - 0.8%
Newell Rubbermaid, Inc.(a) 60,096 1,374,396
--------------------------------------------------------------------------
Insurance - 2.3%
Allstate Corp. (The) 27,380 1,315,883
Lincoln National Corp. 22,704 1,180,608
See Notes to Financial Statements.
32 WisdomTree Domestic Dividend Funds
Schedule of Investments (concluded)
WisdomTree Dividend Top 100(SM) Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
Marsh & McLennan Cos., Inc.(a) 56,579 $ 1,377,698
------------
Total Insurance 3,874,189
-------------------------------------------------------------------------------
Investment Companies - 3.2%
American Capital Strategies Ltd.(a) 156,091 5,332,069
-------------------------------------------------------------------------------
Leisure Time - 0.6%
Harley-Davidson, Inc. 25,553 958,238
-------------------------------------------------------------------------------
Media - 1.8%
CBS Corp. Class B 68,363 1,509,455
Gannett Co., Inc. 51,786 1,504,383
------------
Total Media 3,013,838
-------------------------------------------------------------------------------
Mining - 2.2%
Southern Copper Corp.(a) 34,933 3,627,093
-------------------------------------------------------------------------------
Miscellaneous Manufacturing - 0.9%
General Electric Co. 42,314 1,566,041
-------------------------------------------------------------------------------
Office/Business Equipment - 0.9%
Pitney Bowes, Inc. 44,625 1,562,768
-------------------------------------------------------------------------------
Oil & Gas - 0.7%
Chevron Corp. 12,815 1,093,888
-------------------------------------------------------------------------------
Pharmaceuticals - 3.7%
Bristol-Myers Squibb Co. 72,400 1,542,120
Eli Lilly & Co. 30,340 1,565,241
Merck & Co., Inc. 19,692 747,311
Pfizer, Inc. 107,891 2,258,159
------------
Total Pharmaceuticals 6,112,831
-------------------------------------------------------------------------------
Pipelines - 0.9%
Spectra Energy Corp. 63,959 1,455,067
-------------------------------------------------------------------------------
REITS - 12.6%
AvalonBay Communities, Inc.(a) 17,329 1,672,595
Boston Properties, Inc. 13,485 1,241,564
Equity Residential 64,840 2,690,212
General Growth Properties, Inc. 53,103 2,026,942
HCP, Inc. 85,083 2,876,655
Host Hotels & Resorts, Inc. 116,291 1,851,353
Kimco Realty Corp. 55,000 2,154,350
ProLogis 21,779 1,281,912
Public Storage, Inc. 16,136 1,429,972
Simon Property Group, Inc. 19,210 1,784,801
Vornado Realty Trust 22,122 1,907,138
------------
Total REITS 20,917,494
-------------------------------------------------------------------------------
Retail - 2.5%
Home Depot, Inc. (The)(a) 59,660 1,668,690
Limited Brands, Inc. 80,200 1,371,420
McDonald's Corp. 19,770 1,102,573
------------
Total Retail 4,142,683
-------------------------------------------------------------------------------
Savings & Loans - 0.8%
Washington Mutual, Inc.(a) 131,699 1,356,500
-------------------------------------------------------------------------------
Software - 1.4%
Automatic Data Processing, Inc. 26,534 1,124,776
Paychex, Inc. 36,948 1,265,839
------------
Total Software 2,390,615
-------------------------------------------------------------------------------
Telecommunications - 3.1%
AT&T, Inc. 45,780 1,753,374
Embarq Corp. 49,178 1,972,037
Verizon Communications, Inc. 41,210 1,502,105
------------
Total Telecommunications 5,227,516
-------------------------------------------------------------------------------
Toys/Games/Hobbies - 1.1%
Mattel, Inc. 87,850 1,748,215
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $200,330,944) 165,286,938
===============================================================================
SHORT-TERM INVESTMENT - 0.2%
MONEY MARKET FUND - 0.2%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $280,965) 280,965 280,965
===============================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 8.4%
MONEY MARKET FUNDS(c) - 8.4%
UBS Enhanced Yield Portfolio, 3.09% 1 1
UBS Private Money Market Fund LLC, 3.17% 14,008,299 14,008,299
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SERCURITIES LOANED
(Cost: $14,008,300)(d) 14,008,300
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 108.0%
(Cost: $214,620,209) 179,576,203
Liabilities in Excess of Other Assets - (8.0)% (13,371,089)
------------
NET ASSETS - 100.0% $166,205,114
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $13,425,023 and the total market value of the collateral held by the
Fund was $14,008,300.
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 33
Schedule of Investments
WisdomTree MidCap Dividend Fund
March 31, 2008
-------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------
COMMON STOCKS - 99.2%
Aerospace/Defense - 0.1%
Curtiss-Wright Corp. 848 $ 35,175
DRS Technologies, Inc. 274 15,969
------------
Total Aerospace/Defense 51,144
-------------------------------------------------------------------------
Airlines - 0.0%
Skywest, Inc. 900 19,008
-------------------------------------------------------------------------
Auto Manufacturers - 0.1%
Oshkosh Truck Corp. 1,998 72,487
-------------------------------------------------------------------------
Auto Parts & Equipment - 0.2%
BorgWarner, Inc. 3,426 147,421
WABCO Holdings, Inc. 1,304 59,488
------------
Total Auto Parts & Equipment 206,909
-------------------------------------------------------------------------
Banks - 7.0%
Associated Banc-Corp 18,893 503,121
BancorpSouth, Inc. 9,475 219,441
Bank of Hawaii Corp. 5,529 274,017
BOK Financial Corp. 3,285 171,576
City National Corp. 4,701 232,511
Colonial BancGroup, Inc. (The)(a) 26,391 254,145
Commerce Bancshares, Inc. 5,011 210,612
Cullen/Frost Bankers, Inc. 5,886 312,193
East West Bancorp, Inc. 3,205 56,889
First Horizon National Corp.(a) 39,039 546,936
FirstMerit Corp. 15,096 311,883
Fulton Financial Corp. 30,220 371,404
Huntington Bancshares, Inc.(a) 88,765 954,225
TCF Financial Corp.(a) 22,032 394,813
UCBH Holdings, Inc. 2,765 21,456
Valley National Bancorp 17,443 335,080
Webster Financial Corp. 6,342 176,752
Whitney Holding Corp. 9,863 244,504
Wilmington Trust Corp. 8,452 262,857
Zions Bancorp(a) 12,299 560,220
------------
Total Banks 6,414,635
-------------------------------------------------------------------------
Beverages - 0.7%
Brown-Forman Corp. Class A 3,332 230,708
Brown-Forman Corp. Class B 4,014 265,807
PepsiAmericas, Inc. 6,340 161,860
------------
Total Beverages 658,375
-------------------------------------------------------------------------
Building Materials - 0.4%
Eagle Materials, Inc. 3,064 108,925
Lennox International, Inc. 2,921 105,068
Martin Marietta Materials, Inc.(a) 1,390 147,577
Texas Industries, Inc. 384 23,082
------------
Total Building Materials 384,652
-------------------------------------------------------------------------
Chemicals - 3.4%
Airgas, Inc. 1,939 88,166
Albemarle Corp. 3,053 111,496
Ashland, Inc. 4,679 221,317
Cabot Corp. 4,424 123,872
Celanese Corp. Series A 1,977 77,202
CF Industries Holdings, Inc. 152 15,750
Chemtura Corp. 19,868 145,831
Cytec Industries, Inc. 1,009 54,335
Eastman Chemical Co. 7,344 458,633
FMC Corp. 1,874 103,988
Hercules, Inc. 3,862 70,636
Huntsman Corp. 11,354 267,387
International Flavors & Fragrances, Inc. 4,976 219,193
Lubrizol Corp. 4,348 241,357
RPM International, Inc. 14,916 312,341
Sigma-Aldrich Corp. 3,609 215,277
Valhi, Inc.(a) 8,539 199,727
Valspar Corp. (The) 7,517 149,137
------------
Total Chemicals 3,075,645
-------------------------------------------------------------------------
Coal - 0.3%
Arch Coal, Inc. 3,095 134,632
Foundation Coal Holdings, Inc. 567 28,537
Massey Energy Co. 1,427 52,086
Walter Industries, Inc. 938 58,747
------------
Total Coal 274,002
-------------------------------------------------------------------------
Commercial Services - 2.4%
Corporate Executive Board Co. 2,830 114,558
Deluxe Corp. 5,348 102,735
DeVry, Inc. 504 21,087
Equifax, Inc. 1,834 63,236
H&R Block, Inc. 31,933 662,930
Interactive Data Corp. 4,690 133,524
Manpower, Inc. 3,297 185,490
Pharmaceutical Product Development, Inc. 3,767 157,837
Robert Half International, Inc. 7,756 199,640
Rollins, Inc. 3,509 62,074
Service Corp. International 10,423 105,689
Sotheby's Class A 3,374 97,542
Strayer Education, Inc. 396 60,390
Watson Wyatt Worldwide, Inc. Class A 899 51,018
Weight Watchers International, Inc. 3,810 176,518
------------
Total Commercial Services 2,194,268
-------------------------------------------------------------------------
Computers - 0.4%
Diebold, Inc. 6,351 238,481
Factset Research Systems, Inc. 1,244 67,014
Jack Henry & Associates, Inc. 2,823 69,643
------------
Total Computers 375,138
-------------------------------------------------------------------------
Cosmetics/Personal Care - 0.3%
Alberto-Culver Co. 2,776 76,090
Estee Lauder Cos., Inc. (The) Class A 4,626 212,102
Total Cosmetics/Personal Care 288,192
-------------------------------------------------------------------------
See Notes to Financial Statements.
34 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree MidCap Dividend Fund
March 31, 2008
-------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------
Distribution/Wholesale - 0.4%
Fastenal Co. 5,425 $ 249,170
Owens & Minor, Inc. 2,143 84,306
------------
Total Distribution/Wholesale 333,476
-------------------------------------------------------------------------
Diversified Financial Services - 2.6%
CIT Group, Inc. 25,487 302,021
Countrywide Financial Corp. 122,878 675,828
Eaton Vance Corp. 4,917 150,018
Federated Investors, Inc. Class B 6,629 259,592
Greenhill & Co., Inc.(a) 1,859 129,312
Janus Capital Group, Inc. 678 15,777
Jefferies Group, Inc. 8,618 139,008
National Financial Partners Corp.(a) 2,319 52,108
optionsXpress Holdings, Inc. 1,583 32,784
Raymond James Financial, Inc. 5,112 117,474
Student Loan Corp. (The) 3,077 304,315
Waddell & Reed Financial, Inc. Class A 5,089 163,510
------------
Total Diversified Financial Services 2,341,747
-------------------------------------------------------------------------
Electric - 9.3%
Alliant Energy Corp.(a) 10,673 373,662
CenterPoint Energy, Inc.(a) 38,474 549,024
Cleco Corp. 6,276 139,202
CMS Energy Corp. 8,030 108,726
DPL, Inc. 12,766 327,320
Energy East Corp.(a) 22,993 554,591
Great Plains Energy, Inc.(a) 15,528 382,765
Hawaiian Electric Industries, Inc. 14,263 340,458
Integrys Energy Group, Inc.(a) 12,650 589,995
ITC Holdings Corp. 2,839 147,798
MDU Resources Group, Inc. 12,411 304,690
Northeast Utilities 12,587 308,885
NSTAR 13,219 402,254
OGE Energy Corp. 11,099 345,956
Ormat Technologies, Inc. 506 21,763
Pepco Holdings, Inc. 22,774 562,973
Pinnacle West Capital Corp. 15,882 557,141
PNM Resources, Inc. 10,132 126,346
Portland General Electric Co. 6,965 157,061
Puget Energy, Inc. 13,538 350,228
SCANA Corp. 15,332 560,845
Sierra Pacific Resources 13,346 168,560
TECO Energy, Inc. 30,501 486,491
Westar Energy, Inc. 13,235 301,361
Wisconsin Energy Corp. 7,535 331,465
------------
Total Electric 8,499,560
-------------------------------------------------------------------------
Electrical Components & Equipment - 0.5%
AMETEK, Inc. 1,772 77,809
Belden CDT, Inc. 642 22,675
Hubbell, Inc. Class B 4,034 176,246
Molex, Inc. 5,253 121,659
Molex, Inc. Class A 4,517 98,742
------------
Total Electrical Components & Equipment 497,131
-------------------------------------------------------------------------
Electronics - 0.8%
Applera Corp. 2,729 89,675
AVX Corp. 6,262 80,216
Brady Corp. Class A 2,642 88,322
Gentex Corp. 11,157 191,342
Jabil Circuit, Inc. 10,560 99,898
National Instruments Corp. 3,109 81,269
PerkinElmer, Inc. 4,223 102,408
Woodward Governor Co. 1,368 36,553
------------
Total Electronics 769,683
-------------------------------------------------------------------------
Engineering & Construction - 0.1%
Granite Construction, Inc. 1,718 56,196
-------------------------------------------------------------------------
Entertainment - 0.6%
Regal Entertainment Group Class A(a) 26,957 520,001
-------------------------------------------------------------------------
Environmental Control - 0.6%
Mine Safety Appliances Co. 1,927 79,373
Nalco Holding Co. 2,690 56,894
Republic Services, Inc. 12,703 371,435
------------
Total Environmental Control 507,702
-------------------------------------------------------------------------
Food - 2.6%
Corn Products International, Inc. 2,756 102,358
Del Monte Foods Co. 11,723 111,720
Flowers Foods, Inc. 5,984 148,104
Hershey Co. (The) 16,264 612,665
Hormel Foods Corp. 8,004 333,447
J.M. Smucker Co. (The) 4,382 221,773
McCormick & Co., Inc. 8,404 310,696
Pilgrim's Pride Corp. 735 14,869
Ruddick Corp. 2,034 74,973
Seaboard Corp. 8 12,520
Tyson Foods, Inc. Class A 9,903 157,953
Whole Foods Market, Inc.(a) 8,651 285,223
------------
Total Food 2,386,301
-------------------------------------------------------------------------
Forest Products & Paper - 1.4%
MeadWestvaco Corp.(a) 17,282 470,417
Potlatch Corp. 5,342 220,464
Rayonier, Inc. 10,803 469,282
Temple-Inland, Inc. 12,170 154,802
------------
Total Forest Products & Paper 1,314,965
-------------------------------------------------------------------------
Gas - 3.2%
AGL Resources, Inc.(a) 11,039 378,858
Atmos Energy Corp. 13,527 344,939
Energen Corp. 1,554 96,814
Nicor, Inc. 6,234 208,901
NiSource, Inc. 43,833 755,682
Piedmont Natural Gas Co., Inc.(a) 8,885 233,320
Southern Union Co. 7,827 182,134
UGI Corp. 9,562 238,285
Vectren Corp. 10,822 290,354
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 35
Schedule of Investments (continued)
WisdomTree MidCap Dividend Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
WGL Holdings, Inc. 6,648 $ 213,135
------------
Total Gas 2,942,422
----------------------------------------------------------------------------
Hand/Machine Tools - 1.2%
Black & Decker Corp. (The) 4,630 306,043
Kennametal, Inc. 3,047 89,673
Lincoln Electric Holdings, Inc. 2,003 129,173
Snap-On, Inc. 4,647 236,300
Stanley Works (The) 6,753 321,578
------------
Total Hand/Machine Tools 1,082,767
----------------------------------------------------------------------------
Healthcare-Products - 0.5%
Beckman Coulter, Inc. 1,840 118,772
Cooper Cos., Inc. (The) 196 6,748
DENTSPLY International, Inc. 1,982 76,505
Hillenbrand Industries, Inc.* 4,140 197,893
STERIS Corp. 1,693 45,423
------------
Total Healthcare-Products 445,341
----------------------------------------------------------------------------
Healthcare-Services - 0.6%
Brookdale Senior Living, Inc.(a) 21,774 520,399
Universal Health Services, Inc. Class B 1,022 54,871
------------
Total Healthcare-Services 575,270
----------------------------------------------------------------------------
Home Builders - 2.0%
Centex Corp. 2,645 64,035
D.R. Horton, Inc. 45,852 722,169
KB Home(a) 13,143 325,026
Lennar Corp. Class A 15,733 295,938
MDC Holdings, Inc. 3,926 171,920
Pulte Homes, Inc. 12,896 187,637
Thor Industries, Inc. 1,440 42,869
------------
Total Home Builders 1,809,594
----------------------------------------------------------------------------
Home Furnishings - 0.5%
Harman International Industries, Inc. 146 6,357
Tempur-Pedic International, Inc.(a) 2,614 28,754
Whirlpool Corp. 5,281 458,285
------------
Total Home Furnishings 493,396
----------------------------------------------------------------------------
Household Products/Wares - 1.0%
Avery Dennison Corp.(a) 10,871 535,398
Church & Dwight Co., Inc. 1,181 64,057
Scotts Miracle-Gro Co. (The) Class A 2,824 91,554
Tupperware Brands Corp. 5,093 196,997
------------
Total Household Products/Wares 888,006
----------------------------------------------------------------------------
Housewares - 0.1%
Toro Co. (The) 1,109 45,902
----------------------------------------------------------------------------
Insurance - 6.8%
Alfa Corp. 5,608 123,264
AMBAC Financial Group, Inc. 9,842 56,592
American Financial Group, Inc. 6,388 163,277
American National Insurance Co. 2,216 236,447
Arthur J. Gallagher & Co. 14,702 347,261
Brown & Brown, Inc. 5,264 91,488
Cincinnati Financial Corp. 19,168 729,151
Commerce Group, Inc. 6,404 230,928
Delphi Financial Group, Inc. Class A 1,426 41,682
Erie Indemnity Co. Class A 5,240 268,236
Fidelity National Title Group, Inc. Class A 55,307 1,013,777
First American Corp. 7,728 262,288
Hanover Insurance Group, Inc. (The) 1,495 61,504
HCC Insurance Holdings, Inc. 5,513 125,090
Mercury General Corp. 7,297 323,330
MGIC Investment Corp.(a) 1,161 12,225
Nationwide Financial Services, Inc. Class A 3,621 171,201
Odyssey Re Holdings Corp. 1,447 53,177
Old Republic International Corp. 31,903 411,868
Protective Life Corp. 4,945 200,569
Reinsurance Group of America, Inc. 1,340 72,950
Safeco Corp. 8,823 387,153
StanCorp Financial Group, Inc. 2,222 106,012
Torchmark Corp. 2,544 152,920
Transatlantic Holdings, Inc. 1,890 125,402
Unitrin, Inc. 8,402 296,927
W.R. Berkley Corp. 3,986 110,372
Wesco Financial Corp. 80 32,320
------------
Total Insurance 6,207,411
----------------------------------------------------------------------------
Investment Companies - 2.0%
Allied Capital Corp.(a) 59,685 1,099,995
Apollo Investment Corp.(a) 47,982 759,555
------------
Total Investment Companies 1,859,550
----------------------------------------------------------------------------
Iron/Steel - 0.5%
Carpenter Technology Corp. 1,268 70,970
Cleveland-Cliffs, Inc. 728 87,229
Reliance Steel & Aluminum Co. 1,500 89,790
Steel Dynamics, Inc. 4,796 158,460
------------
Total Iron/Steel 406,449
----------------------------------------------------------------------------
Leisure Time - 0.3%
Brunswick Corp. 9,225 147,324
Polaris Industries, Inc.(a) 3,234 132,626
------------
Total Leisure Time 279,950
----------------------------------------------------------------------------
Lodging - 0.4%
Ameristar Casinos, Inc. 2,667 48,673
Boyd Gaming Corp. 4,679 93,580
Choice Hotels International, Inc. 3,992 136,167
Wyndham Worldwide Corp 3,562 73,662
------------
Total Lodging 352,082
----------------------------------------------------------------------------
Machinery-Construction & Mining - 0.3%
Bucyrus International, Inc. Class A 248 25,209
Joy Global, Inc. 3,495 227,734
------------
Total Machinery-Construction & Mining 252,943
----------------------------------------------------------------------------
See Notes to Financial Statements.
36 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree MidCap Dividend Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
Machinery-Diversified - 0.5%
Flowserve Corp. 1,118 $ 116,697
Graco, Inc. 3,594 130,319
IDEX Corp. 3,544 108,765
Manitowoc Co., Inc. (The) 735 29,988
Nordson Corp. 1,376 74,098
Wabtec Corp. 178 6,703
------------
Total Machinery-Diversified 466,570
------------------------------------------------------------------------------
Media - 1.1%
CBS Corp. Class A 7,285 160,999
E.W. Scripps Co. (The) Class A 5,270 221,393
John Wiley & Sons, Inc. Class A 1,614 64,076
Meredith Corp. 1,668 63,801
New York Times Co. (The) Class A(a) 24,680 465,957
------------
Total Media 976,226
------------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.6%
Commercial Metals Co. 4,470 133,966
Quanex Corp. 1,290 66,745
Timken Co. (The) 6,627 196,953
Valmont Industries, Inc. 413 36,299
Worthington Industries, Inc.(a) 8,755 147,697
------------
Total Metal Fabricate/Hardware 581,660
------------------------------------------------------------------------------
Mining - 0.1%
Titanium Metals Corp. 5,682 85,514
------------------------------------------------------------------------------
Miscellaneous Manufacturing - 2.8%
Actuant Corp. Class A 300 9,063
Acuity Brands, Inc. 1,934 83,065
AptarGroup, Inc. 2,735 106,474
Barnes Group, Inc. 3,146 72,201
Brink's Co. (The) 988 66,374
Carlisle Cos., Inc. 3,002 100,387
CLARCOR, Inc. 1,455 51,725
Crane Co. 3,147 126,981
Donaldson Co., Inc. 2,222 89,502
Eastman Kodak Co. 20,695 365,681
Harsco Corp. 3,319 183,806
Leggett & Platt, Inc.(a) 28,706 437,766
Pall Corp. 4,786 167,845
Pentair, Inc.(a) 5,704 181,958
Roper Industries, Inc. 1,319 78,401
SPX Corp. 1,671 175,288
Teleflex, Inc. 2,718 129,676
Trinity Industries, Inc. 2,917 77,738
------------
Total Miscellaneous Manufacturing 2,503,931
------------------------------------------------------------------------------
Office Furnishings - 0.2%
Herman Miller, Inc. 2,544 62,506
HNI Corp.(a) 3,187 85,699
------------
Total Office Furnishings 148,205
------------------------------------------------------------------------------
Oil & Gas - 1.5%
Berry Petroleum Co. Class A 956 44,444
Cabot Oil & Gas Corp. 956 48,603
Cimarex Energy Co. 1,030 56,382
Crosstex Energy, Inc. 3,665 124,427
Frontier Oil Corp. 1,505 41,026
Helmerich & Payne, Inc. 1,620 75,929
Holly Corp. 1,729 75,056
Patterson-UTI Energy, Inc. 12,474 326,570
Penn Virginia Corp. 546 24,073
Pioneer Natural Resources Co. 2,254 110,716
Range Resources Corp. 1,013 64,275
Rowan Cos., Inc. 3,846 158,379
St. Mary Land & Exploration Co. 500 19,250
Tesoro Corp. 3,608 108,240
W&T Offshore, Inc. 1,077 36,736
Western Refining, Inc. 1,821 24,529
------------
Total Oil & Gas 1,338,635
------------------------------------------------------------------------------
Oil & Gas Services - 0.1%
Tidewater, Inc. 2,016 111,102
------------------------------------------------------------------------------
Packaging & Containers - 1.5%
Ball Corp. 2,820 129,551
Bemis Co. 10,388 264,167
Packaging Corp. of America 14,888 332,448
Sealed Air Corp. 9,094 229,624
Silgan Holdings, Inc. 1,451 72,013
Sonoco Products Co. 10,317 295,376
------------
Total Packaging & Containers 1,323,179
------------------------------------------------------------------------------
Pharmaceuticals - 0.1%
Omnicare, Inc. 1,489 27,040
Perrigo Co. 1,787 67,424
------------
Total Pharmaceuticals 94,464
------------------------------------------------------------------------------
Pipelines - 1.3%
Equitable Resources, Inc. 6,425 378,433
National Fuel Gas Co. 6,865 324,097
ONEOK, Inc. 10,754 479,950
------------
Total Pipelines 1,182,480
------------------------------------------------------------------------------
Real Estate - 0.2%
Forest City Enterprises, Inc. Class A 1,750 64,400
Jones Lang LaSalle, Inc. 1,678 129,777
------------
Total Real Estate 194,177
------------------------------------------------------------------------------
REITS - 21.6%
Alexandria Real Estate Equities, Inc. 3,056 283,352
AMB Property Corp. 11,466 623,980
Apartment Investment & Management Co. Class A 20,249 725,117
Brandywine Realty Trust(a) 26,552 450,322
BRE Properties, Inc. 8,563 390,130
Camden Property Trust(a) 10,481 526,146
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 37
Schedule of Investments (continued)
WisdomTree MidCap Dividend Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
CapitalSource, Inc.(a) 90,812 $ 878,151
CBL & Associates Properties, Inc. 18,286 430,270
Corporate Office Properties Trust 6,296 211,609
DCT Industrial Trust, Inc. 36,540 363,938
Developers Diversified Realty Corp. 26,027 1,090,010
DiamondRock Hospitality Co. 18,346 232,444
Digital Realty Trust, Inc. 6,656 236,288
Douglas Emmett, Inc. 10,792 238,072
Duke Realty Corp. 34,397 784,596
Equity One, Inc. 12,422 297,755
Essex Property Trust, Inc. 3,019 344,106
Federal Realty Investment Trust 5,360 417,812
First Industrial Realty Trust, Inc.(a) 11,524 355,976
Health Care REIT, Inc. 15,981 721,223
Highwoods Properties, Inc. 9,965 309,613
Hospitality Properties Trust 27,668 941,264
HRPT Properties Trust 79,919 537,855
iStar Financial, Inc.(a) 52,131 731,398
Kilroy Realty Corp. 4,301 211,222
Liberty Property Trust 25,343 788,421
Macerich Co. (The) 10,283 722,586
Mack-Cali Realty Corp. 17,005 607,249
National Retail Properties, Inc. 13,990 308,480
Nationwide Health Properties, Inc. 15,641 527,884
Realty Income Corp.(a) 19,135 490,239
Regency Centers Corp. 9,150 592,554
Senior Housing Properties Trust 16,506 391,192
SL Green Realty Corp. 6,337 516,275
Taubman Centers, Inc. 4,924 256,540
UDR, Inc. 27,896 684,010
Ventas, Inc. 19,198 862,182
Weingarten Realty Investors 16,179 557,205
------------
Total REITS 19,637,466
-------------------------------------------------------------------------------
Retail - 3.2%
Advance Auto Parts, Inc. 2,107 71,743
American Eagle Outfitters, Inc. 12,947 226,701
Barnes & Noble, Inc. 3,495 107,122
Brinker International, Inc. 7,521 139,515
Burger King Holdings, Inc. 3,924 108,538
Columbia Sportswear Co.(a) 1,556 68,511
Darden Restaurants, Inc. 11,335 368,953
Family Dollar Stores, Inc. 10,845 211,478
Foot Locker, Inc. 18,712 220,240
Guess ?, Inc. 2,289 92,636
Liz Claiborne, Inc. 3,146 57,100
Longs Drug Stores Corp. 1,321 56,090
Men's Wearhouse, Inc. (The) 1,372 31,926
MSC Industrial Direct Co. Class A 2,556 107,991
OfficeMax, Inc. 6,649 127,262
Penske Auto Group, Inc. 5,878 114,386
PetSmart, Inc. 1,913 39,102
Phillips-Van Heusen Corp. 632 23,965
Polo Ralph Lauren Corp. 541 31,535
RadioShack Corp. 5,938 96,493
Ross Stores, Inc. 5,268 157,829
Tiffany & Co. 5,684 237,818
Wendy's International, Inc. 5,128 118,252
Williams-Sonoma, Inc.(a) 6,036 146,313
------------
Total Retail 2,961,499
-------------------------------------------------------------------------------
Savings & Loans - 3.1%
Astoria Financial Corp. 13,696 371,983
Capitol Federal Financial 15,171 568,609
New York Community Bancorp, Inc. 59,752 1,088,682
People's United Financial, Inc. 33,369 577,617
Washington Federal, Inc. 11,076 252,976
------------
Total Savings & Loans 2,859,867
-------------------------------------------------------------------------------
Semiconductors - 2.6%
Altera Corp. 8,920 164,396
Intersil Corp. Class A 6,806 174,710
Linear Technology Corp. 16,585 508,993
Microchip Technology, Inc.(a) 26,805 877,327
National Semiconductor Corp. 8,972 164,367
Xilinx, Inc. 20,886 496,043
------------
Total Semiconductors 2,385,836
-------------------------------------------------------------------------------
Software - 0.6%
Broadridge Financial Solutions, Inc. 4,754 83,670
Dun & Bradstreet Corp. 2,102 171,061
Fair Isaac Corp. 335 7,209
Global Payments, Inc. 482 19,936
IMS Health, Inc. 3,290 69,123
SEI Investments Co. 2,844 70,218
Total System Services, Inc. 6,832 161,645
------------
Total Software 582,862
-------------------------------------------------------------------------------
Telecommunications - 2.8%
CenturyTel, Inc. 2,181 72,496
Citizens Communications Co. 82,635 866,841
Telephone & Data Systems, Inc. 1,019 40,016
Telephone & Data Systems, Inc. Special Shares 1,218 45,431
Virgin Media, Inc. 9,546 134,312
Windstream Corp. 118,543 1,416,590
------------
Total Telecommunications 2,575,686
-------------------------------------------------------------------------------
Textiles - 0.2%
Cintas Corp. 6,280 179,231
-------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.3%
Hasbro, Inc. 11,433 318,981
-------------------------------------------------------------------------------
Transportation - 0.8%
Alexander & Baldwin, Inc. 3,064 131,997
Con-way, Inc. 1,383 68,431
JB Hunt Transport Services, Inc. 5,406 169,911
Landstar System, Inc. 648 33,800
Overseas Shipholding Group, Inc. 1,716 120,189
See Notes to Financial Statements.
38 WisdomTree Domestic Dividend Funds
Schedule of Investments (concluded)
WisdomTree MidCap Dividend Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
Ryder System, Inc. 3,443 $ 209,712
------------
Total Transportation 734,040
-------------------------------------------------------------------------------
Trucking & Leasing - 0.2%
GATX Corp. 4,026 157,296
-------------------------------------------------------------------------------
Water - 0.2%
Aqua America, Inc.(a) 9,827 184,551
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $108,114,492) 90,465,758
===============================================================================
SHORT-TERM INVESTMENT - 0.3%
MONEY MARKET FUND - 0.3%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $267,792) 267,792 267,792
===============================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 14.3%
MONEY MARKET FUNDS(c) - 14.3%
AIM Prime Portfolio, 2.73% 71 71
UBS Enhanced Yield Portfolio, 3.09% 1 1
UBS Private Money Market Fund LLC, 3.17% 13,076,089 13,076,089
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost: $13,076,161)(d) 13,076,161
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 113.8%
(Cost: $121,458,445) 103,809,711
Liabilities in Excess of Other Assets - (13.8)% (12,611,456)
------------
NET ASSETS - 100.0% $ 91,198,255
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $12,474,445 and the total market value of the collateral held by the
Fund was $13,076,161.
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 39
Schedule of Investments
WisdomTree SmallCap Dividend Fund
March 31, 2008
-----------------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------------
COMMON STOCKS - 98.7%
Advertising - 0.1%
Harte-Hanks, Inc. 7,684 $ 105,041
Marchex, Inc., Class B(a) 1,236 12,335
-----------
Total Advertising 117,376
-----------------------------------------------------------------------------
Aerospace/Defense - 0.2%
HEICO Corp. 199 9,701
HEICO Corp. Class A 221 8,670
Kaman Corp. 2,657 75,166
Todd Shipyards Corp. 1,109 17,899
Triumph Group, Inc. 221 12,582
-----------
Total Aerospace/Defense 124,018
-----------------------------------------------------------------------------
Agriculture - 1.3%
Alico, Inc. 1,428 63,046
Andersons, Inc. (The) 848 37,829
Universal Corp. 6,504 426,207
Vector Group Ltd.(a) 27,659 486,522
-----------
Total Agriculture 1,013,604
-----------------------------------------------------------------------------
Apparel - 0.6%
Cherokee, Inc.(a) 5,073 170,808
K-Swiss, Inc. Class A 1,922 30,406
Oxford Industries, Inc. 3,420 77,053
Weyco Group, Inc. 1,213 35,990
Wolverine World Wide, Inc. 4,947 143,512
-----------
Total Apparel 457,769
-----------------------------------------------------------------------------
Auto Manufacturers - 0.1%
Wabash National Corp. 4,580 41,174
-----------------------------------------------------------------------------
Auto Parts & Equipment - 1.2%
American Axle & Manufacturing Holdings, Inc. 11,025 226,012
ArvinMeritor, Inc.(a) 17,230 215,547
Cooper Tire & Rubber Co. 10,431 156,152
Modine Manufacturing Co. 8,798 127,483
Noble International Ltd. 3,022 18,888
Spartan Motors, Inc. 2,690 22,757
Standard Motor Products, Inc. 5,843 35,759
Strattec Security Corp. 325 13,757
Superior Industries International, Inc. 5,998 124,459
Titan International, Inc. 298 9,122
-----------
Total Auto Parts & Equipment 949,936
-----------------------------------------------------------------------------
Banks - 19.6%
1st Source Corp. 4,905 103,250
AMCORE Financial, Inc. 4,680 95,238
American River Bankshares 1,109 18,021
Americanwest Bancorp 992 8,650
Ameris Bancorp 2,938 47,184
Arrow Financial Corp. 3,090 69,494
BancFirst Corp. 1,776 81,305
Bancorp Rhode Island, Inc. 552 19,894
BancTrust Financial Group, Inc. 5,178 55,664
Bank Mutual Corp. 11,058 118,762
Bank of Granite Corp. 5,208 57,184
Bank of the Ozarks, Inc. 1,812 43,307
Banner Corp. 2,843 65,503
Boston Private Financial Holdings, Inc. 3,186 33,740
Cadence Financial Corp. 5,294 84,545
Camden National Corp. 1,377 46,598
Capital Bank Corp. 1,756 17,999
Capital City Bank Group, Inc.(a) 2,911 84,419
Capital Corp. of the West 1,648 13,217
Capitol Bancorp Ltd.(a) 5,946 125,698
Cardinal Financial Corp. 967 8,577
Cascade Financial Corp 2,079 25,364
Cass Information Systems, Inc. 785 24,775
Cathay General Bancorp(a) 5,320 110,284
Center Bancorp, Inc. 2,648 28,122
Center Financial Corp. 1,780 16,127
Centerstate Banks of Florida, Inc.(a) 1,048 13,414
Central Pacific Financial Corp. 10,285 193,872
Centrue Financial Corp 1,079 21,041
Chemical Financial Corp. 7,094 169,121
Citizens Republic Bancorp, Inc.(a) 41,884 520,617
City Holding Co. 3,874 154,573
CoBiz, Inc. 2,846 37,055
Columbia Bancorp 1,504 25,718
Columbia Banking System, Inc. 2,581 57,763
Community Bank System, Inc. 8,001 196,505
Community Trust Bancorp, Inc. 4,153 121,683
Corus Bankshares, Inc.(a) 33,890 329,749
CVB Financial Corp. 17,447 181,623
Enterprise Financial Services Corp.(a) 738 18,450
Farmers Capital Bank Corp. 2,269 53,843
Fidelity Southern Corp. 2,322 19,528
Financial Institutions, Inc. 2,108 39,947
First Bancorp 3,961 78,943
First Busey Corp.(a) 8,468 178,844
First Charter Corp. 6,065 161,996
First Citizens BancShares, Inc. Class A 433 60,339
First Commonwealth Financial Corp.(a) 30,048 348,256
First Community Bancorp 5,800 155,730
First Community Bancshares, Inc. 2,449 89,193
First Financial Bancorp 14,976 201,427
First Financial Bankshares, Inc.(a) 4,445 182,156
First Financial Corp. 2,489 76,611
First Merchants Corp. 5,039 143,813
First Midwest Bancorp, Inc.(a) 13,075 363,093
First Security Group, Inc. 2,339 21,238
First South Bancorp, Inc. 2,027 45,608
First State Bancorp 4,085 54,698
FNB Corp./PA(a) 26,706 416,880
FNB United Corp. 3,574 37,527
Frontier Financial Corp.(a) 10,610 187,585
Gateway Financial Holdings, Inc. 1,988 21,073
GB&T Bancshares, Inc. 3,663 31,502
Glacier Bancorp, Inc. 9,208 176,517
Great Southern Bancorp, Inc. 2,672 41,710
See Notes to Financial Statements.
40 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2008
--------------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------------
Greater Community Bancorp 1,878 $ 33,447
Greene County Bancshares, Inc. 1,577 27,897
Hancock Holding Co.(a) 5,329 223,925
Hanmi Financial Corp. 8,228 60,805
Harleysville National Corp. 10,633 153,328
Heartland Financial USA, Inc. 2,140 45,282
Heritage Commerce Corp. 1,543 28,283
Home Bancshares, Inc. 1,016 21,204
Horizon Financial Corp. 2,374 32,785
IBERIABANK Corp. 2,444 108,147
Imperial Capital Bancorp, Inc. 1,278 27,630
Independent Bank Corp.(a) 13,968 144,988
Independent Bank Corp./MA 2,097 61,966
Integra Bank Corp. 6,819 110,468
International Bancshares Corp. 14,125 318,943
Lakeland Bancorp, Inc. 5,011 64,792
Lakeland Financial Corp. 2,344 53,092
Macatawa Bank Corp.(a) 7,247 75,441
MainSource Financial Group, Inc. 4,181 64,806
MASSBANK Corp. 897 34,741
MB Financial, Inc.(a) 5,399 166,182
MBT Financial Corp. 7,959 68,447
Mercantile Bank Corp. 2,309 23,829
MetroCorp Bancshares, Inc. 810 10,360
Midwest Banc Holdings, Inc. 7,895 100,898
Nara Bancorp, Inc. 1,499 19,472
National Penn Bancshares, Inc. 18,862 343,099
NBT Bancorp, Inc. 6,746 149,761
Newbridge Bancorp 6,464 56,625
North Valley Bancorp 1,403 16,668
Northeast Community Bancorp, Inc. 702 8,305
Northrim Bancorp, Inc. 1,234 22,434
Old National Bancorp(a) 25,565 460,170
Old Second Bancorp, Inc. 1,709 45,391
PAB Bankshares, Inc. 2,522 34,678
Pacific Capital Bancorp 13,945 299,817
Pacific Continental Corp. 2,136 29,722
Park National Corp. 5,328 377,489
Peoples Bancorp, Inc. 2,464 59,407
Preferred Bank 1,695 28,290
PrivateBancorp, Inc.(a) 1,421 44,718
Prosperity Bancshares, Inc. 4,891 140,176
Provident Bankshares Corp. 12,357 132,714
Renasant Corp. 4,357 98,033
Republic Bancorp, Inc. Class A 3,157 59,604
Royal Bancshares of Pennsylvania, Inc. Class A 7,276 105,284
S&T Bancorp, Inc. 6,625 213,126
S.Y. Bancorp, Inc. 2,442 56,752
Sandy Spring Bancorp, Inc. 3,358 92,412
SCBT Financial Corp. 1,319 44,582
Seacoast Banking Corp. of Florida(a) 7,309 80,033
Security Bank Corp.(a) 5,742 45,649
Sierra Bancorp(a) 1,792 38,725
Simmons First National Corp. Class A 2,649 78,755
Smithtown Bancorp, Inc. 292 6,106
South Financial Group, Inc. (The) 20,884 310,336
Southside Bancshares, Inc. 1,985 47,779
Southwest Bancorp, Inc. 1,928 33,759
State Bancorp, Inc. 4,262 50,292
StellarOne Corp. 5,336 90,232
Sterling Bancorp 6,598 102,466
Sterling Bancshares, Inc. 8,553 85,017
Sterling Financial Corp. 7,313 114,156
Suffolk Bancorp 1,799 56,992
Susquehanna Bancshares, Inc.(a) 19,772 402,756
Taylor Capital Group, Inc. 1,344 22,068
Temecula Valley Bancorp, Inc.(a) 980 9,271
TIB Financial Corp. 2,393 19,144
Tompkins Financial Corp. 1,951 95,989
Townebank/Portsmouth VA 707 10,584
Trico Bancshares 2,544 44,037
TrustCo Bank Corp. 30,585 271,901
Trustmark Corp.(a) 14,248 317,446
UMB Financial Corp. 4,341 178,849
Umpqua Holdings Corp.(a) 20,383 316,140
Union Bankshares Corp. 3,109 60,221
United Bankshares, Inc. 11,028 293,896
United Community Banks, Inc.(a) 6,855 116,398
United Security Bancshares(a) 2,485 41,748
Univest Corp. of Pennsylvania 3,144 82,341
Vineyard National Bancorp(a) 2,231 18,116
Washington Banking Co. 817 12,925
Washington Trust Bancorp, Inc. 2,792 69,297
WesBanco, Inc. 6,851 169,288
West Bancorp, Inc.(a) 5,667 74,578
West Coast Bancorp 2,753 40,166
Westamerica Bancorp.(a) 5,747 302,293
Wilshire Bancorp, Inc. 4,715 36,023
Wintrust Financial Corp. 1,456 50,887
Yadkin Valley Financial Corp. 2,495 31,562
-----------
Total Banks 15,860,798
--------------------------------------------------------------------------------
Beverages - 0.1%
Coca-Cola Bottling Co. Consolidated 759 46,770
Farmer Bros. Co. 2,099 48,570
-----------
Total Beverages 95,340
--------------------------------------------------------------------------------
Building Materials - 0.4%
AAON, Inc. 2,058 41,222
Apogee Enterprises, Inc. 2,699 41,565
Comfort Systems USA, Inc. 4,097 53,302
LSI Industries, Inc. 4,430 58,520
Simpson Manufacturing Co., Inc.(a) 4,762 129,431
Universal Forest Products, Inc. 519 16,712
-----------
Total Building Materials 340,752
--------------------------------------------------------------------------------
Chemicals - 3.3%
A. Schulman, Inc. 4,891 100,412
Aceto Corp. 4,004 27,788
American Vanguard Corp. 643 10,700
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 41
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Arch Chemicals, Inc. 3,366 $ 125,417
Balchem Corp. 479 10,979
Ferro Corp. 7,764 115,373
Georgia Gulf Corp.(a) 10,973 76,043
H.B. Fuller Co. 4,216 86,049
Innophos Holdings, Inc. 6,452 103,813
KMG Chemicals, Inc. 371 5,725
Kronos Worldwide, Inc. 19,658 474,740
Minerals Technologies, Inc. 376 23,613
NewMarket Corp. 1,565 118,079
NL Industries, Inc. 15,246 166,486
Olin Corp. 20,026 395,713
Penford Corp. 604 13,125
Quaker Chemical Corp. 2,611 81,698
Sensient Technologies Corp. 8,038 237,041
Spartech Corp. 8,287 70,025
Stepan Co. 1,673 63,959
Tronox, Inc. Class A 3,080 12,289
Tronox, Inc. Class B 4,517 17,616
UAP Holding Corp. 8,226 315,385
Westlake Chemical Corp. 4,527 59,077
-----------
Total Chemicals 2,711,145
----------------------------------------------------------------------------
Coal - 0.2%
Penn Virginia GP Holdings LP 9,666 261,755
----------------------------------------------------------------------------
Commercial Services - 2.2%
Aaron Rents, Inc. 989 21,303
ABM Industries, Inc. 7,936 178,085
Administaff, Inc. 2,499 59,001
Advance America, Cash Advance Centers, Inc. 27,360 206,569
Arbitron, Inc. 1,844 79,587
Barrett Business Services, Inc. 1,441 24,684
Bowne & Co., Inc. 2,127 32,437
CDI Corp. 2,768 69,338
Chemed Corp. 691 29,160
Collectors Universe, Inc. 4,977 51,711
CPI Corp. 953 16,458
Diamond Management & Technology Consultants,
Inc. 9,301 59,991
Electro Rent Corp. 4,907 74,341
Healthcare Services Group, Inc. 6,084 125,574
Heartland Payment Systems, Inc. 2,478 57,019
Heidrick & Struggles International, Inc. 1,650 53,675
Jackson Hewitt Tax Service, Inc. 4,589 52,636
Kelly Services, Inc. Class A 6,257 128,644
Landauer, Inc. 2,479 124,793
MAXIMUS, Inc. 1,482 54,404
McGrath Rentcorp 4,857 117,102
Monro Muffler, Inc. 1,698 28,696
Multi-Color Corp. 563 12,589
QC Holdings, Inc. 5,189 46,960
Stewart Enterprises, Inc. Class A 7,508 48,201
Viad Corp. 712 25,639
-----------
Total Commercial Services 1,778,597
----------------------------------------------------------------------------
Computers - 0.4%
Agilysys, Inc. 1,473 17,087
Imation Corp. 7,685 174,757
MTS Systems Corp. 1,686 54,390
Syntel, Inc. 1,811 48,263
-----------
Total Computers 294,497
----------------------------------------------------------------------------
Cosmetics/Personal Care - 0.0%
Inter Parfums, Inc. 1,444 31,884
----------------------------------------------------------------------------
Distribution/Wholesale - 0.6%
Houston Wire & Cable Co.(a) 2,562 41,043
Pool Corp.(a) 7,314 138,161
Watsco, Inc.(a) 6,688 277,018
-----------
Total Distribution/Wholesale 456,222
----------------------------------------------------------------------------
Diversified Financial Services - 1.0%
Advanta Corp. Class A 9,263 55,393
Advanta Corp. Class B 19,441 136,670
Asta Funding, Inc.(a) 483 6,728
Calamos Asset Management, Inc. Class A 2,058 33,504
Cohen & Steers, Inc.(a) 7,114 188,449
Evercore Partners, Inc., Class A 1,654 29,359
Federal Agricultural Mortgage Corp. Class C 850 22,185
Financial Federal Corp. 4,891 106,673
GAMCO Investors, Inc. Class A 150 7,554
JMP Group, Inc. 3,568 24,976
Nelnet, Inc., Class A 5,764 67,727
Sanders Morris Harris Group, Inc. 3,023 24,668
SWS Group, Inc. 4,524 55,329
Westwood Holdings Group, Inc. 1,310 49,387
-----------
Total Diversified Financial Services 808,602
----------------------------------------------------------------------------
Electric - 3.4%
ALLETE, Inc. 8,401 324,446
Avista Corp. 9,644 188,637
Black Hills Corp. 7,992 285,953
Central Vermont Public Service Corp. 1,953 46,677
CH Energy Group, Inc. 5,128 199,479
Empire District Electric Co. (The) 11,134 225,464
IDACORP, Inc.(a) 10,188 327,136
MGE Energy, Inc. 5,619 191,383
NorthWestern Corp. 10,669 260,004
Otter Tail Corp. 6,610 233,928
UIL Holdings Corp. 7,945 239,383
UniSource Energy Corp. 6,656 148,163
Unitil Corp. 1,792 48,294
-----------
Total Electric 2,718,947
----------------------------------------------------------------------------
Electrical Components & Equipment - 0.2%
Encore Wire Corp. 713 12,984
Graham Corp. 65 2,313
Hubbell, Inc. Class A(a) 1,216 57,943
Insteel Industries, Inc. 1,249 14,526
Vicor Corp. 4,030 48,118
-----------
Total Electrical Components & Equipment 135,884
----------------------------------------------------------------------------
See Notes to Financial Statements.
42 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
Electronics - 0.6%
American Science & Engineering, Inc. 836 $ 45,621
Analogic Corp. 524 34,867
Badger Meter, Inc. 866 37,411
Bel Fuse, Inc. Class B 562 15,657
CTS Corp. 2,584 27,649
Cubic Corp. 791 22,488
Daktronics, Inc. 771 13,809
Keithley Instruments, Inc. 1,439 13,958
Methode Electronics, Inc. 3,293 38,495
Park Electrochemical Corp. 1,442 37,276
Sypris Solutions, Inc. 2,155 8,900
Technitrol, Inc. 3,372 77,994
Watts Water Technologies, Inc. Class A(a) 2,980 83,530
-----------
Total Electronics 457,655
--------------------------------------------------------------------------
Energy-Alternate Sources - 0.0%
MGP Ingredients, Inc. 3,548 24,801
--------------------------------------------------------------------------
Engineering & Construction - 0.0%
VSE Corp. 101 2,851
--------------------------------------------------------------------------
Entertainment - 1.0%
Carmike Cinemas, Inc. 7,256 74,592
Churchill Downs, Inc. 847 40,012
Dover Downs Gaming & Entertainment, Inc. 1,848 15,726
Dover Motorsports, Inc. 1,324 8,143
International Speedway Corp., Class A 447 18,416
National CineMedia, Inc. 6,742 151,560
Speedway Motorsports, Inc. 2,930 73,455
Warner Music Group Corp.(a) 81,806 407,395
-----------
Total Entertainment 789,299
--------------------------------------------------------------------------
Environmental Control - 0.2%
American Ecology Corp. 3,219 81,537
Met-Pro Corp. 1,846 20,712
Waste Industries USA, Inc. 1,646 59,503
-----------
Total Environmental Control 161,752
--------------------------------------------------------------------------
Food - 1.2%
Arden Group, Inc. Class A 146 20,878
B&G Foods, Inc. Class A 19,163 210,793
Calavo Growers, Inc. 1,755 30,502
Cal-Maine Foods, Inc.(a) 288 9,613
Diamond Foods, Inc. 934 16,943
Imperial Sugar Co. 1,128 21,229
Ingles Markets, Inc. Class A 2,216 54,491
J&J Snack Foods Corp. 1,520 41,754
Lance, Inc. 6,273 122,951
Nash Finch Co. 1,773 60,247
Rocky Mountain Chocolate Factory, Inc. 1,079 13,541
Sanderson Farms, Inc. 2,375 90,274
Spartan Stores, Inc. 1,396 29,107
Tootsie Roll Industries, Inc. 3,144 79,229
Village Super Market, Inc. Class A 406 20,909
Weis Markets, Inc. 5,159 177,831
-----------
Total Food 1,000,292
--------------------------------------------------------------------------
Forest Products & Paper - 0.9%
Deltic Timber Corp. 507 28,240
Louisiana-Pacific Corp. 29,062 266,790
Neenah Paper, Inc. 1,303 33,591
P.H. Glatfelter Co. 7,039 106,359
Rock-Tenn Co. Class A 4,037 120,989
Schweitzer-Mauduit International, Inc. 2,277 52,690
Wausau Paper Corp. 11,940 98,624
Xerium Technologies, Inc.(a) 28,186 36,360
-----------
Total Forest Products & Paper 743,643
--------------------------------------------------------------------------
Gas - 1.5%
Chesapeake Utilities Corp. 1,594 47,246
EnergySouth, Inc. 903 47,128
Laclede Group, Inc. (The) 6,038 215,134
New Jersey Resources Corp. 8,851 274,823
Northwest Natural Gas Co. 5,309 230,623
South Jersey Industries, Inc. 5,870 206,096
Southwest Gas Corp. 7,998 223,624
-----------
Total Gas 1,244,674
--------------------------------------------------------------------------
Hand/Machine Tools - 0.4%
Baldor Electric Co.(a) 6,180 173,040
Franklin Electric Co., Inc. 1,847 63,112
Hardinge, Inc. 955 13,141
L.S. Starrett (The) Co., Class A 792 15,238
Regal-Beloit Corp. 2,765 101,282
-----------
Total Hand/Machine Tools 365,813
--------------------------------------------------------------------------
Healthcare-Products - 0.7%
Atrion Corp. 95 9,494
Datascope Corp. 1,112 46,070
Invacare Corp. 420 9,358
LCA-Vision, Inc. 5,071 63,388
Mentor Corp. 4,535 116,640
Meridian Bioscience, Inc. 3,781 126,399
Vital Signs, Inc. 655 33,176
West Pharmaceutical Services, Inc. 3,056 135,166
Young Innovations, Inc. 366 6,339
-----------
Total Healthcare-Products 546,030
--------------------------------------------------------------------------
Healthcare-Services - 0.1%
National Healthcare Corp. 1,424 69,349
--------------------------------------------------------------------------
Holding Companies-Diversified - 0.3%
Compass Diversified Holdings 18,183 239,106
Resource America, Inc. Class A 2,270 21,452
-----------
Total Holding Companies-Diversified 260,558
--------------------------------------------------------------------------
Home Builders - 0.7%
Brookfield Homes Corp.(a) 4,539 76,255
Lennar Corp. Class B 8,362 144,245
M/I Homes, Inc.(a) 921 15,639
Monaco Coach Corp. 5,105 48,395
Ryland Group, Inc. (The) 4,873 160,272
Skyline Corp. 1,156 32,160
Winnebago Industries, Inc.(a) 4,294 72,569
-----------
Total Home Builders 549,535
--------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 43
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2008
-----------------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------------
Home Furnishings - 1.2%
American Woodmark Corp. 1,731 $ 35,589
Bassett Furniture Industries, Inc. 7,031 86,763
Ethan Allen Interiors, Inc.(a) 6,359 180,786
Furniture Brands International, Inc.(a) 20,400 238,680
Hooker Furniture Corp. 1,646 36,772
Kimball International, Inc. Class B 7,259 77,816
La-Z-Boy, Inc.(a) 21,812 181,912
Sealy Corp.(a) 15,221 115,680
Stanley Furniture Co., Inc. 2,233 27,712
-----------
Total Home Furnishings 981,710
-----------------------------------------------------------------------------
Household Products/Wares - 0.7%
American Greetings Corp. Class A 5,751 106,681
Blyth, Inc. 6,168 121,633
CSS Industries, Inc. 1,003 35,065
Ennis, Inc. 6,354 106,620
Oil-Dri Corp. of America 768 13,740
Standard Register Co. (The) 11,899 92,693
WD-40 Co. 2,973 98,852
-----------
Total Household Products/Wares 575,284
-----------------------------------------------------------------------------
Housewares - 0.1%
Libbey, Inc. 615 10,357
Lifetime Brands, Inc. 1,600 14,304
National Presto Industries, Inc. 784 41,081
-----------
Total Housewares 65,742
-----------------------------------------------------------------------------
Insurance - 3.6%
21st Century Holding Co. 3,040 38,942
Affirmative Insurance Holdings, Inc. 734 5,857
American Equity Investment Life Holding Co. 2,580 23,942
American Physicians Capital, Inc. 652 30,227
Amtrust Financial Services, Inc. 3,095 50,170
Baldwin & Lyons, Inc. Class B 3,041 78,093
Donegal Group, Inc. Class A 2,724 47,398
Eastern Insurance Holdings, Inc. 748 10,831
EMC Insurance Group, Inc. 2,648 71,205
Employers Holdings, Inc. 4,543 84,227
FBL Financial Group, Inc. Class A 2,555 72,792
Harleysville Group, Inc. 5,629 203,150
Hilb Rogal & Hobbs Co. 2,937 92,427
Horace Mann Educators Corp. 6,067 106,051
Independence Holding Co. 352 4,196
Infinity Property & Casualty Corp. 983 40,893
LandAmerica Financial Group, Inc. 3,995 157,683
Life Partners Holdings, Inc.(a) 533 9,834
Mercer Insurance Group, Inc. 481 8,365
Midland Co. (The) 851 55,255
National Interstate Corp. 765 17,863
National Western Life Insurance Co., Class A 36 7,804
NYMAGIC, Inc. 840 19,076
Phoenix Cos., Inc. (The) 9,929 121,233
PMI Group, Inc. (The) 8,125 47,288
Presidential Life Corp. 5,599 97,647
ProCentury Corp. 984 17,712
Radian Group, Inc.(a) 3,873 25,446
RLI Corp. 2,442 121,050
Safety Insurance Group, Inc. 4,758 162,391
Selective Insurance Group, Inc. 8,112 193,715
State Auto Financial Corp. 5,939 173,003
Stewart Information Services Corp. 3,276 91,695
Tower Group, Inc. 925 23,282
United Fire & Casualty Co. 3,535 132,209
Universal Insurance Holdings, Inc. 10,075 38,084
Zenith National Insurance Corp. 11,759 421,677
-----------
Total Insurance 2,902,713
-----------------------------------------------------------------------------
Internet - 0.4%
Imergent, Inc.(a) 2,788 31,755
TheStreet.com, Inc. 1,426 11,522
United Online, Inc. 29,645 313,052
-----------
Total Internet 356,329
-----------------------------------------------------------------------------
Investment Companies - 4.3%
Ares Capital Corp.(a) 54,667 687,164
BlackRock Kelso Capital Corp.(a) 39,771 474,866
Capital Southwest Corp. 166 20,538
Gladstone Capital Corp. 9,728 182,011
Gladstone Investment Corp. 10,135 95,370
Hercules Technology Growth Capital, Inc. 21,954 238,420
Kohlberg Capital Corp. 14,226 147,666
MCG Capital Corp.(a) 64,095 582,624
Medallion Financial Corp. 8,811 79,651
MVC Capital, Inc. 4,713 71,826
NGP Capital Resources Co. 10,761 176,696
Patriot Capital Funding, Inc. 17,506 183,288
PennantPark Investment Corp. 12,395 105,481
Prospect Capital Corp.(a) 17,167 261,282
TICC Capital Corp.(a) 21,404 160,958
Tortoise Capital Resources Corp. 4,520 57,178
-----------
Total Investment Companies 3,525,019
-----------------------------------------------------------------------------
Iron/Steel - 0.5%
Gibraltar Industries, Inc. 2,773 32,527
Great Northern Iron Ore Properties 862 114,474
Mesabi Trust 7,949 201,984
Olympic Steel, Inc. 431 19,438
Schnitzer Steel Industries, Inc. Class A 157 11,150
-----------
Total Iron/Steel 379,573
-----------------------------------------------------------------------------
Leisure Time - 0.4%
Ambassadors Group, Inc. 3,465 65,454
Arctic Cat, Inc. 1,857 13,538
Callaway Golf Co. 7,095 104,154
Marine Products Corp.(a) 7,949 64,228
Nautilus, Inc. 14,491 47,675
-----------
Total Leisure Time 295,049
-----------------------------------------------------------------------------
Lodging - 0.1%
Marcus Corp. 3,107 59,655
Sonesta International Hotels Corp. Class A 107 2,648
-----------
Total Lodging 62,303
-----------------------------------------------------------------------------
See Notes to Financial Statements.
44 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2008
-----------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------
Machinery-Diversified - 1.4%
Alamo Group, Inc. 839 $ 17,846
Albany International Corp. Class A 1,953 70,581
Applied Industrial Technologies, Inc. 5,609 167,653
Briggs & Stratton Corp. 12,712 227,545
Cascade Corp. 1,158 57,101
Cognex Corp. 4,727 103,190
Eastern Co. (The) 729 11,409
Gorman-Rupp Co. (The) 1,653 54,367
Lindsay Manufacturing Co. 404 41,398
NACCO Industries, Inc. Class A 897 72,603
Robbins & Myers, Inc. 852 27,818
Sauer-Danfoss, Inc. 9,025 199,814
Tennant Co. 1,324 52,708
Twin Disc, Inc. 657 10,394
-----------
Total Machinery-Diversified 1,114,427
-----------------------------------------------------------------------
Media - 2.5%
Belo Corp. Class A 17,339 183,273
Courier Corp. 1,997 49,825
Entercom Communications Corp.(a) 20,915 207,686
GateHouse Media, Inc.(a) 63,544 371,096
Gray Television, Inc. 3,913 22,265
Hearst-Argyle Television, Inc. 4,526 93,371
Journal Communications, Inc. Class A 10,148 74,892
Lee Enterprises, Inc.(a) 13,758 137,718
McClatchy Co. Class A(a) 21,473 229,761
Media General, Inc. Class A 6,338 88,859
New Frontier Media, Inc. 15,017 66,976
Sinclair Broadcast Group, Inc. Class A 23,170 206,445
Value Line, Inc. 1,883 86,430
World Wrestling Entertainment, Inc. 10,067 187,347
-----------
Total Media 2,005,944
-----------------------------------------------------------------------
Metal Fabricate/Hardware - 0.6%
A. M. Castle & Co. 1,380 37,260
Ampco-Pittsburgh Corp. 1,133 48,708
CIRCOR International, Inc. 400 18,500
Dynamic Materials Corp. 180 7,776
Kaydon Corp. 2,159 94,802
Lawson Products, Inc. 1,310 36,091
Mueller Industries, Inc. 3,416 98,551
Mueller Water Products, Inc. Class A 1,290 10,552
Mueller Water Products, Inc. Class B 3,920 30,890
NN, Inc. 3,825 37,217
Sun Hydraulics Corp. 1,335 39,075
-----------
Total Metal Fabricate/Hardware 459,422
-----------------------------------------------------------------------
Mining - 0.8%
AMCOL International Corp. 3,683 115,020
Compass Minerals International, Inc. 6,711 395,814
Kaiser Aluminum Corp. 1,355 93,902
Royal Gold, Inc. 1,904 57,444
-----------
Total Mining 662,180
-----------------------------------------------------------------------
Miscellaneous Manufacturing - 1.3%
A.O. Smith Corp. 3,000 98,610
American Railcar Industries, Inc. 873 17,748
Ameron International Corp. 570 53,312
Chase Corp. 713 12,912
Federal Signal Corp. 6,496 90,684
Freightcar America, Inc. 544 18,659
Koppers Holdings, Inc. 2,307 102,223
Lancaster Colony Corp. 5,669 226,534
Matthews International Corp. Class A 1,095 52,834
Myers Industries, Inc. 3,431 45,049
Portec Rail Products, Inc. 1,437 16,468
Quixote Corp. 1,283 10,713
Raven Industries, Inc. 1,494 45,268
Reddy Ice Holdings, Inc. 9,682 126,156
Standex International Corp. 3,580 79,977
Synalloy Corp. 367 4,463
Tredegar Corp. 2,703 49,222
-----------
Total Miscellaneous Manufacturing 1,050,832
-----------------------------------------------------------------------
Office Furnishings - 0.4%
Interface, Inc. Class A 1,636 22,986
Knoll, Inc. 8,779 101,310
Steelcase, Inc. Class A 21,308 235,666
Virco Manufacturing 1,177 6,156
-----------
Total Office Furnishings 366,118
-----------------------------------------------------------------------
Office/Business Equipment - 0.1%
IKON Office Solutions, Inc. 9,598 72,945
-----------------------------------------------------------------------
Oil & Gas - 0.2%
Adams Resources & Energy, Inc. 447 12,427
Alon USA Energy, Inc. 1,578 24,001
Atlas America, Inc. 565 34,150
Barnwell Industries, Inc. 939 10,244
Delek US Holdings, Inc. 2,538 32,156
Panhandle Royalty Co. Class A 500 13,820
-----------
Total Oil & Gas 126,798
-----------------------------------------------------------------------
Oil & Gas Services - 0.5%
CARBO Ceramics, Inc. 2,254 90,385
Gulf Island Fabrication, Inc. 1,163 33,401
Lufkin Industries, Inc. 1,552 99,049
RPC, Inc. 11,174 169,733
-----------
Total Oil & Gas Services 392,568
-----------------------------------------------------------------------
Packaging & Containers - 0.2%
Greif, Inc. Class A 2,776 188,574
-----------------------------------------------------------------------
Pharmaceuticals - 0.1%
Mannatech, Inc.(a) 10,498 74,850
Medicis Pharmaceutical Corp. Class A 1,811 35,659
Reliv' International, Inc. 1,300 8,645
-----------
Total Pharmaceuticals 119,154
-----------------------------------------------------------------------
Real Estate - 0.1%
Consolidated-Tomoka Land Co. 250 14,013
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 45
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2008
---------------------------------------------------------------------------
Investments Shares Value
---------------------------------------------------------------------------
Forest City Enterprises, Inc. Class B 1,185 $ 42,648
Thomas Properties Group, Inc. 3,548 31,151
-----------
Total Real Estate 87,812
---------------------------------------------------------------------------
REITS - 23.9%
Acadia Realty Trust 6,357 153,522
Agree Realty Corp. 3,302 90,640
American Campus Communities, Inc.(a) 9,097 248,894
American Financial Realty Trust 79,986 635,088
American Land Lease, Inc. 2,551 52,500
Ashford Hospitality Trust, Inc.(a) 88,178 500,851
Associated Estates Realty Corp. 7,281 83,295
BioMed Realty Trust, Inc. 22,613 540,225
BRT Realty Trust(a) 11,286 158,117
CapLease, Inc.(a) 26,270 204,118
Cedar Shopping Centers, Inc. 24,558 286,837
Cogdell Spencer, Inc. 6,914 108,688
Colonial Properties Trust(a) 28,256 679,556
Cousins Properties, Inc.(a) 22,349 552,243
Deerfield Capital Corp. 2,597 3,662
EastGroup Properties, Inc. 7,432 345,291
Education Realty Trust, Inc. 14,005 176,043
Entertainment Properties Trust 11,783 581,254
Equity Lifestyle Properties, Inc. 2,137 105,504
Extra Space Storage, Inc.(a) 31,310 506,909
FelCor Lodging Trust, Inc. 29,246 351,829
First Potomac Realty Trust 12,370 190,127
Franklin Street Properties Corp.(a) 37,767 540,823
Getty Realty Corp. 11,377 181,236
Gladstone Commercial Corp. 5,007 77,859
Glimcher Realty Trust(a) 33,231 397,443
GMH Communities Trust 30,663 266,155
Healthcare Realty Trust, Inc. 20,864 545,594
Hersha Hospitality Trust 19,385 175,047
Home Properties, Inc.(a) 12,890 618,590
Inland Real Estate Corp.(a) 28,318 430,717
Investors Real Estate Trust(a) 25,691 251,258
Kite Realty Group Trust 10,336 144,704
LaSalle Hotel Properties 15,912 457,152
Lexington Corporate Properties Trust 39,237 565,404
LTC Properties, Inc. 9,066 233,087
Maguire Properties, Inc.(a) 17,537 250,954
Medical Properties Trust, Inc.(a) 34,789 393,811
Mid-America Apartment Communities, Inc. 9,321 464,559
Mission West Properties, Inc. 7,991 75,515
Monmouth REIT Class A 11,953 95,624
National Health Investors, Inc.(a) 12,076 377,375
Omega Healthcare Investors, Inc. 31,335 543,976
One Liberty Properties, Inc. 5,077 81,689
Parkway Properties, Inc. 7,178 265,299
Pennsylvania Real Estate Investment Trust 19,711 480,751
PMC Commercial Trust 7,182 50,633
Post Properties, Inc. 13,974 539,676
PS Business Parks, Inc. 4,615 239,519
Public Storage, Inc. Class A 5,757 144,558
Ramco-Gershenson Properties Trust 10,476 221,148
Resource Capital Corp.(a) 24,882 188,357
Saul Centers, Inc. 3,998 200,860
Sovran Self Storage, Inc.(a) 8,643 369,143
Strategic Hotels & Resorts, Inc.(a) 26,200 344,006
Sun Communities, Inc. 13,647 279,764
Sunstone Hotel Investors, Inc. 27,466 439,731
Supertel Hospitality, Inc. 10,959 58,083
Tanger Factory Outlet Centers, Inc. 7,613 292,872
UMH Properties, Inc. 6,541 65,279
Universal Health Realty Income Trust 5,167 172,061
Urstadt Biddle Properties, Inc. 2,585 41,955
Urstadt Biddle Properties, Inc. Class A 6,955 109,402
U-Store-It Trust 44,744 506,950
Washington Real Estate Investment Trust 17,001 568,172
Winthrop Realty Trust(a) 21,059 86,763
-----------
Total REITS 19,388,747
---------------------------------------------------------------------------
Retail - 3.9%
Ark Restaurants Corp. 1,213 35,177
Asbury Automotive Group, Inc. 12,641 173,940
Bebe Stores, Inc. 9,277 99,728
Big 5 Sporting Goods Corp. 3,626 31,800
Bob Evans Farms, Inc. 4,730 130,501
Bon-Ton Stores, Inc. (The)(a) 1,897 10,377
Books-A-Million, Inc. 3,184 27,828
Brown Shoe Co., Inc. 4,762 71,763
Buckle, Inc. (The) 5,461 244,271
Casey's General Stores, Inc. 2,936 66,354
Cash America International, Inc. 742 27,009
Cato Corp. (The) Class A 8,777 131,128
CBRL Group, Inc. 3,522 125,982
Christopher & Banks Corp. 4,145 41,409
Circuit City Stores, Inc.(a) 26,501 105,474
CKE Restaurants, Inc. 6,413 71,954
Dillard's, Inc. Class A(a) 4,187 72,058
Fred's, Inc. 2,005 20,551
Group 1 Automotive, Inc. 3,152 74,009
Haverty Furniture Cos., Inc. 3,644 38,772
IHOP Corp.(a) 2,867 137,329
Jones Apparel Group, Inc. 19,246 258,281
Kenneth Cole Productions, Inc. Class A 3,078 52,141
Landry's Restaurants, Inc. 897 14,603
Lithia Motors, Inc. Class A 4,096 41,615
Movado Group, Inc. 1,474 28,728
Nu Skin Enterprises, Inc. Class A 10,755 193,805
O'Charley's, Inc. 2,338 26,934
PEP Boys-Manny, Moe & Jack (The) 7,766 77,349
PriceSmart, Inc. 2,036 56,418
Regis Corp. 1,706 46,898
Ruby Tuesday, Inc. 14,686 110,145
Sonic Automotive, Inc. Class A 6,654 136,740
Sport Supply Group, Inc. 915 10,934
See Notes to Financial Statements.
46 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2008
---------------------------------------------------------------------------
Investments Shares Value
---------------------------------------------------------------------------
Stage Stores, Inc. 3,514 $ 56,927
Talbots, Inc.(a) 14,495 156,256
Triarc Cos., Inc. Class A 7,136 44,957
Triarc Cos., Inc. Class B 17,359 119,951
World Fuel Services Corp. 833 23,382
-----------
Total Retail 3,193,478
---------------------------------------------------------------------------
Savings & Loans - 3.5%
Abington Bancorp Inc. 3,252 33,561
American Bancorp of New Jersey, Inc. 1,134 11,816
Anchor Bancorp Wisconsin, Inc. 4,235 80,338
BankAtlantic Bancorp, Inc. Class A 13,711 53,610
BankFinancial Corp. 2,603 41,414
BankUnited Financial Corp. Class A(a) 1,135 5,686
Benjamin Franklin Bancorp, Inc. 925 12,765
Berkshire Hills Bancorp, Inc. 1,719 43,302
Brookline Bancorp, Inc. 13,171 151,203
CFS Bancorp, Inc. 2,373 34,100
Citizens First Bancorp, Inc. 1,316 14,147
Clifton Savings Bancorp, Inc. 3,426 34,534
Dime Community Bancshares 9,510 166,235
Downey Financial Corp.(a) 2,711 49,828
First Defiance Financial Corp. 2,078 38,131
First Financial Holdings, Inc. 2,814 66,016
First Niagara Financial Group, Inc.(a) 33,196 451,135
First Place Financial Corp. 5,115 66,495
Flushing Financial Corp. 4,161 73,150
HMN Financial, Inc. 1,166 26,911
Home Federal Bancorp, Inc. 2,166 25,970
Kearny Financial Corp. 7,312 80,066
K-Fed Bancorp 3,828 43,677
Legacy Bancorp, Inc. 757 10,575
NewAlliance Bancshares, Inc. 16,586 203,344
Northwest Bancorp, Inc. 10,212 279,094
OceanFirst Financial Corp. 4,327 75,679
Provident Financial Holdings, Inc. 1,877 30,107
Provident Financial Services, Inc. 12,541 177,330
Provident New York Bancorp 5,051 68,189
Riverview Bancorp, Inc. 2,710 27,100
Rockville Financial, Inc. 1,494 20,468
Roma Financial Corp. 3,103 46,266
TierOne Corp.(a) 1,750 19,740
United Community Financial Corp. 14,077 87,277
United Financial Bancorp, Inc. 2,582 28,609
United Western Bancorp, Inc. 542 9,702
ViewPoint Financial Group 2,080 34,341
Westfield Financial, Inc. 4,310 42,109
Willow Grove Bancorp, Inc. 5,227 38,628
WSFS Financial Corp. 298 14,685
-----------
Total Savings & Loans 2,817,333
---------------------------------------------------------------------------
Semiconductors - 0.1%
Cohu, Inc. 2,307 37,489
Micrel, Inc. 7,296 67,634
-----------
Total Semiconductors 105,123
---------------------------------------------------------------------------
Software - 0.9%
Acxiom Corp. 11,868 140,873
American Software, Inc. Class A 6,496 40,665
Blackbaud, Inc. 3,443 83,596
CAM Commerce Solutions, Inc. 713 26,402
Computer Programs & Systems, Inc. 4,559 95,283
infoUSA, Inc. 10,677 65,236
MoneyGram International, Inc. 7,000 13,020
Pegasystems, Inc. 2,288 22,033
QAD, Inc. 2,404 20,218
Quality Systems, Inc.(a) 5,918 176,772
Renaissance Learning, Inc. 3,367 47,104
Schawk, Inc. 1,590 25,424
-----------
Total Software 756,626
---------------------------------------------------------------------------
Telecommunications - 2.4%
Adtran, Inc. 7,065 130,703
Alaska Communications Systems Group, Inc. 16,146 197,627
Applied Signal Technology, Inc. 3,159 37,276
Atlantic Tele-Network, Inc. 1,846 62,450
Black Box Corp. 749 23,107
Consolidated Communications Holdings, Inc. 15,138 229,038
D&E Communications, Inc. 3,214 28,605
FairPoint Communications, Inc.(a) 23,758 214,297
HickoryTech Corp. 5,049 41,250
IDT Corp. 12,215 40,798
IDT Corp. Class B 39,402 152,486
Iowa Telecommunications Services, Inc. 20,389 361,496
NTELOS Holdings Corp. 8,419 203,740
Plantronics, Inc. 2,372 45,803
Preformed Line Products Co. 514 25,022
Shenandoah Telecommunications Co. 1,693 25,124
SureWest Communications 5,743 88,787
-----------
Total Telecommunications 1,907,609
---------------------------------------------------------------------------
Textiles - 0.1%
Angelica Corp. 1,587 28,471
G&K Services, Inc. Class A 669 23,823
UniFirst Corp. 378 14,020
-----------
Total Textiles 66,314
---------------------------------------------------------------------------
Transportation - 0.8%
Arkansas Best Corp.(a) 4,498 143,306
Forward Air Corp. 1,630 57,767
Heartland Express, Inc. 3,458 49,311
Horizon Lines, Inc. Class A 5,018 93,385
Knight Transportation, Inc.(a) 4,439 73,066
Pacer International, Inc. 10,311 169,410
Werner Enterprises, Inc. 5,362 99,519
-----------
Total Transportation 685,764
---------------------------------------------------------------------------
Trucking & Leasing - 0.5%
Greenbrier Cos., Inc. 1,526 40,470
TAL International Group, Inc. 14,383 339,007
-----------
Total Trucking & Leasing 379,477
---------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 47
Schedule of Investments (concluded)
WisdomTree SmallCap Dividend Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
Water - 0.6%
American States Water Co. 2,654 $ 95,544
Artesian Resources Corp. 1,504 27,869
California Water Service Group 4,045 154,318
Connecticut Water Service, Inc. 2,214 52,405
Middlesex Water Co. 3,427 62,234
SJW Corp. 2,012 57,523
Southwest Water Co.(a) 2,878 31,859
York Water Co. 2,233 33,473
-----------
Total Water 515,225
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $101,008,379) 80,020,744
===============================================================================
RIGHTS* - 0.0%
Capital Markets - 0.0%
Ares Capital Corp., expiring 4/22/08 18,222 10,204
Gladstone Investment Corp., expiring 4/21/08+ 3,378 0
MCG Capital Corp., expiring 4/19/08 9,156 9,797
-----------
TOTAL RIGHTS
(Cost: $0) 20,001
===============================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $101,008,379) 80,040,745
===============================================================================
SHORT-TERM INVESTMENT - 0.6%
MONEY MARKET FUND - 0.6%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $443,324) 443,324 443,324
===============================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 23.3%
MONEY MARKET FUNDS(c) - 23.3%
AIM Liquid Assets Portfolio, 3.14% 1 1
AIM Prime Portfolio, 2.73% 373 373
UBS Enhanced Yield Portfolio, 3.09% 3 3
UBS Private Money Market Fund LLC, 3.17% 18,840,168 18,840,168
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $18,840,545)(d) 18,840,545
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 122.6%
(Cost: $120,292,248) 99,324,614
Liabilities in Excess of Other Assets - (22.6)% (18,284,566)
-----------
NET ASSETS - 100.0% $81,040,048
===============================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $17,703,730 and the total market value of the collateral held by the
Fund was $18,840,545.
See Notes to Financial Statements.
48 WisdomTree Domestic Dividend Funds
Statements of Assets and Liabilities
WisdomTree Domestic Dividend Funds
March 31, 2008
------------------------------------------------------------------------------------------------
WisdomTree WisdomTree WisdomTree
Total High-Yielding LargeCap
Dividend Fund Equity Fund Dividend Fund
------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost: $ 101,437,514 $ 182,479,834 $ 359,105,698
------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 89,304,653 149,840,446 326,099,200
Receivables:
Dividends and interest 217,016 424,124 615,298
Investment securities sold 54,109 104,929 127,679
------------------------------------------------------------------------------------------------
Total Assets 89,575,778 150,369,499 326,842,177
================================================================================================
LIABILITIES:
Due to Custodian - - -
Payables:
Collateral for securities on loan (Note 2) 1,483,805 11,665,860 18,394,143
Advisory fees (Note 3) 20,912 44,036 68,308
Service fees (Note 2) 329 510 1,073
------------------------------------------------------------------------------------------------
Total Liabilities 1,505,046 11,710,406 18,463,524
================================================================================================
NET ASSETS $ 88,070,732 $ 138,659,093 $ 308,378,653
================================================================================================
NET ASSETS:
Paid-in capital $ 101,420,552 $ 174,049,161 $ 346,380,390
Undistributed net investment income 57,914 161,232 126,707
Accumulated net realized loss on investments (1,274,873) (2,911,912) (5,121,946)
Net unrealized depreciation on investments (12,132,861) (32,639,388) (33,006,498)
------------------------------------------------------------------------------------------------
NET ASSETS $ 88,070,732 $ 138,659,093 $ 308,378,653
================================================================================================
Outstanding beneficial interest shares of $0.001
par value (unlimited number of shares
authorized) 1,700,000 2,900,000 5,850,000
------------------------------------------------------------------------------------------------
Net asset value per share $ 51.81 $ 47.81 $ 52.71
================================================================================================
--------------------------------------------------------------------------------------------------
WisdomTree WisdomTree WisdomTree
Dividend MidCap SmallCap
Top 100(SM) Fund Dividend Fund Dividend Fund
--------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost: $ 214,620,209 $ 121,458,445 $ 120,292,248
-------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 179,576,203 103,809,711 99,324,614
Receivables:
Dividends and interest 747,524 324,250 415,336
Investment securities sold - 170,200 245,097
-------------------------------------------------------------------------------------------------
Total Assets 180,323,727 104,304,161 99,985,047
=================================================================================================
LIABILITIES:
Due to Custodian 54,523 - 77,459
Payables:
Collateral for securities on loan (Note 2) 14,008,300 13,076,161 18,840,545
Advisory fees (Note 3) 55,152 29,404 26,686
Service fees (Note 2) 638 341 309
-------------------------------------------------------------------------------------------------
Total Liabilities 14,118,613 13,105,906 18,944,999
=================================================================================================
NET ASSETS $ 166,205,114 $ 91,198,255 $ 81,040,048
=================================================================================================
NET ASSETS:
Paid-in capital $ 204,628,137 $ 112,725,675 $ 107,417,529
Undistributed net investment income 184,836 123,823 262,432
Accumulated net realized loss on investments (3,563,853) (4,002,509) (5,672,279)
Net unrealized depreciation on investments (35,044,006) (17,648,734) (20,967,634)
-------------------------------------------------------------------------------------------------
NET ASSETS $ 166,205,114 $ 91,198,255 $ 81,040,048
=================================================================================================
Outstanding beneficial interest shares of $0.001
par value (unlimited number of shares
authorized) 3,250,000 1,900,000 1,750,000
-------------------------------------------------------------------------------------------------
Net asset value per share $ 51.14 $ 48.00 $ 46.31
=================================================================================================
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 49
Statements of Operations
WisdomTree Domestic Dividend Funds
For the Year Ended March 31, 2008
---------------------------------------------------------------------------------
WisdomTree WisdomTree
Total High-Yielding
Dividend Fund Equity Fund
---------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 3,018,023 $ 8,103,420
Interest 14,882 31,345
Securities lending income (Note 2) 27,442 124,055
---------------------------------------------------------------------------------
Total investment income 3,060,347 8,258,820
---------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 269,768 736,971
Service fees (Note 2) 2,822 5,121
---------------------------------------------------------------------------------
Total expenses 272,590 742,092
---------------------------------------------------------------------------------
Net investment income 2,787,757 7,516,728
=================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (1,264,178) (2,757,716)
In-kind redemptions 7,219,701 10,879,685
---------------------------------------------------------------------------------
Net realized gain (loss) 5,955,523 8,121,969
---------------------------------------------------------------------------------
Net change in unrealized depreciation on
investments (16,538,355) (38,569,875)
---------------------------------------------------------------------------------
Net realized and unrealized loss on investments (10,582,832) (30,447,906)
=================================================================================
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ (7,795,075) $ (22,931,178)
=================================================================================
-----------------------------------------------------------------------------------------------------------------------
WisdomTree WisdomTree WisdomTree WisdomTree
LargeCap Dividend MidCap SmallCap
Dividend Fund Top 100(SM) Fund Dividend Fund Dividend Fund
-----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 9,515,800 $ 7,829,189 $ 3,522,496 $ 4,389,084
Interest 34,508 26,017 16,607 23,135
Securities lending income (Note 2) 42,073 188,625 158,574 293,876
-----------------------------------------------------------------------------------------------------------------------
Total investment income 9,592,381 8,043,831 3,697,677 4,706,095
-----------------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 887,614 773,212 373,656 410,425
Service fees (Note 2) 8,650 5,837 2,924 3,027
-----------------------------------------------------------------------------------------------------------------------
Total expenses 896,264 779,049 376,580 413,452
-----------------------------------------------------------------------------------------------------------------------
Net investment income 8,696,117 7,264,782 3,321,097 4,292,643
=======================================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (4,970,955) (3,375,102) (3,982,768) (5,726,137)
In-kind redemptions 26,154,219 14,202,776 4,636,567 5,252,062
-----------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 21,183,264 10,827,674 653,799 (474,075)
-----------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation on
investments (46,062,663) (41,906,221) (20,445,978) (22,490,630)
-----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (24,879,399) (31,078,547) (19,792,179) (22,964,705)
=======================================================================================================================
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ (16,183,282) $ (23,813,765) $ (16,471,082) $ (18,672,062)
=======================================================================================================================
See Notes to Financial Statements.
50 WisdomTree Domestic Dividend Funds
Statements of Changes in Net Assets
WisdomTree Domestic Dividend Funds
-------------------------------------------------------------------------------------
WisdomTree Total Dividend Fund
-------------------------------------------------------------------------------------
For the Period
For the June 16, 2006*
Year Ended through
March 31, 2008 March 31, 2007
-------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 2,787,757 $ 1,119,717
Net realized gain on investments 5,955,523 924,301
Net change in unrealized appreciation
(depreciation) on investments (16,538,355) 4,405,494
-------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations (7,795,075) 6,449,512
=====================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (2,780,651) (1,068,528)
Capital gains (32,317) -
-------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (2,812,968) (1,068,528)
=====================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares 52,837,196 97,974,095
Cost of shares redeemed (43,856,724) (13,661,776)
-------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions 8,980,472 84,312,319
=====================================================================================
Net Increase (Decrease) in Net Assets (1,627,571) 89,693,303
=====================================================================================
NET ASSETS:
Beginning of period $ 89,698,303 $ 5,000
End of period $ 88,070,732 $ 89,698,303
=====================================================================================
Undistributed net investment income included in
net assets at end of period $ 57,914 $ 50,765
=====================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 1,550,000 -
Shares created 900,000 1,800,100
Shares redeemed (750,000) (250,100)
-------------------------------------------------------------------------------------
Shares outstanding, end of period 1,700,000 1,550,000
=====================================================================================
------------------------------------------------------------------------------------------------------------------------
WisdomTree High-Yielding Equity
Fund WisdomTree LargeCap Dividend Fund
------------------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the June 16, 2006* For the June 16, 2006*
Year Ended through Year Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 7,516,728 $ 2,867,199 $ 8,696,117 $ 3,092,111
Net realized gain on investments 8,121,969 1,500,157 21,183,264 2,536,624
Net change in unrealized appreciation
(depreciation) on investments (38,569,875) 5,930,487 (46,062,663) 13,056,165
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations (22,931,178) 10,297,843 (16,183,282) 18,684,900
========================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (7,516,173) (2,704,035) (8,717,982) (2,943,539)
Capital gains - - - -
------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (7,516,173) (2,704,035) (8,717,982) (2,943,539)
========================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares 81,010,005 217,820,154 247,874,223 342,647,539
Cost of shares redeemed (117,778,043) (19,544,480) (247,933,303) (25,054,903)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions (36,768,038) 198,275,674 (59,080) 317,592,636
========================================================================================================================
Net Increase (Decrease) in Net Assets (67,215,389) 205,869,482 (24,960,344) 333,333,997
========================================================================================================================
NET ASSETS:
Beginning of period $ 205,874,482 $ 5,000 $ 333,338,997 $ 5,000
End of period $ 138,659,093 $ 205,874,482 $ 308,378,653 $ 333,338,997
========================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 161,232 $ 160,472 $ 126,707 $ 148,572
========================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 3,550,000 - 5,750,000 -
Shares created 1,450,000 3,900,100 4,300,000 6,200,100
Shares redeemed (2,100,000) (350,100) (4,200,000) (450,100)
------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 2,900,000 3,550,000 5,850,000 5,750,000
========================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 51
Statements of Changes in Net Assets (concluded)
WisdomTree Domestic Dividend Funds
WisdomTree Dividend Top 100(SM) Fund
---------------------------------------------------------------------------------------
For the Period
For the June 16, 2006*
Year Ended through
March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 7,264,782 $ 2,020,822
Net realized gain (loss) on investments 10,827,674 2,147,330
Net change in unrealized appreciation
(depreciation) on investments (41,906,221) 6,862,215
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations (23,813,765) 11,030,367
=======================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (7,217,835) (1,882,933)
Capital gains - -
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (7,217,835) (1,882,933)
=======================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares 117,466,412 220,320,803
Cost of shares redeemed (108,238,386) (41,464,549)
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions 9,228,026 178,856,254
=======================================================================================
Net Increase (Decrease) in Net Assets (21,803,574) 188,003,688
=======================================================================================
NET ASSETS:
Beginning of period $ 188,008,688 $ 5,000
End of period $ 166,205,114 $ 188,008,688
=======================================================================================
Undistributed net investment income included in
net assets at end of period $ 184,836 $ 137,889
=======================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 3,150,000 -
Shares created 2,000,000 3,900,100
Shares redeemed (1,900,000) (750,100)
---------------------------------------------------------------------------------------
Shares outstanding, end of period 3,250,000 3,150,000
=======================================================================================
-----------------------------------------------------------------------------------------------------------------------
WisdomTree MidCap Dividend Fund WisdomTree SmallCap Dividend Fund
-----------------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the June 16, 2006* For the June 16, 2006*
Year Ended through Year Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
-----------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 3,321,097 $ 948,052 $ 4,292,643 $ 1,700,001
Net realized gain (loss) on investments 653,799 683,785 (474,075) 1,060,225
Net change in unrealized appreciation
(depreciation) on investments (20,445,978) 2,797,244 (22,490,630) 1,522,996
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations (16,471,082) 4,429,081 (18,672,062) 4,283,222
=======================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (3,282,192) (863,134) (4,348,178) (1,374,057)
Capital gains - (4,321) - -
-----------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (3,282,192) (867,455) (4,348,178) (1,374,057)
=======================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares 78,307,186 83,384,228 60,277,961 126,413,016
Cost of shares redeemed (45,688,651) (8,617,860) (68,165,226) (17,379,628)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions 32,618,535 74,766,368 (7,887,265) 109,033,388
=======================================================================================================================
Net Increase (Decrease) in Net Assets 12,865,261 78,327,994 (30,907,505) 111,942,553
=======================================================================================================================
NET ASSETS:
Beginning of period $ 78,332,994 $ 5,000 $ 111,947,553 $ 5,000
End of period $ 91,198,255 $ 78,332,994 $ 81,040,048 $ 111,947,553
=======================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 123,823 $ 84,918 $ 262,432 $ 316,732
=======================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 1,350,000 - 1,950,000 -
Shares created 1,400,000 1,500,100 1,150,000 2,250,100
Shares redeemed (850,000) (150,100) (1,350,000) (300,100)
-----------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 1,900,000 1,350,000 1,750,000 1,950,000
=======================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
52 WisdomTree Domestic Dividend Funds
Financial Highlights
WisdomTree Domestic Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
---------------------------------------------------------------------------------------
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree Total Dividend Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 57.87 $ 50.32
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.68 1.18
Net realized and unrealized gain (loss) (6.04) 7.28
---------------------------------------------------------------------------------------
Total from investment operations (4.36) 8.46
---------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (1.68) (0.91)
Capital gains (0.02) -
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (1.70) (0.91)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 51.81 $ 57.87
=======================================================================================
TOTAL RETURN(3) (7.77)% 16.84%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $88,071 $ 89,698
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.28% 0.28%(4)
Expenses, prior to expense reimbursements/waivers 0.28% 0.31%(4)
Net investment income 2.89% 2.76%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate5 10% 12%
=======================================================================================
---------------------------------------------------------------------------------------
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree High-Yielding Equity Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 57.99 $50.01
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 2.22 1.56
Net realized and unrealized gain (loss) (10.19) 7.54
---------------------------------------------------------------------------------------
Total from investment operations (7.97) 9.10
---------------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (2.21) (1.12)
---------------------------------------------------------------------------------------
Total dividends to shareholders (2.21) (1.12)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 47.81 $ 57.99
=======================================================================================
TOTAL RETURN(3) (14.18)% 18.23%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $138,659 $205,874
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.38% 0.38%(4)
Expenses, prior to expense reimbursements/waivers 0.38% 0.40%(4)
Net investment income 3.88% 3.68%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 19% 11%
=======================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment adviser
(Note 2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 53
Financial Highlights (continued)
WisdomTree Domestic Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
---------------------------------------------------------------------------------------
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree LargeCap Dividend Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 57.97 $ 50.34
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.60 1.11
Net realized and unrealized gain (loss) (5.21) 7.32
---------------------------------------------------------------------------------------
Total from investment operations (3.61) 8.43
---------------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (1.65) (0.80)
---------------------------------------------------------------------------------------
Total dividends to shareholders (1.65) (0.80)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 52.71 $ 57.97
=======================================================================================
TOTAL RETURN(3) (6.47)% 16.77%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $308,379 $333,339
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.28% 0.28%(4)
Expenses, prior to expense reimbursements/waivers 0.28% 0.29%(4)
Net investment income 2.74% 2.65%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 8% 13%
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree Dividend Top 100(SM) Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 59.69 $ 50.12
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 2.10 1.40
Net realized and unrealized gain (loss) (8.56) 9.09
---------------------------------------------------------------------------------------
Total from investments operations (6.46) 10.49
---------------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (2.09) (0.92)
---------------------------------------------------------------------------------------
Total dividends to shareholders (2.09) (0.92)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 51.14 $ 59.69
=======================================================================================
TOTAL RETURN(3) (11.15)% 20.99%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $166,205 $188,009
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.38% 0.38%(4)
Expenses, prior to expense reimbursements/waivers 0.38% 0.40%(4)
Net investment income 3.57% 3.29%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 16% 21%
---------------------------------------------------------------------------------------
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment adviser
(Note 2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
54 WisdomTree Domestic Dividend Funds
Financial Highlights (concluded)
WisdomTree Domestic Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
---------------------------------------------------------------------------------------
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree MidCap Dividend Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 58.02 $ 50.21
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.88 1.45
Net realized and unrealized gain (loss) (10.12) 7.41
---------------------------------------------------------------------------------------
Total from investment operations (8.24) 8.86
---------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (1.78) (1.04)
Capital gains - (0.01)
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (1.78) (1.05)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 48.00 $ 58.02
=======================================================================================
TOTAL RETURN(3) (14.47)% 17.71%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 91,198 $ 78,333
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.38% 0.38%(4)
Expenses, prior to expense reimbursements/waivers 0.38% 0.43%(4)
Net investment income 3.38% 3.47%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 30% 12%
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree SmallCap Dividend Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 57.41 $ 50.24
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 2.13 1.79
Net realized and unrealized gain (loss) (11.10) 6.65
---------------------------------------------------------------------------------------
Total from investments operations (8.97) 8.44
---------------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (2.13) (1.27)
---------------------------------------------------------------------------------------
Total dividends to shareholders (2.13) (1.27)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 46.31 $ 57.41
=======================================================================================
TOTAL RETURN(3) (15.93)% 16.88%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 81,040 $111,948
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.38% 0.38%(4)
Expenses, prior to expense reimbursements/waivers 0.38% 0.42%(4)
Net investment income 3.97% 4.25%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 34% 16%
=======================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment adviser
(Note 2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 55
Notes to Financial Statements
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 pursuant to a
Trust Instrument dated December 15, 2005. As of March 31, 2008, the Trust
offered 40 investment funds (each a "Fund", collectively, the "Funds"). Each
Fund is considered to be non-diversified. The Funds, described herein,
commenced operations on June 16, 2006.
These financial statements relate only to the WisdomTree Total Dividend Fund
("Total Dividend Fund"), WisdomTree High-Yielding Equity Fund ("High-Yielding
Equity Fund"), WisdomTree LargeCap Dividend Fund ("LargeCap Dividend Fund"),
WisdomTree Dividend Top 100(SM) Fund ("Dividend Top 100 Fund"), WisdomTree
MidCap Dividend Fund ("MidCap Dividend Fund") and WisdomTree SmallCap Dividend
Fund ("SmallCap Dividend Fund"), together the "Domestic Dividend Funds."
Each Fund seeks investment returns that closely correspond to the price and
yield performance, before fees and expenses, of a particular index ("Index")
developed by WisdomTree Investments, Inc. ("Wisdom Tree Investments"). Each
Index consists of dividend paying securities in the market suggested by its
name that meet specific criteria developed by WisdomTree Investments.
"WisdomTree", "WisdomTree Investments", and "Dividend Top 100" are service
marks of WisdomTree Investments licensed for use by the Trust. WisdomTree
Investments has patent applications pending on the methodology and operation of
its Indexes and the Funds.
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 expect the risk of loss to be remote.
The preparation of financial statements in conformity with U.S. Generally
Accepted Accounting Principles ("U.S. 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.
2. SIGNIFICANT ACCOUNTING POLICIES
(a) Investment Valuation - The Net Asset Value ("NAV") of each Fund's shares is
calculated each day the national securities exchanges are open for trading as
of the close of regular trading on the New York Stock Exchange, generally 4:00
p.m. New York time. NAV per share is calculated by dividing a Fund's net assets
by the number of Fund shares outstanding. Securities 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 or system on which they are principally traded. Unlisted
equity securities are valued at the last quoted sale price or, if no sale price
is available, at the mean between the most recently quoted bid and asked
prices. Securities for which market quotations are not readily available are
valued at fair value as determined by management and in accordance with
procedures approved by the Board of Trustees. Short-term securities with 60
days or less remaining to maturity are valued using the amortized cost method,
which approximates current market value.
(b) Investment Transactions - 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.
(c) Investment Income - Dividend income is recognized on the ex-dividend date.
Interest income is accrued daily. The value of additional securities received
as dividend payments is recorded as income and as an increase to the cost basis
of such securities.
(d) Expenses/Reimbursements - WisdomTree Asset Management ("WTAM") has agreed
to pay all expenses of the Funds, 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 each Independent
Trustee; (iv) compensation and expenses of counsel to the Independent Trustees;
(v) compensation and expenses of the Trust's chief compliance officer; (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. Pursuant to a separate contractual
arrangement, WTAM has paid the expenses described in (iii), (iv) and (v)
through July 31, 2007.
Pursuant to a separate contractual arrangement, effective August 1, 2007, WTAM
has arranged for the provision of chief compliance officer ("CCO") services to
the Funds, 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 service fee paid by each Fund of up to 0.0044% of the Fund's
average daily net assets. Trustees fees, which are included in Service Fees on
the Statements of Operation, of $152,482 have been paid on behalf of the Funds
of the Trust to the Independent Trustees.
56 WisdomTree Domestic Dividend Funds
Notes to Financial Statements (continued)
(e) Security Lending - Each Fund may lend portfolio securities to certain
creditworthy borrowers, including the Funds' securities lending agent. The
loans are collateralized at all times by cash and/or high grade debt
obligations in an amount at least equal to 102% of the market value of domestic
securities loaned (105% in the case of foreign securities loaned) as determined
at the close of business on the preceding business day. Each Fund receives
compensation for lending its securities from interest or dividends earned on
the cash or U.S. government securities held as collateral, net of fee rebates
paid to the borrower plus reasonable administrative and custody fees. The
dividend and interest income earned on the securities loaned is accounted for
in the same manner as other dividend and interest income. The borrower pays to
the Funds an amount equal to any dividends or interest received on loaned
securities. The Funds retain all or a portion of the interest received on
investment of cash collateral or receives a fee from the borrower. Lending
portfolio securities could result in a loss or delay in recovering each Fund's
securities if the borrower defaults.
The securities lending income earned by the Funds is disclosed on the
Statements of Operations.
(f) 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"). Each Fund intends to qualify for and to elect
treatment as a separate Regulated Investment Company ("RIC") under Subchapter M
of the Code. It is the policy of each Fund to pay out dividends, if any, to
investors at least annually. 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 are
determined in accordance with Federal income tax regulations which may differ
from U.S. GAAP. 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, which exceed earnings and profit
for tax purposes, are reported as a tax return of capital.
The Funds adopted the provisions of Financial Accounting Standards Board
("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes
("FIN 48"). This interpretation prescribes 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 taxes are provided for based on each Fund's
understanding of the tax rules and rates that exist in the foreign markets in
which it invests. Taxes are accrued and applied to net investment income, net
realized capital gains and net unrealized appreciation, as applicable, as the
income is earned or capital gains are recorded. If applicable, the Funds will
recognize interest accrued related to unrecognized tax benefits in interest
expense and penalties in "Other" expenses on the Statements of Operations.
Management has evaluated the application of FIN 48 to the Funds, and has
determined that there is no impact resulting from the adoption of this
interpretation on the Funds' financial statements.
(g) 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 in which a Fund may invest include
short-term obligations issued by the U.S. Government, 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.
WisdomTree Domestic Dividend Funds 57
Notes to Financial Statements (continued)
3. ADVISER FEES
Adviser Fees - WTAM provides investment management services to each Fund
pursuant to an Investment Advisory Agreement. As compensation for services
rendered, facilities furnished, and expenses borne by WTAM, each Fund pays WTAM
a fee, as listed below, which is accrued daily and paid monthly, based on the
average daily net assets of the Fund. Included in the expenses borne by WTAM
are fees paid to the Sub-Adviser, Bank of New York Investment Advisors, all
accounting, administration, custody, transfer agent fees to The Bank of New
York, tax and audit services, as well as printing and postage.
-------------------------------------------------------------------------------
Fund Fee Rate
-------------------------------------------------------------------------------
Total Dividend Fund 0.28%
-------------------------------------------------------------------------------
High-Yielding Equity Fund 0.38%
-------------------------------------------------------------------------------
LargeCap Dividend Fund 0.28%
-------------------------------------------------------------------------------
Dividend Top 100(SM) Fund 0.38%
-------------------------------------------------------------------------------
MidCap Dividend Fund 0.38%
-------------------------------------------------------------------------------
SmallCap Dividend Fund 0.38%
-------------------------------------------------------------------------------
Each Fund may purchase shares of an affiliated ETF in secondary market
transactions. For the fiscal year ended March 31, 2008, there were no
transactions in affiliated ETFs.
4. CAPITAL SHARE TRANSACTIONS
As of March 31, 2008, there was 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. Except when
aggregated in Creation Units, 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 designated
portfolio of equity securities constituting a portfolio sampling representation
of the securities included in the relevant Fund's underlying index and an
amount of cash. Investors 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 in-kind purchases and redemptions
and short-term investments) for the fiscal year ended March 31, 2008 were as
follows:
--------------------------------------------------------------------------------
Fund Purchases Sales
--------------------------------------------------------------------------------
Total Dividend Fund $ 9,306,057 $ 9,628,669
--------------------------------------------------------------------------------
High-Yielding Equity Fund 38,752,900 36,636,220
--------------------------------------------------------------------------------
LargeCap Dividend Fund 24,395,530 25,720,710
--------------------------------------------------------------------------------
Dividend Top 100(SM) Fund 31,504,161 32,043,667
--------------------------------------------------------------------------------
MidCap Dividend Fund 29,176,111 29,695,960
--------------------------------------------------------------------------------
SmallCap Dividend Fund 36,052,921 36,836,127
--------------------------------------------------------------------------------
For the fiscal year ended March 31, 2008, the cost of in-kind purchases and the
proceeds from in-kind redemptions were as follows:
--------------------------------------------------------------------------------
Fund Purchases Redemptions
--------------------------------------------------------------------------------
Total Dividend Fund $ 49,900,415 $ 40,888,452
--------------------------------------------------------------------------------
High-Yielding Equity Fund 80,388,457 119,417,680
--------------------------------------------------------------------------------
LargeCap Dividend Fund 244,712,623 243,880,817
--------------------------------------------------------------------------------
Dividend Top 100(SM) Fund 114,606,689 105,216,408
--------------------------------------------------------------------------------
MidCap Dividend Fund 74,933,106 42,328,183
--------------------------------------------------------------------------------
SmallCap Dividend Fund 57,329,413 65,316,811
--------------------------------------------------------------------------------
Gains and losses on in-kind redemptions are not recognized at the Fund level
for tax purposes.
58 WisdomTree Domestic Dividend Funds
Notes to Financial Statements (continued)
6. FEDERAL INCOME TAXES
At March 31, 2008, the cost of investments (including securities on loan) for
Federal income tax purposes was as follows:
--------------------------------------------------------------------------------------------------------
Gross Unrealized Gross Unrealized Net Unrealized
Fund Tax Cost Appreciation Depreciation Depreciation
--------------------------------------------------------------------------------------------------------
Total Dividend Fund $ 101,871,324 $ 2,467,911 $ (15,034,582) $ (12,566,671)
--------------------------------------------------------------------------------------------------------
High-Yielding Equity Fund 182,936,617 2,056,849 (35,153,020) (33,096,171)
--------------------------------------------------------------------------------------------------------
LargeCap Dividend Fund 359,733,367 6,578,386 (40,212,553) (33,634,167)
--------------------------------------------------------------------------------------------------------
Dividend Top 100(SM) Fund 215,516,181 1,123,586 (37,063,564) (35,939,978)
--------------------------------------------------------------------------------------------------------
MidCap Dividend Fund 121,682,385 1,546,214 (19,418,888) (17,872,674)
--------------------------------------------------------------------------------------------------------
SmallCap Dividend Fund 120,722,438 1,337,466 (22,735,290) (21,397,824)
--------------------------------------------------------------------------------------------------------
At March 31, 2008, the components of accumulated earnings/loss on a tax-basis
were as follows:
-----------------------------------------------------------------------------------------------------
Undistributed
Undistributed Capital and Net Unrealized Total Accumulated
Fund Ordinary Income Other Losses Depreciation Earnings/(Losses)
-----------------------------------------------------------------------------------------------------
Total Dividend Fund $ 57,914 $ (841,063) $ (12,566,671) $ (13,349,820)
-----------------------------------------------------------------------------------------------------
High-Yielding Equity Fund 161,232 (2,455,129) (33,096,171) (35,390,068)
-----------------------------------------------------------------------------------------------------
LargeCap Dividend Fund 126,707 (4,494,277) (33,634,167) (38,001,737)
-----------------------------------------------------------------------------------------------------
Dividend Top 100(SM) Fund 184,836 (2,667,881) (35,939,978) (38,423,023)
-----------------------------------------------------------------------------------------------------
MidCap Dividend Fund 123,823 (3,778,569) (17,872,674) (21,527,420)
-----------------------------------------------------------------------------------------------------
SmallCap Dividend Fund 262,432 (5,242,089) (21,397,824) (26,377,481)
-----------------------------------------------------------------------------------------------------
The tax character of distributions paid during the fiscal year ended March 31,
2008 and the period ended March 31, 2007 were as follows:
-----------------------------------------------------------------------------------------------------------------
Year Ended 3/31/08 Period Ended 3/31/07
-----------------------------------------------------------------------------------------------------------------
Distributions Paid Distributions Paid Distributions Paid Distributions Paid
from Ordinary from Long-Term from Ordinary from Long-Term
Fund Income* Capital Gains Income* Capital Gains
-----------------------------------------------------------------------------------------------------------------
Total Dividend Fund $ 2,793,381 $ 19,587 $1,068,528 $ -
-----------------------------------------------------------------------------------------------------------------
High-Yielding Equity Fund 7,516,173 - 2,704,035 -
-----------------------------------------------------------------------------------------------------------------
LargeCap Dividend Fund 8,717,982 - 2,943,539 -
-----------------------------------------------------------------------------------------------------------------
Dividend Top 100(SM) Fund 7,217,835 - 1,882,933 -
-----------------------------------------------------------------------------------------------------------------
MidCap Dividend Fund 3,282,192 - 863,134 4,321
-----------------------------------------------------------------------------------------------------------------
SmallCap Dividend Fund 4,348,178 - 1,374,057 -
-----------------------------------------------------------------------------------------------------------------
* Includes short-term capital gains.
At March 31, 2008, for Federal income tax purposes, the Funds have capital loss
carryforwards available to offset future capital gains through the years
indicated. To the extent that these loss carryforwards are utilized, capital
gains so offset will not be distributed to shareholders.
---------------------------------------------------------------------------------------
Capital Loss Capital Loss
Available Through Available Through Capital Loss
Fund 2015 2016 Available Total
---------------------------------------------------------------------------------------
Total Dividend Fund $ - $ 410,492 $ 410,492
---------------------------------------------------------------------------------------
High-Yielding Equity Fund 4,934 1,261,567 1,266,501
---------------------------------------------------------------------------------------
LargeCap Dividend Fund 5,452 3,165,417 3,170,869
---------------------------------------------------------------------------------------
Dividend Top 100(SM) Fund 16,309 1,204,674 1,220,983
---------------------------------------------------------------------------------------
MidCap Dividend Fund - 517,017 517,017
---------------------------------------------------------------------------------------
SmallCap Dividend Fund 44,705 774,464 819,169
---------------------------------------------------------------------------------------
WisdomTree Domestic Dividend Funds 59
Notes to Financial Statements (concluded)
Capital losses incurred after October 31 ("post-October capital losses") and
within the taxable year are deemed to arise on the first business day of each
Fund's next taxable year.
During the fiscal year ended March 31, 2008, the following Funds incurred and
elected to defer net post-October losses as follows:
--------------------------------------------------------------------------------
Post-October
Fund Capital Losses
--------------------------------------------------------------------------------
Total Dividend Fund $ 430,571
--------------------------------------------------------------------------------
High-Yielding Equity Fund 1,188,628
--------------------------------------------------------------------------------
LargeCap Dividend Fund 1,323,408
--------------------------------------------------------------------------------
Dividend Top 100(SM) Fund 1,446,898
--------------------------------------------------------------------------------
MidCap Dividend Fund 3,261,552
--------------------------------------------------------------------------------
SmallCap Dividend Fund 4,422,920
--------------------------------------------------------------------------------
At March 31, 2008, the effect of permanent book/tax reclassifications resulted
in increases (decreases) to the components of net assets as follows:
------------------------------------------------------------------------------------
Undistributed Net Accumulated Net
Investment Realized
Fund Income Gain/(Loss) Paid-in Capital
------------------------------------------------------------------------------------
Total Dividend Fund $ 43 $ (7,173,207) $ 7,173,164
------------------------------------------------------------------------------------
High-Yielding Equity Fund 205 (10,824,678) 10,824,473
------------------------------------------------------------------------------------
LargeCap Dividend Fund - (26,091,283) 26,091,283
------------------------------------------------------------------------------------
Dividend Top 100(SM) Fund - (14,017,482) 14,017,482
------------------------------------------------------------------------------------
MidCap Dividend Fund - (4,554,468) 4,554,468
------------------------------------------------------------------------------------
SmallCap Dividend Fund 1,235 (4,988,883) 4,987,648
------------------------------------------------------------------------------------
These differences are primarily due to redemptions-in-kind and the tax
treatment of income earned from investments in partnerships.
7. FAS 157
On September 15, 2006, the FASB released Statement of Financial Accounting
Standards No. 157, Fair Value Measurements ("FAS 157") which provides enhanced
guidance for measuring fair value. The standard requires companies to provide
expanded information about the assets and liabilities measured at fair value
and the potential effect of these fair valuations on an entity's financial
performance. The standard does not expand the use of fair value in any new
circumstances, but provides clarification on acceptable fair valuation methods
and applications. Adoption of FAS 157 is required for fiscal years beginning
after November 15, 2007 and interim periods within those fiscal years. At this
time, management does not believe the adoption of FAS 157 will impact the
amounts reported in the financial statements; however, additional disclosures
will be required about the inputs used to develop the measurements of fair
value and the effect of certain measurements reported in the Statements of
Operations for the fiscal period.
60 WisdomTree Domestic Dividend Funds
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders of WisdomTree Trust:
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of WisdomTree Total Dividend Fund,
WisdomTree High-Yielding Equity Fund, WisdomTree LargeCap Dividend Fund,
WisdomTree Dividend Top 100(SM) Fund, WisdomTree MidCap Dividend Fund and
WisdomTree SmallCap Dividend Fund (six of the investment funds constituting the
WisdomTree Trust (the "Trust")) as of March 31, 2008, and the related
statements of operations for the year then ended and the changes in net assets
and financial highlights for the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Trust's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of March 31, 2008, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
WisdomTree Total Dividend Fund, WisdomTree High-Yielding Equity Fund,
WisdomTree LargeCap Dividend Fund, WisdomTree Dividend Top 100(SM) Fund,
WisdomTree MidCap Dividend Fund and WisdomTree SmallCap Dividend Fund of
WisdomTree Trust at March 31, 2008, the results of their operations for the
year then ended and the changes in their net assets and the financial
highlights for the indicated periods, in conformity with U.S. generally
accepted accounting principles.
/s/ Ernst & Young LLP
New York, New York
May 27, 2008
WisdomTree Domestic Dividend Funds 61
Approval of Investment Advisory and Sub-Advisory Agreement (unaudited)
The Board of Trustees of the Trust, including a majority of the Independent
Trustees, has the responsibility under the 1940 Act to approve each Fund's
Investment Advisory Agreement and Sub-Advisory Agreement (collectively, the
"Investment Advisory Agreements"). In addition, the Trust's Board of Trustees
will receive, review and evaluate information concerning the services and
personnel of the Investment Adviser and the Sub-Adviser at each quarterly
meeting of the Board of Trustees. While particular emphasis will be placed on
information concerning profitability, comparability of fees and total expenses,
and the Trust's investment performance at any future meeting at which a renewal
of the Investment Advisory Agreements is considered, the process of evaluating
the Investment Adviser and the Sub-Adviser and the Trust's investment
arrangements is an ongoing one. In this regard, the Board's consideration of
the nature, extent and quality of the services to be provided by the Investment
Adviser and the Sub-Adviser under the Investment Advisory Agreements will
include deliberations at future quarterly meetings.
Approval of Investment Advisory Agreement. The Trust and the Investment Adviser
have entered into an investment advisory agreement covering each Fund discussed
herein. At a meeting held on February 25, 2008, the Board of Trustees
reapproved the Investment Advisory Agreement for the Funds. The Board reviewed
and analyzed the factors it deemed relevant, including: (i) the nature, quality
and extent of the services to be provided to the Funds by WTAM; (ii) the
investment performance of the Funds; (iii) the costs of services to be provided
and the profits to be realized by WTAM from its relationship with the Funds;
(iv) the extent to which economies of scale would be realized as the Funds
grow; and (v) whether the fee levels reflect these economies of scale for the
benefit of investors.
The Board also considered the nature and quality of the services to be provided
by WTAM to the Funds, recognizing WTAM's operational capabilities and
resources. The Board also noted the extensive responsibilities that WTAM has as
investment adviser to the Funds, including the selection of the Funds'
sub-adviser and oversight of the sub-advisers' compliance with Fund policies
and objectives, oversight of general Fund compliance with federal and state
laws, and the implementation of Board directives as they relate to the Funds.
The Board gave substantial consideration to the fees payable under the Advisory
Agreement. In this connection, the Board evaluated WTAM's anticipated costs and
profitability in serving as investment adviser to the Funds, including the
costs associated with the personnel, systems and equipment necessary to manage
the Funds and the costs associated with compensating the sub-adviser. The Board
also examined the fees to be paid by each Fund in light of fees paid to other
investment managers by comparable funds and the method of computing each Fund's
fee. After comparing the fees with those of comparable funds and in light of
the quality and extent of services to be provided and the costs anticipated to
be incurred by WTAM, the Board concluded that the level of the fees paid to
WTAM with respect to each Fund is fair and reasonable.
The Board also approved the Sub-Advisory Agreement with the sub-adviser to the
Funds, BNY Investment Advisors ("BNYIA"), using essentially the same criteria
it used for WTAM. The Board considered BNYIA's operational capabilities and
resources and BNYIA's experience in serving as an adviser to ETFs, noting that
BNYIA currently provides investment advisory and management services to other
ETFs. The Board considered the investment performance of the Funds, and the
expertise and performance of the BNYIA personnel. The Board also noted that
Bank of New York ("BNY"), an affiliate of BNYIA, serves as the Funds'
administrator, accountant, custodian and transfer agent and receives
compensation for acting in these capacities and is responsible for, among other
things, coordinating the Funds' audits, financial statements and tax returns,
managing expenses and budgeting for the Funds, processing trades on behalf of
each Fund and custodying Fund assets. As such, the Board concluded that the
benefits accruing to BNYIA and its affiliates by virtue of their relationship
to the Trust are reasonable and fair in comparison with the anticipated costs
of providing the relevant services.
Based on these considerations and the overall high quality of the personnel,
operations, financial condition, investment advisory capabilities,
methodologies, and performance of WTAM and BNYIA, the Board determined that the
approval of the Advisory Agreement and the Sub-Advisory Agreement was in the
best interests of each Fund. After full consideration of these and other
factors, the Board, including a majority of the Independent Trustees, with the
assistance of independent counsel, approved the Advisory Agreement and
Sub-Advisory Agreement.
62 WisdomTree Domestic Dividend Funds
Frequency Distribution of Discounts & Premiums (unaudited)
The chart below presents information about differences between the per share
net asset value ("NAV") of each Fund and the market trading price of shares of
each Fund. For these purposes, the "market price" is the mid-point of the
highest bid and lowest offer for Fund shares as of the close of trading on the
exchange where Fund shares are listed. The term "premium" is sometimes used to
describe a market price in excess of NAV and the term "discount" is sometimes
used to describe a market price below NAV. The chart presents information about
the size and frequency of premiums or discounts. As with other exchange traded
funds, the market price of Fund shares is typically slightly higher or lower
than the Fund's per share NAV. Factors that contribute to the differences
between market price and NAV include the supply and demand for Fund shares and
investors' assessments of the underlying value of a Fund's portfolio
securities.
--------------------------------------------------------------------------------------------------------
Market Price Above or Market Price Below
Equal to Net Asset Value Net Asset Value
--------------------------------------------------------------------------------------------------------
Basis Point Number Percentage of Number Percentage
Differential of Days Total Days of Days of Total Days
--------------------------------------------------------------------------------------------------------
WisdomTree Total Dividend Fund
April 1, 2007 - March 31, 2008 0 - 24.9 103 41.02% 137 54.58%
---------------------------------------------------------------
25 - 49.9 2 0.80% 2 0.80%
---------------------------------------------------------------
50 - 74.9 1 0.40% 0 0.00%
---------------------------------------------------------------
75 - 100.0 1 0.40% 0 0.00%
---------------------------------------------------------------
>100.0 3 1.20% 2 0.80%
---------------------------------------------------------------
Total 110 43.82% 141 56.18%
========================================================================================================
WisdomTree High-Yielding Equity Fund
April 1, 2007 - March 31, 2008 0 - 24.9 99 39.44% 137 54.57%
---------------------------------------------------------------
25 - 49.9 4 1.59% 2 0.80%
---------------------------------------------------------------
50 - 74.9 1 0.40% 1 0.40%
---------------------------------------------------------------
75 - 100.0 1 0.40% 1 0.40%
---------------------------------------------------------------
>100.0 3 1.20% 2 0.80%
---------------------------------------------------------------
Total 108 43.03% 143 56.97%
========================================================================================================
WisdomTree LargeCap Dividend Fund
April 1, 2007 - March 31, 2008 0 - 24.9 106 42.23% 122 48.60%
---------------------------------------------------------------
25 - 49.9 8 3.19% 4 1.59%
---------------------------------------------------------------
50 - 74.9 3 1.20% 1 0.40%
---------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
---------------------------------------------------------------
>100.0 5 1.99% 2 0.80%
---------------------------------------------------------------
Total 122 48.61% 129 51.39%
========================================================================================================
WisdomTree Dividend Top 100(SM) Fund
April 1, 2007 - March 31, 2008 0 - 24.9 92 36.65% 128 51.00%
---------------------------------------------------------------
25 - 49.9 16 6.37% 4 1.59%
---------------------------------------------------------------
50 - 74.9 1 0.40% 1 0.40%
---------------------------------------------------------------
75 - 100.0 1 0.40% 0 0.00%
---------------------------------------------------------------
>100.0 5 1.99% 3 1.20%
---------------------------------------------------------------
Total 115 45.81% 136 54.19%
========================================================================================================
WisdomTree MidCap Dividend Fund
April 1, 2007 - March 31, 2008 0 - 24.9 113 45.01% 122 48.60%
---------------------------------------------------------------
25 - 49.9 3 1.20% 3 1.20%
---------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
---------------------------------------------------------------
75 - 100.0 1 0.40% 0 0.00%
---------------------------------------------------------------
>100.0 7 2.79% 2 0.80%
---------------------------------------------------------------
Total 124 49.40% 127 50.60%
========================================================================================================
WisdomTree SmallCap Dividend Fund
April 1, 2007 - March 31, 2008 0 - 24.9 123 49.00% 110 43.82%
---------------------------------------------------------------
25 - 49.9 3 1.20% 7 2.79%
---------------------------------------------------------------
50 - 74.9 2 0.80% 0 0.00%
---------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
---------------------------------------------------------------
>100.0 4 1.59% 2 0.80%
---------------------------------------------------------------
Total 132 52.59% 119 47.41%
========================================================================================================
WisdomTree Domestic Dividend Funds 63
Trustee and Officer Information (unaudited)
The Board of Trustees has responsibility for the overall management and
operations of the Funds, including general supervision of the duties performed
by WisdomTree Asset Management and other service providers. The Board of
Trustees elects the officers of the Trust who are responsible for administering
the Trust's day-to-day operations. Each Trustee serves until his or her
successor is duly elected or appointed and qualified.
The address of each Trustee and Officer is c/o WisdomTree Asset Management,
Inc., 380 Madison Avenue, 21st Floor, New York, NY 10017.
Interested Trustee and Officers
Number of Portfolios Other
Term of Office in Fund Complex Directorships
Name and Length of Principal Occupation(s) Overseen by Trustee Held by Trustee
(year of birth) Position Time Served During the Past 5 Years and Officer+ and Officers
--------------------- --------------- --------------- ------------------------------------- ---------------------- ----------------
Jonathan Steinberg Trustee, Trustee Chief Executive Officer of 40 None.
(1964) President* and Officer WisdomTree Investments, Inc.
since 2005 (formerly, Index Development
Partners, Inc.) and Director of
WisdomTree Investments, Inc.
(since 1989).
Amit Muni Treasurer*, Officer Chief Financial Officer and Assistant 40 None.
(1969) Assistant since 2008 Secretary of WisdomTree Investments,
Secretary* Inc. (formerly, Index Development
Partners, Inc.) (since March 2008);
International Securities Exchange
Holdings, Inc. (ISE), Controller and
Chief Accounting Officer (2003 to
2008); Instinet Group Inc., Vice
President Finance (2000 to 2003).
Richard Morris Secretary*, Officer Deputy General Counsel of 40 None.
(1967) Chief Legal since 2005 WisdomTree Investments, Inc.
Officer* (formerly, Index Development
Partners, Inc.) (since 2005); Senior
Counsel at Barclays Global Investors,
N.A. (2002 to 2005); Counsel at
Barclays Global Investors, N.A. (2000
to 2001).
------------------------------------------------------------------------------------------------------------------------------------
* Elected by and serves at the pleasure of the Board of Trustees.
+ As of March 31, 2008.
64 WisdomTree Domestic Dividend Funds
Trustee and Officer Information (unaudited) (concluded)
Independent Trustees
Term of Office Number of Portfolios Other
Name and Length Principal Occupation(s) in Fund Complex Directorships
(year of birth) Position of Time Served During the Past 5 Years Overseen by Trustee+ Held by Trustee
--------------------------------- --------------- --------------------------------------- ---------------------- ------------------
Gregory Barton Trustee Trustee General Counsel and Secretary of 40 None.
(1961)* since 2006 Martha Stewart Living Omnimedia,
Inc. (since 2007); Executive Vice
President of Licensing and Legal Af-
fairs, General Counsel and Secretary
of Ziff Davis Media Inc. (2003 to
2007); Executive Vice President of
Legal Affairs, General Counsel and
Secretary of Ziff Davis Media Inc.
(2002 to 2003); President (2001 to
2002), Chief Financial Officer (2000
to 2002), Vice President of Business
Development (1999 to 2001) and
General Counsel and Secretary (1998
to 2002) of WisdomTree Investments,
Inc. (formerly, Index Development
Partners, Inc.)
Toni Massaro Trustee Trustee Dean at University of Arizona James 40 None.
(1955)** since 2006 E. Rogers College of Law (since
1999); Professor at University of Ari-
zona James E. Rogers College of Law
(since 1990).
Victor Ugolyn Trustee, Trustee Private Investor (2005 to present); 40 Trustee on Board
(1947) Chairman of since 2006 President and Chief Executive Officer of Trustees of
the Board of of William D. Witter, Inc. (2005 to Naismith
Trustees 2006); Consultant to AXA Enterprise Memorial
in 2004; Chairman, President and Basketball Hall of
Chief Executive Officer of Enterprise Fame; Member of
Capital Management (subsidiary of the Board of Di-
The MONY Group, Inc.) and Enter- rectors of William
prise Group of Funds, Chairman of D. Witter, Inc.;
MONY Securities Corp., and Chair- Member of the
man of the Fund Board of Enterprise Board of Over-
Group of Funds (1991 to 2004). seers of the
Hoover Institu-
tion at Stanford
University.
------------------------------------------------------------------------------------------------------------------------------------
* Chair of the Audit Committee.
** Chair of the Governance and Nominating Committee.
+ As of March 31, 2008.
WisdomTree Domestic Dividend Funds 65
Supplemental Information (unaudited)
Federal Income Tax Information
The following Federal tax information related to the Funds fiscal year ended
March 31, 2008, is provided for information purposes only and should not be
used for reporting to federal or state revenue agencies. Federal tax
information for the calendar year will be reported on Form 1099-DIV in January
2009.
Certain dividends paid by the Funds may be subject to a maximum tax rate of
15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Of the distributions paid during the fiscal year ended March 31, 2008, the
following represents the maximum amount of ordinary income distributions that
may be considered qualified dividend income:
-------------------------------------------------------------------------------
Qualified
Fund Dividend Income
-------------------------------------------------------------------------------
Total Dividend Fund $2,691,787
-------------------------------------------------------------------------------
High-Yielding Equity Fund 6,463,155
-------------------------------------------------------------------------------
LargeCap Dividend Fund 8,763,552
-------------------------------------------------------------------------------
Dividend Top 100(SM) Fund 6,275,258
-------------------------------------------------------------------------------
MidCap Dividend Fund 1,971,518
-------------------------------------------------------------------------------
SmallCap Dividend Fund 2,472,641
-------------------------------------------------------------------------------
The following represents the percentage of dividends paid during the fiscal
year ended March 31, 2008 that qualify for the 70% dividends received deduction
for corporate shareholders:
-------------------------------------------------------------------------------
Dividends-Received
Fund Deduction
--------------------------------------------------------------------------------
Total Dividend Fund 99.66%
--------------------------------------------------------------------------------
High-Yielding Equity Fund 94.18
--------------------------------------------------------------------------------
LargeCap Dividend Fund 100.00
--------------------------------------------------------------------------------
Dividend Top 100(SM) Fund 91.67
--------------------------------------------------------------------------------
MidCap Dividend Fund 66.34
--------------------------------------------------------------------------------
SmallCap Dividend Fund 64.06
--------------------------------------------------------------------------------
66 WisdomTree Domestic Dividend Funds
General Information (unaudited)
Proxy Voting Policies, Procedures and Record
A description of the policies and procedures that the Trust uses to determine
how to vote proxies related to each Fund's portfolio securities, and
information on how the Trust voted proxies during the period ended June 30,
2007, is available without charge, upon request (i) by calling 1-866-909-WISE,
(ii) on the Trust's website at www.wisdomtree.com and (iii) on the Securities
and Exchange Commission's ("SEC") website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings
with the SEC for their first and third quarters on Form N-Q. Copies of the
filings are available, without charge, upon request on the SEC's website at
www.sec.gov, and are also available by calling the Trust at 1-866-909-WISE. You
can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference
Room in Washington, DC (information on the operation of the Public Reference
Room may be obtained by calling 1-800-SEC-0330), (ii) sending your request and
a duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102
or (iii) sending your request electronically to publicinfosec.gov.
Information about each Fund's portfolio holdings is available daily, without
charge, at www.wisdomtree.com.
The Fund's 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.
WisdomTree Domestic Dividend Funds 67
[This page intentionally left blank.]
[This page intentionally left blank.]
The WisdomTree Trust
Investment Adviser
WisdomTree Asset Management, Inc.
380 Madison Avenue, 21st Floor
New York, NY 10017
Investment Sub-Adviser
BNY Investment Advisors
1633 Broadway
New York, NY 10019
Administrator, Custodian & Transfer Agent
The Bank of New York
101 Barclay Street
New York, NY 10286
Distributor
ALPS Distributors, Inc.
1290 Broadway
Suite 1100
Denver, CO 80203
Independent Registered Public Accounting Firm
Ernst & Young LLP
5 Times Square
New York, NY 10036
Legal Counsel
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
The WisdomTree(R) Family of Funds
The following is a list of WisdomTree Funds being offered, along with their
respective ticker symbols as of March 31, 2008:
WisdomTree Domestic Dividend Funds
WisdomTree Total Dividend Fund (DTD)
WisdomTree High-Yielding Equity Fund (DHS)
WisdomTree LargeCap Dividend Fund (DLN)
WisdomTree Dividend Top 100(SM) Fund (DTN)
WisdomTree MidCap Dividend Fund (DON)
WisdomTree SmallCap Dividend Fund (DES)
WisdomTree International Dividend Funds
WisdomTree DEFA Fund (DWM)
WisdomTree DEFA High-Yielding Equity Fund (DTH)
WisdomTree Europe Total Dividend Fund (DEB)
WisdomTree Europe High-Yielding Equity Fund (DEW)
WisdomTree Europe SmallCap Dividend Fund (DFE)
WisdomTree Japan Total Dividend Fund (DXJ)
WisdomTree Japan High-Yielding Equity Fund (DNL)
WisdomTree Japan SmallCap Dividend Fund (DFJ)
WisdomTree Pacific ex-Japan Total Dividend Fund (DND)
WisdomTree Pacific ex-Japan High-Yielding Equity Fund (DNH)
WisdomTree International LargeCap Dividend Fund (DOL)
WisdomTree International Dividend Top 100(SM) Fund (DOO)
WisdomTree International MidCap Dividend Fund (DIM)
WisdomTree International SmallCap Dividend Fund (DLS)
WisdomTree International Real Estate Fund (DRW)
WisdomTree Emerging Markets High-Yielding Equity Fund (DEM)
WisdomTree Emerging Markets SmallCap Dividend Fund (DGS)
WisdomTree International Dividend Sector Funds
WisdomTree International Basic Materials Sector Fund (DBN)
WisdomTree International Communications Sector Fund (DGG)
WisdomTree International Consumer Cyclical Sector Fund (DPC)
WisdomTree International Consumer Non-Cyclical Sector Fund (DPN)
WisdomTree International Energy Sector Fund (DKA)
WisdomTree International Financial Sector Fund (DRF)
WisdomTree International Health Care Sector Fund (DBR)
WisdomTree International Industrial Sector Fund (DDI)
WisdomTree International Technology Sector Fund (DBT)
WisdomTree International Utilities Sector Fund (DBU)
WisdomTree Earnings Funds
WisdomTree Total Earnings Fund (EXT)
WisdomTree Earnings 500 Fund (EPS)
WisdomTree MidCap Earnings Fund (EZM)
WisdomTree SmallCap Earnings Fund (EES)
WisdomTree Earnings Top 100 Fund (EEZ)
WisdomTree Low P/E Fund (EZY)
WisdomTree India Earnings Fund (EPI)
The WisdomTree Funds are exchange traded funds ("ETFs") registered with the
United States Securities and Exchange Commission ("SEC") as series of
WisdomTree Trust ("Trust"). WisdomTree Asset Management, Inc., a wholly owned
subsidiary of WisdomTree Investments, Inc., serves as the investment adviser to
the WisdomTree Trust. None of the WisdomTree entities are affiliated with ALPS
Distributors, Inc., the Funds' distributor. WisdomTree Investments, its
affiliates and their independent providers are not liable for any informational
errors, incompleteness, or delays, or for any actions taken in reliance on
information contained herein.
Investors should consider the investment objectives, risks, charges and
expenses of the funds carefully before investing. A prospectus, containing this
and other information, is available at www.wisdomtree.com, or by calling
1-866-909-WISE (9473). Investors should read the prospectus carefully before
investing. There are risks associated with investing, including possible loss
of principal. Past performance does not guarantee future results. Indexes are
unmanaged and you can not invest directly in an index.
There are risks associated with investing including possible loss of principal.
In addition to the normal risks of investing, 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 its investments in one country increase
the impact of events and developments associated with the region which can
adversely affect performance. Funds focusing on a single country, sector and/or
smaller companies generally experience greater price volatility. Investments in
emerging markets are generally less liquid and less efficient than developed
markets. Please read the funds prospectus for specific details regarding the
fund's risk profile. 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 only in large amounts of
50,000 shares or more.
[LOGO]
WISDOMTREE
Fundamental ETFs
380 Madison Avenue, 21st Floor
New York, NY 10017
1.866.909.WISE (9473)
www.wisdomtree.com
WisdomTree Domestic Dividend ETFs
WisdomTree Total Dividend Fund
WisdomTree High-Yielding Equity Fund
WisdomTree LargeCap Dividend Fund
WisdomTree Dividend Top 100(SM) Fund
WisdomTree MidCap Dividend Fund
WisdomTree SmallCap Dividend Fund
WisdomTree Fund shares are distributed by
ALPS Distributors, Inc.
WIS001176 (05/2009)
[LOGO]
WISDOMTREE
Fundamental ETFs
WisdomTree Trust
Earnings Funds
--------------------------------------------------------------------------------
Annual Report
March 31, 2008
WisdomTree Total Earnings Fund
WisdomTree Earnings 500 Fund
WisdomTree MidCap Earnings Fund
WisdomTree SmallCap Earnings Fund
WisdomTree Earnings Top 100 Fund
WisdomTree Low P/E Fund
For the period February 22, 2008 (commencement of investment operations)
through March 31, 2008
WisdomTree India Earnings Fund
Table of Contents
Letter to Shareholders ..................................................... 1
Management's Discussion of Funds' Performance .............................. 2
Performance Summaries (unaudited) .......................................... 4
Shareholder Expense Examples (unaudited) ................................... 11
Schedules of Investments
WisdomTree Total Earnings Fund ............................................ 13
WisdomTree Earnings 500 Fund .............................................. 27
WisdomTree MidCap Earnings Fund ........................................... 34
WisdomTree SmallCap Earnings Fund ......................................... 43
WisdomTree Earnings Top 100 Fund .......................................... 56
WisdomTree Low P/E Fund ................................................... 58
WisdomTree India Earnings Fund ............................................ 66
Statements of Assets and Liabilities ....................................... 68
Statements of Operations ................................................... 69
Statements of Changes in Net Assets ........................................ 70
Financial Highlights ....................................................... 72
Notes to Financial Statements .............................................. 76
Report of Independent Registered Public Accounting Firm .................... 82
Approval of Investment Advisory and Sub-Advisory Agreement (unaudited) ..... 83
Frequency Distribution of Discounts & Premiums (unaudited) ................. 84
Trustee and Officers Information (unaudited) ............................... 85
Supplemental Information (unaudited) ....................................... 87
General Information (unaudited) ............................................ 88
"WisdomTree", "WisdomTree Investments" and "Dividend Top 100" are marks of
WisdomTree Investments, Inc. and are licensed for use by the Trust.
[This page intentionally left blank.]
Letter to Shareholders
Dear Shareholders:
It is a pleasure to report highlights for the funds of the WisdomTree
Trust for the fiscal year that ended March 31, 2008.
Over this period, many U.S. and international stock markets declined
between 5% and 15%, disappointing equity investors. With toxic sub-prime loans
causing huge write-downs in the value of assets held at large banks and
brokerage firms, financial stocks dramatically underperformed the broader
market. For the first time since 1999, value stocks underperformed growth stocks
in 2007, both domestically and internationally. WisdomTree's smaller
capitalization U.S. funds, with greater exposure to real estate and financial
stocks, generated sub-par returns for the period. Nevertheless, despite the
challenging environment, 21 of WisdomTree's 36 funds with one-year track records
outperformed their comparable capitalization weighted benchmark over the 12
months ended March 31, 2008.
Some of WisdomTree's strongest relative performance occurred in the
developing world. Within the past year, the Trust added the WisdomTree Emerging
Markets High-Yielding Equity Fund (DEM) and the WisdomTree Emerging Markets
SmallCap Dividend Fund (DGS), the first ETF to offer investors access to the
small-cap segment of emerging equity markets. Since the inception of the funds
(July 13, 2007 and October 30, 2007, respectively) through March 31, 2008, both
DEM and DGS outperformed the capitalization-weighted barometer for the emerging
markets: the MSCI Emerging Markets Index. In February, WisdomTree launched the
industry's first India ETF, the WisdomTree India Earnings Fund (EPI), which
gives U.S. investors exposure to local shares trading in India. By March 31,
2008, overall assets under management in the WisdomTree Trust stood at
approximately $4.3 billion, up from approximately $3 billion a year earlier.
The past fiscal year was also punctuated by an initiative that has the
potential to significantly expand WisdomTree's reach: a platform that allows
plan sponsors to use ETFs within employee 401(k) programs. This program gives
clients the ability to use traditional index funds, actively managed mutual
funds or ETFs within their retirement plans. Increasingly, investors view
WisdomTree products as alternatives to both types of investments. Like
traditional index funds, WisdomTree ETFs provide broad exposure to equity
markets in 42 countries. But unlike traditional capitalization- weighted
indexes, which set weights based on a company's market value, WisdomTree sets
component weights based on income streams, such as earnings or dividends.
WisdomTree is presenting advisors, plan sponsors, and self-directed investors a
new way to understand and invest in equity markets. This report contains another
full year of real-time performance data that will, I hope, provide greater
clarity as to whether we are meeting our goal of delivering market-beating
returns in a passive structure.
Thank you for your continued support.
Best regards,
/s/ Jonathan Steinberg
Jonathan Steinberg
President, WisdomTree Trust
CEO, WisdomTree Asset Management, Inc.
Mr. Steinberg is a registered representative of ALPS Distributors, Inc.
This information is subject to change at any time based on market and other
conditions and should not be construed as a recommendation of any specific
security. Fund returns are quoted at NAV. Please see Performance Summaries on
the subsequent pages for more complete performance information.
The MSCI Emerging Markets Index is a market cap weighted index that is designed
to measure equity market performance consisting of 25 emerging market country
indexes. MSCI Index performance information assumes the reinvestment of net
dividends and excludes management fees, transaction costs and expenses. You
cannot invest directly in an index.
WisdomTree Earnings Funds 1
Management's Discussion of Funds' Performance
The six domestic earnings-based ETFs of the WisdomTree Trust give investors
alternatives to market capitalization-weighted index funds in all major market
capitalization segments of the U.S. equity market. Six of the ETFs discussed in
this report track specific indexes that are derived from the WisdomTree
Earnings Index, which measures the performance of generally profitable
companies in the U.S. The seventh fund, the India Earnings Fund, is designed to
track an index WisdomTree created to measure the stock performance of companies
trading in India. Unlike ETFs that track traditional market
capitalization-weighted indexes, WisdomTree's earnings-based ETFs are designed
to track indexes that are weighted based on the earnings that companies
produce. For ease of comparison, this report provides index performance data on
each ETF's underlying WisdomTree Index and a comparable benchmark index.
For the fiscal year ended March 31, 2008, four of WisdomTree's six domestic
earnings-based funds outperformed their comparable market
capitalization-weighted benchmark.
U.S. stocks, as measured by the Russell 3000 Index*, declined by 6.03%, for the
year ended March 31, 2008. The broadest WisdomTree domestic earnings-based ETF,
the WisdomTree Total Earnings Fund (EXT) outperformed the Russell 3000 Index,
declining 5.69% for the year that ended March 31, 2008. WisdomTree's best
performing size segment for this period was the WisdomTree Earnings 500 Fund
(EPS), which declined 4.72%, versus a 5.05% decline for the S&P 500 Index* over
the same period. The worst-performing size segment for the earnings-based
family was the WisdomTree SmallCap Earnings Fund (EES). EES lost 17.97% of its
value for the year ended March 31, 2008, compared to a 12.94% decline in the
Russell 2000 Index*.
Both of WisdomTree's earnings-based large-cap value funds outperformed the
Russell 1000 Value Index* for the period. The WisdomTree Earnings Top 100 Fund
(EEZ), which includes large-cap companies chosen because of their low P/E
ratios, declined 9.09% through March 31, 2008, more than 2 percentage points
less than the Russell 1000 Value Index,* which declined by 11.16% over the
period. The WisdomTree Low P/E Fund (EZY) declined by 10.80%, outperforming the
Russell 1000 Value Index* by 0.36 percentage points. The WisdomTree MidCap
Earnings Fund (EZM) declined by 12.57% for the year ended March 31, 2008,
underperforming the S&P MidCap 400 Index* by 5.64 percentage points over this
period.
Internationally, the only region of the world where WisdomTree sets portfolio
weights based on earnings is in India. Launched in early 2008, during a quarter
when most equity markets in developing nations experienced sharp contractions,
the WisdomTree India Earnings Fund declined by 9.11% from its inception on
February 22, 2008 through March 31, 2008. This compared to an 11.14% decline in
the MSCI India Index* over the same period.
The views expressed in this report reflect those of the portfolio managers only
through the end of the period of the report as stated on the cover. The
portfolio managers' views are subject to change at any time based on market and
other conditions and should not be construed as a recommendation. Past
performance is no guarantee of future results.
Fund returns are shown at NAV. Please see Performance Summaries on the
subsequent pages for more complete performance information.
Fund performance assumes reinvestment of dividends and capital gain
distributions. 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. 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 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.
2 WisdomTree Earnings Funds
Management's Discussion of Funds' Performance
(concluded)
The Russell 3000 Index measures the performance of the 3000 largest stocks in
the U.S. market by market value; the Russell 1000 Value Index measures the
performance of Russell 1000 companies with lower price to book ratios and lower
forecasted growth values; the Russell 2000 Index measures the performance of
the smallest 2000 companies in the Russell 3000 Index; the S&P 500 Index is the
Standard & Poor's composite index of 500 stocks; the S&P MidCap 400 Index is an
unmanaged group of 400 domestic stocks chosen for market size, liquidity and
industry group representation; MSCI India Index is a free float-adjusted market
capitalization index that is designed to measure the performance of stocks in
India. You cannot invest directly in an index.
* Performance information for the Russell 3000 Index, Russell 1000 Value
Index, S&P MidCap 400 Index, Russell 2000 Index and S&P 500 Index assumes
the reinvestment of gross dividends and excludes management fees,
transaction costs and expenses. Performance information for the MSCI India
Index assumes reinvestment of net dividends and excludes management fees,
transaction costs and expenses. You cannot invest directly in an index.
WisdomTree Earnings Funds 3
Performance Summary (unaudited)
WisdomTree Total Earnings Fund
Industry Breakdown+ as of 3/31/08
------------------------------------------
[PIE CHART]
Energy 13.6%
Diversified Financials 11.0%
Capital Goods 9.1%
Insurance 7.9%
Banks 5.4%
Technology Hardware & Equipment 5.3%
Pharmaceuticals, Biotechnology &
Life Sciences 5.2%
Food, Beverage & Tobacco 4.5%
Materials 4.2%
Software & Services 3.9%
Retailing 3.7%
Other 26.2%
------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
---------------------------------------------------
Description % of Net Assets
---------------------------------------------------
Exxon Mobil Corp. 4.4%
---------------------------------------------------
General Electric Co. 2.5%
---------------------------------------------------
Bank of America Corp. 2.0%
---------------------------------------------------
Chevron Corp. 1.9%
---------------------------------------------------
JPMorgan Chase & Co. 1.9%
---------------------------------------------------
Wal-Mart Stores, Inc. 1.7%
---------------------------------------------------
Citigroup, Inc. 1.5%
---------------------------------------------------
Berkshire Hathaway, Inc. Class B 1.4%
---------------------------------------------------
Microsoft Corp. 1.4%
---------------------------------------------------
American International
Group, Inc. 1.3%
---------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Total Earnings Fund seeks investment results that correspond to
the price and yield performance, before fees and expenses, of the WisdomTree
Earnings Index.
The WisdomTree Total Earnings Fund (EXT) returned -5.69% at net asset value
("NAV") for the fiscal year ending March 31, 2008 (for more complete
performance information, please see below). Energy contributed most
significantly to this performance, comprising on average 15.33% of the Fund and
returned 18.75% over the period. Exxon Mobil Corp. was the top performing
security in the Fund. Financials contributed the least to the Fund returning
-26.05% over the period and comprising on average 24.22% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.28%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Average Annual Total Return
------------------------------------------------------------------------------------------------
WisdomTree
Net Asset Value Market Price Earnings Index Russell 3000 Index
------------------------------------------------------------------------------------------------
One Year (5.69)% (5.71)% (5.65)% (6.03)%
------------------------------------------------------------------------------------------------
Since Inception(1) (6.73)% (6.77)% (6.71)% (7.31)%
------------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX on February 23, 2007.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
Total Earnings Russell 3000
Date Fund Index
------------------------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $9,692 $9,690
3/31/2007 $9,821 $9,791
4/30/2007 $10,232 $10,182
5/31/2007 $10,624 $10,553
6/30/2007 $10,367 $10,356
7/31/2007 $9,983 $10,003
8/31/2007 $10,092 $10,146
9/30/2007 $10,403 $10,516
10/31/2007 $10,558 $10,709
11/30/2007 $10,130 $10,227
12/31/2007 $10,054 $10,165
1/31/2008 $9,619 $9,549
2/29/2008 $9,252 $9,252
3/31/2008 $9,084 $9,198
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
4 WisdomTree Earnings Funds
Performance Summary (unaudited)
WisdomTree Earnings 500 Fund
Industry Breakdown+ as of 3/31/08
------------------------------------------
[PIE CHART]
Energy 14.3%
Diversified Financials 12.2%
Capital Goods 9.0%
Insurance 8.1%
Pharmaceuticals, Biotechnology &
Life Sciences 5.7%
Technology Hardware & Equipment 5.4%
Banks 4.9%
Food, Beverage & Tobacco 4.9%
Software & Services 3.9%
Materials 3.7%
Utilities 3.4%
Other 24.5%
------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
-------------------------------------------------
Description % of Net Assets
-------------------------------------------------
Exxon Mobil Corp. 5.1%
-------------------------------------------------
General Electric Co. 2.9%
-------------------------------------------------
Bank of America Corp. 2.4%
-------------------------------------------------
JPMorgan Chase & Co. 2.2%
-------------------------------------------------
Chevron Corp. 2.2%
-------------------------------------------------
Wal-Mart Stores, Inc. 1.9%
-------------------------------------------------
Berkshire Hathaway, Inc.
Class B 1.7%
-------------------------------------------------
Citigroup, Inc. 1.7%
-------------------------------------------------
Microsoft Corp. 1.6%
-------------------------------------------------
American International Group,
Inc. 1.6%
-------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Earnings 500 Fund seeks investment results that correspond to
the price and yield performance, before fees and expenses, of the WisdomTree
Earnings 500 Index.
The WisdomTree Earnings 500 Fund (EPS) returned -4.72% at net asset value
("NAV") for the fiscal year ended March 31, 2008 (for more complete performance
information, please see below). Energy contributed most significantly to this
performance, comprising on average 16.33% of the Fund and returned 18.80% over
the period. Exxon Mobil Corp. was the top performing security in the Fund.
Financials contributed the least to the Fund returning -26.46% over the period
and comprising on average 24.71% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.28%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Average Annual Total Return
----------------------------------------------------------------------------------------
WisdomTree
Earnings 500
Net Asset Value Market Price Index S&P 500 Index
----------------------------------------------------------------------------------------
One Year (4.72)% (4.88)% (4.29)% (5.05)%
----------------------------------------------------------------------------------------
Since Inception(1) (5.76)% (5.87)% (5.36)% (6.29)%
----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX on February 23, 2007.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
Earnings 500 S&P 500
Date Fund Index
------------------------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $9,695 $9,699
3/30/2007 $9,833 $9,808
4/30/2007 $10,251 $10,242
5/31/2007 $10,627 $10,600
6/30/2007 $10,394 $10,423
7/31/2007 $10,046 $10,100
8/31/2007 $10,177 $10,252
9/28/2007 $10,525 $10,635
10/31/2007 $10,679 $10,804
11/30/2007 $10,268 $10,353
12/31/2007 $10,210 $10,281
1/31/2008 $9,749 $9,664
2/29/2008 $9,377 $9,350
3/31/2008 $9,214 $9,310
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree Earnings Funds 5
Performance Summary (unaudited)
WisdomTree MidCap Earnings Fund
Industry Breakdown+ as of 3/31/08
--------------------------------------
[PIE CHART]
Capital Goods 9.6%
Energy 9.5%
Materials 8.8%
Insurance 7.7%
Banks 6.3%
Utilities 6.3%
Retailing 5.9%
Consumer Durables & Apparel 4.6%
Technology Hardware & Equipment 4.4%
Health Care Equipment & Services 4.3%
Real Estate 4.0%
Other 28.6%
--------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
-----------------------------------------------
Description % of Net Assets
-----------------------------------------------
Patterson-UTI Energy, Inc. 0.8%
-----------------------------------------------
NVR, Inc. 0.6%
-----------------------------------------------
Helmerich & Payne, Inc. 0.5%
-----------------------------------------------
Reliance Steel &
Aluminum Co. 0.5%
-----------------------------------------------
UAL Corp. 0.5%
-----------------------------------------------
E*Trade Financial Corp. 0.5%
-----------------------------------------------
Rowan Cos., Inc. 0.5%
-----------------------------------------------
Office Depot, Inc. 0.5%
-----------------------------------------------
Continental Airlines, Inc.
Class B 0.5%
-----------------------------------------------
Arrow Electronics, Inc. 0.4%
-----------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree MidCap Earnings Fund seeks investment results that correspond to
the price and yield performance, before fees and expenses, of the WisdomTree
MidCap Earnings Index.
The WisdomTree MidCap Earnings Fund (EZM) returned -12.57% at net asset value
("NAV") for the fiscal year ended March 31, 2008 (for more complete performance
information, please see below). Energy contributed most significantly to this
performance, comprising on average 9.51% of the Fund and returned 18.89% over
the period. Western Digital Corp. was the top performing security in the Fund.
Consumer Discretionary contributed the least to the Fund returning -28.70% over
the period and comprising on average 17.64% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.38%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Average Annual Total Return
-------------------------------------------------------------------------------------------
WisdomTree
MidCap Earnings S&P MidCap
Net Asset Value Market Price Index 400 Index
-------------------------------------------------------------------------------------------
One Year (12.57)% (12.66)% (12.86)% (6.93)%
-------------------------------------------------------------------------------------------
Since Inception(1) (13.42)% (13.32)% (13.64)% (8.12)%
-------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX on February 23, 2007.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
MidCap S&P
Earnings MidCap
Date Fund 400 Index
----------------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $9,676 $9,662
3/31/2007 $9,763 $9,792
4/30/2007 $10,134 $10,090
5/31/2007 $10,604 $10,595
6/30/2007 $10,365 $10,364
7/31/2007 $9,743 $9,918
8/31/2007 $9,745 $10,009
9/30/2007 $9,876 $10,274
10/31/2007 $10,002 $10,544
11/30/2007 $9,429 $10,013
12/31/2007 $9,272 $9,994
1/31/2008 $8,949 $9,378
2/29/2008 $8,626 $9,204
3/31/2008 $8,423 $9,109
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
6 WisdomTree Earnings Funds
Performance Summary (unaudited)
WisdomTree SmallCap Earnings Fund
Industry Breakdown+ as of 3/31/08
------------------------------------------
[PIE CHART]
Banks 15.8%
Capital Goods 8.9%
Retailing 8.0%
Energy 6.7%
Insurance 6.2%
Commercial Services & Supplies 5.9%
Health Care Equipment & Services 5.1%
Consumer Durables & Apparel 4.4%
Technology Hardware & Equipment 4.3%
Transportation 4.0%
Diversified Financials 4.0%
Other 26.7%
------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
-----------------------------------------------
Description % of Net Assets
-----------------------------------------------
Grey Wolf, Inc. 0.8%
-----------------------------------------------
Rent-A-Center, Inc. 0.7%
-----------------------------------------------
Employers Holdings, Inc. 0.6%
-----------------------------------------------
Avatar Holdings, Inc. 0.5%
-----------------------------------------------
Broadridge Financial
Solutions, Inc. 0.5%
-----------------------------------------------
Corus Bankshares, Inc. 0.5%
-----------------------------------------------
United Fire & Casualty Co. 0.4%
-----------------------------------------------
Gulfmark Offshore, Inc. 0.4%
-----------------------------------------------
RPC, Inc. 0.4%
-----------------------------------------------
McClatchy Co. Class A 0.4%
-----------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree SmallCap Earnings Fund seeks investment results that correspond
to the price and yield performance, before fees and expenses, of the WisdomTree
SmallCap Earnings Index.
The WisdomTree SmallCap Earnings Fund (EES) returned -17.97% at net asset value
("NAV") for the fiscal year ended March 31, 2008 (for more complete performance
information, please see below). Energy contributed most significantly to this
performance, comprising on average 6.64% of the Fund and returned 3.68% over
the period. Alpha Natural Resources, Inc. was the top performing security in
the Fund. Consumer Discretionary contributed the least to the Fund returning
-36.02% over the period and comprising on average 17.57% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.38%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Average Annual Total Return
------------------------------------------------------------------------------------------------
WisdomTree
SmallCap
Net Asset Value Market Price Earnings Index Russell 2000 Index
------------------------------------------------------------------------------------------------
One Year (17.97)% (17.99)% (17.71)% (12.94)%
------------------------------------------------------------------------------------------------
Since Inception(1) (19.48)% (19.61)% (19.24)% (14.27)%
------------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX on February 23, 2007.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree SmallCap Russell
Earnings 2000
Date Fund Index
--------------------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $9,612 $9,599
3/31/2007 $9,608 $9,702
4/30/2007 $9,764 $9,876
5/31/2007 $10,121 $10,280
6/30/2007 $9,987 $10,130
7/31/2007 $9,158 $9,437
8/31/2007 $9,248 $9,651
9/30/2007 $9,197 $9,817
10/31/2007 $9,219 $10,098
11/30/2007 $8,506 $9,373
12/31/2007 $8,408 $9,367
1/31/2008 $8,123 $8,729
2/29/2008 $7,746 $8,405
3/31/2008 $7,793 $8,440
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree Earnings Funds 7
Performance Summary (unaudited)
WisdomTree Earnings Top 100 Fund
Industry Breakdown+ as of 3/31/08
--------------------------------------------
[PIE CHART]
Insurance 13.8%
Diversified Financials 13.5%
Energy 12.8%
Banks 10.9%
Materials 10.5%
Retailing 6.0%
Capital Goods 5.8%
Utilities 4.5%
Transportation 3.8%
Health Care Equipment & Services 2.3%
Media 2.3%
Other 13.8%
--------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
---------------------------------------------------
Description % of Net Assets
---------------------------------------------------
TD Ameritrade Holding Corp. 2.4%
---------------------------------------------------
Allstate Corp. (The) 1.9%
---------------------------------------------------
Qwest Communications
International, Inc. 1.9%
---------------------------------------------------
Morgan Stanley 1.8%
---------------------------------------------------
Capital One Financial Corp. 1.7%
---------------------------------------------------
United States Steel Corp. 1.6%
---------------------------------------------------
Travelers Cos., Inc. (The) 1.6%
---------------------------------------------------
Chubb Corp. (The) 1.5%
---------------------------------------------------
Genworth Financial, Inc. Class A 1.4%
---------------------------------------------------
KeyCorp 1.4%
---------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Earnings Top 100 Fund seeks investment results that correspond
to the price and yield performance, before fees and expenses, of the WisdomTree
Earnings Top 100 Index.
The WisdomTree Earnings Top 100 Fund (EEZ) returned -7.89% at net asset value
("NAV") for the fiscal year ended March 31, 2008 (for more complete performance
information, please see below). Energy contributed most significantly to this
performance, comprising on average 20.47% of the Fund and returned 26.46% over
the period. Hess Corp. was the top performing security in the Fund. Financials
contributed the least to the Fund returning -32.17% over the period and
comprising on average 35.35% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.38%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
Average Annual Total Return
----------------------------------------------------------------------------------------
WisdomTree
Earnings Top Russell 1000
Net Asset Value Market Price 100 Index Value Index
----------------------------------------------------------------------------------------
One Year (7.89)% (7.92)% (7.49)% (9.94)%
----------------------------------------------------------------------------------------
Since Inception(1) (8.39)% (8.31)% (8.02)% (10.19)%
----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX on February 23, 2007.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree Russell
Earnings Top 1000
Date 100 Fund Value Index
-------------------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $9,701 $9,720
3/31/2007 $9,861 $9,871
4/30/2007 $10,296 $10,235
5/31/2007 $10,786 $10,604
6/30/2007 $10,505 $10,357
7/31/2007 $10,055 $9,878
8/31/2007 $10,030 $9,988
9/30/2007 $10,436 $10,331
10/31/2007 $10,646 $10,333
11/30/2007 $10,061 $9,828
12/31/2007 $10,054 $9,733
1/31/2008 $9,786 $9,343
2/29/2008 $9,347 $8,951
3/31/2008 $8,899 $8,884
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
8 WisdomTree Earnings Funds
Performance Summary (unaudited)
WisdomTree Low P/E Fund
Industry Breakdown+ as of 3/31/08
---------------------------------------
[PIE CHART]
Energy 24.3%
Diversified Financials 19.7%
Insurance 15.7%
Banks 10.0%
Materials 5.9%
Retailing 5.3%
Technology Hardware & Equipment 3.5%
Capital Goods 3.3%
Consumer Durables & Apparel 1.8%
Utilities 1.4%
Transportation 1.2%
Other 7.9%
---------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
---------------------------------------------------
Description % of Net Assets
---------------------------------------------------
Exxon Mobil Corp. 9.7%
---------------------------------------------------
Bank of America Corp. 4.5%
---------------------------------------------------
JPMorgan Chase & Co. 4.2%
---------------------------------------------------
Chevron Corp. 4.1%
---------------------------------------------------
Citigroup, Inc. 3.3%
---------------------------------------------------
Berkshire Hathaway, Inc. Class B 3.2%
---------------------------------------------------
American International
Group, Inc. 3.0%
---------------------------------------------------
ConocoPhillips 2.8%
---------------------------------------------------
International Business
Machines Corp. 2.8%
---------------------------------------------------
Goldman Sachs Group, Inc. 2.4%
---------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Low P/E Fund seeks investment results that correspond to the
price and yield performance, before fees and expenses, of the WisdomTree Low
P/E Index.
The WisdomTree Low P/E Fund (EZY) returned -9.31% at net asset value ("NAV")
for the fiscal year ended March 31, 2008 (for more complete performance
information, please see below). Energy contributed most significantly to this
performance, comprising on average 25.39% of the Fund and returned 16.78% over
the period. Exxon Mobil Corp. was the top performing security in the Fund.
Financials contributed the least to the Fund returning -29.24% over the period
and comprising on average 36.95% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.38%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
Average Annual Total Return
-------------------------------------------------------------------------------------------
WisdomTree Low Russsell 1000
Net Asset Value Market Price P/E Index Value Index
-------------------------------------------------------------------------------------------
One Year (9.31)% (9.33)% (9.16)% (9.94)%
-------------------------------------------------------------------------------------------
Since Inception(1) (9.93)% (9.88)% (9.87)% (10.19)%
-------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX on February 23, 2007.
[LINE CHART]
Growth of $10,000 Investment
Russell
WisdomTree 1000
Date Low P/E Fund Value Index
--------------------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $9,672 $9,720
3/31/2007 $9,831 $9,871
4/30/2007 $10,265 $10,235
5/31/2007 $10,715 $10,604
6/30/2007 $10,428 $10,357
7/31/2007 $9,948 $9,878
8/31/2007 $10,011 $9,988
9/30/2007 $10,299 $10,331
10/31/2007 $10,330 $10,333
11/30/2007 $9,809 $9,828
12/31/2007 $9,765 $9,733
1/31/2008 $9,548 $9,343
2/29/2008 $9,053 $8,951
3/31/2008 $8,723 $8,884
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree Earnings Funds 9
Performance Summary (unaudited)
WisdomTree India Earnings Fund
Industry Breakdown+ as of 3/31/08
------------------------------------------
[PIE CHART]
Energy 25.5%
Materials 15.2%
Software & Services 11.4%
Banks 9.8%
Telecommunication Services 8.0%
Capital Goods 7.3%
Utilities 5.3%
Pharmaceuticals, Biotechnology &
Life Sciences 4.1%
Automobiles & Components 3.1%
Food, Beverage & Tobacco 2.6%
Diversified Financials 2.1%
Other 5.6%
------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
---------------------------------------------------
Description % of Net Assets
---------------------------------------------------
Reliance Industries Ltd. 13.6%
---------------------------------------------------
Oil & Natural Gas Corp. Ltd. 6.9%
---------------------------------------------------
Infosys Technologies Ltd. 5.5%
---------------------------------------------------
Bharti Airtel Ltd. 5.4%
---------------------------------------------------
ICICI Bank Ltd. 3.4%
---------------------------------------------------
Housing Development
Finance Corp. 2.8%
---------------------------------------------------
Reliance Communications Ltd. 2.5%
---------------------------------------------------
Sterlite Industries India Ltd. 2.1%
---------------------------------------------------
Steel Authority of India Ltd. 1.9%
---------------------------------------------------
Hindustam Unilever Ltd. 1.9%
---------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree India Earnings Fund seeks investment results that correspond to
the price and yield performance, before fees and expenses, of the WisdomTree
India Earnings Index.
The WisdomTree India Earnings Fund (EPI) returned -9.50% at net asset value
("NAV") since its inception on February 22, 2008 (for more complete performance
information, please see below). Health Care contributed most significantly to
this performance, comprising on average 4.12% of the Fund and returned 5.34%
over the period. National Aluminium Co. Ltd. was the top performing security in
the Fund. Financials contributed the least to the Fund returning -21.81% over
the period and comprising on average 13.65% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.88%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Cumulative Total Return
-------------------------------------------------------------------------------------------
WisdomTree
India Earnings MSCI
Net Asset Value Market Price Index India Index
-------------------------------------------------------------------------------------------
Since Inception(1) (9.50)% (9.11)% (9.24)% (11.14)%
-------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on February 22, 2008.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree India MSCI
Date Earnings Fund India Index
-----------------------------------------------------
2/22/2008 $10,000 $10,000
2/29/2008 $10,146 $10,177
3/31/2008 $9,050 $8,886
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
10 WisdomTree Earnings Funds
Shareholder Expense Examples (unaudited)
As a shareholder of a WisdomTree Fund, you incur two types of costs: (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 following example is 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 example is based on an investment of $1,000 invested at the beginning of
the period and held for the entire period from October 1, 2007 to March 31,
2008 for all Funds except the WisdomTree India Earnings Fund whose period was
February 22, 2008 through March 31, 2008.
Actual expenses
The first line under each Fund in the table on the next page 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 Period 10/01/07 to 3/31/08" to estimate
the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table on the next page provides
information about hypothetical account values and hypothetical expenses based
on each 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 under each Fund 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 Earnings Funds 11
Shareholder Expense Examples (unaudited) (concluded)
-------------------------------------------------------------------------------------------------------------------
Annualized
Expense Ratio Expenses Paid
Based on the During the
Beginning Ending Period Period+
Account Value Account Value 10/01/07 to 10/01/07 to
10/01/07 3/31/08 3/31/08 3/31/08
-------------------------------------------------------------------------------------------------------------------
WisdomTree Total Earnings Fund
Actual $ 1,000.00 $ 881.81 0.28% $ 1.34
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.58 0.28% $ 1.44
-------------------------------------------------------------------------------------------------------------------
WisdomTree Earnings 500 Fund
Actual $ 1,000.00 $ 883.46 0.28% $ 1.34
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.58 0.28% $ 1.44
-------------------------------------------------------------------------------------------------------------------
WisdomTree MidCap Earnings Fund
Actual $ 1,000.00 $ 861.88 0.38% $ 1.79
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.08 0.38% $ 1.94
-------------------------------------------------------------------------------------------------------------------
WisdomTree SmallCap Earnings Fund
Actual $ 1,000.00 $ 853.26 0.38% $ 1.78
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.08 0.38% $ 1.94
-------------------------------------------------------------------------------------------------------------------
WisdomTree Earnings Top 100 Fund
Actual $ 1,000.00 $ 861.79 0.38% $ 1.79
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.08 0.38% $ 1.94
-------------------------------------------------------------------------------------------------------------------
WisdomTree Low P/E Fund
Actual $ 1,000.00 $ 857.64 0.38% $ 1.79
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.08 0.38% $ 1.94
-------------------------------------------------------------------------------------------------------------------
WisdomTree India Earnings Fund*
Actual $ 1,000.00 $ 904.97 0.88% $ 0.89
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.60 0.88% $ 4.45
-------------------------------------------------------------------------------------------------------------------
* Commencement of investment operations for the WisdomTree India Earnings
Fund is February 22, 2008.
+ Expenses are calculated using each Fund's annualized expense ratio,
multiplied by the average account value for the period, multiplied by
183/366 (to reflect one-half year period) except for the actual return
information which reflects the 39 day period for WisdomTree India Earnings
Fund.
12 WisdomTree Earnings Funds
Schedule of Investments
WisdomTree Total Earnings Fund
March 31, 2008
-------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------
COMMON STOCKS - 99.6%
Aerospace & Defense - 2.5%
Alliant Techsystems, Inc.* 49 $ 5,073
BE Aerospace, Inc.* 51 1,782
Boeing Co. (The) 896 66,636
Ceradyne, Inc.* 76 2,429
Curtiss-Wright Corp. 48 1,991
DRS Technologies, Inc. 55 3,205
DynCorp International, Inc. Class A* 58 967
Esterline Technologies Corp.* 45 2,267
General Dynamics Corp. 413 34,432
Goodrich Corp. 129 7,419
Hexcel Corp.* 81 1,548
Honeywell International, Inc. 806 45,475
L-3 Communications Holdings, Inc. 133 14,542
Lockheed Martin Corp. 504 50,047
Moog, Inc. Class A* 60 2,533
Northrop Grumman Corp. 346 26,922
Precision Castparts Corp. 112 11,433
Raytheon Co. 479 30,948
Rockwell Collins, Inc. 140 8,001
Spirit Aerosystems Holdings, Inc. Class A* 102 2,262
Teledyne Technologies, Inc.* 46 2,162
TransDigm Group, Inc.* 47 1,741
Triumph Group, Inc. 25 1,423
United Technologies Corp. 1,001 68,890
-----------
Total Aerospace & Defense 394,128
-------------------------------------------------------------------------
Air Freight & Logistics - 0.8%
ABX Holdings, Inc.* 594 1,746
Atlas Air Worldwide Holdings, Inc.* 45 2,475
C.H. Robinson Worldwide, Inc. 112 6,093
Expeditors International Washington, Inc. 112 5,060
FedEx Corp. 374 34,659
Hub Group, Inc. Class A* 73 2,401
United Parcel Service Inc. Class B 1,015 74,115
-----------
Total Air Freight & Logistics 126,549
-------------------------------------------------------------------------
Airlines - 0.3%
Alaska Air Group, Inc.* 124 2,433
AMR Corp.* 714 6,440
Continental Airlines, Inc. Class B* 393 7,557
Pinnacle Airlines Corp.* 92 803
Republic Airways Holdings, Inc.* 109 2,361
Skywest, Inc. 161 3,400
Southwest Airlines Co. 778 9,648
UAL Corp* 382 8,225
US Airways Group, Inc.* 607 5,408
-----------
Total Airlines 46,275
-------------------------------------------------------------------------
Auto Components - 0.3%
Autoliv, Inc. 138 6,928
BorgWarner, Inc. 120 5,164
China Automotive Systems, Inc.* 62 353
Cooper Tire & Rubber Co. 121 1,811
Gentex Corp. 168 2,881
Johnson Controls, Inc. 658 22,241
Spartan Motors, Inc. 1 8
Standard Motor Products, Inc. 27 165
Tenneco, Inc.* 94 2,626
-----------
Total Auto Components 42,177
-------------------------------------------------------------------------
Automobiles - 0.1%
Harley-Davidson, Inc. 420 15,750
Thor Industries, Inc. 113 3,364
-----------
Total Automobiles 19,114
-------------------------------------------------------------------------
Beverages - 1.7%
Anheuser-Busch Cos., Inc. 768 36,442
Brown-Forman Corp. Class B 119 7,880
Central European Distribution Corp.* 39 2,269
Coca-Cola Co. (The) 1,583 96,357
Constellation Brands, Inc. Class A* 276 4,877
Hansen Natural Corp.* 76 2,683
MGP Ingredients, Inc. 77 538
Molson Coors Brewing Co. Class B 140 7,360
Pepsi Bottling Group, Inc. 287 9,732
PepsiAmericas, Inc. 127 3,242
PepsiCo, Inc. 1,483 107,073
-----------
Total Beverages 278,453
-------------------------------------------------------------------------
Biotechnology - 0.8%
Amgen, Inc.* 1,235 51,598
Biogen Idec, Inc.* 160 9,870
Celgene Corp.* 72 4,413
Emergent Biosolutions, Inc.* 113 1,008
Genentech, Inc.* 702 56,989
Genzyme Corp.* 91 6,783
ImClone Systems, Inc.* 64 2,715
Trimeris, Inc.* 124 808
United Therapeutics Corp.* 21 1,821
-----------
Total Biotechnology 136,005
-------------------------------------------------------------------------
Building Products - 0.2%
Ameron International Corp. 19 1,777
Builders FirstSource, Inc.* 89 646
Lennox International, Inc. 126 4,532
Masco Corp. 602 11,938
Simpson Manufacturing Co., Inc. 126 3,425
Trane, Inc. 217 9,960
USG Corp.* 144 5,302
-----------
Total Building Products 37,580
-------------------------------------------------------------------------
Capital Markets - 4.3%
Affiliated Managers Group, Inc.* 42 3,811
Allied Capital Corp. 166 3,059
American Capital Strategies Ltd. 313 10,692
Ameriprise Financial, Inc. 239 12,392
Apollo Investment Corp. 189 2,992
Ares Capital Corp. 150 1,886
Bank of New York Mellon Corp. (The) 758 31,631
Bear Stearns & Co., Inc. (The) 370 3,881
BlackRock, Inc. 84 17,151
Charles Schwab Corp. (The) 813 15,309
Cohen & Steers, Inc. 77 2,040
See Notes to Financial Statements.
WisdomTree Earnings Funds 13
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
-----------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------
E*Trade Financial Corp.* 2,270 $ 8,762
Eaton Vance Corp. 67 2,044
Federated Investors, Inc. Class B 126 4,934
Fortress Investment Group LLC, Class A 323 3,966
Franklin Resources, Inc. 256 24,829
GAMCO Investors Inc. Class A 31 1,561
GFI Group, Inc.* 24 1,375
Goldman Sachs Group, Inc. 1,031 170,518
Greenhill & Co., Inc. 42 2,922
Investment Technology Group, Inc.* 98 4,526
Janus Capital Group, Inc. 117 2,723
Jefferies Group, Inc. 154 2,484
KBW, Inc.* 31 684
Knight Capital Group, Inc. Class A* 252 4,092
Legg Mason, Inc. 192 10,748
Lehman Brothers Holdings, Inc. 1,307 49,196
Marathon Acquisition Corp. 71 548
MCG Capital Corp. 289 2,627
Merrill Lynch & Co., Inc. 988 40,251
Morgan Stanley 2,998 137,010
Northern Trust Corp. 185 12,297
optionsXpress Holdings, Inc. 83 1,719
Patriot Capital Funding, Inc. 56 586
Penson Worldwide, Inc.* 62 572
Piper Jaffray Cos., Inc.* 42 1,426
Prospect Capital Corp. 33 502
Raymond James Financial, Inc. 140 3,217
SEI Investments Co. 140 3,457
State Street Corp. 311 24,569
SWS Group, Inc. 89 1,088
T. Rowe Price Group, Inc. 210 10,500
TD Ameritrade Holding Corp.* 2,458 40,583
TICC Capital Corp. 66 496
TradeStation Group, Inc.* 68 579
U.S. Global Investors, Inc. Class A 41 555
Waddell & Reed Financial, Inc. Class A 87 2,795
-----------
Total Capital Markets 685,585
-----------------------------------------------------------------------
Chemicals - 1.9%
Air Products & Chemicals, Inc. 175 16,100
Airgas, Inc. 105 4,774
Albemarle Corp. 112 4,090
Ashland, Inc. 63 2,980
Cabot Corp. 91 2,548
Celanese Corp. Series A 99 3,866
CF Industries Holdings, Inc. 57 5,906
Cytec Industries, Inc. 70 3,770
Dow Chemical Co. (The) 1,460 53,801
E.I. Du Pont de Nemours & Co. 1,200 56,112
Eastman Chemical Co. 80 4,996
Ecolab, Inc. 154 6,688
FMC Corp. 58 3,218
H.B. Fuller Co. 110 2,245
Hercules, Inc. 395 7,225
International Flavors & Fragrances, Inc. 91 4,009
Lubrizol Corp. 84 4,663
Monsanto Co. 179 19,959
Mosaic Co. (The)* 175 17,955
Nalco Holding Co. 182 3,849
NewMarket Corp. 35 2,641
Olin Corp. 92 1,818
OM Group, Inc.* 22 1,200
PPG Industries, Inc. 217 13,131
Praxair, Inc. 236 19,878
Rockwood Holdings, Inc.* 70 2,294
Rohm & Haas Co. 228 12,330
RPM International, Inc. 228 4,774
Scotts Miracle-Gro Co. (The) Class A 77 2,496
Sensient Technologies Corp. 71 2,094
Sigma-Aldrich Corp. 126 7,516
Terra Industries, Inc.* 88 3,127
Valspar Corp. (The) 154 3,055
Westlake Chemical Corp. 147 1,918
-----------
Total Chemicals 307,026
-----------------------------------------------------------------------
Commercial Banks - 4.7%
1st Source Corp. 51 1,074
Associated Banc-Corp 182 4,847
Bancorp, Inc. (The)* 54 652
BancorpSouth, Inc. 168 3,891
Bank of Hawaii Corp. 84 4,163
BB&T Corp. 856 27,443
BOK Financial Corp. 84 4,387
Boston Private Financial Holdings, Inc. 80 847
Capitol Bancorp Ltd. 68 1,438
Cascade Bancorp 93 889
Cathay General Bancorp 126 2,612
Center Financial Corp. 47 426
Central Pacific Financial Corp. 105 1,979
Citizens Republic Bankcorp, Inc. 182 2,262
City Bank (Lynnwood WA) 34 757
City National Corp. 63 3,116
Colonial BancGroup, Inc. (The) 349 3,361
Comerica, Inc. 318 11,155
Commerce Bancshares, Inc. 88 3,699
Community Bancorp* 85 1,153
Cullen/Frost Bankers, Inc. 84 4,455
CVB Financial Corp. 195 2,030
East West Bancorp, Inc. 112 1,988
Fifth Third Bancorp 779 16,297
First Bancorp (Puerto Rico) 87 884
First Charter Corp. 32 855
First Citizens BancShares, Inc. Class A 21 2,926
First Community Bancorp 64 1,718
First Horizon National Corp. 203 2,844
First Midwest Bancorp, Inc. 119 3,305
First Regional Bancorp* 50 820
First State Bancorp. 105 1,406
FirstMerit Corp. 196 4,049
FNB Corp./PA 170 2,654
See Notes to Financial Statements.
14 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Frontier Financial Corp. 128 $ 2,263
Fulton Financial Corp. 273 3,355
Glacier Bancorp, Inc. 134 2,569
Hancock Holding Co. 65 2,731
Hanmi Financial Corp. 150 1,109
Heartland Financial USA, Inc. 38 804
Huntington Bancshares, Inc. 561 6,031
Independent Bank Corp. 78 810
International Bancshares Corp. 161 3,635
Intervest Bancshares Corp. Class A 41 393
Irwin Financial Corp.* 132 701
KeyCorp 925 20,304
M&T Bank Corp. 175 14,084
Macatawa Bank Corp. 97 1,010
Marshall & Ilsley Corp. 540 12,528
MB Financial, Inc. 84 2,586
Mercantile Bank Corp. 37 382
Nara Bancorp, Inc. 51 662
National City Corp. 899 8,945
National Penn Bancshares, Inc. 139 2,528
NBT Bancorp, Inc. 84 1,865
Old National Bancorp 150 2,700
Pacific Capital Bancorp 133 2,860
Park National Corp. 37 2,621
PNC Financial Services Group, Inc. (The) 416 27,277
Popular, Inc. 561 6,541
PrivateBancorp, Inc. 23 724
Prosperity Bancshares, Inc. 83 2,379
Provident Bankshares Corp. 91 977
Regions Financial Corp. 1,319 26,050
Royal Bancshares of Pennsylvania Class A 64 926
Santander BanCorp 111 1,122
Seacoast Banking Corp. of Florida 72 788
Security Bank Corp. 194 1,542
South Financial Group, Inc. (The) 168 2,496
StellarOne Corp. 37 626
Sterling Financial Corp. /PA* 80 1,396
Sterling Financial Corp. /WA 162 2,529
SunTrust Banks, Inc. 549 30,273
Susquehanna Bancshares, Inc. 123 2,506
SVB Financial Group* 63 2,749
Synovus Financial Corp. 509 5,630
Taylor Capital Group, Inc. 72 1,182
TCF Financial Corp. 283 5,071
Temecula Valley Bancorp, Inc.* 53 501
Trustmark Corp. 147 3,275
U.S. Bancorp 2,543 82,292
UCBH Holdings, Inc. 224 1,738
UMB Financial Corp. 60 2,472
Umpqua Holdings Corp. 146 2,264
UnionBanCal Corp. 255 12,515
United Bankshares, Inc. 103 2,745
United Community Banks, Inc. 133 2,258
United Security Bancshares 43 722
Valley National Bancorp 180 3,458
Vineyard National Bancorp 101 820
W Holding Co., Inc. 1,553 1,848
Wachovia Corp. 4,020 108,541
Webster Financial Corp. 91 2,536
Wells Fargo & Co. 5,225 152,049
WesBanco, Inc. 69 1,705
West Coast Bancorp 77 1,123
Westamerica Bancorp 59 3,103
Whitney Holding Corp. 133 3,297
Wilmington Trust Corp. 98 3,048
Wilshire Bancorp, Inc. 79 604
Wintrust Financial Corp. 42 1,468
Zions Bancorp. 219 9,975
-----------
Total Commercial Banks 750,999
----------------------------------------------------------------------------
Commercial Services & Supplies - 1.0%
Allied Waste Industries, Inc.* 350 3,784
American Reprographics Co.* 149 2,211
Amrep Corp.* 5 262
Avery Dennison Corp. 135 6,648
Brink's Co. (The) 70 4,703
ChoicePoint, Inc.* 112 5,331
Cintas Corp. 226 6,450
Copart, Inc.* 93 3,605
Corporate Executive Board Co. 56 2,267
Corrections Corp. of America* 108 2,972
Covanta Holding Corp.* 77 2,118
Deluxe Corp. 140 2,689
Dun & Bradstreet Corp. 56 4,557
Equifax, Inc. 126 4,344
First Advantage Corp. Class A* 138 2,924
FTI Consulting, Inc.* 39 2,771
Herman Miller, Inc. 112 2,752
HNI Corp. 91 2,447
IHS Inc. Class A* 32 2,058
IKON Office Solutions, Inc. 301 2,288
Kimball International, Inc. Class B 51 547
Knoll, Inc. 139 1,604
Korn/Ferry International* 123 2,079
Manpower, Inc. 160 9,001
Mine Safety Appliances Co. 39 1,606
Monster Worldwide, Inc.* 84 2,034
PeopleSupport, Inc.* 8 73
Pitney Bowes, Inc. 298 10,435
R.R. Donnelley & Sons Co. 189 5,729
Republic Services, Inc. 189 5,526
Robert Half International, Inc. 254 6,538
Rollins, Inc. 140 2,477
RSC Holdings, Inc.* 267 2,910
Steelcase, Inc. Class A 210 2,323
Stericycle, Inc.* 40 2,060
TeleTech Holdings, Inc.* 125 2,808
TrueBlue, Inc.* 159 2,137
United Stationers, Inc.* 64 3,053
Volt Information Sciences, Inc.* 12 204
See Notes to Financial Statements.
WisdomTree Earnings Funds 15
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
-------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------
Waste Connections, Inc.* 85 $ 2,613
Waste Management, Inc. 581 19,497
Watson Wyatt Worldwide, Inc. Class A 91 5,164
-----------
Total Commercial Services & Supplies 157,599
-------------------------------------------------------------------------
Communications Equipment - 1.7%
ADC Telecommunications, Inc.* 201 2,428
Adtran, Inc. 100 1,850
Arris Group, Inc.* 353 2,054
Cisco Systems, Inc.* 5,305 127,797
CommScope, Inc.* 97 3,379
Comtech Telecommunications Corp.* 43 1,677
Corning, Inc. 1,725 41,469
Dycom Industries, Inc.* 23 276
EchoStar Corp. Class A* 58 1,713
F5 Networks, Inc.* 112 2,035
Foundry Networks, Inc.* 129 1,494
Harris Corp. 126 6,115
InterDigital, Inc.* 54 1,070
Juniper Networks, Inc.* 180 4,500
Mastec, Inc.* 96 788
Motorola, Inc. 771 7,170
Polycom, Inc.* 126 2,840
Qualcomm, Inc. 1,477 60,557
Tellabs, Inc.* 530 2,889
-----------
Total Communications Equipment 272,101
-------------------------------------------------------------------------
Computers & Peripherals - 3.0%
Apple, Inc.* 358 51,373
Brocade Communications Systems, Inc.* 433 3,161
Dell, Inc.* 2,205 43,924
Diebold, Inc. 91 3,417
EMC Corp. 1,572 22,542
Hewlett-Packard Co. 2,441 111,456
International Business Machines Corp. 1,699 195,622
Intevac, Inc.* 89 1,153
Lexmark International, Inc. Class A* 196 6,021
NCR Corp.* 189 4,315
NetApp, Inc.* 243 4,872
QLogic Corp.* 238 3,653
SanDisk Corp.* 68 1,535
Sun Microsystems, Inc.* 579 8,992
Western Digital Corp.* 395 10,681
-----------
Total Computers & Peripherals 472,717
-------------------------------------------------------------------------
Construction & Engineering - 0.2%
Aecom Technology Corp* 97 2,523
EMCOR Group, Inc.* 154 3,420
Fluor Corp. 51 7,198
Granite Construction Inc. 77 2,519
Jacobs Engineering Group, Inc.* 52 3,826
KBR, Inc.* 120 3,328
Northwest Pipe Co.* 48 2,040
Perini Corp.* 50 1,812
Quanta Services, Inc.* 121 2,804
URS Corp.* 56 1,831
-----------
Total Construction & Engineering 31,301
-------------------------------------------------------------------------
Construction Materials - 0.1%
Eagle Materials, Inc. 91 3,235
Martin Marietta Materials, Inc. 42 4,459
Texas Industries, Inc. 31 1,863
Vulcan Materials Co. 108 7,172
-------
Total Construction Materials 16,729
-------------------------------------------------------------------------
Consumer Finance - 1.0%
Advance America Cash Advance Centers, Inc. 229 1,729
Advanta Corp. Class B 248 1,743
American Express Co. 1,383 60,464
AmeriCredit Corp.* 598 6,022
Capital One Financial Corp. 1,068 52,567
Cash America International, Inc. 67 2,439
CompuCredit Corp.* 126 1,118
Credit Acceptance Corp.* 82 1,273
Discover Financial Services 860 14,078
Ezcorp, Inc. Class A* 39 480
First Cash Financial Services, Inc.* 66 682
First Marblehead Corp. (The)* 623 4,648
Nelnet, Inc. Class A 26 306
SLM Corp.* 605 9,287
Student Loan Corp. (The) 28 2,769
World Acceptance Corp.* 39 1,242
-----------
Total Consumer Finance 160,847
-------------------------------------------------------------------------
Containers & Packaging - 0.3%
AptarGroup, Inc. 72 2,803
Ball Corp. 126 5,788
Bemis Co. Inc. 126 3,204
Crown Holdings, Inc.* 269 6,768
Greif, Inc. Class A 70 4,755
Owens-Illinois, Inc.* 119 6,715
Packaging Corp. of America 122 2,724
Pactiv Corp.* 133 3,486
Rock-Tenn Co. Class A 84 2,517
Sealed Air Corp. 295 7,449
Silgan Holdings, Inc. 50 2,482
Sonoco Products Co. 112 3,207
Temple-Inland, Inc. 133 1,692
-----------
Total Containers & Packaging 53,590
-------------------------------------------------------------------------
Distributors - 0.1%
Genuine Parts Co. 182 7,320
LKQ Corp.* 131 2,944
-----------
Total Distributors 10,264
-------------------------------------------------------------------------
Diversified Consumer Services - 0.2%
Apollo Group, Inc. Class A* 115 4,968
Career Education Corp.* 100 1,272
DeVry, Inc. 34 1,423
H&R Block, Inc. 329 6,829
ITT Educational Services, Inc.* 30 1,378
Matthews International Corp. Class A 42 2,027
Regis Corp. 105 2,886
Service Corp International 159 1,612
Sotheby's 112 3,238
See Notes to Financial Statements.
16 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Weight Watchers International, Inc. 84 $ 3,892
-----------
Total Diversified Consumer Services 29,525
----------------------------------------------------------------------------
Diversified Financial Services - 5.6%
Asta Funding, Inc. 34 474
Bank of America Corp. 8,486 321,704
CIT Group, Inc. 139 1,647
Citigroup, Inc. 10,813 231,614
CME Group, Inc. 14 6,567
Encore Capital Group, Inc.* 95 646
Financial Federal Corp. 28 611
IntercontinentalExchange, Inc.* 30 3,915
JPMorgan Chase & Co. 6,896 296,183
Marlin Business Services Corp.* 51 385
Medallion Financial Corp. 56 506
Moody's Corp. 412 14,350
Nasdaq Stock Market, Inc. (The)* 119 4,601
Nymex Holdings, Inc. 35 3,172
NYSE Euronext 131 8,084
Portfolio Recovery Associates, Inc.* 20 858
-----------
Total Diversified Financial Services 895,317
----------------------------------------------------------------------------
Diversified Telecommunication Services - 2.2%
AT&T, Inc. 4,928 188,741
CenturyTel, Inc. 145 4,820
Cincinnati Bell, Inc.* 544 2,317
Citizens Communications Co. 355 3,724
Embarq Corp. 266 10,667
Qwest Communications International, Inc. 7,807 35,366
Verizon Communications, Inc. 2,548 92,875
Windstream Corp. 588 7,027
-----------
Total Diversified Telecommunication Services 345,537
----------------------------------------------------------------------------
Electric Utilities - 1.9%
Allegheny Energy, Inc.* 112 5,656
ALLETE, Inc. 73 2,819
American Electric Power Co., Inc. 418 17,401
Cleco Corp. 123 2,728
DPL, Inc. 147 3,769
Duke Energy Corp. 1,640 29,274
Edison International 378 18,530
EL Paso Electric Co.* 94 2,009
Entergy Corp. 192 20,943
Exelon Corp. 788 64,042
FirstEnergy Corp. 335 22,988
FPL Group, Inc. 327 20,516
Great Plains Energy, Inc. 140 3,451
IDACORP, Inc. 84 2,697
ITC Holdings Corp. 46 2,395
Northeast Utilities 147 3,607
Pepco Holdings, Inc. 168 4,153
Pinnacle West Capital Corp. 137 4,806
Portland General Electric Co. 140 3,157
PPL Corp. 347 15,934
Progress Energy, Inc. 295 12,302
Sierra Pacific Resources 240 3,031
Southern Co. 784 27,918
UniSource Energy Corp. 76 1,692
Westar Energy, Inc. 161 3,666
-----------
Total Electric Utilities 299,484
----------------------------------------------------------------------------
Electrical Equipment - 0.5%
A.O. Smith Corp. 72 2,367
Acuity Brands, Inc. 77 3,307
AMETEK, Inc. 126 5,533
Baldor Electric Co. 74 2,072
Belden, Inc. 66 2,331
Brady Corp. Class A 78 2,608
Emerson Electric Co. 681 35,043
First Solar, Inc.* 7 1,618
General Cable Corp.* 61 3,603
GrafTech International Ltd.* 118 1,913
Hubbell, Inc. Class B 91 3,976
Regal-Beloit Corp. 67 2,454
Rockwell Automation, Inc. 166 9,531
Roper Industries, Inc. 84 4,993
Thomas & Betts Corp.* 91 3,310
Woodward Governor Co. 62 1,657
-----------
Total Electrical Equipment 86,316
----------------------------------------------------------------------------
Electronic Equipment & Instruments - 0.5%
Agilent Technologies, Inc.* 259 7,726
Amphenol Corp. Class A 140 5,215
Anixter International, Inc.* 82 5,251
Arrow Electronics, Inc.* 230 7,740
Avnet, Inc.* 260 8,509
AVX Corp. 294 3,766
Benchmark Electronics, Inc.* 175 3,141
Dolby Laboratories, Inc. Class A* 63 2,284
Flir Systems, Inc.* 87 2,618
Gerber Scientific, Inc.* 19 169
Ingram Micro, Inc. Class A* 300 4,749
Insight Enterprises, Inc.* 114 1,995
Jabil Circuit, Inc. 168 1,589
Mettler-Toledo International, Inc.* 31 3,011
Molex, Inc. 161 3,729
Multi-Fineline Electronix, Inc.* 27 507
National Instruments Corp. 79 2,065
Plexus Corp.* 55 1,543
Rofin-Sinar Technologies, Inc.* 64 2,874
Rogers Corp.* 19 635
SYNNEX Corp.* 111 2,355
Tech Data Corp.* 72 2,362
Technitrol, Inc. 76 1,758
Trimble Navigation Ltd.* 83 2,373
Vishay Intertechnology, Inc.* 301 2,727
-----------
Total Electronic Equipment & Instruments 80,691
----------------------------------------------------------------------------
Energy Equipment & Services - 1.9%
Atwood Oceanics, Inc.* 15 1,376
Baker Hughes, Inc. 350 23,975
Basic Energy Services, Inc.* 115 2,539
BJ Services Co. 610 17,391
Bristow Group, Inc.* 23 1,234
See Notes to Financial Statements.
WisdomTree Earnings Funds 17
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
-----------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------
Cal Dive International, Inc.* 222 $ 2,304
Cameron International Corp.* 169 7,037
Complete Production Services, Inc.* 235 5,391
Diamond Offshore Drilling, Inc. 124 14,434
Dresser-Rand Group, Inc.* 40 1,230
Dril-Quip, Inc.* 33 1,534
ENSCO International, Inc. 344 21,541
FMC Technologies, Inc.* 80 4,551
Global Industries Ltd.* 149 2,397
Grant Prideco, Inc.* 199 9,795
Grey Wolf, Inc.* 838 5,682
Gulfmark Offshore, Inc.* 26 1,423
Halliburton Co. 1,297 51,010
Helix Energy Solutions Group, Inc.* 96 3,024
Helmerich & Payne, Inc. 195 9,140
Hercules Offshore Inc* 141 3,542
Hornbeck Offshore Services, Inc.* 48 2,192
Key Energy Group, Inc.* 268 3,597
Lufkin Industries, Inc. 43 2,744
National Oilwell Varco, Inc.* 305 17,806
Oceaneering International, Inc.* 38 2,394
Oil States International, Inc.* 130 5,825
Parker Drilling Co.* 221 1,428
Patterson-UTI Energy, Inc. 483 12,645
Pioneer Drilling Co.* 71 1,131
Pride International, Inc.* 245 8,563
Rowan Cos., Inc. 209 8,607
RPC, Inc. 191 2,901
SEACOR Holdings, Inc.* 44 3,756
Smith International, Inc. 153 9,827
Superior Energy Services, Inc.* 147 5,824
Tetra Technologies, Inc.* 132 2,091
Tidewater, Inc. 127 6,999
Trico Marine Services, Inc.* 22 857
Unit Corp.* 130 7,365
W-H Energy Services, Inc.* 55 3,787
----------
Total Energy Equipment & Services 300,889
-----------------------------------------------------------------------
Food & Staples Retailing - 2.8%
Andersons, Inc. (The) 2 89
BJ's Wholesale Club, Inc.* 69 2,463
Casey's General Stores, Inc. 76 1,718
Costco Wholesale Corp. 311 20,206
CVS Corp. 1,071 43,385
Ingles Markets, Inc. Class A 43 1,057
Kroger Co. (The) 777 19,736
Longs Drug Stores Corp. 47 1,996
Nash Finch Co. 8 272
Pantry, Inc. (The)* 46 970
Performance Food Group Co.* 21 686
Ruddick Corp. 13 479
Safeway, Inc. 491 14,411
SUPERVALU, Inc. 245 7,345
SYSCO Corp. 628 18,225
Walgreen Co. 1,085 41,328
Wal-Mart Stores, Inc. 5,097 268,509
Whole Foods Market, Inc. 98 3,231
Winn-Dixie Stores, Inc.* 123 2,209
----------
Total Food & Staples Retailing 448,315
-----------------------------------------------------------------------
Food Products - 1.5%
Archer-Daniels-Midland Co. 834 34,326
Cal-Maine Foods, Inc. 71 2,370
Campbell Soup Co. 412 13,987
ConAgra Foods, Inc. 568 13,604
Corn Products International, Inc. 133 4,940
Dean Foods Co.* 119 2,391
Del Monte Foods Co. 371 3,536
Flowers Foods, Inc. 97 2,401
General Mills, Inc. 343 20,538
H.J. Heinz Co. 330 15,500
Hershey Co. (The) 163 6,140
Hormel Foods Corp. 147 6,124
Imperial Sugar Co. 5 94
J.M. Smucker Co. (The) 91 4,606
Kellogg Co. 385 20,236
Kraft Foods, Inc. Class A 1,330 41,242
Lancaster Colony Corp. 57 2,278
McCormick & Co., Inc. 112 4,141
Sanderson Farms, Inc. 65 2,471
Sara Lee Corp. 401 5,606
Seaboard Corp. 3 4,695
Smithfield Foods, Inc.* 161 4,147
Tootsie Roll Industries, Inc. 144 3,629
Tyson Foods, Inc. Class A 385 6,141
Wm. Wrigley Jr. Co. 189 11,877
----------
Total Food Products 237,020
-----------------------------------------------------------------------
Gas Utilities - 0.4%
AGL Resources, Inc. 112 3,844
Atmos Energy Corp. 133 3,392
Energen Corp. 97 6,043
Equitable Resources, Inc. 67 3,946
National Fuel Gas Co. 69 3,257
New Jersey Resources Corp. 79 2,453
Nicor, Inc. 91 3,049
Northwest Natural Gas Co. 47 2,042
ONEOK, Inc. 98 4,374
Piedmont Natural Gas Co., Inc. 120 3,151
Questar Corp. 182 10,294
South Jersey Industries, Inc. 58 2,036
Southern Union Co. 154 3,584
Southwest Gas Corp. 112 3,132
UGI Corp. 161 4,012
WGL Holdings, Inc. 87 2,789
----------
Total Gas Utilities 61,398
-----------------------------------------------------------------------
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc. 532 30,760
Beckman Coulter, Inc. 70 4,519
Becton Dickinson & Co. 210 18,029
Boston Scientific Corp.* 483 6,216
See Notes to Financial Statements.
18 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------
C.R. Bard, Inc. 77 $ 7,423
Cooper Cos., Inc. (The) 19 654
DENTSPLY International, Inc. 133 5,134
Edwards Lifesciences Corp.* 84 3,742
Gen-Probe, Inc.* 32 1,542
Haemonetics Corp.* 30 1,787
Hillenbrand Industries, Inc. 89 4,254
Hologic, Inc.* 30 1,668
Hospira, Inc.* 63 2,695
IDEXX Laboratories, Inc.* 41 2,020
Immucor, Inc.* 69 1,472
Intuitive Surgical, Inc.* 6 1,946
Kinetic Concepts, Inc.* 91 4,207
Medtronic, Inc. 1,084 52,434
Mentor Corp. 60 1,543
Resmed, Inc.* 57 2,404
St. Jude Medical, Inc.* 312 13,475
STERIS Corp. 85 2,281
Stryker Corp. 259 16,848
Varian Medical Systems, Inc.* 98 4,590
West Pharmaceutical Services, Inc. 74 3,273
Zimmer Holdings, Inc.* 229 17,830
-----------
Total Health Care Equipment & Supplies 212,746
------------------------------------------------------------------------
Health Care Providers & Services - 1.9%
Aetna, Inc. 603 25,380
Amedisys, Inc.* 36 1,416
AMERIGROUP Corp.* 90 2,460
AmerisourceBergen Corp. 182 7,458
Apria Healthcare Group, Inc.* 108 2,133
Cardinal Health, Inc. 385 20,216
Centene Corp.* 73 1,018
Chemed Corp. 25 1,055
Cigna Corp. 417 16,918
Community Health Systems, Inc.* 119 3,995
Coventry Health Care, Inc.* 203 8,191
DaVita, Inc.* 98 4,680
Emergency Medical Services Corp. Class A* 40 988
Express Scripts, Inc.* 140 9,005
Health Net, Inc.* 89 2,741
Healthsouth Corp* 145 2,580
Healthspring, Inc.* 131 1,844
Henry Schein, Inc.* 84 4,822
Humana, Inc.* 181 8,120
Kindred Healthcare, Inc.* 60 1,312
Laboratory Corp. of America Holdings* 112 8,252
LifePoint Hospitals, Inc.* 130 3,571
Lincare Holdings, Inc.* 131 3,682
Magellan Health Services, Inc.* 51 2,024
McKesson Corp. 301 15,763
Medco Health Solutions, Inc.* 340 14,889
Omnicare, Inc. 212 3,850
Owens & Minor, Inc. 52 2,046
Patterson Cos., Inc.* 112 4,066
Pediatrix Medical Group, Inc.* 57 3,842
Psychiatric Solutions, Inc.* 63 2,137
Quest Diagnostics, Inc. 203 9,190
UnitedHealth Group, Inc. 1,569 53,910
Universal American Corp.* 83 880
Universal Health Services, Inc. Class B 45 2,416
VCA Antech, Inc.* 68 1,860
WellCare Health Plans, Inc.* 108 4,207
WellPoint, Inc.* 728 32,126
-----------
Total Health Care Providers & Services 295,043
------------------------------------------------------------------------
Health Care Technology - 0.1%
Cerner Corp.* 61 2,274
HLTH Corp.* 258 2,461
IMS Health, Inc. 267 5,610
-----------
Total Health Care Technology 10,345
------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 1.0%
Ambassadors Group, Inc. 25 472
Ameristar Casinos, Inc. 81 1,478
Bluegreen Corp.* 71 476
Bob Evans Farms, Inc. 67 1,849
Boyd Gaming Corp. 91 1,820
Brinker International, Inc. 140 2,597
Burger King Holdings, Inc. 135 3,734
CBRL Group, Inc. 71 2,540
CEC Entertainment, Inc.* 76 2,195
Cheesecake Factory (The)* 104 2,266
Chipotle Mexican Grill, Inc. Class A* 14 1,588
Choice Hotels International, Inc. 112 3,820
CKE Restaurants, Inc. 54 606
Darden Restaurants, Inc. 200 6,510
International Game Technology 203 8,163
International Speedway Corp. Class A 52 2,142
Interstate Hotels & Resorts, Inc.* 123 588
Jack in the Box, Inc.* 140 3,762
Las Vegas Sands Corp.* 41 3,019
Marriott International, Inc. Class A 388 13,332
McDonald's Corp. 547 30,506
MGM Mirage* 151 8,874
Penn National Gaming, Inc.* 62 2,711
Ruby Tuesday, Inc. 197 1,478
Scientific Games Corp. Class A* 65 1,372
Sonic Corp.* 85 1,873
Speedway Motorsports, Inc. 77 1,930
Starbucks Corp.* 562 9,835
Starwood Hotels & Resorts Worldwide, Inc. 234 12,110
Wendy's International, Inc. 112 2,583
Wyndham Worldwide Corp 282 5,832
Yum! Brands, Inc. 483 17,972
-----------
Total Hotels, Restaurants & Leisure 160,033
------------------------------------------------------------------------
Household Durables - 0.6%
American Greetings Corp. Class A 22 408
Avatar Holdings, Inc.* 58 2,528
Black & Decker Corp. (The) 106 7,007
Blyth, Inc. 93 1,834
Brookfield Homes Corp. 155 2,604
See Notes to Financial Statements.
WisdomTree Earnings Funds 19
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
--------------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------------
Ethan Allen Interiors, Inc. 72 $ 2,047
Fortune Brands, Inc. 200 13,901
Harman International Industries, Inc. 86 3,744
Jarden Corp.* 119 2,587
Leggett & Platt, Inc. 217 3,309
Mohawk Industries, Inc.* 112 8,020
Newell Rubbermaid, Inc. 287 6,564
NVR, Inc.* 17 10,158
Sealy Corp. 171 1,300
Snap-On, Inc. 91 4,627
Stanley Works (The) 128 6,095
Syntax-Brillian Corp.* 170 167
Tempur-Pedic International, Inc. 104 1,144
Toll Brothers, Inc.* 304 7,138
Tupperware Brands Corp. 65 2,514
Whirlpool Corp. 139 12,062
-----------
Total Household Durables 99,758
--------------------------------------------------------------------------------
Household Products - 1.7%
Church & Dwight Co., Inc. 91 4,936
Clorox Co. (The) 140 7,930
Colgate-Palmolive Co. 371 28,905
Energizer Holdings, Inc.* 57 5,157
Kimberly-Clark Corp. 506 32,662
Procter & Gamble Co. 2,657 186,176
WD-40 Co. 13 432
-----------
Total Household Products 266,198
--------------------------------------------------------------------------------
Independent Power Producers & Energy - 0.4%
AES Corp. (The)* 404 6,735
Constellation Energy Group, Inc. 146 12,887
Dynegy, Inc. Class A* 493 3,890
Mirant Corp.* 674 24,527
NRG Energy, Inc.* 199 7,759
Reliant Energy, Inc.* 93 2,199
-----------
Total Independent Power Producers & Energy 57,997
--------------------------------------------------------------------------------
Industrial Conglomerates - 3.0%
3M Co. 732 57,938
Carlisle Cos., Inc. 98 3,277
General Electric Co. 10,551 390,493
Teleflex, Inc. 38 1,813
Textron, Inc. 229 12,691
Walter Industries, Inc. 92 5,762
-----------
Total Industrial Conglomerates 471,974
--------------------------------------------------------------------------------
Insurance - 7.9%
21st Century Holding Co. 78 999
Alfa Corp. 132 2,901
Alleghany Corp.* 14 4,877
Allstate Corp. (The) 1,658 79,683
AMBAC Financial Group, Inc. 201 1,156
American Equity Investment Life Holding Co., Inc. 256 2,376
American Family Life Assurance Co., Inc. 451 29,292
American Financial Group, Inc. 291 7,438
American International Group, Inc. 4,827 208,768
American National Insurance Co. 35 3,735
Amerisafe, Inc.* 63 796
Amtrust Financial Services, Inc. 179 2,902
AON Corp. 336 13,507
Arthur J. Gallagher & Co. 147 3,472
Assurant, Inc. 245 14,911
Berkshire Hathaway, Inc. Class B* 51 228,117
Brown & Brown, Inc. 154 2,677
Chubb Corp. (The) 879 43,493
Cincinnati Financial Corp. 273 10,385
CNA Financial Corp. 566 14,597
CNA Surety Corp.* 130 1,999
Commerce Group, Inc. 154 5,553
Delphi Financial Group, Inc. Class A 112 3,274
EMC Insurance Group, Inc. 25 672
Employers Holdings, Inc. 263 4,876
Erie Indemnity Co. Class A 77 3,942
FBL Financial Group, Inc. Class A 74 2,108
Fidelity National Financial, Inc. Class A 385 7,057
First American Corp. 126 4,276
Genworth Financial, Inc. Class A 1,011 22,889
Hanover Insurance Group, Inc. (The) 91 3,744
Harleysville Group, Inc. 81 2,923
Hartford Financial Services Group, Inc. (The) 650 49,251
HCC Insurance Holdings, Inc. 258 5,854
Hilb Rogal & Hobbs Co. 61 1,920
Horace Mann Educators Corp. 128 2,237
Independence Holding Co. 110 1,311
Infinity Property & Casualty Corp. 85 3,536
LandAmerica Financial Group, Inc. 24 947
Lincoln National Corp. 451 23,452
Loews Corp. 806 32,417
Markel Corp.* 14 6,160
Marsh & McLennan Cos., Inc. 457 11,128
MBIA, Inc.* 387 4,729
Mercury General Corp. 84 3,722
Metlife, Inc. 1,111 66,949
Midland Co. (The) 38 2,467
National Western Life Insurance Co. Class A 12 2,601
Nationwide Financial Services, Inc. Class A 296 13,995
Navigators Group, Inc.* 42 2,285
NYMAGIC, Inc. 51 1,158
Odyssey Re Holdings Corp. 133 4,888
Old Republic International Corp. 468 6,042
Philadelphia Consolidated Holding Co.* 165 5,313
Phoenix Cos., Inc. (The) 304 3,712
Presidential Life Corp. 33 576
Principal Financial Group, Inc. 279 15,546
ProAssurance Corp.* 84 4,522
Procentury Corp. 58 1,044
Progressive Corp. (The) 1,375 22,096
Protective Life Corp. 143 5,800
Prudential Financial, Inc. 509 39,829
Reinsurance Group of America, Inc. 134 7,295
RLI Corp. 62 3,073
Safeco Corp. 195 8,557
See Notes to Financial Statements.
20 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
--------------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------------
Safety Insurance Group, Inc. 77 $ 2,628
SeaBright Insurance Holdings, Inc.* 31 457
Selective Insurance Group, Inc. 161 3,845
StanCorp Financial Group, Inc. 91 4,342
State Auto Financial Corp. 114 3,321
Torchmark Corp. 154 9,257
Tower Group, Inc. 13 327
Transatlantic Holdings, Inc. 124 8,227
Travelers Cos., Inc. (The) 1,607 76,895
United Fire & Casualty Co. 100 3,740
Unitrin, Inc. 112 3,958
Unum Group 646 14,218
W.R. Berkley Corp. 480 13,291
Wesco Financial Corp. 7 2,828
Zenith National Insurance Corp. 134 4,805
-----------
Total Insurance 1,255,946
--------------------------------------------------------------------------------
Internet & Catalog Retail - 0.1%
Amazon.Com, Inc.* 85 6,061
Expedia, Inc.* 217 4,750
IAC/InterActiveCorp.* 239 4,962
NetFlix, Inc.* 83 2,876
NutriSystem, Inc.* 117 1,763
priceline.com, Inc.* 34 4,109
Systemax, Inc.* 58 699
-----------
Total Internet & Catalog Retail 25,220
--------------------------------------------------------------------------------
Internet Software & Services - 0.5%
Akamai Technologies, Inc.* 57 1,605
Digital River, Inc.* 59 1,827
eBay, Inc.* 111 3,312
Google, Inc. Class A* 111 48,893
Imergent, Inc. 49 558
j2 Global Communications, Inc.* 42 937
ValueClick, Inc.* 99 1,708
Yahoo! Inc.* 539 15,593
-----------
Total Internet Software & Services 74,433
--------------------------------------------------------------------------------
IT Services - 1.0%
Affiliated Computer Services, Inc. Class A* 98 4,911
Alliance Data Systems Corp.* 70 3,326
Automatic Data Processing, Inc. 413 17,506
Broadridge Financial Solutions, Inc. 186 3,274
CACI International, Inc., Class A* 29 1,321
Cass Information Systems, Inc. 4 126
Cognizant Technology Solutions Corp. Class A* 227 6,544
Computer Sciences Corp.* 140 5,711
Convergys Corp.* 168 2,530
CSG Systems International, Inc.* 135 1,535
DST Systems, Inc.* 63 4,142
Electronic Data Systems Corp. 710 11,822
Fidelity National Information Services, Inc. 193 7,361
Fiserv, Inc.* 168 8,079
Global Payments, Inc. 112 4,632
Iron Mountain, Inc.* 86 2,274
Mantech International Corp.* 48 2,177
Mastercard, Inc. Class A 70 15,609
MPS Group, Inc.* 215 2,541
NeuStar, Inc. Class A* 75 1,986
Paychex, Inc. 280 9,593
Perot Systems Corp. Class A* 199 2,993
SAIC, Inc.* 370 6,878
SRA International, Inc., Class A* 34 827
Syntel, Inc. 52 1,386
Total System Services, Inc. 400 9,464
Western Union Co. (The) 718 15,272
Wright Express Corp.* 55 1,690
-----------
Total IT Services 155,510
--------------------------------------------------------------------------------
Leisure Equipment & Products - 0.2%
Brunswick Corp. 182 2,907
Callaway Golf Co. 101 1,483
Hasbro, Inc. 225 6,278
Jakks Pacific, Inc.* 48 1,323
Mattel, Inc. 476 9,471
Polaris Industries, Inc. 57 2,338
Pool Corp. 119 2,248
-----------
Total Leisure Equipment & Products 26,048
--------------------------------------------------------------------------------
Life Sciences Tools & Services - 0.3%
Bio-Rad Laboratories, Inc. Class A* 25 2,224
Charles River Laboratories International, Inc.* 56 3,301
Covance, Inc.* 42 3,485
Invitrogen Corp.* 27 2,308
Millipore Corp.* 35 2,359
PerkinElmer, Inc. 102 2,474
Pharmaceutical Product Development, Inc. 126 5,279
TECHNE Corp.* 11 741
Thermo Fisher Scientific, Inc.* 194 11,026
Varian, Inc.* 28 1,622
Waters Corp.* 84 4,679
-----------
Total Life Sciences Tools & Services 39,498
--------------------------------------------------------------------------------
Machinery - 2.4%
Accuride Corp.* 68 556
Actuant Corp. Class A 91 2,749
AGCO Corp.* 61 3,653
Barnes Group, Inc. 86 1,974
Bucyrus International, Inc. Class A 21 2,135
Caterpillar, Inc. 963 75,394
CLARCOR, Inc. 73 2,595
Columbus McKinnon Corp.* 8 248
Cummins, Inc. 252 11,799
Danaher Corp. 273 20,756
Deere & Co. 412 33,142
Donaldson Co., Inc. 73 2,940
Dover Corp. 273 11,406
Eaton Corp. 220 17,527
EnPro Industries, Inc.* 94 2,932
Flowserve Corp. 48 5,010
Freightcar America, Inc. 70 2,401
Gardner Denver, Inc.* 119 4,415
Graco, Inc. 105 3,807
Greenbrier Cos., Inc. 30 796
See Notes to Financial Statements.
WisdomTree Earnings Funds 21
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Harsco Corp. 90 $ 4,984
IDEX Corp. 126 3,867
Illinois Tool Works, Inc. 624 30,096
ITT Corp. 191 9,896
Joy Global, Inc. 116 7,559
Kaydon Corp. 42 1,844
Kennametal, Inc. 140 4,120
Lincoln Electric Holdings, Inc. 70 4,514
Manitowoc Co., Inc. (The) 129 5,263
Mueller Industries, Inc. 78 2,250
NACCO Industries, Inc. Class A 25 2,024
Nordson Corp. 51 2,746
Oshkosh Truck Corp. 126 4,571
Paccar, Inc. 501 22,545
Pall Corp. 126 4,419
Parker Hannifin Corp. 212 14,685
Pentair, Inc. 140 4,466
SPX Corp. 63 6,609
Terex Corp.* 180 11,250
Timken Co. (The) 217 6,449
Toro Co. (The) 62 2,566
Trinity Industries, Inc. 239 6,369
Valmont Industries, Inc. 26 2,285
Wabtec Corp. 90 3,389
Watts Water Technologies, Inc. Class A 98 2,747
-----------
Total Machinery 377,748
----------------------------------------------------------------------------
Marine - 0.0%
Alexander & Baldwin, Inc. 46 1,982
Kirby Corp.* 58 3,306
-----------
Total Marine 5,288
----------------------------------------------------------------------------
Media - 2.7%
AH Belo Corp. Class A 47 537
Belo Corp. Class A 238 2,516
CBS Corp. Class B 912 20,137
Cinemark Holdings, Inc. 183 2,341
Citadel Broadcasting Corp.* 146 242
Clear Channel Communications, Inc. 388 11,337
Clear Channel Outdoor Holdings, Inc. Class A* 162 3,080
Comcast Corp. Class A* 1,010 19,533
Cox Radio, Inc. Class A* 234 2,780
DIRECTV Group, Inc. (The)* 1,024 25,385
Discovery Holding Co. Class A* 109 2,313
DISH Network Corp. Class A* 294 8,447
DreamWorks Animation SKG, Inc. Class A* 107 2,758
E.W. Scripps Co. (The) Class A 133 5,587
Gannett Co., Inc. 557 16,181
Gemstar-TV Guide International, Inc.* 788 3,704
Getty Images, Inc.* 114 3,648
Harte-Hanks, Inc. 161 2,201
Hearst-Argyle Television, Inc. 168 3,466
Interactive Data Corp. 105 2,989
John Wiley & Sons, Inc. Class A 70 2,779
Lee Enterprises, Inc. 204 2,042
Marvel Entertainment, Inc.* 154 4,126
McClatchy Co. Class A 289 3,092
McGraw-Hill Cos., Inc. (The) 414 15,297
Meredith Corp. 70 2,678
Morningstar, Inc.* 26 1,595
New York Times Co. (The) Class A 153 2,889
News Corp. Class A 2,626 49,238
Omnicom Group, Inc. 357 15,772
Regal Entertainment Group Class A 357 6,887
Salem Communications Holding Corp. Class A* 16 64
Scholastic Corp.* 79 2,391
Time Warner Cable, Inc. Class A* 754 18,835
Time Warner, Inc. 3,917 54,915
Viacom, Inc. Class B* 716 28,368
Walt Disney Co. (The) 2,307 72,393
Washington Post Co. (The) Class B 7 4,631
Westwood One, Inc.* 166 349
-----------
Total Media 427,523
----------------------------------------------------------------------------
Metals & Mining - 1.8%
AK Steel Holding Corp.* 151 8,217
Alcoa, Inc. 1,147 41,361
Allegheny Technologies, Inc. 166 11,846
Brush Engineered Materials, Inc.* 48 1,232
Carpenter Technology Corp. 70 3,918
Cleveland-Cliffs, Inc. 58 6,950
Coeur d'ALENE Mines Corp.* 62 250
Commercial Metals Co. 238 7,133
Freeport-McMoRan Copper & Gold, Inc. 528 50,804
Newmont Mining Corp. 79 3,579
Nucor Corp. 502 34,005
Quanex Corp. 85 4,398
Reliance Steel & Aluminum Co. 168 10,056
RTI International Metals, Inc.* 37 1,673
Schnitzer Steel Industries, Inc. Class A 51 3,622
Southern Copper Corp. 455 47,243
Steel Dynamics, Inc. 332 10,969
Titanium Metals Corp.* 231 3,477
United States Steel Corp. 239 30,322
Worthington Industries, Inc. 124 2,092
-----------
Total Metals & Mining 283,147
----------------------------------------------------------------------------
Multiline Retail - 1.0%
Big Lots, Inc.* 139 3,100
Bon-Ton Stores, Inc. (The) 124 678
Dillard's, Inc. Class A 183 3,149
Dollar Tree Stores, Inc.* 133 3,669
Family Dollar Stores, Inc. 227 4,427
JC Penney Co., Inc. 491 18,516
Kohl's Corp.* 460 19,729
Macy's, Inc. 612 14,113
Nordstrom, Inc. 413 13,464
Retail Ventures, Inc.* 370 1,795
Sears Holdings Corp.* 252 25,727
Target Corp. 996 50,477
Tuesday Morning Corp.* 279 1,445
-----------
Total Multiline Retail 160,289
----------------------------------------------------------------------------
See Notes to Financial Statements.
22 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
----------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------
Multi-Utilities - 1.0%
Alliant Energy Corp. 112 $ 3,921
Ameren Corp. 203 8,940
Black Hills Corp. 66 2,361
Centerpoint Energy, Inc. 327 4,666
Consolidated Edison, Inc. 306 12,148
Dominion Resources, Inc. 96 3,921
DTE Energy Co. 131 5,095
Energy East Corp. 175 4,221
Integrys Energy Group, Inc. 77 3,591
MDU Resources Group, Inc. 224 5,499
NiSource, Inc. 391 6,741
NSTAR 126 3,834
OGE Energy Corp. 162 5,050
PG&E Corp. 372 13,697
PNM Resources, Inc. 140 1,746
Public Service Enterprise Group, Inc. 528 21,220
Puget Energy, Inc. 175 4,527
SCANA Corp. 133 4,865
Sempra Energy 285 15,185
TECO Energy, Inc. 266 4,243
Vectren Corp. 154 4,132
Wisconsin Energy Corp. 133 5,851
Xcel Energy, Inc. 448 8,938
-----------
Total Multi-Utilities 154,392
----------------------------------------------------------------------
Office Electronics - 0.1%
Xerox Corp. 1,174 17,575
Zebra Technologies Corp. Class A* 126 4,198
-----------
Total Office Electronics 21,773
----------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 11.7%
Alon USA Energy, Inc. 110 1,673
Alpha Natural Resources, Inc.* 37 1,607
Anadarko Petroleum Corp. 393 24,771
Apache Corp. 376 45,428
Arch Coal, Inc. 84 3,654
Atlas Energy Resources LLC 64 1,984
Berry Petroleum Co. Class A 62 2,882
Bill Barrett Corp.* 18 851
Bois d'Arc Energy, Inc.* 101 2,170
Brigham Exploration Co.* 85 516
Chesapeake Energy Corp. 728 33,597
Chevron Corp. 3,486 297,565
Cimarex Energy Co. 140 7,664
CNX Gas Corp.* 116 3,744
ConocoPhillips 2,604 198,451
CONSOL Energy, Inc. 71 4,912
Delek US Holdings, Inc. 126 1,596
Denbury Resources, Inc.* 106 3,026
Devon Energy Corp. 572 59,677
El Paso Corp. 289 4,809
EOG Resources, Inc. 201 24,120
Exxon Mobil Corp. 8,333 704,805
Forest Oil Corp.* 67 3,280
Frontier Oil Corp. 220 5,997
Hess Corp. 343 30,246
Holly Corp. 137 5,947
Marathon Oil Corp. 1,411 64,342
Mariner Energy Inc* 154 4,160
Massey Energy Co. 37 1,351
Murphy Oil Corp. 146 11,992
Newfield Exploration Co.* 115 6,078
Noble Energy, Inc. 144 10,483
Occidental Petroleum Corp. 961 70,316
Overseas Shipholding Group, Inc. 74 5,183
Peabody Energy Corp. 80 4,080
Penn Virginia Corp. 35 1,543
PetroHawk Energy Corp.* 90 1,815
Petroleum Development Corp.* 10 693
Pioneer Natural Resources Co. 89 4,372
Quicksilver Resources, Inc.* 68 2,484
Range Resources Corp. 60 3,807
Southwestern Energy Co.* 126 4,245
Spectra Energy Corp. 649 14,765
St. Mary Land & Exploration Co. 119 4,582
Sunoco, Inc. 263 13,800
Swift Energy Co.* 79 3,554
Tesoro Corp. 299 8,970
USEC, Inc.* 262 969
Vaalco Energy, Inc.* 271 1,347
Valero Energy Corp. 1,336 65,611
VeraSun Energy Corp 124 911
W&T Offshore, Inc. 106 3,616
Western Refining, Inc. 238 3,206
Whiting Petroleum Corp.* 46 2,974
Williams Cos., Inc. (The) 427 14,082
World Fuel Services Corp. 71 1,993
XTO Energy, Inc. 607 37,549
-----------
Total Oil, Gas & Consumable Fuels 1,849,845
----------------------------------------------------------------------
Paper & Forest Products - 0.1%
International Paper Co. 241 6,555
Weyerhaeuser Co. 56 3,642
-----------
Total Paper & Forest Products 10,197
----------------------------------------------------------------------
Personal Products - 0.2%
Alberto-Culver Co. 76 2,083
Avon Products, Inc. 301 11,902
Bare Escentuals, Inc.* 105 2,459
Estee Lauder Cos., Inc. (The) Class A 197 9,032
Mannatech, Inc. 125 891
NBTY, Inc.* 163 4,882
Prestige Brands Holdings, Inc.* 60 491
-----------
Total Personal Products 31,740
----------------------------------------------------------------------
Pharmaceuticals - 4.0%
Abbott Laboratories 651 35,903
Allergan, Inc. 146 8,233
Alpharma, Inc. Class A* 30 786
APP Pharmaceuticals, Inc.* 109 1,317
Barr Pharmaceuticals, Inc.* 88 4,251
Bristol-Myers Squibb Co. 1,553 33,079
----------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Earnings Funds 23
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
Caraco Pharmaceutical Laboratories Ltd.* 53 $ 951
Eli Lilly & Co. 973 50,197
Endo Pharmaceuticals Holdings, Inc.* 140 3,352
Forest Laboratories, Inc.* 266 10,643
Johnson & Johnson 2,892 187,603
King Pharmaceuticals, Inc.* 453 3,941
KV Pharmaceutical Co., Class A* 50 1,248
Medicines Co. (The)* 30 606
Medicis Pharmaceutical Corp. Class A 89 1,752
Merck & Co., Inc. 1,949 73,965
Mylan Laboratories, Inc.* 412 4,779
Perrigo Co. 75 2,830
Pfizer, Inc. 5,630 117,836
Salix Pharmaceuticals Ltd.* 66 414
Schering-Plough Corp. 1,356 19,540
Sciele Pharma, Inc.* 21 410
Sepracor, Inc.* 185 3,611
Viropharma, Inc.* 252 2,253
Wyeth 1,743 72,788
-----------
Total Pharmaceuticals 642,288
--------------------------------------------------------------------------
Real Estate Investment Trusts - 1.1%
Alexandria Real Estate Equities, Inc. 21 1,947
AMB Property Corp. 70 3,809
AvalonBay Communities, Inc. 47 4,536
Boston Properties, Inc. 211 19,427
CapitalSource, Inc. 343 3,317
CBL & Associates Properties, Inc. 86 2,024
Colonial Properties Trust 280 6,734
Developers Diversified Realty Corp. 113 4,732
Duke Realty Corp. 91 2,076
Entertainment Properties Trust 63 3,108
Federal Realty Investment Trust 31 2,416
General Growth Properties, Inc. 155 5,916
HCP Inc. 89 3,009
Health Care REIT, Inc. 54 2,437
Hospitality Properties Trust 91 3,096
Host Hotels & Resorts, Inc. 454 7,228
HRPT Properties Trust 322 2,167
iStar Financial, Inc. 234 3,283
Kimco Realty Corp. 194 7,599
Macerich Co. (The) 26 1,827
Mack-Cali Realty Corp. 84 3,000
National Health Investors, Inc. 83 2,594
National Retail Properties, Inc. 91 2,007
Nationwide Health Properties, Inc. 94 3,173
Plum Creek Timber Co., Inc. 87 3,541
Post Properties, Inc. 91 3,514
Potlatch Corp. 91 3,756
Prologis 337 19,835
Public Storage, Inc. 2 177
Rayonier, Inc. 98 4,257
Realty Income Corp. 94 2,408
Regency Centers Corp. 49 3,173
Senior Housing Properties Trust 111 2,631
Simon Property Group, Inc. 102 9,477
SL Green Realty Corp. 39 3,177
Ventas, Inc. 91 4,087
Vornado Realty Trust 105 9,052
Weingarten Realty Investors 84 2,893
-----------
Total Real Estate Investment Trusts 173,440
--------------------------------------------------------------------------
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A* 380 8,224
Forestar Real Estate Group, Inc.* 44 1,096
Jones Lang LaSalle, Inc. 42 3,248
-----------
Total Real Estate Management & Development 12,568
--------------------------------------------------------------------------
Road & Rail - 1.1%
Amerco, Inc.* 14 799
Arkansas Best Corp. 36 1,147
Avis Budget Group, Inc.* 165 1,752
Burlington Northern Santa Fe Corp. 419 38,641
Con-way, Inc. 105 5,195
CSX Corp. 525 29,437
Genesee & Wyoming, Inc. Class A* 74 2,546
Heartland Express, Inc. 139 1,982
Hertz Global Holdings, Inc.* 273 3,292
JB Hunt Transport Services, Inc. 203 6,380
Kansas City Southern* 87 3,490
Knight Transportation, Inc. 124 2,041
Landstar System, Inc. 67 3,495
Norfolk Southern Corp. 532 28,898
Old Dominion Freight Line, Inc.* 97 3,088
Ryder System, Inc. 84 5,116
Union Pacific Corp. 265 33,226
Werner Enterprises, Inc. 116 2,153
YRC Worldwide, Inc.* 201 2,637
-----------
Total Road & Rail 175,315
--------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 1.8%
Advanced Energy Industries, Inc.* 167 2,214
Altera Corp.* 328 6,045
Amkor Technology, Inc.* 547 5,853
Analog Devices, Inc. 354 10,450
Applied Materials, Inc. 1,706 33,284
Broadcom Corp. Class A* 147 2,833
Cymer, Inc.* 74 1,927
Cypress Semiconductor Corp.* 111 2,621
FormFactor, Inc.* 74 1,413
Intel Corp. 4,045 85,673
International Rectifier Corp.* 98 2,107
Intersil Corp. Class A 150 3,851
KLA-Tencor Corp. 211 7,828
Lam Research Corp.* 161 6,153
Linear Technology Corp. 273 8,378
MEMC Electronic Materials, Inc.* 156 11,060
Microchip Technology, Inc. 265 8,673
MKS Instruments, Inc.* 164 3,510
National Semiconductor Corp. 330 6,046
Novellus Systems, Inc.* 140 2,947
Nvidia Corp.* 468 9,262
See Notes to Financial Statements.
24 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
Omnivision Technologies, Inc.* 12 $ 202
ON Semiconductor Corp.* 720 4,090
RF Micro Devices, Inc.* 629 1,673
Silicon Image, Inc.* 5 25
Texas Instruments, Inc. 1,566 44,271
Varian Semiconductor Equipment Associates, Inc.* 94 2,646
Xilinx, Inc. 300 7,125
-----------
Total Semiconductors & Semiconductor Equipment 282,160
-------------------------------------------------------------------------------
Software - 2.5%
Activision Inc.* 161 4,397
Adobe Systems, Inc.* 312 11,104
Advent Software, Inc.* 46 1,961
Ansys, Inc.* 47 1,622
Autodesk, Inc.* 141 4,439
BMC Software, Inc.* 133 4,325
CA, Inc. 254 5,715
Cadence Design Systems, Inc.* 217 2,318
Citrix Systems, Inc.* 140 4,106
Commvault Systems, Inc.* 89 1,104
Compuware Corp.* 483 3,545
FactSet Research Systems, Inc. 44 2,370
Fair Isaac Corp. 71 1,528
Intuit, Inc.* 298 8,049
Jack Henry & Associates, Inc. 99 2,442
McAfee, Inc.* 112 3,706
Micros Systems, Inc.* 60 2,020
Microsoft Corp. 8,012 227,380
MicroStrategy, Inc. Class A* 5 370
NAVTEQ Corp.* 48 3,264
Net 1 UEPS Technologies, Inc.* 70 1,579
Oracle Corp.* 4,097 80,137
Parametric Technology Corp.* 230 3,675
Red Hat, Inc.* 111 2,041
Sybase, Inc.* 103 2,709
Symantec Corp.* 266 4,421
Synopsys, Inc.* 93 2,112
-----------
Total Software 392,439
-------------------------------------------------------------------------------
Specialty Retail - 2.5%
Aaron Rents, Inc. 29 625
Abercrombie & Fitch Co. Class A 98 7,168
Advance Auto Parts, Inc. 126 4,290
Aeropostale, Inc.* 178 4,826
American Eagle Outfitters, Inc. 373 6,531
AnnTaylor Stores Corp.* 126 3,047
Asbury Automotive Group, Inc. 42 578
AutoNation, Inc.* 308 4,611
Autozone, Inc.* 91 10,359
Barnes & Noble, Inc. 105 3,218
bebe Stores, Inc. 173 1,860
Bed Bath & Beyond, Inc.* 369 10,886
Best Buy Co., Inc. 476 19,735
Big 5 Sporting Goods Corp. 43 377
Brown Shoe Co., Inc. 116 1,748
Buckle, Inc. (The) 52 2,326
Build-A-Bear Workshop, Inc.* 70 636
Cabela's, Inc.* 153 2,166
Carmax, Inc.*(a) 154 2,991
Casual Male Retail Group, Inc.* 302 1,268
Cato Corp. (The) Class A 40 598
Charming Shoppes, Inc.* 455 2,198
Chico's FAS, Inc.* 341 2,425
Childrens Place Retail Stores, Inc. (The)* 61 1,498
Coldwater Creek, Inc.* 153 773
Collective Brands, Inc.* 140 1,697
Conn's, Inc.* 84 1,370
Dick's Sporting Goods, Inc.* 103 2,758
Dress Barn, Inc.* 198 2,562
DSW, Inc. Class A* 52 673
Finish Line (The) Class A* 229 1,090
Foot Locker, Inc. 196 2,307
GameStop Corp. Class A* 69 3,568
Gap, Inc. (The) 705 13,874
Genesco, Inc.* 54 1,248
Group 1 Automotive, Inc. 82 1,925
Guess?, Inc. 80 3,238
Gymboree Corp.* 68 2,712
Home Depot, Inc. 3,036 84,916
HOT Topic, Inc.* 145 625
J Crew Group Inc* 61 2,694
JOS A Bank Clothiers, Inc.* 36 738
Limited Brands, Inc. 740 12,654
Lithia Motors, Inc. Class A 64 650
Lowe's Cos., Inc. 2,372 54,413
Men's Wearhouse, Inc. (The) 98 2,280
New York & Co., Inc.* 158 907
Office Depot, Inc.* 734 8,111
OfficeMax, Inc.* 184 3,522
O'Reilly Automotive, Inc.* 126 3,594
Pacific Sunwear Of California, Inc.* 23 290
Penske Auto Group, Inc. 182 3,542
PetSmart, Inc. 140 2,862
RadioShack Corp. 196 3,185
Rent-A-Center, Inc.* 269 4,936
Ross Stores, Inc. 133 3,985
Select Comfort Corp.* 103 371
Sherwin-Williams Co. (The) 192 9,800
Shoe Carnival, Inc.* 74 1,001
Sonic Automotive, Inc. Class A 115 2,363
Staples, Inc. 802 17,732
Tiffany & Co. 126 5,272
TJX Cos., Inc. 444 14,683
Tractor Supply Co.* 91 3,596
Tween Brands, Inc.* 80 1,979
Urban Outfitters, Inc.* 175 5,486
Wet Seal, Inc. (The) Class A* 321 1,088
Williams-Sonoma, Inc. 126 3,054
Zale Corp.* 35 692
-----------
Total Specialty Retail 396,781
-------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Earnings Funds 25
Schedule of Investments (concluded)
WisdomTree Total Earnings Fund
March 31, 2008
--------------------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 0.6%
Coach, Inc.* 364 $ 10,976
Columbia Sportswear Co. 70 3,082
CROCS, Inc.* 89 1,555
Fossil, Inc.* 28 855
Hanesbrands, Inc.* 135 3,942
Heelys, Inc.* 220 944
Jones Apparel Group, Inc. 351 4,710
K-Swiss, Inc. Class A 27 427
Liz Claiborne, Inc. 112 2,033
Maidenform Brands, Inc.* 44 716
Nike, Inc. Class B 470 31,961
Oxford Industries, Inc. 68 1,532
Perry Ellis International, Inc.* 63 1,375
Phillips-Van Heusen Corp. 84 3,185
Polo Ralph Lauren Corp. 91 5,304
Quiksilver, Inc.* 120 1,177
Skechers U.S.A., Inc. Class A* 64 1,293
Steven Madden Ltd.* 40 685
Timberland Co. Class A* 65 892
Under Armour, Inc. Class A* 14 512
UniFirst Corp. 5 185
VF Corp. 133 10,310
Volcom, Inc.* 33 667
Warnaco Group Inc. (The) 62 2,445
Wolverine World Wide, Inc. 93 2,698
-----------
Total Textiles, Apparel & Luxury Goods 93,461
--------------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 0.7%
Astoria Financial Corp. 147 3,993
BankUnited Financial Corp. Class A 363 1,819
Corus Bankshares, Inc. 426 4,145
Downey Financial Corp. 63 1,158
Fannie Mae 852 22,425
First Niagara Financial Group, Inc. 208 2,827
First Place Financial Corp. (OH) 48 624
FirstFed Financial Corp.* 119 3,231
Franklin Bank Corp.* 96 291
Guaranty Financial Group, Inc.* 44 467
Hudson City Bancorp, Inc. 399 7,054
Imperial Capital Bancorp, Inc. 49 1,059
New York Community Bancorp, Inc. 259 4,719
Ocwen Financial Corp.* 488 2,167
People's United Financial, Inc. 210 3,635
PFF Bancorp, Inc.* 77 641
PMI Group, Inc. (The) 399 2,322
Provident Financial Services, Inc. 81 1,145
Sovereign Bancorp, Inc.* 273 2,544
United Community Financial Corp. (OH) 121 750
Washington Federal, Inc. 189 4,317
Washington Mutual, Inc. 3,110 32,032
-----------
Total Thrifts & Mortgage Finance 103,365
--------------------------------------------------------------------------------------
Tobacco - 1.3%
Altria Group, Inc. 2,350 52,170
Philip Morris International, Inc.* 2,350 118,863
Reynolds American, Inc. 335 19,775
Universal Corp./VA 55 3,604
UST, Inc. 175 9,541
-----------
Total Tobacco 203,953
--------------------------------------------------------------------------------------
Trading Companies & Distributors - 0.3%
Applied Industrial Technologies, Inc. 88 2,630
Beacon Roofing Supply, Inc.* 25 250
Fastenal Co. 119 5,466
GATX Corp. 91 3,555
H&E Equipment Services, Inc.* 127 1,596
MSC Industrial Direct Co. Class A 98 4,141
Rush Enterprises, Inc. Class A* 110 1,742
UAP Holding Corp. 63 2,415
United Rentals, Inc.* 275 5,181
W.W. Grainger, Inc. 105 8,022
Watsco, Inc. 23 953
WESCO International, Inc.* 143 5,218
-----------
Total Trading Companies & Distributors 41,169
--------------------------------------------------------------------------------------
Water Utilities - 0.0%
Aqua America, Inc. 145 2,723
--------------------------------------------------------------------------------------
Wireless Telecommunication Services - 0.1%
American Tower Corp., Class A* 61 2,392
MetroPCS Communications, Inc.* 138 2,346
NII Holdings, Inc.* 152 4,830
Syniverse Holdings, Inc.* 171 2,849
United States Cellular Corp.* 54 2,970
USA Mobility, Inc.* 19 136
-----------
Total Wireless Telecommunication Services 15,523
--------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $18,484,112) 15,791,407
======================================================================================
RIGHTS* - 0.0%
Capital Markets - 0.0%
Ares Capital Corp., expiring 4/22/08 50 28
MCG Capital Corp., expiring 4/19/08 41 44
-----------
TOTAL RIGHTS
(Cost: $0) 72
======================================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $18,484,112) 15,791,479
======================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.0%
MONEY MARKET FUND(b) - 0.0%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $2,341)(c) 2,341 2,341
======================================================================================
TOTAL INVESTMENTS IN SECURITIES - 99.6%
(Cost $18,486,453) 15,793,820
Cash and Other Assets in Excess of Liabilities - 0.4% 67,509
-----------
NET ASSETS - 100.0% $15,861,329
======================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $1,920 and the total market value of the collateral held by the Fund
was $2,341.
See Notes to Financial Statements.
26 WisdomTree Earnings Funds
Schedule of Investments
WisdomTree Earnings 500 Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
COMMON STOCKS - 99.8%
Aerospace & Defense - 2.7%
Boeing Co. (The) 3,875 $ 288,183
General Dynamics Corp. 1,656 138,061
Goodrich Corp. 507 29,158
Honeywell International, Inc. 3,005 169,542
L-3 Communications Holdings, Inc. 515 56,310
Lockheed Martin Corp. 2,119 210,417
Northrop Grumman Corp. 1,417 110,257
Precision Castparts Corp. 454 46,344
Raytheon Co. 1,965 126,959
Rockwell Collins, Inc. 592 33,833
United Technologies Corp. 4,064 279,684
-----------
Total Aerospace & Defense 1,488,748
--------------------------------------------------------------------------
Air Freight & Logistics - 0.9%
C.H. Robinson Worldwide, Inc. 460 25,024
Expeditors International Washington, Inc. 437 19,744
FedEx Corp. 1,592 147,531
United Parcel Service Inc. Class B 4,345 317,271
-----------
Total Air Freight & Logistics 509,570
--------------------------------------------------------------------------
Airlines - 0.1%
AMR Corp.* 3,172 28,611
Southwest Airlines Co. 3,390 42,036
-----------
Total Airlines 70,647
--------------------------------------------------------------------------
Auto Components - 0.2%
BorgWarner, Inc. 419 18,030
Johnson Controls, Inc. 2,742 92,679
-----------
Total Auto Components 110,709
--------------------------------------------------------------------------
Automobiles - 0.1%
Harley-Davidson, Inc. 1,642 61,575
--------------------------------------------------------------------------
Beverages - 2.0%
Anheuser-Busch Cos., Inc. 3,075 145,909
Brown-Forman Corp. Class B 410 27,150
Coca-Cola Co. (The) 6,422 390,907
Constellation Brands, Inc. Class A* 927 16,380
Molson Coors Brewing Co. Class B 597 31,384
Pepsi Bottling Group, Inc. 1,152 39,064
PepsiCo, Inc. 6,051 436,883
-----------
Total Beverages 1,087,677
--------------------------------------------------------------------------
Biotechnology - 1.0%
Amgen, Inc.* 5,117 213,788
Biogen Idec, Inc.* 793 48,920
Celgene Corp.* 282 17,284
Genentech, Inc.* 3,080 250,035
Genzyme Corp.* 334 24,896
-----------
Total Biotechnology 554,923
--------------------------------------------------------------------------
Building Products - 0.2%
Masco Corp. 2,478 49,138
Trane, Inc. 755 34,655
-----------
Total Building Products 83,793
--------------------------------------------------------------------------
Capital Markets - 4.6%
American Capital Strategies Ltd.(a) 1,324 45,228
Ameriprise Financial, Inc. 995 51,591
Bank of New York Mellon Corp. (The) 3,023 126,150
Bear Stearns & Co., Inc. (The) 1,494 15,672
BlackRock, Inc. 308 62,887
Charles Schwab Corp. (The) 3,195 60,162
Eaton Vance Corp. 193 5,888
Franklin Resources, Inc. 1,143 110,860
Goldman Sachs Group, Inc. 4,232 699,929
Janus Capital Group, Inc. 374 8,703
Legg Mason, Inc. 752 42,097
Lehman Brothers Holdings, Inc. 5,240 197,234
Merrill Lynch & Co., Inc. 4,116 167,686
Morgan Stanley 12,294 561,836
Northern Trust Corp. 785 52,179
SEI Investments Co. 649 16,024
State Street Corp. 1,315 103,885
T. Rowe Price Group, Inc. 785 39,250
TD Ameritrade Holding Corp.* 9,130 150,736
-----------
Total Capital Markets 2,517,997
--------------------------------------------------------------------------
Chemicals - 1.8%
Air Products & Chemicals, Inc. 791 72,772
Celanese Corp. Series A 334 13,043
CF Industries Holdings, Inc. 190 19,688
Dow Chemical Co. (The) 6,105 224,969
E.I. Du Pont de Nemours & Co. 5,373 251,242
Eastman Chemical Co. 312 19,484
Ecolab, Inc. 624 27,100
Monsanto Co. 705 78,608
Mosaic Co. (The)* 562 57,661
PPG Industries, Inc. 965 58,392
Praxair, Inc. 971 81,787
Rohm & Haas Co. 913 49,375
Sigma-Aldrich Corp. 415 24,755
-----------
Total Chemicals 978,876
--------------------------------------------------------------------------
Commercial Banks - 4.4%
BB&T Corp. 3,720 119,263
Comerica, Inc. 1,340 47,007
Fifth Third Bancorp 3,359 70,270
Huntington Bancshares, Inc. 2,227 23,940
KeyCorp 3,823 83,915
M&T Bank Corp. 755 60,762
See Notes to Financial Statements.
WisdomTree Earnings Funds 27
Schedule of Investments (continued)
WisdomTree Earnings 500 Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
Marshall & Ilsley Corp. 2,399 $ 55,657
National City Corp. 3,672 36,536
PNC Financial Services Group, Inc. (The) 1,846 121,042
Regions Financial Corp. 5,375 106,156
SunTrust Banks, Inc. 2,348 129,469
Synovus Financial Corp. 1,993 22,043
U.S. Bancorp 11,002 356,025
UnionBanCal Corp. 1,080 53,006
Wachovia Corp. 16,583 447,742
Wells Fargo & Co. 22,122 643,751
Zions Bancorp. 913 41,587
-----------
Total Commercial Banks 2,418,171
------------------------------------------------------------------------------
Commercial Services & Supplies - 0.5%
Avery Dennison Corp. 476 23,443
Cintas Corp. 778 22,204
Dun & Bradstreet Corp. 239 19,450
Equifax, Inc. 549 18,930
Manpower, Inc. 594 33,418
Pitney Bowes, Inc. 1,179 41,289
R.R. Donnelley & Sons Co. 558 16,913
Republic Services, Inc. 666 19,474
Stericycle, Inc.* 164 8,446
Waste Management, Inc. 2,478 83,161
-----------
Total Commercial Services & Supplies 286,728
------------------------------------------------------------------------------
Communications Equipment - 1.8%
Cisco Systems, Inc.* 20,995 505,769
Corning, Inc. 6,945 166,958
EchoStar Corp. Class A* 298 8,803
Harris Corp. 504 24,459
Juniper Networks, Inc.* 703 17,575
Motorola, Inc. 2,815 26,180
Qualcomm, Inc. 6,295 258,095
-----------
Total Communications Equipment 1,007,839
------------------------------------------------------------------------------
Computers & Peripherals - 3.3%
Apple, Inc.* 1,457 209,080
Dell, Inc.* 8,796 175,216
EMC Corp. 6,193 88,808
Hewlett-Packard Co. 9,941 453,906
International Business Machines Corp. 6,758 778,116
NetApp, Inc.* 762 15,278
SanDisk Corp.* 161 3,634
Sun Microsystems, Inc.* 2,287 35,517
Western Digital Corp.* 1,328 35,909
-----------
Total Computers & Peripherals 1,795,464
------------------------------------------------------------------------------
Construction & Engineering - 0.1%
Fluor Corp. 197 27,809
Jacobs Engineering Group, Inc.* 234 17,220
KBR, Inc. 406 11,258
-----------
Total Construction & Engineering 56,287
------------------------------------------------------------------------------
Construction Materials - 0.1%
Martin Marietta Materials, Inc. 153 16,244
Vulcan Materials Co. 418 27,755
-----------
Total Construction Materials 43,999
------------------------------------------------------------------------------
Consumer Finance - 1.1%
American Express Co. 6,061 264,986
Capital One Financial Corp. 4,344 213,812
Discover Financial Services 3,951 64,678
SLM Corp.* 2,399 36,825
-----------
Total Consumer Finance 580,301
------------------------------------------------------------------------------
Containers & Packaging - 0.0%
Owens-Illinois, Inc.* 418 23,588
------------------------------------------------------------------------------
Distributors - 0.1%
Genuine Parts Co. 802 32,256
------------------------------------------------------------------------------
Diversified Consumer Services - 0.1%
Apollo Group, Inc. Class A* 443 19,138
H&R Block, Inc. 1,617 33,569
-----------
Total Diversified Consumer Services 52,707
------------------------------------------------------------------------------
Diversified Financials - 6.6%
Bank of America Corp. 34,789 1,318,851
CIT Group, Inc. 475 5,629
Citigroup, Inc. 44,013 942,758
CME Group, Inc. 62 29,084
IntercontinentalExchange, Inc.* 89 11,615
JPMorgan Chase & Co. 28,361 1,218,105
Moody's Corp. 1,505 52,419
Nymex Holdings, Inc. 118 10,694
NYSE Euronext 472 29,127
-----------
Total Diversified Financials 3,618,282
------------------------------------------------------------------------------
Diversified Telecommunication Services - 2.4%
AT&T, Inc. 19,149 733,406
Embarq Corp. 1,059 42,466
Qwest Communications International, Inc. 29,186 132,213
Verizon Communications, Inc. 10,170 370,697
Windstream Corp. 2,661 31,799
-----------
Total Diversified Telecommunication Services 1,310,581
------------------------------------------------------------------------------
See Notes to Financial Statements.
28 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Earnings 500 Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
Electric Utilities - 2.0%
Allegheny Energy, Inc.* 456 $ 23,028
American Electric Power Co., Inc. 1,746 72,686
Duke Energy Corp. 6,606 117,917
Edison International 1,592 78,040
Entergy Corp. 817 89,118
Exelon Corp. 3,186 258,927
FirstEnergy Corp. 1,314 90,167
FPL Group, Inc. 1,373 86,142
Pepco Holdings, Inc. 813 20,097
PPL Corp. 1,384 63,553
Progress Energy, Inc. 1,215 50,666
Reliant Energy, Inc.* 288 6,811
Southern Co. 3,310 117,869
-----------
Total Electric Utilities 1,075,021
--------------------------------------------------------------------------
Electrical Equipment - 0.4%
Emerson Electric Co. 2,890 148,720
First Solar, Inc.* 29 6,703
Rockwell Automation, Inc. 610 35,026
Roper Industries, Inc. 294 17,475
-----------
Total Electrical Equipment 207,924
--------------------------------------------------------------------------
Electronic Equipment & Instruments - 0.2%
Agilent Technologies, Inc.* 1,003 29,919
Amphenol Corp. Class A 576 21,456
Avnet, Inc.* 930 30,439
Dolby Laboratories, Inc. Class A* 234 8,485
Molex, Inc. 600 13,896
-----------
Total Electronic Equipment & Instruments 104,195
--------------------------------------------------------------------------
Energy Equipment & Services - 1.4%
Baker Hughes, Inc. 1,396 95,626
BJ Services Co. 2,448 69,792
Cameron International Corp.* 768 31,980
Diamond Offshore Drilling, Inc. 532 61,925
ENSCO International, Inc. 1,292 80,905
Exterran Holdings, Inc.* 28 1,807
FMC Technologies, Inc.* 377 21,448
Grant Prideco, Inc.* 751 36,964
Halliburton Co. 5,156 202,785
National Oilwell Varco, Inc.* 1,320 77,062
Pride International, Inc.* 930 32,504
Smith International, Inc. 671 43,098
-----------
Total Energy Equipment & Services 755,896
--------------------------------------------------------------------------
Food & Staples Retailing - 3.2%
Costco Wholesale Corp. 1,203 78,159
CVS Corp. 4,290 173,787
Kroger Co. (The) 3,564 90,526
Safeway, Inc. 1,863 54,679
SUPERVALU, Inc. 1,149 34,447
SYSCO Corp. 2,477 71,883
Walgreen Co. 4,275 162,835
Wal-Mart Stores, Inc. 20,245 1,066,506
Whole Foods Market, Inc.(a) 379 12,496
-----------
Total Food & Staples Retailing 1,745,318
--------------------------------------------------------------------------
Food Products - 1.4%
Archer-Daniels-Midland Co. 2,847 117,182
Campbell Soup Co. 1,633 55,440
ConAgra Foods, Inc. 2,209 52,906
General Mills, Inc. 1,437 86,048
H.J. Heinz Co. 1,310 61,531
Hershey Co. (The) 580 21,849
Hormel Foods Corp. 576 23,996
Kellogg Co. 1,637 86,041
Kraft Foods, Inc. Class A 5,574 172,849
McCormick & Co., Inc. 467 17,265
Sara Lee Corp. 1,443 20,173
Tyson Foods, Inc. Class A 1,306 20,831
Wm. Wrigley Jr. Co. 744 46,753
-----------
Total Food Products 782,864
--------------------------------------------------------------------------
Gas Utilities - 0.1%
Equitable Resources, Inc. 280 16,492
Questar Corp. 720 40,723
-----------
Total Gas Utilities 57,215
--------------------------------------------------------------------------
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc. 2,190 126,626
Becton Dickinson & Co. 828 71,084
Boston Scientific Corp.* 1,728 22,239
C.R. Bard, Inc. 312 30,077
DENTSPLY International, Inc. 434 16,752
Hologic, Inc.* 104 5,782
Hospira, Inc.* 184 7,870
Intuitive Surgical, Inc.* 29 9,406
Medtronic, Inc. 4,481 216,746
St. Jude Medical, Inc.* 1,138 49,150
Stryker Corp. 951 61,863
Varian Medical Systems, Inc.* 364 17,050
Zimmer Holdings, Inc.* 850 66,181
-----------
Total Health Care Equipment & Supplies 700,826
--------------------------------------------------------------------------
Health Care Providers & Services - 1.8%
Aetna, Inc. 2,383 100,300
AmerisourceBergen Corp. 819 33,563
Cardinal Health, Inc. 1,624 85,276
Cigna Corp. 1,627 66,007
Coventry Health Care, Inc.* 807 32,562
DaVita, Inc.* 482 23,020
See Notes to Financial Statements.
WisdomTree Earnings Funds 29
Schedule of Investments (continued)
WisdomTree Earnings 500 Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
Express Scripts, Inc.* 625 $ 40,200
Health Net, Inc.* 273 8,408
Henry Schein, Inc.* 280 16,072
Humana, Inc.* 715 32,075
Laboratory Corp. of America Holdings* 467 34,409
McKesson Corp. 1,143 59,859
Medco Health Solutions, Inc.* 1,424 62,357
Quest Diagnostics, Inc. 802 36,307
UnitedHealth Group, Inc. 6,064 208,360
WellPoint, Inc.* 2,868 126,565
------------
Total Health Care Providers & Services 965,340
------------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 0.9%
Darden Restaurants, Inc. 1,034 33,657
International Game Technology 848 34,098
Las Vegas Sands Corp.* 131 9,647
Marriott International, Inc. Class A 1,702 58,481
McDonald's Corp. 2,295 127,991
MGM Mirage* 580 34,087
Penn National Gaming, Inc.* 201 8,790
Starbucks Corp.* 2,442 42,735
Starwood Hotels & Resorts Worldwide, Inc. 1,032 53,406
Wyndham Worldwide Corp 1,185 24,506
Yum! Brands, Inc. 1,851 68,875
------------
Total Hotels, Restaurants & Leisure 496,273
------------------------------------------------------------------------------
Household Durables - 0.4%
Black & Decker Corp. (The) 471 31,133
Fortune Brands, Inc. 854 59,354
Mohawk Industries, Inc.*(a) 460 32,941
Newell Rubbermaid, Inc. 1,420 32,475
Whirlpool Corp. 539 46,774
------------
Total Household Durables 202,677
------------------------------------------------------------------------------
Household Products - 1.9%
Clorox Co. (The) 574 32,511
Colgate-Palmolive Co. 1,594 124,189
Energizer Holdings, Inc.* 202 18,277
Kimberly-Clark Corp. 2,075 133,941
Procter & Gamble Co. 10,775 755,004
------------
Total Household Products 1,063,922
------------------------------------------------------------------------------
Independent Power Producers & Energy - 0.4%
AES Corp. (The)* 1,463 24,388
Constellation Energy Group, Inc. 600 52,962
Dynegy, Inc. Class A* 1,379 10,880
Mirant Corp.* 2,684 97,671
NRG Energy, Inc.* 731 28,502
------------
Total Independent Power Producers & Energy 214,403
------------------------------------------------------------------------------
Industrial Conglomerates - 3.4%
3M Co. 2,901 229,614
General Electric Co. 43,401 1,606,271
Textron, Inc. 906 50,211
------------
Total Industrial Conglomerates 1,886,096
------------------------------------------------------------------------------
Insurance - 8.1%
Allstate Corp. (The) 6,840 328,730
American Family Life Assurance Co., Inc. 1,939 125,938
American International Group, Inc. 20,036 866,558
AON Corp. 1,372 55,154
Assurant, Inc. 840 51,122
Berkshire Hathaway, Inc. Class B* 211 943,783
Chubb Corp. (The) 3,711 183,620
Cincinnati Financial Corp. 1,078 41,007
CNA Financial Corp. 2,383 61,458
Genworth Financial, Inc. Class A 4,216 95,450
Hartford Financial Services Group, Inc. (The) 2,772 210,034
Lincoln National Corp. 1,900 98,800
Loews Corp. 3,286 132,163
Marsh & McLennan Cos., Inc. 1,780 43,343
Metlife, Inc. 4,881 294,129
Nationwide Financial Services, Inc. Class A 1,158 54,750
Principal Financial Group, Inc. 1,057 58,896
Progressive Corp. (The) 5,550 89,189
Prudential Financial, Inc. 2,134 166,986
Safeco Corp. 826 36,245
Torchmark Corp. 666 40,033
Transatlantic Holdings, Inc. 504 33,440
Travelers Cos., Inc. (The) 6,611 316,336
Unum Group 2,616 57,578
W.R. Berkley Corp. 1,904 52,722
------------
Total Insurance 4,437,464
------------------------------------------------------------------------------
Internet & Catalog Retail - 0.1%
Amazon.Com, Inc.* 312 22,246
Expedia, Inc.* 764 16,724
IAC/InterActiveCorp.* 898 18,642
------------
Total Internet & Catalog Retail 57,612
------------------------------------------------------------------------------
Internet Software & Services - 0.5%
Akamai Technologies, Inc.* 184 5,181
eBay, Inc.* 388 11,578
Google, Inc. Class A* 454 199,973
Yahoo! Inc.* 2,292 66,308
------------
Total Internet Software & Services 283,040
------------------------------------------------------------------------------
See Notes to Financial Statements.
30 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Earnings 500 Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
IT Services - 0.8%
Alliance Data Systems Corp.* 167 $ 7,934
Automatic Data Processing, Inc. 1,656 70,199
Cognizant Technology Solutions Corp. Class A* 734 21,161
Computer Sciences Corp.* 576 23,495
DST Systems, Inc.* 245 16,106
Electronic Data Systems Corp. 2,702 44,988
Fidelity National Information Services, Inc. 752 28,681
Fiserv, Inc.* 617 29,672
Iron Mountain, Inc.* 336 8,884
Mastercard, Inc. Class A 271 60,430
Paychex, Inc. 1,084 37,138
Total System Services, Inc. 1,787 42,280
Western Union Co. (The) 2,670 56,791
------------
Total IT Services 447,759
------------------------------------------------------------------------------
Leisure Equipment & Products - 0.1%
Mattel, Inc. 2,176 43,302
------------------------------------------------------------------------------
Life Sciences Tools & Services - 0.1%
Covance, Inc.* 141 11,699
Pharmaceutical Product Development, Inc. 309 12,947
Thermo Fisher Scientific, Inc.* 754 42,857
Waters Corp.* 250 13,925
------------
Total Life Sciences Tools & Services 81,428
------------------------------------------------------------------------------
Machinery - 2.1%
AGCO Corp.* 251 15,030
Caterpillar, Inc. 3,934 307,992
Cummins, Inc. 1,000 46,820
Danaher Corp. 1,104 83,937
Deere & Co. 1,586 127,578
Dover Corp. 1,076 44,955
Eaton Corp. 859 68,437
Flowserve Corp. 161 16,805
Harsco Corp. 296 16,392
Illinois Tool Works, Inc. 2,651 127,857
ITT Corp. 779 40,360
Joy Global, Inc. 386 25,152
Manitowoc Co., Inc. (The) 452 18,442
Paccar, Inc. 1,941 87,345
Parker Hannifin Corp. 896 62,066
SPX Corp. 225 23,603
Terex Corp.* 701 43,813
------------
Total Machinery 1,156,584
------------------------------------------------------------------------------
Media - 2.8%
CBS Corp. Class B 3,864 85,317
Clear Channel Communications, Inc. 1,587 46,372
Clear Channel Outdoor Holdings, Inc. Class A* 558 10,608
Comcast Corp. Class A 4,514 87,301
DIRECTV Group, Inc. (The)* 4,292 106,399
Discovery Holding Co. Class A* 357 7,576
DISH Network Corp. Class A* 1,496 42,980
E.W. Scripps Co. (The) Class A 664 27,895
Gannett Co., Inc. 2,155 62,603
Lamar Advertising Co. Class A* 92 3,306
McGraw-Hill Cos., Inc. (The) 1,784 65,919
News Corp. Class A 11,002 206,287
Omnicom Group, Inc. 1,490 65,828
Time Warner Cable, Inc. Class A* 3,072 76,739
Time Warner, Inc. 16,836 236,040
Viacom, Inc. Class B* 2,739 108,519
Walt Disney Co. (The) 9,817 308,056
Washington Post Co. (The) Class B 26 17,199
------------
Total Media 1,564,944
------------------------------------------------------------------------------
Metals & Mining - 1.7%
AK Steel Holding Corp.* 559 30,421
Alcoa, Inc. 4,854 175,035
Allegheny Technologies, Inc. 702 50,095
Freeport-McMoRan Copper & Gold, Inc. 2,091 201,196
Newmont Mining Corp. 281 12,729
Nucor Corp. 1,962 132,906
Southern Copper Corp. 1,941 201,534
Steel Dynamics, Inc. 1,152 38,062
United States Steel Corp. 862 109,362
------------
Total Metals & Mining 951,340
------------------------------------------------------------------------------
Multiline Retail - 1.1%
JC Penney Co., Inc. 1,928 72,705
Kohl's Corp.* 1,975 84,708
Macy's, Inc. 2,651 61,132
Nordstrom, Inc. 1,511 49,259
Sears Holdings Corp.*(a) 959 97,904
Target Corp. 4,370 221,471
------------
Total Multiline Retail 587,179
------------------------------------------------------------------------------
Multi-Utilities - 0.9%
Ameren Corp. 871 38,359
Centerpoint Energy, Inc. 1,313 18,737
Consolidated Edison, Inc. 1,278 50,737
Dominion Resources, Inc. 800 32,672
DTE Energy Co. 580 22,556
MDU Resources Group, Inc. 857 21,039
NiSource, Inc. 1,407 24,257
PG&E Corp. 1,551 57,108
Public Service Enterprise Group, Inc. 2,130 85,604
SCANA Corp. 553 20,229
Sempra Energy 1,198 63,829
Wisconsin Energy Corp. 528 23,227
Xcel Energy, Inc. 1,894 37,785
------------
Total Multi-Utilities 496,139
------------------------------------------------------------------------------
Office Electronics - 0.1%
Xerox Corp. 4,938 73,922
------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Earnings Funds 31
Schedule of Investments (continued)
WisdomTree Earnings 500 Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 12.9%
Anadarko Petroleum Corp. 1,556 $ 98,075
Apache Corp. 1,522 183,888
Arch Coal, Inc. 310 13,485
Chesapeake Energy Corp. 2,900 133,835
Chevron Corp. 13,933 1,189,320
ConocoPhillips 10,393 792,051
CONSOL Energy, Inc. 344 23,801
Denbury Resources, Inc.* 567 16,188
Devon Energy Corp. 2,259 235,681
El Paso Corp. 931 15,492
EOG Resources, Inc. 820 98,400
Exxon Mobil Corp. 33,197 2,807,801
Hess Corp. 1,376 121,336
Marathon Oil Corp. 5,651 257,686
Murphy Oil Corp. 629 51,666
Newfield Exploration Co.* 428 22,620
Noble Energy, Inc. 594 43,243
Occidental Petroleum Corp. 3,921 286,900
Peabody Energy Corp. 358 18,258
Pioneer Natural Resources Co. 295 14,490
Range Resources Corp. 236 14,974
Southwestern Energy Co.* 536 18,058
Spectra Energy Corp. 2,646 60,197
Sunoco, Inc. 1,011 53,047
Tesoro Corp. 1,176 35,280
Valero Energy Corp. 5,324 261,462
Williams Cos., Inc. (The) 1,730 57,055
XTO Energy, Inc. 2,415 149,392
-----------
Total Oil, Gas & Consumable Fuels 7,073,681
-------------------------------------------------------------------------------
Paper & Forest Products - 0.1%
International Paper Co. 1,210 32,912
MeadWestvaco Corp. 140 3,811
Weyerhaeuser Co. 171 11,122
-----------
Total Paper & Forest Products 47,845
-------------------------------------------------------------------------------
Personal Products - 0.1%
Avon Products, Inc. 1,176 46,499
Estee Lauder Cos., Inc. (The) Class A 758 34,754
-----------
Total Personal Products 81,253
-------------------------------------------------------------------------------
Pharmaceuticals - 4.5%
Abbott Laboratories 2,639 145,541
Allergan, Inc. 576 32,481
Barr Pharmaceuticals, Inc.* 292 14,107
Bristol-Myers Squibb Co. 6,545 139,409
Eli Lilly & Co. 3,891 200,737
Forest Laboratories, Inc.* 1,051 42,051
Johnson & Johnson 11,710 759,627
Merck & Co., Inc. 7,773 294,985
Pfizer, Inc. 22,811 477,433
Schering-Plough Corp. 5,741 82,728
Wyeth 7,330 306,101
-----------
Total Pharmaceuticals 2,495,200
-------------------------------------------------------------------------------
Real Estate Investment Trusts - 0.8%
AMB Property Corp. 340 18,503
AvalonBay Communities, Inc. 148 14,285
Boston Properties, Inc. 851 78,352
Developers Diversified Realty Corp. 395 16,543
General Growth Properties, Inc. 605 23,093
HCP Inc. 287 9,703
Host Hotels & Resorts, Inc. 1,820 28,974
Kimco Realty Corp. 729 28,555
Macerich Co. (The) 66 4,638
Plum Creek Timber Co., Inc. 350 14,245
Prologis 1,422 83,698
Public Storage, Inc. 19 1,684
Simon Property Group, Inc. 446 41,438
SL Green Realty Corp. 134 10,917
Ventas, Inc. 274 12,305
Vornado Realty Trust 409 35,260
-----------
Total Real Estate Investment Trusts 422,193
-------------------------------------------------------------------------------
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A* 1,374 29,734
Forest City Enterprises, Inc. Class A 89 3,275
---------
Total Real Estate Management & Development 33,009
-------------------------------------------------------------------------------
Road & Rail - 1.0%
Burlington Northern Santa Fe Corp. 1,716 158,249
CSX Corp. 2,026 113,598
Hertz Global Holdings, Inc.* 1,078 13,001
Norfolk Southern Corp. 2,134 115,919
Union Pacific Corp. 1,094 137,166
-----------
Total Road & Rail 537,933
-------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 1.7%
Altera Corp. 1,275 23,498
Analog Devices, Inc. 1,247 36,811
Applied Materials, Inc. 7,371 143,808
Broadcom Corp. Class A* 484 9,327
Cypress Semiconductor Corp.* 334 7,886
Intel Corp. 16,238 343,921
KLA-Tencor Corp. 765 28,382
Lam Research Corp.* 567 21,671
Linear Technology Corp. 954 29,278
MEMC Electronic Materials, Inc.* 504 35,734
Microchip Technology, Inc. 816 26,708
National Semiconductor Corp. 1,120 20,518
Nvidia Corp.* 1,570 31,070
Texas Instruments, Inc. 5,949 168,178
Xilinx, Inc. 1,207 28,666
-----------
Total Semiconductors & Semiconductor Equipment 955,456
-------------------------------------------------------------------------------
See Notes to Financial Statements.
32 WisdomTree Earnings Funds
Schedule of Investments (concluded)
WisdomTree Earnings 500 Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
Software - 2.5%
Activision Inc.* 440 $ 12,016
Adobe Systems, Inc.* 1,153 41,035
Autodesk, Inc.* 488 15,362
BMC Software, Inc.* 535 17,398
CA, Inc. 882 19,845
Citrix Systems, Inc.* 406 11,908
Intuit, Inc.* 1,091 29,468
McAfee, Inc.* 399 13,203
Microsoft Corp. 31,317 888,777
NAVTEQ Corp.* 153 10,404
Oracle Corp.* 16,128 315,464
Symantec Corp.* 1,437 23,883
-----------
Total Software 1,398,763
------------------------------------------------------------------------------
Specialty Retail - 2.1%
Abercrombie & Fitch Co. Class A 409 29,914
American Eagle Outfitters, Inc. 1,466 25,670
Autozone, Inc.* 363 41,320
Bed Bath & Beyond, Inc.* 1,545 45,578
Best Buy Co., Inc. 1,995 82,713
Carmax, Inc.*(a) 819 15,905
GameStop Corp. Class A* 239 12,359
Gap, Inc. (The) 2,708 53,293
Home Depot, Inc. 12,924 361,484
Limited Brands, Inc. 3,198 54,686
Lowe's Cos., Inc. 10,297 236,213
Sherwin-Williams Co. (The) 767 39,148
Staples, Inc. 3,404 75,262
Tiffany & Co. 504 21,087
TJX Cos., Inc. 1,944 64,288
-----------
Total Specialty Retail 1,158,920
------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 0.5%
Coach, Inc.* 1,692 51,014
Nike, Inc. Class B 1,980 134,640
Polo Ralph Lauren Corp. 483 28,154
VF Corp. 598 46,351
-----------
Total Textiles, Apparel & Luxury Goods 260,159
------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 0.5%
Fannie Mae 3,347 88,093
Hudson City Bancorp, Inc. 1,572 27,793
New York Community Bancorp, Inc. 1,158 21,099
People's United Financial, Inc. 715 12,377
Sovereign Bancorp, Inc. 677 6,310
Washington Mutual, Inc.(a) 12,669 130,490
-----------
Total Thrifts & Mortgage Finance 286,162
------------------------------------------------------------------------------
Tobacco - 1.5%
Altria Group, Inc. 9,623 213,631
Philip Morris International, Inc.* 9,623 486,731
Reynolds American, Inc. 1,391 82,111
UST, Inc. 627 34,184
-----------
Total Tobacco 816,657
------------------------------------------------------------------------------
Trading Companies & Distributors - 0.1%
Fastenal Co. 432 19,842
W.W. Grainger, Inc. 360 27,500
-----------
Total Trading Companies & Distributors 47,342
------------------------------------------------------------------------------
Wireless Telecommunication Services - 0.1%
American Tower Corp., Class A* 187 7,332
MetroPCS Communications, Inc.* 452 7,684
NII Holdings, Inc.* 598 19,005
Sprint Nextel Corp. 152 1,017
United States Cellular Corp.* 175 9,625
-----------
Total Wireless Telecommunication Services 44,663
------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $61,477,733) 54,788,637
==============================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.5%
MONEY MARKET FUND(b) - 0.5%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $279,350)(c) 279,350 279,350
==============================================================================
TOTAL INVESTMENTS IN SECURITIES - 100.3%
(Cost: $61,757,083) 55,067,987
Liabilities in Excess of Cash and Other Assets - (0.3)% (140,808)
-----------
NET ASSETS - 100.0% $54,927,179
==============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $263,808 and the total market value of the collateral held by the Fund
was $279,350.
See Notes to Financial Statements.
WisdomTree Earnings Funds 33
Schedule of Investments
WisdomTree MidCap Earnings Fund
March 31, 2008
-------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Aerospace & Defense - 1.4%
AAR Corp.* 514 $ 14,017
Alliant Techsystems, Inc.* 523 54,145
BE Aerospace, Inc.* 721 25,199
Ceradyne, Inc.* 891 28,476
Curtiss-Wright Corp. 517 21,445
DRS Technologies, Inc. 634 36,950
DynCorp International, Inc. Class A* 745 12,427
Esterline Technologies Corp.* 459 23,120
HEICO Corp.* 231 11,261
Hexcel Corp.* 703 13,434
Moog, Inc. Class A* 682 28,787
Orbital Sciences Corp.* 589 14,195
Spirit Aerosystems Holdings, Inc. Class A* 1,192 26,439
Teledyne Technologies, Inc.* 490 23,030
TransDigm Group, Inc.* 496 18,377
Triumph Group, Inc. 229 13,037
-----------
Total Aerospace & Defense 364,339
-------------------------------------------------------------------------
Airlines - 1.5%
Continental Airlines, Inc. Class B* 6,503 125,053
JetBlue Airways Corp.* 1,228 7,122
Skywest, Inc. 1,676 35,397
UAL Corp.* 6,135 132,086
US Airways Group, Inc.* 9,747 86,846
-----------
Total Airlines 386,504
-------------------------------------------------------------------------
Auto Components - 0.7%
Autoliv, Inc. 1,772 88,954
Gentex Corp. 2,068 35,466
Lear Corp.* 414 10,727
Sauer-Danfoss, Inc. 576 12,753
Tenneco, Inc.* 1,080 30,175
TRW Automotive Holdings Corp.* 138 3,225
-----------
Total Auto Components 181,300
-------------------------------------------------------------------------
Automobiles - 0.1%
Thor Industries, Inc. 1,146 34,116
-------------------------------------------------------------------------
Beverages - 0.4%
Central European Distribution Corp.* 369 21,472
Hansen Natural Corp.* 837 29,546
PepsiAmericas, Inc. 1,721 43,937
-----------
Total Beverages 94,955
-------------------------------------------------------------------------
Biotechnology - 0.3%
Alkermes, Inc.* 465 5,524
Cubist Pharmaceuticals, Inc.* 641 11,807
ImClone Systems, Inc.* 707 29,992
Lifecell Corp.* 206 8,658
United Therapeutics Corp.* 220 19,074
-----------
Total Biotechnology 75,055
-------------------------------------------------------------------------
Building Products - 0.6%
Lennox International, Inc. 1,480 53,236
Simpson Manufacturing Co., Inc.(a) 981 26,664
USG Corp.*(a) 1,758 64,729
-----------
Total Building Products 144,629
-------------------------------------------------------------------------
Capital Markets - 2.7%
Affiliated Managers Group, Inc.* 409 37,113
Allied Capital Corp. 2,143 39,495
Apollo Investment Corp. 2,587 40,952
Cohen & Steers, Inc.(a) 771 20,424
E*Trade Financial Corp.*(a) 33,788 130,422
FCstone Group Inc* 180 4,986
Federated Investors, Inc. Class B 1,597 62,539
Fortress Investment Group LLC, Class A(a) 4,616 56,684
GAMCO Investors Inc. Class A 318 16,014
GFI Group, Inc.* 256 14,669
Greenhill & Co., Inc.(a) 442 30,746
Investment Technology Group, Inc.* 675 31,172
Jefferies Group, Inc. 2,861 46,148
Knight Capital Group, Inc. Class A* 2,367 38,440
optionsXpress Holdings, Inc. 879 18,204
Raymond James Financial, Inc. 2,286 52,532
Waddell & Reed Financial, Inc. Class A 1,057 33,961
-----------
Total Capital Markets 674,501
-------------------------------------------------------------------------
Chemicals - 3.6%
Airgas, Inc. 1,076 48,926
Albemarle Corp. 1,612 58,870
Ashland, Inc. 1,203 56,902
Cabot Corp. 1,191 33,348
Cytec Industries, Inc. 867 46,688
FMC Corp. 842 46,723
H.B. Fuller Co. 1,247 25,451
Hercules, Inc. 6,006 109,849
International Flavors & Fragrances, Inc. 1,403 61,802
Lubrizol Corp. 1,149 63,781
Nalco Holding Co. 1,784 37,732
Olin Corp. 860 16,994
OM Group, Inc.* 277 15,108
Rockwood Holdings, Inc.* 788 25,823
RPM International, Inc. 3,250 68,054
Scotts Miracle-Gro Co. (The) Class A 966 31,318
Sensient Technologies Corp. 829 24,447
Terra Industries, Inc.* 1,099 39,047
Valhi, Inc. 460 10,759
Valspar Corp. (The) 2,114 41,942
W.R. Grace & Co.* 662 15,107
Westlake Chemical Corp. 1,675 21,859
-----------
Total Chemicals 900,530
-------------------------------------------------------------------------
Commercial Banks - 5.6%
Associated Banc-Corp 3,280 87,346
See Notes to Financial Statements.
34 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2008
------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------
BancorpSouth, Inc. 1,645 $ 38,098
Bank of Hawaii Corp. 1,152 57,093
BOK Financial Corp. 1,197 62,519
Cathay General Bancorp 1,403 29,084
City National Corp. 1,153 57,027
Colonial BancGroup, Inc. (The) 5,195 50,028
Commerce Bancshares, Inc. 1,484 62,373
Cullen/Frost Bankers, Inc. 1,178 62,481
East West Bancorp, Inc. 1,946 34,542
First Citizens BancShares, Inc. Class A 234 32,608
First Community Bancorp 700 18,795
First Horizon National Corp.(a) 2,698 37,799
First Midwest Bancorp, Inc. 1,134 31,491
FirstMerit Corp. 1,421 29,358
Fulton Financial Corp. 4,331 53,228
Hancock Holding Co. 591 24,834
International Bancshares Corp. 1,664 37,573
Investors Bancorp, Inc.* 435 6,677
MB Financial, Inc. 627 19,299
Popular, Inc. 8,174 95,310
Prosperity Bancshares, Inc. 832 23,845
South Financial Group, Inc. (The) 1,628 24,192
Susquehanna Bancshares, Inc. 1,224 24,933
SVB Financial Group* 744 32,468
TCF Financial Corp. 3,909 70,049
Trustmark Corp. 1,440 32,083
UCBH Holdings, Inc. 2,313 17,949
UMB Financial Corp. 595 24,514
United Bankshares, Inc. 968 25,797
Valley National Bancorp 2,419 46,469
Webster Financial Corp. 1,351 37,652
Westamerica Bancorp 600 31,560
Whitney Holding Corp. 1,769 43,854
Wilmington Trust Corp. 1,981 61,609
-----------
Total Commercial Banks 1,424,537
------------------------------------------------------------------------
Commercial Services & Supplies - 3.2%
Advisory Board Co. (The)* 137 7,527
Allied Waste Industries, Inc.* 4,299 46,472
Brady Corp. Class A 879 29,385
Brink's Co. (The) 668 44,876
ChoicePoint, Inc.* 1,006 47,887
Copart, Inc.* 1,072 41,551
Corporate Executive Board Co. 365 14,775
Corrections Corp. of America* 1,174 32,308
Covanta Holding Corp.* 686 18,865
Deluxe Corp. 1,463 28,104
FTI Consulting, Inc.* 416 29,553
Geo Group, Inc. (The)* 432 12,286
Herman Miller, Inc. 1,458 35,823
HNI Corp. 947 25,465
Huron Consulting Group, Inc.* 157 6,523
IHS Inc. Class A* 282 18,135
IKON Office Solutions, Inc. 2,905 22,078
Mine Safety Appliances Co. 384 15,817
Monster Worldwide, Inc.* 1,260 30,505
PHH Corp.* 115 2,004
Robert Half International, Inc. 3,271 84,197
Rollins, Inc. 1,235 21,847
RSC Holdings, Inc.* 2,866 31,239
Steelcase, Inc. Class A 2,554 28,247
TeleTech Holdings, Inc.* 875 19,653
Tetra Tech, Inc.* 616 12,018
United Stationers, Inc.* 739 35,250
Waste Connections, Inc.* 914 28,096
Watson Wyatt Worldwide, Inc. Class A 819 46,478
-----------
Total Commercial Services & Supplies 816,964
------------------------------------------------------------------------
Communications Equipment - 1.0%
ADC Telecommunications, Inc.* 2,310 27,905
Adtran, Inc. 1,017 18,815
Arris Group, Inc.* 4,140 24,095
Avocent Corp.* 588 9,937
Ciena Corp* 466 14,367
CommScope, Inc.* 1,310 45,626
Comtech Telecommunications Corp.* 390 15,210
Dycom Industries, Inc.* 360 4,324
F5 Networks, Inc.* 867 15,753
Foundry Networks, Inc.* 1,149 13,305
Netgear, Inc.* 413 8,239
Plantronics, Inc. 635 12,262
Polycom, Inc.* 866 19,520
Riverbed Technology, Inc.* 89 1,323
Sonus Networks, Inc.* 1,654 5,690
Starent Networks Corp* 98 1,323
Tellabs, Inc.* 3,829 20,868
-----------
Total Communications Equipment 258,562
------------------------------------------------------------------------
Computers & Peripherals - 1.0%
Brocade Communications Systems, Inc.* 2,500 18,250
Diebold, Inc. 617 23,168
Electronics For Imaging* 272 4,058
Emulex Corp.* 525 8,526
Intermec, Inc.* 219 4,860
Lexmark International, Inc. Class A* 2,571 78,982
NCR Corp.* 3,433 78,375
QLogic Corp.* 2,249 34,522
Synaptics, Inc.* 180 4,298
-----------
Total Computers & Peripherals 255,039
------------------------------------------------------------------------
Construction & Engineering - 0.6%
Aecom Technology Corp* 1,042 27,102
EMCOR Group, Inc.* 1,354 30,072
Granite Construction Inc. 778 25,448
Perini Corp.* 588 21,303
Quanta Services, Inc.* 1,415 32,787
URS Corp.* 684 22,360
-----------
Total Construction & Engineering 159,072
------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Earnings Funds 35
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Construction Materials - 0.2%
Eagle Materials, Inc. 1,229 $ 43,691
Texas Industries, Inc. 310 18,634
-----------
Total Construction Materials 62,325
----------------------------------------------------------------------------
Consumer Finance - 0.8%
AmeriCredit Corp.*(a) 8,614 86,744
First Marblehead Corp. (The) 9,727 72,563
Student Loan Corp. (The) 499 49,351
-----------
Total Consumer Finance 208,658
----------------------------------------------------------------------------
Containers & Packaging - 2.6%
AptarGroup, Inc. 960 37,373
Ball Corp. 1,751 80,441
Bemis Co. Inc. 1,985 50,479
Crown Holdings, Inc.* 3,898 98,074
Greif, Inc. Class A 635 43,136
Packaging Corp. of America 1,768 39,479
Pactiv Corp.* 2,327 60,991
Sealed Air Corp. 4,424 111,705
Silgan Holdings, Inc. 687 34,096
Sonoco Products Co. 2,003 57,346
Temple-Inland, Inc. 2,545 32,372
-----------
Total Containers & Packaging 645,492
----------------------------------------------------------------------------
Distributors - 0.1%
LKQ Corp.* 861 19,347
----------------------------------------------------------------------------
Diversified Consumer Services - 0.9%
Capella Education Co.* 85 4,641
Career Education Corp.* 1,166 14,832
Corinthian Colleges, Inc.* 331 2,393
DeVry, Inc. 335 14,016
ITT Educational Services, Inc.* 436 20,025
Matthews International Corp. Class A 405 19,541
Regis Corp. 1,107 30,431
Service Corp International 1,788 18,130
Sotheby's 1,252 36,196
Strayer Education, Inc. 102 15,555
Weight Watchers International, Inc. 1,289 59,720
-----------
Total Diversified Consumer Services 235,480
----------------------------------------------------------------------------
Diversified Financials - 0.2%
Nasdaq Stock Market, Inc. (The)* 1,321 51,070
----------------------------------------------------------------------------
Diversified Telecommunication Services - 0.6%
Cbeyond, Inc.* 98 1,841
CenturyTel, Inc. 2,542 84,496
Cincinnati Bell, Inc.* 5,654 24,086
Citizens Communications Co. 4,385 45,999
-----------
Total Diversified Telecommunication Services 156,422
----------------------------------------------------------------------------
Electric Utilities - 1.8%
ALLETE, Inc. 677 26,146
Cleco Corp. 1,596 35,399
DPL, Inc. 1,289 33,050
EL Paso Electric Co.* 840 17,951
Great Plains Energy, Inc. 1,556 38,355
Hawaiian Electric Industries, Inc. 679 16,208
IDACORP, Inc. 755 24,243
ITC Holdings Corp. 297 15,462
Northeast Utilities 2,097 51,460
Pinnacle West Capital Corp. 2,000 70,160
Portland General Electric Co. 1,757 39,620
Sierra Pacific Resources 3,251 41,060
Westar Energy, Inc. 2,019 45,973
-----------
Total Electric Utilities 455,087
----------------------------------------------------------------------------
Electrical Equipment - 1.4%
Acuity Brands, Inc. 1,066 45,785
AMETEK, Inc. 1,404 61,650
Baldor Electric Co. 735 20,580
Belden, Inc. 735 25,960
General Cable Corp.* 801 47,315
GrafTech International Ltd.* 1,919 31,107
Hubbell, Inc. Class B 1,029 44,957
Regal-Beloit Corp. 746 27,326
Thomas & Betts Corp.* 1,127 40,989
Woodward Governor Co. 702 18,757
-----------
Total Electrical Equipment 364,426
----------------------------------------------------------------------------
Electronic Equipment & Instruments - 2.2%
Anixter International, Inc.* 1,077 68,971
Arrow Electronics, Inc.* 3,364 113,198
AVX Corp. 3,291 42,158
Benchmark Electronics, Inc.* 1,677 30,102
Brightpoint, Inc.* 769 6,429
Flir Systems, Inc.* 1,416 42,607
Ingram Micro, Inc. Class A* 3,937 62,323
Jabil Circuit, Inc. 1,303 12,326
Mettler-Toledo International, Inc.* 420 40,790
National Instruments Corp. 747 19,527
Plexus Corp.* 663 18,597
Rofin-Sinar Technologies, Inc.* 475 21,328
Tech Data Corp.* 599 19,647
Trimble Navigation Ltd.* 947 27,075
Vishay Intertechnology, Inc.* 4,178 37,853
-----------
Total Electronic Equipment & Instruments 562,931
----------------------------------------------------------------------------
Energy Equipment & Services - 5.3%
Atwood Oceanics, Inc.* 293 26,874
Bristow Group, Inc.* 378 20,287
Complete Production Services, Inc.* 2,932 67,260
Dresser-Rand Group, Inc.* 632 19,434
Dril-Quip, Inc.* 516 23,979
Global Industries Ltd.* 2,384 38,359
Helmerich & Payne, Inc. 2,961 138,783
Hercules Offshore Inc* 1,670 41,950
ION Geophysical Corp.* 664 9,163
Key Energy Group, Inc.* 3,034 40,716
See Notes to Financial Statements.
36 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Oceaneering International, Inc.* 688 $ 43,344
Oil States International, Inc.* 1,840 82,450
Patterson-UTI Energy, Inc. 7,801 204,231
Rowan Cos., Inc. 3,097 127,535
SEACOR Holdings, Inc.* 593 50,618
Superior Energy Services, Inc.* 2,330 92,315
Tetra Technologies, Inc.* 1,291 20,449
Tidewater, Inc. 1,786 98,426
Unit Corp.* 1,845 104,519
W-H Energy Services, Inc.* 817 56,250
-----------
Total Energy Equipment & Services 1,306,942
----------------------------------------------------------------------------
Food & Staples Retailing - 0.4%
BJ's Wholesale Club, Inc.* 767 27,373
Casey's General Stores, Inc. 795 17,967
Great Atlantic & Pacific Tea Co., Inc.* 282 7,394
Longs Drug Stores Corp. 480 20,381
Ruddick Corp. 694 25,581
United Natural Foods, Inc.* 536 10,029
-----------
Total Food & Staples Retailing 108,725
----------------------------------------------------------------------------
Food Products - 1.6%
Corn Products International, Inc. 1,427 52,999
Dean Foods Co.* 1,992 40,019
Del Monte Foods Co. 3,233 30,810
Flowers Foods, Inc. 1,065 26,359
Hain Celestial Group, Inc.* 441 13,010
J.M. Smucker Co. (The) 1,012 51,217
Lancaster Colony Corp. 528 21,099
Pilgrim's Pride Corp. 540 10,924
Ralcorp Holdings, Inc.* 178 10,351
Seaboard Corp. 45 70,424
Smithfield Foods, Inc.* 2,116 54,508
Synutra International, Inc.* 174 5,438
Tootsie Roll Industries, Inc. 704 17,741
-----------
Total Food Products 404,899
----------------------------------------------------------------------------
Gas Utilities - 2.4%
AGL Resources, Inc. 1,543 52,956
Atmos Energy Corp. 2,021 51,536
Energen Corp. 1,224 76,255
National Fuel Gas Co. 1,389 65,575
New Jersey Resources Corp. 826 25,647
Nicor, Inc. 911 30,528
Northwest Natural Gas Co. 474 20,591
ONEOK, Inc. 1,802 80,423
Piedmont Natural Gas Co., Inc. 1,222 32,090
Southern Union Co. 2,771 64,481
Southwest Gas Corp. 914 25,555
UGI Corp. 2,134 53,179
WGL Holdings, Inc. 939 30,104
-----------
Total Gas Utilities 608,920
----------------------------------------------------------------------------
Health Care Equipment & Supplies - 1.5%
Align Technology, Inc.* 298 3,311
Arthrocare Corp.*(a) 210 7,004
Beckman Coulter, Inc. 955 61,645
Cooper Cos., Inc. (The) 214 7,368
Edwards Lifesciences Corp.* 719 32,031
Gen-Probe, Inc.* 333 16,051
Haemonetics Corp.* 292 17,397
Hillenbrand Industries, Inc. 1,039 49,664
IDEXX Laboratories, Inc.* 429 21,133
Immucor, Inc.* 590 12,591
Kinetic Concepts, Inc.* 1,192 55,106
Mentor Corp. 502 12,911
Meridian Bioscience, Inc. 222 7,421
Resmed, Inc.* 426 17,969
Sirona Dental Systems, Inc.* 37 998
STERIS Corp. 884 23,718
West Pharmaceutical Services, Inc. 640 28,307
-----------
Total Health Care Equipment & Supplies 374,625
----------------------------------------------------------------------------
Health Care Providers & Services - 2.3%
AMERIGROUP Corp.* 992 27,111
Chemed Corp. 333 14,053
Community Health Systems, Inc.* 1,551 52,067
Health Management Associates, Inc. Class A* 2,260 11,955
Healthsouth Corp* 1,517 26,987
Healthways, Inc.* 230 8,128
LifePoint Hospitals, Inc.* 1,291 35,464
Lincare Holdings, Inc.* 1,975 55,517
Magellan Health Services, Inc.* 560 22,226
Omnicare, Inc. 2,898 52,628
Owens & Minor, Inc. 450 17,703
Patterson Cos., Inc.* 1,991 72,274
Pediatrix Medical Group, Inc.* 618 41,653
PSS World Medical, Inc.* 764 12,728
Psychiatric Solutions, Inc.* 593 20,115
Universal American Corp.* 801 8,491
Universal Health Services, Inc. Class B 479 25,718
VCA Antech, Inc.* 778 21,278
WellCare Health Plans, Inc.* 1,480 57,646
-----------
Total Health Care Providers & Services 583,742
----------------------------------------------------------------------------
Health Care Technology - 0.5%
Cerner Corp.* 668 24,903
Eclipsys Corp.* 278 5,452
HLTH Corp.* 3,440 32,818
IMS Health, Inc. 3,539 74,354
-----------
Total Health Care Technology 137,527
----------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 1.6%
Ameristar Casinos, Inc. 795 14,509
Bally Technologies, Inc.* 157 5,391
See Notes to Financial Statements.
WisdomTree Earnings Funds 37
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Boyd Gaming Corp. 937 $ 18,740
Brinker International, Inc. 3,169 58,784
Burger King Holdings, Inc.. 1,726 47,740
Cheesecake Factory (The)* 1,009 21,986
Chipotle Mexican Grill, Inc. Class A* 144 16,334
Choice Hotels International, Inc. 932 31,791
International Speedway Corp. Class A 526 21,671
Jack in the Box, Inc.* 1,471 39,526
Life Time Fitness, Inc.*(a) 351 10,955
Panera Bread Co. Class A*(a) 375 15,709
Pinnacle Entertainment, Inc.* 150 1,920
Scientific Games Corp. Class A* 555 11,716
Sonic Corp.* 772 17,015
Speedway Motorsports, Inc. 776 19,454
Vail Resorts, Inc.* 354 17,095
Wendy's International, Inc. 843 19,440
WMS Industries, Inc.* 475 17,086
-----------
Total Hotels, Restaurants & Leisure 406,862
----------------------------------------------------------------------------
Household Durables - 2.4%
American Greetings Corp. Class A 1,003 18,606
Harman International Industries, Inc. 1,201 52,292
Jarden Corp.* 854 18,566
Leggett & Platt, Inc. 3,854 58,774
NVR, Inc.* 233 139,217
Sealy Corp. 2,040 15,504
Snap-On, Inc. 1,033 52,528
Stanley Works (The) 2,064 98,287
Tempur-Pedic International, Inc.(a) 1,390 15,290
Toll Brothers, Inc.* 4,289 100,705
Tupperware Brands Corp. 826 31,950
-----------
Total Household Durables 601,719
----------------------------------------------------------------------------
Household Products - 0.2%
Church & Dwight Co., Inc. 869 47,135
----------------------------------------------------------------------------
Independent Power Producers & Energy - 0.0%
Ormat Technologies, Inc. 104 4,473
----------------------------------------------------------------------------
Industrial Conglomerates - 0.5%
Carlisle Cos., Inc. 1,596 53,370
Teleflex, Inc. 346 16,508
Walter Industries, Inc. 1,015 63,569
-----------
Total Industrial Conglomerates 133,447
----------------------------------------------------------------------------
Insurance - 7.8%
Alfa Corp. 1,429 31,409
Alleghany Corp.* 184 62,699
AMBAC Financial Group, Inc. 2,375 13,656
American Financial Group, Inc. 4,230 108,120
American National Insurance Co. 650 69,355
Arthur J. Gallagher & Co. 1,841 43,484
Brown & Brown, Inc. 2,458 42,720
Commerce Group, Inc. 1,638 59,066
Delphi Financial Group, Inc. Class A 1,359 39,724
Erie Indemnity Co. Class A 1,297 66,393
Fidelity National Financial, Inc. Class A 5,013 91,888
First American Corp. 1,283 43,545
Hanover Insurance Group, Inc. (The) 1,543 63,479
HCC Insurance Holdings, Inc. 3,768 85,496
Hilb Rogal & Hobbs Co. 612 19,260
Markel Corp.* 233 102,514
MBIA, Inc.(a) 5,795 70,815
Mercury General Corp. 1,351 59,863
Midland Co. (The) 399 25,907
National Financial Partners Corp. 344 7,730
Odyssey Re Holdings Corp. 2,311 84,929
Old Republic International Corp. 6,987 90,202
Philadelphia Consolidated Holding Co.* 2,357 75,895
Phoenix Cos., Inc. (The) 3,616 44,151
ProAssurance Corp.* 844 45,433
Protective Life Corp. 1,965 79,700
Reinsurance Group of America, Inc. 1,859 101,204
RLI Corp. 860 42,630
Selective Insurance Group, Inc. 1,660 39,641
StanCorp Financial Group, Inc. 1,315 62,739
State Auto Financial Corp. 1,217 35,451
Unitrin, Inc. 1,396 49,335
Wesco Financial Corp. 69 27,876
Zenith National Insurance Corp. 1,818 65,193
-----------
Total Insurance 1,951,502
----------------------------------------------------------------------------
Internet & Catalog Retail - 0.4%
Blue Nile, Inc.* 62 3,357
GSI Commerce, Inc.* 725 9,534
NetFlix, Inc.*(a) 755 26,161
priceline.com, Inc.* 444 53,662
-----------
Total Internet & Catalog Retail 92,714
----------------------------------------------------------------------------
Internet Software & Services - 0.3%
DealerTrack Holdings, Inc.* 141 2,851
Digital River, Inc.* 571 17,684
j2 Global Communications, Inc.* 828 18,482
SAVVIS, Inc.* 461 7,500
Sohu.com, Inc.* 134 6,047
ValueClick, Inc.* 944 16,284
WebMD Health Corp. Class A*(a) 185 4,360
-----------
Total Internet Software & Services 73,208
----------------------------------------------------------------------------
IT Services - 1.9%
Affiliated Computer Services, Inc. Class A* 1,764 88,394
CACI International, Inc., Class A* 512 23,322
Convergys Corp.* 2,967 44,683
Euronet Worldwide Inc* 445 8,571
Gartner, Inc.* 927 17,928
Global Payments, Inc. 1,001 41,401
Heartland Payment Systems, Inc. 328 7,547
Mantech International Corp.* 470 21,319
MPS Group, Inc.* 2,262 26,737
See Notes to Financial Statements.
38 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
NeuStar, Inc. Class A* 761 $ 20,151
Perot Systems Corp. Class A* 2,335 35,118
SAIC, Inc.* 5,252 97,635
SRA International, Inc., Class A* 702 17,066
Syntel, Inc. 494 13,165
VeriFone Holdings, Inc.* 339 5,380
Wright Express Corp.* 534 16,410
-----------
Total IT Services 484,827
------------------------------------------------------------------------------
Leisure Equipment & Products - 0.7%
Brunswick Corp. 1,835 29,305
Callaway Golf Co. 1,055 15,487
Hasbro, Inc. 3,458 96,479
Polaris Industries, Inc.(a) 702 28,789
-----------
Total Leisure Equipment & Products 170,060
------------------------------------------------------------------------------
Life Sciences Tools & Services - 0.9%
Affymetrix, Inc.* 125 2,176
Bio-Rad Laboratories, Inc. Class A* 274 24,372
Charles River Laboratories International, Inc.* 712 41,966
Dionex Corp.* 162 12,472
Invitrogen Corp.* 334 28,547
Millipore Corp.* 423 28,514
Parexel International Corp.* 576 15,034
PerkinElmer, Inc. 1,229 29,804
TECHNE Corp.* 409 27,550
Varian, Inc.* 272 15,754
-----------
Total Life Sciences Tools & Services 226,189
------------------------------------------------------------------------------
Machinery - 3.7%
Actuant Corp. Class A 994 30,029
Albany International Corp. Class A 167 6,035
Barnes Group, Inc. 950 21,803
Briggs & Stratton Corp. 67 1,199
Bucyrus International, Inc. Class A 293 29,783
CLARCOR, Inc. 765 27,196
Donaldson Co., Inc. 951 38,306
Gardner Denver, Inc.* 1,603 59,471
Graco, Inc. 1,202 43,585
IDEX Corp. 1,312 40,265
Kaydon Corp. 426 18,706
Kennametal, Inc. 1,420 41,791
Lincoln Electric Holdings, Inc. 848 54,688
Middleby Corp.*(a) 187 11,667
Mueller Water Products, Inc. Class A 1,542 12,614
Nordson Corp. 523 28,164
Oshkosh Truck Corp. 1,669 60,551
Pall Corp. 1,654 58,006
Pentair, Inc. 1,748 55,761
Robbins & Myers, Inc. 418 13,648
Timken Co. (The) 2,436 72,398
Toro Co. (The) 749 31,001
Trinity Industries, Inc. 3,185 84,879
Valmont Industries, Inc. 305 26,806
Wabtec Corp. 980 36,907
Watts Water Technologies, Inc. Class A 747 20,938
-----------
Total Machinery 926,197
------------------------------------------------------------------------------
Marine - 0.3%
Alexander & Baldwin, Inc. 598 25,762
Kirby Corp.* 708 40,356
-----------
Total Marine 66,118
------------------------------------------------------------------------------
Media - 2.4%
AH Belo Corp. Class A 440 5,029
Belo Corp. Class A 2,276 24,057
Cinemark Holdings, Inc. 2,199 28,125
Cox Radio, Inc. Class A* 1,909 22,679
DreamWorks Animation SKG, Inc. Class A* 1,173 30,240
Gemstar-TV Guide International, Inc.* 12,034 56,560
Getty Images, Inc.* 1,335 42,720
Harte-Hanks, Inc. 1,725 23,581
Hearst-Argyle Television, Inc. 1,222 25,210
Interactive Data Corp. 1,158 32,968
Interpublic Group of Cos., Inc.* 923 7,762
John Wiley & Sons, Inc. Class A 854 33,904
Marvel Entertainment, Inc.* 1,349 36,140
Meredith Corp. 944 36,108
Morningstar, Inc.* 248 15,215
New York Times Co. (The) Class A(a) 2,738 51,693
R.H. Donnelley Corp.* 86 435
Regal Entertainment Group Class A 5,558 107,215
Scholastic Corp.* 897 27,152
-----------
Total Media 606,793
------------------------------------------------------------------------------
Metals & Mining - 2.4%
AMCOL International Corp. 460 14,366
Carpenter Technology Corp. 907 50,765
Cleveland-Cliffs, Inc. 754 90,344
Coeur d'ALENE Mines Corp.* 3,899 15,752
Commercial Metals Co. 3,506 105,075
Compass Minerals International, Inc. 446 26,305
Hecla Mining Co.* 639 7,131
Quanex Corp. 797 41,237
Reliance Steel & Aluminum Co. 2,298 137,559
RTI International Metals, Inc.* 406 18,355
Schnitzer Steel Industries, Inc. Class A 608 43,180
Titanium Metals Corp.* 2,962 44,578
Worthington Industries, Inc. 1,284 21,661
-----------
Total Metals & Mining 616,308
------------------------------------------------------------------------------
Multiline Retail - 1.0%
Big Lots, Inc.* 2,660 59,318
Dillard's, Inc. Class A(a) 2,845 48,962
Dollar Tree Stores, Inc.* 2,265 62,491
Family Dollar Stores, Inc. 3,807 74,237
Saks, Inc.* 380 4,739
-----------
Total Multiline Retail 249,747
------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Earnings Funds 39
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2008
------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------
Multi-Utilities - 2.0%
Alliant Energy Corp. 1,790 $ 62,668
Aquila, Inc.* 943 3,027
Avista Corp. 633 12,381
Black Hills Corp. 680 24,330
Energy East Corp. 2,341 56,465
Integrys Energy Group, Inc. 700 32,648
NSTAR 1,947 59,247
OGE Energy Corp. 2,149 66,984
PNM Resources, Inc. 1,260 15,712
Puget Energy, Inc. 1,965 50,835
TECO Energy, Inc. 4,790 76,401
Vectren Corp. 1,377 36,945
-----------
Total Multi-Utilities 497,643
------------------------------------------------------------------------
Office Electronics - 0.1%
Zebra Technologies Corp. Class A* 1,121 37,352
------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 4.3%
Alon USA Energy, Inc.(a) 1,665 25,325
Alpha Natural Resources, Inc.* 805 34,969
Arena Resources, Inc.* 182 7,045
Atlas America, Inc. 184 11,121
Atlas Energy Resources LLC(a) 815 25,265
Berry Petroleum Co. Class A 794 36,913
Bill Barrett Corp.* 228 10,773
Bois d'Arc Energy, Inc.* 950 20,416
Carrizo Oil & Gas, Inc.* 51 3,023
Cimarex Energy Co. 1,868 102,253
CNX Gas Corp.* 1,309 42,255
Comstock Resources, Inc.* 497 20,029
Crosstex Energy, Inc. 39 1,324
Encore Acquisition Co.* 77 3,102
Forest Oil Corp.* 983 48,128
Foundation Coal Holdings, Inc. 2 101
Frontier Oil Corp. 3,598 98,081
Helix Energy Solutions Group, Inc.* 1,488 46,872
Holly Corp. 1,981 85,995
Kinder Morgan Management LLC* 18 917
Mariner Energy Inc* 1,837 49,617
Massey Energy Co. 555 20,258
Overseas Shipholding Group, Inc. 973 68,149
Penn Virginia Corp. 358 15,784
Penn Virginia GP Holdings LP 300 8,124
PetroHawk Energy Corp.* 1,453 29,307
Quicksilver Resources, Inc.* 1,064 38,868
St. Mary Land & Exploration Co. 1,491 57,404
Swift Energy Co.* 885 39,816
W&T Offshore, Inc. 1,419 48,402
Western Refining, Inc. 3,464 46,660
Whiting Petroleum Corp.* 603 38,984
-----------
Total Oil, Gas & Consumable Fuels 1,085,280
------------------------------------------------------------------------
Personal Products - 0.6%
Alberto-Culver Co. 911 24,971
Bare Escentuals, Inc.* 1,004 23,514
Chattem, Inc.* 180 11,941
NBTY, Inc.* 2,281 68,316
Nu Skin Enterprises, Inc. Class A 914 16,470
-----------
Total Personal Products 145,212
------------------------------------------------------------------------
Pharmaceuticals - 1.2%
APP Pharmaceuticals, Inc.* 1,552 18,748
Endo Pharmaceuticals Holdings, Inc.* 2,102 50,322
King Pharmaceuticals, Inc.* 6,037 52,522
KV Pharmaceutical Co., Class A* 544 13,578
Medicis Pharmaceutical Corp. Class A 842 16,579
Mylan Laboratories, Inc.(a) 5,643 65,459
Perrigo Co. 822 31,014
Sepracor, Inc.* 2,415 47,141
XenoPort, Inc.* 42 1,700
-----------
Total Pharmaceuticals 297,063
------------------------------------------------------------------------
Real Estate Investment Trusts - 3.6%
Alexander's, Inc.* 5 1,773
Alexandria Real Estate Equities, Inc. 192 17,802
BioMed Realty Trust, Inc. 681 16,269
BRE Properties, Inc. 320 14,579
CapitalSource, Inc. 4,378 42,335
CBL & Associates Properties, Inc. 846 19,906
Colonial Properties Trust 4,484 107,839
Corporate Office Properties Trust 100 3,361
Cousins Properties, Inc. 149 3,682
DiamondRock Hospitality Co. 941 11,922
Digital Realty Trust, Inc. 59 2,095
Duke Realty Corp. 970 22,126
Entertainment Properties Trust 452 22,297
Equity Lifestyle Properties, Inc. 89 4,394
Equity One, Inc. 627 15,029
Essex Property Trust, Inc. 113 12,880
Federal Realty Investment Trust 350 27,283
Franklin Street Properties Corp. 699 10,010
Health Care REIT, Inc. 588 26,536
Healthcare Realty Trust, Inc. 231 6,041
Highwoods Properties, Inc. 380 11,807
Home Properties, Inc. 185 8,878
Hospitality Properties Trust 1,627 55,350
HRPT Properties Trust 2,809 18,905
iStar Financial, Inc. 3,606 50,592
Kilroy Realty Corp. 186 9,134
LaSalle Hotel Properties 266 7,642
Mack-Cali Realty Corp. 563 20,105
Mid-America Apartment Communities, Inc. 69 3,439
National Retail Properties, Inc. 972 21,433
Nationwide Health Properties, Inc. 1,073 36,214
Post Properties, Inc. 664 25,644
See Notes to Financial Statements.
40 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2008
---------------------------------------------------------------------------------
Investments Shares Value
---------------------------------------------------------------------------------
Potlatch Corp. 603 $ 24,886
PS Business Parks, Inc. 100 5,190
Rayonier, Inc. 1,251 54,343
Realty Income Corp. 1,128 28,899
Regency Centers Corp. 639 41,382
Senior Housing Properties Trust 1,101 26,094
Strategic Hotels & Resorts, Inc. 452 5,935
Sunstone Hotel Investors, Inc. 413 6,612
Tanger Factory Outlet Centers, Inc. 151 5,809
Taubman Centers, Inc. 245 12,765
Washington Real Estate Investment Trust 324 10,828
Weingarten Realty Investors 1,051 36,196
-----------
Total Real Estate Investment Trusts 916,241
---------------------------------------------------------------------------------
Real Estate Management & Development - 0.4%
Forestar Real Estate Group, Inc.* 739 18,408
Jones Lang LaSalle, Inc. 941 72,777
-----------
Total Real Estate Management & Development 91,185
---------------------------------------------------------------------------------
Road & Rail - 1.6%
Amerco, Inc.* 223 12,731
Avis Budget Group, Inc.* 1,886 20,029
Con-way, Inc. 1,191 58,931
Heartland Express, Inc. 1,463 20,862
JB Hunt Transport Services, Inc. 2,413 75,841
Kansas City Southern* 1,043 41,835
Knight Transportation, Inc.(a) 1,283 21,118
Landstar System, Inc. 823 42,928
Ryder System, Inc. 1,470 89,537
Werner Enterprises, Inc. 1,105 20,509
-----------
Total Road & Rail 404,321
---------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 1.7%
Amkor Technology, Inc.* 6,686 71,541
Atheros Communications, Inc.* 256 5,335
Cree, Inc.* 462 12,918
Cymer, Inc.* 671 17,473
Diodes, Inc.* 566 12,429
Fairchild Semiconductor International, Inc.* 827 9,858
FormFactor, Inc.* 703 13,427
Hittite Microwave Corp* 344 12,872
International Rectifier Corp.* 1,181 25,392
Intersil Corp. Class A 1,648 42,304
Microsemi Corp.* 131 2,987
Novellus Systems, Inc.* 2,306 48,541
ON Semiconductor Corp.* 9,114 51,768
RF Micro Devices, Inc.* 7,126 18,955
Sigma Designs Inc* 98 2,222
Silicon Laboratories, Inc.* 233 7,349
Skyworks Solutions, Inc.* 1,905 13,868
Teradyne, Inc.* 1,413 17,549
Tessera Technologies, Inc.* 355 7,384
Varian Semiconductor Equipment Associates, Inc.* 1,116 31,415
-----------
Total Semiconductors & Semiconductor Equipment 425,587
---------------------------------------------------------------------------------
Software - 1.7%
Advent Software, Inc.* 504 21,480
Ansys, Inc.* 504 17,398
Blackbaud, Inc.* 327 7,940
Blackboard, Inc.* 66 2,200
Cadence Design Systems, Inc.* 3,815 40,744
Compuware Corp.* 4,571 33,551
Concur Technologies, Inc.* 43 1,335
FactSet Research Systems, Inc. 520 28,012
Fair Isaac Corp. 856 18,421
Informatica Corp.* 818 13,955
Jack Henry & Associates, Inc. 1,191 29,382
Lawson Software, Inc.* 288 2,169
Macrovision Corp.* 557 7,520
Micros Systems, Inc.* 702 23,629
MicroStrategy, Inc. Class A* 198 14,650
Net 1 UEPS Technologies, Inc.* 640 14,432
Parametric Technology Corp.* 2,797 44,696
Progress Software Corp.* 347 10,382
Red Hat, Inc.* 1,098 20,192
Sybase, Inc.* 1,179 31,008
Synopsys, Inc.* 1,021 23,187
THQ, Inc.* 601 13,102
TIBCO Software, Inc.* 2,085 14,887
-----------
Total Software 434,272
---------------------------------------------------------------------------------
Specialty Retail - 4.5%
Advance Auto Parts, Inc. 1,940 66,057
Aeropostale, Inc.* 1,385 37,547
AnnTaylor Stores Corp.* 1,342 32,450
AutoNation, Inc.* 6,086 91,107
Barnes & Noble, Inc. 1,145 35,094
bebe Stores, Inc. 1,774 19,071
Chico's FAS, Inc.* 4,597 32,685
Dick's Sporting Goods, Inc.* 1,387 37,144
Foot Locker, Inc. 3,555 41,842
Guess?, Inc. 1,142 46,217
J Crew Group Inc* 720 31,802
Men's Wearhouse, Inc. (The) 1,852 43,096
Office Depot, Inc.* 11,446 126,478
OfficeMax, Inc. 2,689 51,467
O'Reilly Automotive, Inc.* 1,796 51,222
Pacific Sunwear Of California, Inc.* 32 404
Penske Auto Group, Inc. 2,004 38,998
PetSmart, Inc. 2,284 46,685
RadioShack Corp. 4,031 65,504
Ross Stores, Inc. 2,996 89,760
Sally Beauty Holdings, Inc.* 1,931 13,324
Tractor Supply Co.* 713 28,178
Urban Outfitters, Inc.* 1,624 50,912
Williams-Sonoma, Inc. 2,125 51,510
-----------
Total Specialty Retail 1,128,554
---------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Earnings Funds 41
Schedule of Investments (concluded)
WisdomTree MidCap Earnings Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 1.6%
Columbia Sportswear Co. 878 $ 38,658
CROCS, Inc.*(a) 1,133 19,794
Deckers Outdoor Corp.* 111 11,968
Fossil, Inc.* 725 22,142
Hanesbrands, Inc.* 1,798 52,502
Iconix Brand Group, Inc.* 710 12,319
Jones Apparel Group, Inc. 5,224 70,106
Liz Claiborne, Inc. 1,788 32,452
Phillips-Van Heusen Corp. 1,308 49,599
Quiksilver, Inc.* 1,782 17,481
Under Armour, Inc. Class A*(a) 285 10,431
Warnaco Group Inc. (The) 707 27,884
Wolverine World Wide, Inc. 1,135 32,926
-----------
Total Textiles, Apparel & Luxury Goods 398,262
----------------------------------------------------------------------------
Thrifts & Mortgage Finance - 0.7%
Astoria Financial Corp. 1,771 48,101
Capitol Federal Financial 291 10,907
Downey Financial Corp.(a) 1,030 18,931
First Niagara Financial Group, Inc. 1,937 26,324
Guaranty Financial Group, Inc.* 711 7,551
NewAlliance Bancshares, Inc. 578 7,086
Northwest Bancorp, Inc. 461 12,599
TFS Financial Corp.* 242 2,911
Washington Federal, Inc. 1,818 41,523
-----------
Total Thrifts & Mortgage Finance 175,933
----------------------------------------------------------------------------
Tobacco - 0.2%
Universal Corp./VA 603 39,515
Vector Group Ltd. 705 12,401
-----------
Total Tobacco 51,916
----------------------------------------------------------------------------
Trading Companies & Distributors - 1.2%
Applied Industrial Technologies, Inc. 908 27,140
GATX Corp. 1,382 53,995
MSC Industrial Direct Co. Class A 1,202 50,785
UAP Holding Corp. 819 31,400
United Rentals, Inc.* 3,793 71,460
WESCO International, Inc.* 1,894 69,112
-----------
Total Trading Companies & Distributors 303,892
----------------------------------------------------------------------------
Water Utilities - 0.1%
Aqua America, Inc. 1,271 23,869
----------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $30,106,033) 25,130,602
============================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 3.3%
MONEY MARKET FUND(b) - 3.3%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $818,649)(c) 818,649 818,649
============================================================================
TOTAL INVESTMENTS IN SECURITIES - 102.8%
(Cost: $30,924,682) 25,949,251
Liabilities in Excess of Cash and Other Assets - (2.8)% (701,981)
-----------
NET ASSETS - 100.0% $25,247,270
============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $772,320 and the total market value of the collateral held by the Fund
was $818,649.
See Notes to Financial Statements.
42 WisdomTree Earnings Funds
Schedule of Investments
WisdomTree SmallCap Earnings Fund
March 31, 2008
---------------------------------------------------------------------------
Investments Shares Value
---------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Aerospace & Defense - 0.8%
Aerovironment, Inc.* 478 $ 9,775
American Science & Engineering, Inc. 216 11,787
Applied Signal Technology, Inc.* 192 2,266
Argon ST, Inc.* 483 8,216
Astronics Corp.* 132 2,550
Cubic Corp.* 493 14,016
Ducommun, Inc.* 250 6,918
GenCorp, Inc.* 1,790 18,419
Herley Industries, Inc.* 359 3,712
Ladish Co., Inc.* 336 12,096
LMI Aerospace, Inc.* 244 4,726
MTC Technologies, Inc.* 412 9,797
SIFCO Industries, Inc.* 412 4,244
Stanley, Inc.* 254 7,483
Taser International, Inc.* 448 4,211
-----------
Total Aerospace & Defense 120,216
---------------------------------------------------------------------------
Air Freight & Logistics - 1.2%
ABX Holdings, Inc.* 11,004 32,352
Atlas Air Worldwide Holdings, Inc.* 897 49,334
Dynamex, Inc.* 272 6,882
Forward Air Corp. 684 24,241
Hub Group, Inc. Class A* 1,066 35,061
Pacer International, Inc. 1,957 32,154
Park-Ohio Holdings Corp.* 496 7,792
-----------
Total Air Freight & Logistics 187,816
---------------------------------------------------------------------------
Airlines - 0.9%
AirTran Holdings, Inc.* 2,906 19,180
Alaska Air Group, Inc.* 2,450 48,068
Allegiant Travel Co.* 354 9,353
Pinnacle Airlines Corp.* 2,012 17,565
Republic Airways Holdings, Inc.* 1,972 42,714
-----------
Total Airlines 136,880
---------------------------------------------------------------------------
Auto Components - 0.7%
Aftermarket Technology Corp.* 897 17,438
Amerigon, Inc.* 178 2,634
China Automotive Systems, Inc.* 496 2,822
Cooper Tire & Rubber Co. 1,796 26,885
Drew Industries, Inc.* 656 16,046
Fuel Systems Solutions, Inc.* 191 2,546
Modine Manufacturing Co. 1,010 14,635
SORL Auto Parts, Inc.* 718 3,640
Spartan Motors, Inc. 1,360 11,506
Standard Motor Products, Inc. 872 5,337
Stoneridge, Inc.* 616 8,285
Superior Industries International, Inc. 10 208
-----------
Total Auto Components 111,982
---------------------------------------------------------------------------
Automobiles - 0.1%
Monaco Coach Corp. 724 6,864
Winnebago Industries, Inc. 934 15,784
-----------
Total Automobiles 22,648
---------------------------------------------------------------------------
Beverages - 0.3%
Boston Beer Co., Inc. Class A* 273 12,978
Coca-Cola Bottling Co. Consolidated 279 17,192
MGP Ingredients, Inc. 632 4,418
National Beverage Corp.* 1,455 11,160
-----------
Total Beverages 45,748
---------------------------------------------------------------------------
Biotechnology - 0.3%
BioSante Pharmaceuticals, Inc.* 475 2,166
Emergent Biosolutions, Inc.* 2,045 18,241
Martek Biosciences Corp.* 280 8,560
Omrix Biopharmaceuticals, Inc.* 228 3,192
Repligen Corp.* 1,424 6,864
Trimeris, Inc.* 1,889 12,316
-----------
Total Biotechnology 51,339
---------------------------------------------------------------------------
Building Products - 1.0%
AAON, Inc. 584 11,698
American Woodmark Corp. 655 13,467
Ameron International Corp. 285 26,656
Apogee Enterprises, Inc. 910 14,014
Builders FirstSource, Inc.*(a) 384 2,788
Gibraltar Industries, Inc. 1,125 13,196
Griffon Corp.* 870 7,482
Insteel Industries, Inc. 1,059 12,316
NCI Buildings Systems, Inc.* 1,261 30,516
PGT, Inc.* 264 723
Universal Forest Products, Inc. 711 22,894
-----------
Total Building Products 155,750
---------------------------------------------------------------------------
Capital Markets - 1.8%
American Physicians Service Group, Inc. 503 9,849
Ares Capital Corp. 3,039 38,200
Blackrock Kelso Capital Corp.(a) 1,582 18,889
Calamos Asset Management, Inc. Class A 464 7,554
Cowen Group, Inc.* 302 2,141
Epoch Holding Corp. 128 1,533
FBR Capital Markets Corp.* 1,989 13,426
Hercules Technology Growth Capital, Inc. 1,092 11,859
KBW, Inc.*(a) 918 20,242
Ladenburg Thalmann Financial Services, Inc.* 656 1,227
MCG Capital Corp. 4,922 44,741
Patriot Capital Funding, Inc. 948 9,926
Pension Worldwide, Inc.* 881 8,132
Piper Jaffray Cos., Inc.* 614 20,851
Prospect Capital Corp.(a) 830 12,633
Sanders Morris Harris Group, Inc. 200 1,632
See Notes to Financial Statements.
WisdomTree Earnings Funds 43
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
----------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------
Stifel Financial Corp.* 272 $ 12,213
SWS Group, Inc. 1,210 14,798
Thomas Weisel Partners Group, Inc.* 726 4,806
TICC Capital Corp 993 7,467
TradeStation Group, Inc.* 1,448 12,337
U.S. Global Investors, Inc., Class A(a) 360 4,874
Westwood Holdings Group, Inc. 74 2,790
-----------
Total Capital Markets 282,120
----------------------------------------------------------------------
Chemicals - 1.4%
American Vanguard Corp. 508 8,453
Arch Chemicals, Inc. 423 15,761
Balchem Corp. 377 8,641
Calgon Carbon Corp.* 234 3,522
Ferro Corp. 357 5,305
Flotek Industries, Inc.* 236 3,443
ICO, Inc.* 998 6,926
Innospec, Inc. 239 5,067
GenTek, Inc.* 83 2,497
KMG Chemicals, Inc. 284 4,382
Koppers Holdings, Inc. 683 30,264
Landec Corp.* 608 5,125
LSB Industries, Inc.* 829 12,219
NewMarket Corp. 516 38,933
Penford Corp. 256 5,563
PolyOne Corp.* 2,658 16,931
Quaker Chemical Corp. 340 10,639
Schulman A., Inc. 531 10,901
ShengdaTech, Inc.* 1,177 10,005
Spartech Corp. 1,624 13,723
Stepan Co. 176 6,728
-----------
Total Chemicals 225,028
----------------------------------------------------------------------
Commercial Banks - 12.8%
1st Source Corp. 843 17,745
AMCORE Financial, Inc. 714 14,530
AmericanWest Bancorp 432 3,767
Ameris Bancorp 524 8,415
Arrow Financial Corp. 436 9,806
BancFirst Corp. 608 27,834
Bancorp Rhode Island, Inc. 128 4,613
Bancorp, Inc.* 555 6,704
BancTrust Financial Group, Inc. 325 3,494
Bank of Granite Corp. 608 6,676
Bank of the Ozarks, Inc. 572 13,671
Banner Corp. 585 13,478
Boston Private Financial Holdings, Inc. 1,113 11,787
Cadence Financial Corp. 399 6,372
Camden National Corp. 318 10,761
Capital City Bank Group, Inc. 547 15,863
Capital Corp. of the West 414 3,320
Capitol Bancorp Ltd. 787 16,637
Cardinal Financial Corp. 344 3,051
Cascade Bancorp 1,327 12,686
Centennial Bank Holdings, Inc.* 484 3,040
Center Bancorp, Inc. 228 2,421
Center Financial Corp. 997 9,033
Central Pacific Financial Corp. 1,864 35,136
Chemical Financial Corp. 775 18,476
Citizens Republic Bankcorp, Inc. 2,689 33,424
City Bank (Lynnwood WA) 986 21,958
City Holding Co. 735 29,327
CoBiz, Inc. 762 9,921
Columbia Bancorp 418 7,148
Columbia Banking System, Inc. 547 12,242
Community Bancorp* 688 9,329
Community Bank System, Inc. 982 24,118
Community Trust Bancorp, Inc. 662 19,397
CVB Financial Corp. 2,856 29,731
Enterprise Financial Services Corp. 374 9,350
First Bancorp 566 11,280
First Bancorp (Puerto Rico) 3,088 31,374
First Charter Corp. 714 19,071
First Commonwealth Financial Corp.(a) 2,108 24,432
First Community Bancshares, Inc. 456 16,608
First Financial Bancorp 687 9,240
First Financial Bankshares, Inc. 628 25,735
First Financial Corp. 450 13,851
First Merchants Corp. 700 19,978
First Regional Bancorp* 930 15,252
First South Bancorp, Inc. 344 7,740
First State Bancorp 1,063 14,234
FNB Corp./PA 2,375 37,074
Frontier Financial Corp.(a) 1,966 34,759
Gateway Financial Holdings, Inc. 384 4,070
Glacier Bancorp, Inc. 1,678 32,167
Great Southern Bancorp, Inc. 694 10,833
Green County Bancshares, Inc. 504 8,916
Hanmi Financial Corp. 3,162 23,367
Harleysville National Corp. 880 12,690
Heartland Financial USA, Inc. 620 13,119
Heritage Commerce Corp. 416 7,625
Home Bancshares, Inc. 490 10,226
Horizon Financial Corp. 568 7,844
IBERIABANK Corp. 400 17,700
Independent Bank Corp. /MA 497 14,686
Independent Bank Corp. /MI 649 6,737
Integra Bank Corp. 735 11,907
Intervest Bancshares Corp. 714 6,847
Irwin Financial Corp. 531 2,820
Lakeland Bancorp, Inc. 730 9,439
Lakeland Financial Corp. 482 10,917
Macatawa Bank Corp.(a) 869 9,046
MainSource Financial Group, Inc. 724 11,222
Mercantile Bank Corp. 455 4,696
MetroCorp Bancshares, Inc. 439 5,615
Midwest Banc Holdings, Inc. 747 9,547
See Notes to Financial Statements.
44 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
-----------------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------------
Nara Bancorp, Inc. 1,483 $ 19,264
National Penn Bancshares, Inc. 2,497 45,420
NBT Bancorp, Inc. 1,177 26,129
North Valley Bancorp 316 3,754
Old National Bancorp 2,363 42,534
Old Second Bancorp, Inc. 465 12,350
Oriental Financial Group 110 2,168
Pacific Capital Bancorp 2,219 47,708
Park National Corp.(a) 667 47,256
Peoples Bancorp, Inc. 422 10,174
Pinnacle Financial Partners, Inc.* 388 9,933
Preferred Bank 511 8,529
PrivateBancorp, Inc.(a) 608 19,134
Provident Bankshares Corp. 1,367 14,682
Renasant Corp. 730 16,425
Republic Bancorp, Inc. Class A 766 14,462
Royal Bancshares of Pennsylvania Class A 791 11,446
S&T Bancorp, Inc. 916 29,468
Sandy Spring Bancorp, Inc. 567 15,604
Santander BanCorp 2,025 20,473
SCBT Financial Corp. 321 10,850
Seacoast Banking Corp. of Florida(a) 554 6,066
Security Bank Corp.(a) 1,302 10,351
Sierra Bancorp 416 8,990
Signature Bank* 532 13,566
Simmons First National Corp. Class A 568 16,887
Southside Bancshares, Inc. 422 10,158
Southwest Bancorp, Inc. 662 11,592
StellarOne Corp. 532 8,996
Sterling Bancorp 581 9,023
Sterling Bancshares, Inc. 2,112 20,993
Sterling Financial Corp. /PA 1,275 22,249
Sterling Financial Corp. /WA 2,826 44,114
Suffolk Bancorp 357 11,310
Sun Bancorp, Inc.* 632 8,323
Superior Bancorp* 759 3,772
SY Bancorp, Inc. 494 11,481
Taylor Capital Group, Inc. 750 12,315
Temecula Valley Bancorp, Inc.(a) 672 6,357
Texas Capital Bancshares, Inc.* 842 14,213
Tompkins Trustco, Inc. 317 15,596
Trico Bancshares 644 11,148
Umpqua Holdings Corp.(a) 2,661 41,272
Union Bankshares Corp. 512 9,917
United Community Banks, Inc.(a) 2,219 37,679
United Security Bancshares 399 6,703
Univest Corp. of Pennsylvania 600 15,714
Vineyard National Bancorp(a) 1,105 8,973
Virginia Commerce Bancorp* 1,133 13,007
W Holding Co., Inc.(a) 22,699 27,012
Washington Trust Bancorp, Inc. 513 12,733
WesBanco, Inc. 970 23,969
West Coast Bancorp 805 11,745
Western Alliance Bancorp* 1,026 13,194
Wilshire Bancorp, Inc. 1,892 14,455
Wintrust Financial Corp. 837 29,253
-----------
Total Commercial Banks 1,988,814
-----------------------------------------------------------------------------
Commercial Services & Supplies - 5.9%
ABM Industries, Inc. 1,289 28,925
ACCO Brands Corp.* 326 4,424
Administaff, Inc. 763 18,014
American Ecology Corp. 400 10,132
American Reprographics Co.* 2,116 31,401
Amrep Corp.*(a) 608 31,798
Angelica Corp. 58 1,041
Barrett Business Services 556 9,524
Bowne & Co., Inc. 802 12,231
CBIZ, Inc.* 1,530 12,424
CDI Corp. 547 13,702
Ceco Environmental Corp.* 250 2,130
Clean Harbors, Inc.* 361 23,465
Comfort Systems USA, Inc. 1,327 17,264
COMSYS IT Partners, Inc.* 1,065 9,010
Consolidated Graphics, Inc.* 608 34,078
Cornell Cos, Inc.* 249 5,593
CoStar Group, Inc.* 100 4,300
Courier Corp. 391 9,755
CRA International, Inc.* 313 10,060
Diamond Management &
Technology Consultants, Inc. 615 3,967
Ennis, Inc. 1,205 20,220
Exponent, Inc.* 327 10,739
First Advantage Corp. Class A* 1,859 39,392
Fuel-Tech, Inc.* 74 1,517
G&K Services, Inc. Class A 579 20,618
GeoEye, Inc.* 284 7,381
Healthcare Services Group, Inc. 673 13,891
Heidrick & Struggles International, Inc. 740 24,072
Hill International, Inc.* 531 6,643
Hudson Highland Group, Inc.* 640 5,421
ICF International, Inc.* 781 15,659
Innerworkings, Inc.* 392 5,500
Interface, Inc. Class A 1,486 20,878
Kelly Services, Inc. Class A 1,511 31,066
Kenexa Corp.* 584 10,792
Kforce, Inc.* 1,973 17,441
Kimball International, Inc. Class B 870 9,326
Knoll, Inc. 1,972 22,757
Korn/Ferry International* 1,702 28,764
Layne Christensen Co.* 285 9,981
Learning Tree International, Inc.* 98 1,374
LECG Corp.* 555 5,195
McGrath Rentcorp 796 19,192
Metalico, Inc.* 708 6,945
Mobile Mini, Inc.* 1,189 22,591
Multi-Color Corp. 234 5,232
See Notes to Financial Statements.
WisdomTree Earnings Funds 45
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
-------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------
Navigant Consulting, Inc.* 1,869 $ 35,474
On Assignment, Inc.* 1,034 6,566
PeopleSupport, Inc.* 644 5,873
Pike Electric Corp.* 738 10,280
Resources Connection, Inc. 1,348 24,089
Schawk, Inc. 1,002 16,022
School Specialty, Inc.* 691 21,794
Spherion Corp.* 1,860 11,383
Standard Parking Corp.* 680 14,253
Standard Register Co. (The) 387 3,015
Team, Inc.* 292 7,972
TrueBlue, Inc.* 2,441 32,807
Viad Corp. 541 19,481
Volt Information Sciences, Inc.* 1,148 19,470
VSE Corp. 114 3,218
Waste Industries USA, Inc. 336 12,146
-----------
Total Commercial Services & Supplies 919,668
-------------------------------------------------------------------------
Communications Equipment - 1.1%
Acme Packet, Inc.* 1,020 8,150
Anaren Microwave, Inc.* 474 6,001
Bel Fuse, Inc. Class B 312 8,692
Black Box Corp. 497 15,332
Comtech Group, Inc.* 516 5,568
Digi International, Inc.* 637 7,351
EMS Technologies, Inc.* 320 8,685
Globecomm Systems, Inc.* 466 4,054
Harmonic, Inc.* 990 7,524
Hughes Communications, Inc.* 312 15,812
InterDigital, Inc.* 1,216 24,088
Ixia* 335 2,600
KVH Industries, Inc.* 168 1,324
Mastec, Inc.* 64 525
Oplink Communications, Inc.* 362 3,211
Opnext, Inc.* 1,082 5,897
Optium Corp.* 664 4,668
PC-Tel, Inc.* 180 1,224
Radyne Corp.* 600 5,112
Soapstone Networks, Inc. 2,435 17,435
Symmetricom, Inc.* 278 970
Tekelec* 782 9,736
Tollgrade Communications, Inc.* 220 1,153
Viasat, Inc.* 466 10,122
-----------
Total Communications Equipment 175,234
-------------------------------------------------------------------------
Computers & Peripherals - 0.8%
Cray, Inc.* 560 3,338
Hutchinson Technology, Inc.* 136 2,164
Imation Corp. 1,104 25,104
Immersion Corp.* 1,264 8,987
Intevac, Inc.* 1,638 21,212
Iomega Corp.* 1,630 5,819
Novatel Wireless, Inc.* 966 9,351
Palm, Inc.*(a) 3,482 17,410
Presstek, Inc.* 258 1,130
Rimage Corp.* 278 6,088
STEC, Inc.* 982 6,079
Stratasys, Inc.* 275 4,895
Super Micro Computer, Inc.* 1,234 10,304
-----------
Total Computers & Peripherals 121,881
-------------------------------------------------------------------------
Construction & Engineering - 0.2%
Furmanite Corp.* 90 765
Great Lakes Dredge & Dock Corp. 31 160
Insituform Technologies, Inc. Class A* 161 2,227
Michael Baker Corp.* 391 8,782
Northwest Pipe Co.* 320 13,596
Sterling Construction Co., Inc.* 266 4,847
-----------
Total Construction & Engineering 30,377
-------------------------------------------------------------------------
Construction Materials - 0.1%
Headwaters, Inc.* 834 11,001
U.S. Concrete, Inc.* 1,984 7,539
-----------
Total Construction Materials 18,540
-------------------------------------------------------------------------
Consumer Finance - 1.4%
Advance America Cash Advance Centers, Inc. 3,408 25,730
Advanta Corp. Class B 5,161 36,282
Cash America International, Inc. 1,159 42,188
CompuCredit Corp.*(a) 2,010 17,829
Credit Acceptance Corp.*(a) 1,634 25,376
Ezcorp, Inc. Class A* 1,510 18,588
First Cash Financial Services, Inc.* 1,289 13,315
Nelnet, Inc. Class A 328 3,854
QC Holdings, Inc. 723 6,543
World Acceptance Corp.* 868 27,646
-----------
Total Consumer Finance 217,351
-------------------------------------------------------------------------
Containers & Packaging - 0.5%
AEP Industries, Inc.* 502 15,206
Myers Industries, Inc. 902 11,843
Rock-Tenn Co. Class A 1,591 47,682
-----------
Total Containers & Packaging 74,731
-------------------------------------------------------------------------
Distributors - 0.2%
Audiovox Corp. Class A* 240 2,563
Building Materials Holding Corp. 1,155 5,059
Core-Mark Holding Co., Inc.* 485 13,939
DXP Enterprises, Inc.* 162 6,364
-----------
Total Distributors 27,925
-------------------------------------------------------------------------
Diversified Consumer Services - 0.7%
Bright Horizons Family Solutions, Inc.* 613 26,383
Carriage Services, Inc.* 332 2,593
Coinstar, Inc.* 392 11,031
CPI Corp. 226 3,903
Jackson Hewitt Tax Service, Inc. 915 10,495
Lincoln Educational Services Corp.* 492 5,904
Pre-Paid Legal Services, Inc.* 531 22,520
See Notes to Financial Statements.
46 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Stewart Enterprises, Inc. Class A 2,728 $ 17,514
Universal Technical Institute, Inc.* 603 7,073
----------
Total Diversified Consumer Services 107,416
----------------------------------------------------------------------------
Diversified Financial Services - 0.7%
Asset Acceptance Capital Corp. 1,157 11,142
Asta Funding, Inc. 993 13,832
Encore Capital Group, Inc.* 815 5,542
Financial Federal Corp. 1,218 26,565
Marlin Business Services Corp.* 805 6,070
MarketAxess Holdings, Inc.* 365 3,628
Medallion Financial Corp. 896 8,100
PICO Holdings, Inc.* 118 3,567
Portfolio Recovery Associates, Inc.(a) 621 26,634
Resource America, Inc. Class A 608 5,746
----------
Total Diversified Financial Services 110,826
----------------------------------------------------------------------------
Diversified Telecommunication Services - 0.6%
Alaska Communications Systems Group, Inc. 1,030 12,607
Atlantic Tele-Network, Inc. 404 13,667
Consolidated Communications Holdings, Inc. 532 8,049
D&E Communications, Inc. 428 3,809
General Communication, Inc. Class A* 636 3,905
Iowa Telecommunications Services, Inc. 770 13,652
NTELOS Holdings Corp. 646 15,634
Premiere Global Services, Inc.* 1,058 15,172
Shenandoah Telecom Co. 358 5,313
SureWest Communications 150 2,319
----------
Total Diversified Telecommunication Services 94,127
----------------------------------------------------------------------------
Electric Utilities - 0.8%
Central Vermont Public Service Corp. 302 7,218
Empire District Electric Co. (The) 998 20,210
MGE Energy, Inc. 726 24,728
Otter Tail Corp. 767 27,143
UIL Holdings Corp. 621 18,711
UniSource Energy Corp. 916 20,390
----------
Total Electric Utilities 118,400
----------------------------------------------------------------------------
Electrical Equipment - 1.2%
A.O. Smith Corp. 1,276 41,942
Advanced Battery Technologies, Inc.* 1,224 5,459
AZZ, Inc.* 452 16,082
BTU International, Inc.* 90 828
Coleman Cable, Inc.*(a) 874 9,614
Encore Wire Corp. 1,188 21,633
Franklin Electric Co., Inc. 512 17,495
Harbin Electric, Inc.* 525 6,878
II-VI, Inc.* 600 22,788
LSI Industries Inc. 524 6,922
Powell Industries, Inc.* 90 3,543
Superior Essex, Inc.* 1,088 30,595
----------
Total Electrical Equipment 183,779
----------------------------------------------------------------------------
Electronic Equipment & Instruments - 2.4%
Checkpoint Systems, Inc.* 1,093 29,347
Cogent, Inc.* 1,546 14,579
Cognex Corp. 630 13,753
CPI International, Inc.* 775 7,688
CTS Corp. 902 9,651
Daktronics, Inc. 544 9,743
DTS, Inc.* 13 312
Electro Scientific Industries, Inc.* 447 7,367
Excel Technology, Inc.* 305 8,223
FARO Technologies, Inc.* 244 7,608
Gerber Scientific, Inc.* 818 7,272
Insight Enterprises, Inc.* 1,845 32,287
IPG Photonics Corp.* 494 7,751
Kemet Corp.* 1,236 4,993
Littelfuse, Inc.* 490 17,135
LoJack Corp.* 632 7,988
Measurement Specialties, Inc.* 287 5,014
Methode Electronics, Inc. 1,236 14,449
MTS Systems Corp. 504 16,259
Multi-Fineline Electronix, Inc.* 89 1,671
Newport Corp.* 1,128 12,600
NU Horizons Electronics Corp.* 632 3,969
Park Electrochemical Corp. 605 15,639
PC Connection, Inc.* 860 6,811
Rogers Corp.* 298 9,956
Scansource, Inc.* 636 23,017
Spectrum Control, Inc.* 321 2,716
SYNNEX Corp.* 1,488 31,575
Technitrol, Inc. 1,105 25,559
TTM Technologies, Inc.* 1,156 13,086
Zygo Corp.* 466 5,797
----------
Total Electronic Equipment & Instruments 373,815
----------------------------------------------------------------------------
Energy Equipment & Services - 4.9%
Allis-Chalmers Energy, Inc.* 1,630 22,478
Basic Energy Services, Inc.* 2,393 52,837
Bolt Technology Corp.* 231 4,257
Bronco Drilling Co., Inc.* 1,654 26,646
Cal Dive International, Inc.* 4,251 44,125
CARBO Ceramics, Inc. 694 27,829
Dawson Geophysical Co.* 204 13,770
ENGlobal Corp.* 250 2,138
Grey Wolf, Inc.* 18,166 123,165
Gulf Island Fabrication, Inc. 410 11,775
Gulfmark Offshore, Inc.* 1,146 62,709
Hornbeck Offshore Services, Inc.* 1,022 46,675
Lufkin Industries, Inc. 678 43,270
Matrix Service Co.* 430 7,387
Mitcham Industries, Inc.* 276 4,918
See Notes to Financial Statements.
WisdomTree Earnings Funds 47
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
-----------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------
NATCO Group, Inc. Class A* 396 $ 18,513
Natural Gas Services Group, Inc.* 278 6,069
Newpark Resources* 1,584 8,078
OYO Geospace Corp.* 87 3,952
Parker Drilling Co.* 6,021 38,896
PHI, Inc.* 6 189
Pioneer Drilling Co.* 2,935 46,755
RPC, Inc. 3,989 60,593
Superior Well Services, Inc.* 1,050 22,964
T-3 Energy Services, Inc.* 228 9,704
TGC Industries, Inc.* 408 3,444
Trico Marine Services, Inc.* 684 26,655
Union Drilling, Inc.* 1,186 20,743
-----------
Total Energy Equipment & Services 760,534
-----------------------------------------------------------------------
Food & Staples Retailing - 1.2%
Andersons, Inc. (The) 616 27,480
Ingles Markets, Inc. Class A 794 19,524
Nash Finch Co. 112 3,806
Pantry, Inc. (The)* 825 17,391
Performance Food Group Co.* 1,019 33,301
Pricesmart, Inc. 268 7,426
Spartan Stores, Inc. 672 14,011
Susser Holdings Corp.* 14 263
Weis Markets, Inc. 648 22,337
Winn-Dixie Stores, Inc.* 2,203 39,566
-----------
Total Food & Staples Retailing 185,105
-----------------------------------------------------------------------
Food Products - 1.4%
American Dairy, Inc.* 667 6,136
B&G Foods, Inc. Class A 737 8,107
Cal-Maine Foods, Inc.(a) 1,226 40,923
Darling International, Inc.* 1,712 22,170
Diamond Foods, Inc. 212 3,846
Farmer Bros. Co. 72 1,666
Green Mountain Coffee Roasters, Inc.* 166 5,254
Imperial Sugar Co. 1,152 21,681
J&J Snack Foods Corp. 485 13,323
Lance, Inc. 672 13,171
Lifeway Foods, Inc.* 172 1,837
Maui Land & Pineapple Co., Inc.* 194 6,187
Omega Protein Corp.* 164 2,239
Reddy Ice Holdings, Inc. 226 2,945
Sanderson Farms, Inc. 1,014 38,542
TreeHouse Foods, Inc.* 1,044 23,866
-----------
Total Food Products 211,893
-----------------------------------------------------------------------
Gas Utilities - 0.4%
Chesapeake Utilities Corp. 192 5,691
EnergySouth, Inc. 124 6,472
Laclede Group, Inc. (The) 551 19,632
South Jersey Industries, Inc. 910 31,950
-----------
Total Gas Utilities 63,745
-----------------------------------------------------------------------
Health Care Equipment & Supplies - 1.5%
Abaxis, Inc.* 174 4,032
American Medical Systems Holdings, Inc.* 1,030 14,616
Analogic Corp. 120 7,985
Anika Therapeutics, Inc.* 194 1,645
Aspect Medical Systems, Inc.* 1,097 6,692
Cantel Medical Corp.* 228 2,421
Cardiac Science Corp.* 276 2,305
Conmed Corp.* 648 16,614
Cryolife, Inc.* 192 1,805
Cutera, Inc.* 476 6,412
Cynosure, Inc. Class A* 178 3,791
Datascope Corp. 320 13,258
E-Z-Em, Inc.* 153 3,208
Greatbatch, Inc.* 263 4,842
Home Diagnostics, Inc.* 679 4,726
ICU Medical, Inc.* 264 7,595
Integra Lifesciences Holdings Corp.* 374 16,258
IRIS International, Inc.* 190 2,521
Kensy Nash Corp.* 42 1,216
Medical Action Industries, Inc.* 356 5,849
Merit Medical Systems, Inc.* 476 7,535
Natus Medical, Inc.* 222 4,029
Neogen Corp.* 183 4,593
Neurometrix, Inc.* 160 291
OraSure Technologies, Inc.* 145 1,060
Osteotech, Inc.* 208 988
Palomar Medical Technologies, Inc.* 1,088 16,428
Quidel Corp.* 612 9,829
Rochester Medical Corp.* 118 1,204
Somanetics Corp.* 303 4,718
SonoSite, Inc.* 128 3,639
Spectranetics Corp.* 224 1,873
SurModics, Inc.* 36 1,508
Symmetry Medical, Inc.* 482 8,001
Synovis Life Technologies, Inc.* 64 1,004
Theragenics Corp.* 1,096 4,318
Thermage, Inc. 262 865
Thoratec Corp.* 101 1,443
TomoTherapy Inc.* 388 5,568
Vital Signs, Inc.* 316 16,005
Wright Medical Group, Inc.* 74 1,786
Young Innovations, Inc. 281 4,867
Zoll Medical Corp.* 322 8,562
-----------
Total Health Care Equipment & Supplies 237,905
-----------------------------------------------------------------------
Health Care Providers & Services - 3.2%
Air Methods Corp.* 203 9,819
Alliance Imaging, Inc.* 1,017 8,746
Almost Family, Inc.* 584 11,627
Amedisys, Inc.* 696 27,381
American Dental Partners, Inc.* 1,246 12,049
See Notes to Financial Statements.
48 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
AMN Healthcare Services, Inc.* 1,112 $ 17,147
Amsurg Corp.* 812 19,228
Animal Health International, Inc.* 294 3,216
Apria Healthcare Group, Inc.* 1,904 37,604
Assisted Living Concepts, Inc. Class A* 1,012 5,961
Bio-Reference Labs, Inc.* 196 5,180
Capital Senior Living Corp.* 140 1,127
Centene Corp.* 1,622 22,611
Chindex International, Inc.* 56 2,113
Corvel Corp.* 432 13,215
Cross Country Healthcare, Inc.* 1,038 12,840
Emergency Medical Services Corp. Class A* 929 22,937
Gentiva Health Services, Inc.* 818 17,800
Hanger Orthopedic Group, Inc.* 739 7,966
Health Grades, Inc.* 327 1,727
HealthExtras, Inc.* 722 17,934
Healthspring, Inc.* 2,134 30,047
HMS Holdings Corp.* 205 5,853
inVentiv Health, Inc.* 699 20,138
Kindred Healthcare, Inc.* 799 17,474
Landauer, Inc. 195 9,816
LCA-Vision, Inc. 1,044 13,050
LHC Group, Inc.* 482 8,098
Matria Healthcare, Inc.* 470 10,481
Medcath Corp.* 416 7,571
Molina Healthcare, Inc.* 696 16,996
MWI Veterinary Supply, Inc.* 200 7,052
National Healthcare Corp. 444 21,623
Nighthawk Radiology Holdings, Inc.* 320 2,995
NovaMed, Inc.* 706 2,676
Odyssey HealthCare, Inc.* 762 6,858
Providence Service Corp. (The)* 190 5,700
RehabCare Group, Inc.* 210 3,150
Res-Care, Inc.* 834 14,303
Skilled Healthcare Group, Inc. Class A* 108 1,186
Sun Healthcare Group, Inc.* 890 11,695
U.S. Physical Therapy, Inc.* 312 4,499
-----------
Total Health Care Providers & Services 499,489
-------------------------------------------------------------------------------
Health Care Technology - 0.3%
Allscripts Healthcare Solutions, Inc.* 494 5,098
Computer Programs & Systems, Inc. 311 6,500
Omnicell, Inc.* 624 12,542
Phase Forward, Inc.* 390 6,661
Transcend Services, Inc.* 155 1,414
Trizetto Group* 1,184 19,762
Vital Images, Inc.* 142 2,104
-----------
Total Health Care Technology 54,081
-------------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 3.0%
AFC Enterprises, Inc.* 1,014 9,116
Ambassadors Group, Inc. 905 17,095
Benihana, Inc. Class A* 514 5,793
BJ's Restaurants, Inc.* 337 4,856
Bluegreen Corp.* 2,076 13,909
Bob Evans Farms, Inc. 1,089 30,046
Buffalo Wild Wings, Inc.* 352 8,624
California Pizza Kitchen, Inc.* 487 6,385
Carrols Restaurant Group, Inc.* 714 6,376
CBRL Group, Inc. 1,162 41,566
CEC Entertainment, Inc.* 1,279 36,938
Century Casinos, Inc.* 324 1,050
Churchill Downs, Inc. 134 6,330
CKE Restaurants, Inc. 1,518 17,032
Denny's Corp.* 2,393 7,131
Domino's Pizza, Inc.* 1,831 24,700
Dover Downs Gaming & Entertainment, Inc. 1,224 10,416
Dover Motorsports, Inc. 198 1,218
Einstein Noah Restaurant Group, Inc.* 236 2,020
Famous Dave's Of America, Inc.* 230 2,194
IHOP Corp.(a) 285 13,652
Interstate Hotels & Resorts, Inc.* 738 3,528
Jamba, Inc.* 1,388 3,678
Landry's Restaurants, Inc. 830 13,512
Luby's, Inc.* 536 3,795
Marcus Corp. 701 13,459
McCormick & Schmick's Seafood Restaurants, Inc.* 496 5,778
Monarch Casino & Resort, Inc.* 500 8,855
Morton's Restaurant Group, Inc.* 622 4,932
MTR Gaming Group, Inc.* 25 175
O'Charleys, Inc. 337 3,882
Papa John's International, Inc.* 943 22,830
Peet's Coffee & Tea, Inc.* 136 3,197
PF Chang's China Bistro, Inc.* 699 19,880
Premier Exhibitions, Inc.* 531 3,207
Red Robin Gourmet Burgers, Inc.* 412 15,479
Rick's Cabaret International, Inc.* 182 4,162
Ruby Tuesday, Inc. 3,502 26,265
Ruth's Chris Steak House* 884 6,108
Shuffle Master, Inc.* 322 1,723
Silverleaf Resorts, Inc.* 3,096 7,028
Steak N Shake Co. (The)* 881 6,933
Texas Roadhouse, Inc. Class A* 1,590 15,582
Town Sports International Holdings, Inc.* 714 4,577
VCG Holding Corp.* 130 793
-----------
Total Hotels, Restaurants & Leisure 465,805
-------------------------------------------------------------------------------
Household Durables - 1.8%
Avatar Holdings, Inc.*(a) 1,844 80,381
Blyth, Inc. 1,534 30,250
Brookfield Homes Corp.(a) 3,155 53,004
Cavco Industries, Inc.* 99 3,469
Champion Enterprises, Inc.* 923 9,258
CSS Industries, Inc. 340 11,886
Ethan Allen Interiors, Inc. 1,411 40,115
Furniture Brands International, Inc. 69 807
Hooker Furniture Corp. 408 9,115
See Notes to Financial Statements.
WisdomTree Earnings Funds 49
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
--------------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------------
Lifetime Brands, Inc. 504 $ 4,506
National Presto Industries, Inc. 291 15,248
Russ Berrie & Co., Inc. 552 7,761
Skyline Corp. 38 1,057
Stanley Furniture Co., Inc. 281 3,487
Syntax-Brillian Corp.* 2,044 2,003
Universal Electronics, Inc.* 266 6,440
-----------
Total Household Durables 278,787
--------------------------------------------------------------------------------
Household Products - 0.2%
Central Garden and Pet Co. Class A* 3,129 13,892
Oil-Dri Corp. of America 592 10,591
WD-40 Co. 406 13,500
-----------
Total Household Products 37,983
--------------------------------------------------------------------------------
Industrial Conglomerates - 0.2%
Raven Industries, Inc. 392 11,878
Standex International Corp. 406 9,070
Tredegar Corp. 333 6,064
-----------
Total Industrial Conglomerates 27,012
--------------------------------------------------------------------------------
Insurance - 6.2%
21st Century Holding Co. 1,653 21,175
Affirmative Insurance Holdings, Inc. 94 750
American Equity Investment Life Holding Co., Inc. 3,454 32,053
American Physicians Capital, Inc. 616 28,558
Amerisafe, Inc.* 1,383 17,481
Amtrust Financial Services, Inc. 3,096 50,186
Baldwin & Lyons, Inc. Class B 798 20,493
Citizens, Inc.* 961 6,429
CNA Surety Corp.* 2,283 35,113
Darwin Professional Underwriters, Inc.* 593 13,337
Donegal Group, Inc. Class A 1,123 19,540
Eastern Insurance Holdings, Inc. 425 6,154
ehealth, Inc.* 328 7,239
EMC Insurance Group, Inc. 954 25,653
Employers Holdings, Inc. 5,431 100,690
FBL Financial Group, Inc. Class A 1,316 37,493
First Mercury Financial Corp.* 805 14,015
Fpic Insurance Group, Inc.* 432 20,364
Hallmark Financial Services, Inc.* 821 9,162
Harleysville Group, Inc. 1,359 49,046
Horace Mann Educators Corp. 2,308 40,344
Independence Holding Co. 579 6,902
Infinity Property & Casualty Corp. 977 40,643
Kansas City Life Insurance Co. 375 18,023
LandAmerica Financial Group, Inc. 270 10,657
Life Partners Holdings, Inc.(a) 170 3,137
Meadowbrook Insurance Group, Inc.* 1,414 11,043
National Interstate Corp. 664 15,504
National Western Life Insurance Co. Class A 187 40,540
Navigators Group, Inc.* 764 41,562
NYMAGIC, Inc. 654 14,852
Presidential Life Corp. 1,521 26,526
Procentury Corp. 847 15,246
Safety Insurance Group, Inc. 1,279 43,652
SCPIE Holdings, Inc.* 295 8,127
SeaBright Insurance Holdings, Inc.* 1,251 18,427
Tower Group, Inc. 738 18,575
United Fire & Casualty Co. 1,800 67,320
Universal Insurance Holdings, Inc. 2,865 10,830
-----------
Total Insurance 966,841
--------------------------------------------------------------------------------
Internet & Catalog Retail - 0.6%
1-800-FLOWERS.COM, Inc. Class A* 892 7,591
dELiA*s, Inc.* 158 422
FTD Group, Inc. 1,354 18,171
Gaiam, Inc. Class A* 180 3,118
NutriSystem, Inc.*(a) 2,260 34,057
PC Mall, Inc.* 492 5,230
PetMed Express, Inc.* 641 7,109
Shutterfly, Inc.* 100 1,487
Stamps.com, Inc.* 512 5,253
Systemax, Inc.* 1,319 15,907
-----------
Total Internet & Catalog Retail 98,345
--------------------------------------------------------------------------------
Internet Software & Services - 1.0%
AsiaInfo Holdings, Inc.* 536 5,821
Bankrate, Inc.*(a) 276 13,769
CMGI, Inc.* 1,008 13,366
comScore, Inc.* 142 2,849
DivX, Inc.* 376 2,632
Greenfield Online, Inc.* 394 4,673
Imergent, Inc.(a) 974 11,094
Knot, Inc. (The)* 898 10,552
Liquidity Services Inc.* 436 3,488
LivePerson Inc.* 466 1,445
LoopNet Inc.*(a) 672 8,534
Marchex, Inc., Class B 172 1,717
NIC, Inc. 731 5,197
Perficient, Inc.* 434 3,446
SonicWALL, Inc.* 286 2,337
Techtarget, Inc.* 270 3,826
TheStreet.com, Inc. 1,229 9,930
Travelzoo, Inc.* 432 4,769
United Online, Inc. 2,028 21,415
Vignette Corp.* 528 6,975
Vocus Inc 41 1,082
Websense, Inc.* 672 12,600
Website Pros, Inc.* 286 2,811
-----------
Total Internet Software & Services 154,328
--------------------------------------------------------------------------------
IT Services - 1.6%
Acxiom Corp. 1,257 14,921
Broadridge Financial Solutions, Inc. 4,336 76,314
Cass Information Systems, Inc. 229 7,227
Ciber, Inc.* 2,243 10,991
CSG Systems International, Inc.* 1,943 22,092
See Notes to Financial Statements.
50 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
--------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------
CyberSource Corp.* 470 $ 6,867
ExlService Holdings, Inc.* 488 11,204
Forrester Research, Inc.* 238 6,326
Global Cash Access Holdings, Inc.* 3,291 19,285
iGATE Corp.* 1,013 7,213
infoUSA, Inc. 2,347 14,340
Integral Systems, Inc. 174 5,086
NCI, Inc. Class A* 337 6,342
Ness Technologies, Inc.* 1,213 11,511
Rainmaker Systems, Inc.* 180 585
Sapient Corp.* 328 2,283
SI International, Inc.* 378 7,254
SYKES Enterprises, Inc.* 667 11,733
-----------
Total IT Services 241,574
--------------------------------------------------------------------
Leisure Equipment & Products - 0.8%
Arctic Cat, Inc. 632 4,607
Jakks Pacific, Inc.* 1,566 43,176
Marine Products Corp. 1,090 8,807
MarineMax, Inc.* 557 6,940
Pool Corp.(a) 1,837 34,701
RC2 Corp.* 528 11,072
Smith & Wesson Holding Corp.*(a) 1,194 5,994
Steinway Musical Instruments* 160 4,563
Sturm Ruger & Co., Inc.* 230 1,895
-----------
Total Leisure Equipment & Products 121,755
--------------------------------------------------------------------
Life Sciences Tools & Services - 0.3%
Accelrys, Inc.* 170 920
Albany Molecular Research, Inc.* 344 4,176
Bruker BioSciences Corp.* 1,288 19,822
eResearch Technology, Inc.* 524 6,508
Kendle International, Inc.* 90 4,043
Medtox Scientific, Inc.* 180 2,374
PharmaNet Development Group, Inc.* 222 5,601
-----------
Total Life Sciences Tools & Services 43,444
--------------------------------------------------------------------
Machinery - 4.2%
Accuride Corp.* 1,153 9,432
Alamo Group, Inc. 275 5,849
Altra Holdings, Inc.* 276 3,712
American Railcar Industries, Inc. 730 14,841
Ampco-Pittsburgh Corp. 565 24,289
Astec Industries, Inc.* 721 27,946
Axsys Technologies, Inc.* 150 7,482
Badger Meter, Inc. 208 8,986
Blount International, Inc.* 1,547 19,136
Cascade Corp. 517 25,493
Chart Industries, Inc.* 624 21,116
China Fire & Security Group, Inc.* 338 2,369
CIRCOR International, Inc. 449 20,766
Columbus McKinnon Corp.* 630 19,517
Commercial Vehicle Group, Inc.* 427 4,232
Dynamic Materials Corp. 190 8,208
Eastern Co. (The) 376 5,884
EnPro Industries, Inc.* 1,510 47,097
ESCO Technologies, Inc.* 482 19,145
Federal Signal Corp. 1,546 21,582
Flanders Corp.* 95 579
Flow International Corp.* 134 1,245
Force Protection, Inc.* 2,852 5,733
Freightcar America, Inc. 1,170 40,131
Gehl Co.* 766 12,976
Gorman-Rupp Co. (The) 397 13,057
Graham Corp. 97 3,452
Greenbrier Cos., Inc. 512 13,578
Hardinge, Inc. 639 8,793
Hurco Cos., Inc.* 242 11,321
Kadant, Inc.* 384 11,282
Key Technology, Inc.* 68 2,026
K-Tron International, Inc.* 85 10,209
L.S. Starrett (The) Co., Class A 185 3,559
LB Foster Co. Class A* 302 13,004
Lindsay Corp. 149 15,268
Lydall, Inc.* 444 5,084
Met-Pro Corp. 366 4,107
Miller Industries, Inc.* 871 8,388
Mueller Industries, Inc. 1,575 45,439
NACCO Industries, Inc. Class A 425 34,400
NN, Inc. 155 1,508
RBC Bearings, Inc.* 466 17,303
Sun Hydraulics Corp. 363 10,625
Tennant Co. 403 16,043
Trimas Corp.* 442 2,329
Twin Disc, Inc. 388 6,138
Wabash National Corp. 1,233 11,085
Xerium Technologies, Inc. 2,155 2,780
-----------
Total Machinery 648,524
--------------------------------------------------------------------
Marine - 0.3%
American Commercial Lines, Inc.* 1,607 25,391
Horizon Lines, Inc. Class A 722 13,436
International Shipholding Corp.* 221 4,239
-----------
Total Marine 43,066
--------------------------------------------------------------------
Media - 1.7%
Arbitron, Inc. 524 22,616
Citadel Broadcasting Corp. 6,004 9,967
DG Fastchannel, Inc.* 250 4,795
Entercom Communications Corp. Class A 605 6,008
Entravision Communications Corp.* 1,275 8,492
Fisher Communications, Inc.* 66 2,057
Harris Interactive, Inc.* 1,022 2,790
Journal Communications, Inc. Class A 2,776 20,487
Lee Enterprises, Inc.(a) 2,921 29,239
Lin TV Corp., Class A* 470 4,517
McClatchy Co. Class A(a) 5,551 59,395
Media General, Inc. Class A(a) 911 12,772
See Notes to Financial Statements.
WisdomTree Earnings Funds 51
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
New Frontier Media, Inc. 926 $ 4,130
Playboy Enterprises, Inc. Class B* 520 4,332
Rentrak Corp.* 180 2,174
Salem Communications Holding Corp. Class A* 523 2,097
Sinclair Broadcast Group, Inc. Class A 1,271 11,325
Valassis Communications, Inc.* 1,805 19,584
Value Line, Inc. 292 13,403
Westwood One, Inc. 7,973 16,743
World Wrestling Entertainment, Inc. Class A 705 13,120
-----------
Total Media 270,043
--------------------------------------------------------------------------
Metals & Mining - 0.8%
A.M. Castle & Co. 998 26,946
Brush Engineered Materials, Inc.* 880 22,590
China Precision Steel, Inc.*(a) 710 2,655
Haynes International, Inc.* 403 22,117
Mesabi Trust 360 9,148
Olympic Steel, Inc. 451 20,340
Royal Gold, Inc. 356 10,741
Synalloy Corp. 328 3,988
Universal Stainless & Alloy* 402 11,943
-----------
Total Metals & Mining 130,468
--------------------------------------------------------------------------
Multiline Retail - 0.5%
99 Cents Only Stores* 358 3,541
Bon-Ton Stores, Inc. (The) 1,464 8,008
Fred's, Inc. 1,299 13,315
Retail Ventures, Inc.* 7,112 34,492
Tuesday Morning Corp. 3,059 15,846
-----------
Total Multiline Retail 75,202
--------------------------------------------------------------------------
Multi-Utilities - 0.3%
CH Energy Group, Inc. 600 23,340
NorthWestern Corp. 864 21,056
-----------
Total Multi-Utilities 44,396
--------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 1.8%
Abraxas Petroleum Corp.* 2,514 8,296
Adams Resources & Energy, Inc. 837 23,269
Aventine Renewable Energy Holdings, Inc.* 1,857 9,656
Brigham Exploration Co.* 1,041 6,319
Callon Petroleum Co.* 552 9,986
Contango Oil & Gas Co.* 48 3,101
Delek US Holdings, Inc. 3,094 39,202
Enbridge Energy Management LLC.*(a) 326 15,853
Geomet, Inc.* 996 6,633
GMX Resources, Inc.* 152 5,309
Gulfport Energy Corp.* 834 8,840
Meridian Resource Corp. (The) 2,410 3,567
Pacific Ethanol, Inc.* 134 590
Parallel Petroleum Corp.* 660 12,916
Petroleum Development Corp.* 92 6,373
Petroquest Energy, Inc.* 978 16,959
Rosetta Resources, Inc.* 1,431 28,148
USEC, Inc.*(a) 5,200 19,240
Vaalco Energy, Inc.* 2,784 13,836
Verasun Energy Corp 2,164 15,905
Warren Resources, Inc.* 136 1,614
World Fuel Services Corp. 1,011 28,379
-----------
Total Oil, Gas & Consumable Fuels 283,991
--------------------------------------------------------------------------
Paper & Forest Products - 0.3%
Buckeye Technologies, Inc.* 1,566 17,476
Deltic Timber Corp. 77 4,289
Neenah Paper, Inc. 579 14,927
P.H. Glatfelter Co. 86 1,299
Wausau Paper Corp. 1,725 14,249
-----------
Total Paper & Forest Products 52,240
--------------------------------------------------------------------------
Personal Products - 0.5%
Elizabeth Arden, Inc.* 885 17,656
Inter Parfums, Inc. 593 13,093
Mannatech, Inc. 1,626 11,593
Prestige Brands Holdings, Inc.* 2,148 17,571
Reliv International, Inc. 400 2,660
USANA Health Sciences, Inc.*(a) 560 12,337
-----------
Total Personal Products 74,910
--------------------------------------------------------------------------
Pharmaceuticals - 1.2%
Alpharma, Inc. Class A* 1,316 34,492
Bentley Pharmaceuticals, Inc.* 622 10,108
Caraco Pharmaceutical Laboratories Ltd.* 1,112 19,960
Depomed, Inc.* 2,506 8,520
Matrixx Initiatives, Inc.* 116 1,698
Medicines Co. (The)* 974 19,675
Obagi Medical Products, Inc.* 366 3,177
Pain Therapeutics, Inc.* 652 5,509
Par Pharmaceutical Cos., Inc.* 166 2,887
Pozen, Inc.* 412 4,268
Salix Pharmaceuticals Ltd.* 1,820 11,430
Sciele Pharma, Inc.* 1,146 22,347
Viropharma, Inc.* 5,431 48,554
-----------
Total Pharmaceuticals 192,625
--------------------------------------------------------------------------
Real Estate Investment Trusts - 2.1%
Acadia Realty Trust 345 8,332
Agree Realty Corp. 240 6,588
American Land Lease, Inc. 102 2,099
Cedar Shopping Centers, Inc. 592 6,915
EastGroup Properties, Inc. 260 12,080
Extra Space Storage, Inc. 1,116 18,068
FelCor Lodging Trust, Inc. 132 1,588
Getty Realty Corp. 722 11,501
GMH Communities Trust 778 6,753
Hersha Hospitality Trust 314 2,835
Inland Real Estate Corp. 1,356 20,625
Kite Realty Group Trust 383 5,362
LTC Properties, Inc. 648 16,660
See Notes to Financial Statements.
52 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
-----------------------------------------------------------------------------
Investments Shares Value
-----------------------------------------------------------------------------
Marathon Acquisition Corp. 406 $ 3,134
Medical Properties Trust, Inc. 1,861 21,067
Mission West Properties, Inc. 902 8,524
National Health Investors, Inc. 1,546 48,312
Omega Healthcare Investors, Inc. 1,670 28,991
One Liberty Properties, Inc. 854 13,741
Ramco-Gershenson Properties Trust 1,242 26,219
Resource Capital Corp. 1,234 9,341
Saul Centers, Inc. 250 12,560
Sovran Self Storage, Inc. 408 17,426
Supertel Hospitality, Inc. 250 1,325
Urstadt Biddle Properties, Inc. Class A 688 10,822
-----------
Total Real Estate Investment Trusts 320,868
-----------------------------------------------------------------------------
Real Estate Management & Development - 0.1%
Consolidated-Tomoka Land Co. 65 3,643
Stratus Properties, Inc.* 102 3,006
Tejon Ranch Co.* 86 3,210
-----------
Total Real Estate Management & Development 9,859
-----------------------------------------------------------------------------
Road & Rail - 1.6%
Arkansas Best Corp. 1,260 40,144
Celadon Group, Inc.* 1,130 10,938
Dollar Thrifty Automotive Group, Inc.* 399 5,442
Genesee & Wyoming, Inc. Class A* 1,131 38,906
Marten Transport Ltd.* 646 10,026
Old Dominion Freight Line, Inc.* 1,649 52,488
P.A.M. Transportation Services, Inc.* 262 4,077
Saia, Inc.* 696 11,039
Universal Truckload Services, Inc.* 584 12,188
USA Truck, Inc.* 93 1,201
YRC Worldwide, Inc.*(a) 4,213 55,274
-----------
Total Road & Rail 241,723
-----------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 2.7%
Actel Corp.* 100 1,531
Advanced Energy Industries, Inc.* 2,627 34,833
ANADIGICS, Inc.* 182 1,194
Asyst Technologies, Inc.* 536 1,876
ATMI, Inc.* 624 17,366
Axcelis Technologies, Inc.* 1,640 9,184
AXT, Inc.* 616 2,938
Brooks Automation, Inc.* 1,948 18,935
Cabot Microelectronics Corp.* 472 15,175
Ceva, Inc.* 108 826
Cirrus Logic, Inc.* 1,622 10,900
Cohu, Inc. 354 5,753
Credence Systems Corp.* 1,480 2,516
Eagle Test Systems, Inc.* 770 8,085
Entegris, Inc.* 2,746 19,744
FEI Co.* 978 21,349
Integrated Silicon Solutions, Inc.* 500 3,025
IXYS Corp.* 838 5,724
Kulicke & Soffa Industries, Inc.* 1,147 5,483
Mattson Technology, Inc.* 1,526 9,293
Micrel, Inc. 1,807 16,751
MKS Instruments, Inc.* 2,696 57,693
Monolithic Power Systems, Inc.* 12 212
Netlogic Microsystems, Inc.* 156 3,766
NVE Corp.* 106 2,618
Omnivision Technologies, Inc.* 620 10,428
Pericom Semiconductor Corp.* 288 4,228
Photronics, Inc.* 1,431 13,666
Power Integrations, Inc.* 364 10,651
Rudolph Technologies, Inc.* 870 8,500
Semitool, Inc. 557 4,634
Semtech Corp.* 896 12,840
Silicon Image, Inc.* 4,012 20,099
Silicon Storage Technology, Inc.* 818 2,143
Standard Microsystems Corp.* 354 10,330
Supertex, Inc.* 304 6,205
Techwell, Inc.* 632 6,851
Trident Microsystems, Inc.* 2,378 12,247
Triquint Semiconductor, Inc.* 1,276 6,457
Ultra Clean Holdings* 637 6,243
Volterra Semiconductor Corp.* 92 1,042
-----------
Total Semiconductors & Semiconductor Equipment 413,334
-----------------------------------------------------------------------------
Software - 1.3%
ACI Worldwide, Inc.* 172 3,426
Actuate Corp.* 1,281 5,252
American Software, Inc. Class A 606 3,794
Ansoft Corp.* 416 12,696
Commvault Systems, Inc.* 1,425 17,669
Double -Take Software, Inc.* 310 3,621
Epicor Software Corp.* 1,042 11,670
EPIQ Systems, Inc.* 56 869
Falconstor Software, Inc.* 434 3,303
i2 Technologies, Inc.* 813 9,154
Interactive Intelligence, Inc.* 155 1,824
JDA Software Group, Inc.* 334 6,096
Manhattan Associates, Inc.* 496 11,373
Mentor Graphics Corp.* 1,778 15,700
Moldflow Corp.* 266 4,639
MSC.Software Corp.* 214 2,780
Netscout Systems, Inc.* 412 3,832
Opnet Technologies, Inc.* 348 2,833
Pegasystems, Inc. 342 3,293
PROS Holdings, Inc.* 230 2,887
QAD, Inc. 220 1,850
Quality Systems, Inc. 590 17,623
Radiant Systems, Inc.* 329 4,596
Renaissance Learning, Inc. 256 3,581
Smith Micro Software, Inc.* 371 2,271
Sonic Solutions, Inc.* 144 1,390
Sourceforge, Inc.* 1,288 2,563
SPSS, Inc.* 368 14,271
See Notes to Financial Statements.
WisdomTree Earnings Funds 53
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------
Symyx Technologies* 108 $ 810
Synchronoss Technologies, Inc.* 318 6,370
Taleo Corp. Class A* 60 1,164
Tyler Technologies, Inc.* 512 7,158
Ultimate Software Group, Inc.* 180 5,411
VASCO Data Security International* 510 6,977
Wind River Systems, Inc.* 118 913
-----------
Total Software 203,659
----------------------------------------------------------------------------
Specialty Retail - 6.7%
A.C. Moore Arts & Crafts, Inc.* 279 1,903
Aaron Rents, Inc. 2,084 44,889
America's Car-Mart, Inc.* 108 1,360
Asbury Automotive Group, Inc. 1,956 26,915
Big 5 Sporting Goods Corp. 1,080 9,472
Books-A-Million, Inc. 836 7,307
Brown Shoe Co., Inc. 1,646 24,805
Buckle, Inc. (The) 898 40,168
Build-A-Bear Workshop, Inc.* 890 8,090
Cabela's, Inc.*(a) 2,953 41,814
Cache, Inc.* 234 2,642
Casual Male Retail Group, Inc.* 3,739 15,704
Cato Corp. (The) Class A 1,546 23,097
Charlotte Russe Holding, Inc.* 1,195 20,721
Charming Shoppes, Inc.* 8,834 42,668
Childrens Place Retail Stores, Inc. (The)* 1,250 30,700
Christopher & Banks Corp. 897 8,961
Citi Trends, Inc.* 632 11,660
Coldwater Creek, Inc.* 3,859 19,488
Collective Brands, Inc.* 3,806 46,129
Conn's, Inc.*(a) 1,210 19,735
CSK Auto Corp.* 893 8,314
Dress Barn, Inc.* 4,036 52,225
DSW, Inc. Class A* 1,785 23,116
Finish Line (The) Class A 2,124 10,110
Genesco, Inc.* 854 19,736
Group 1 Automotive, Inc. 1,439 33,788
Gymboree Corp.* 1,170 46,660
Haverty Furniture Cos., Inc. 148 1,575
Hibbett Sports, Inc.* 921 14,220
HOT Topic, Inc.* 1,033 4,452
Jo-Ann Stores, Inc.* 178 2,622
JOS A Bank Clothiers, Inc.*(a) 908 18,614
Lithia Motors, Inc. Class A 1,320 13,411
Midas Inc.* 278 4,779
Monro Muffler, Inc. 614 10,377
Mothers Work, Inc.* 131 2,189
New York & Co., Inc.* 2,767 15,883
Rent-A-Center, Inc.* 5,538 101,621
Rex Stores Corp.* 259 5,095
Select Comfort Corp.* 2,377 8,557
Shoe Carnival, Inc.* 906 12,258
Sonic Automotive, Inc. Class A 2,816 57,868
Stage Stores, Inc. 1,840 29,808
Stein Mart, Inc. 3,204 18,006
Talbots, Inc. 96 1,035
Tween Brands, Inc.* 1,232 30,480
West Marine, Inc.* 92 641
Wet Seal, Inc. (The) Class A* 2,434 8,251
Zale Corp.*(a) 1,734 34,264
Zumiez, Inc.* 459 7,202
-----------
Total Specialty Retail 1,045,385
----------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 1.8%
American Apparel, Inc.* 88 832
Cherokee, Inc. 535 18,013
G-III Apparel Group Ltd.* 573 7,690
Hartmarx Corp.* 49 143
Heelys, Inc.* 3,240 13,900
Kenneth Cole Productions, Inc. Class A 481 8,148
K-Swiss, Inc. Class A 1,351 21,373
Maidenform Brands, Inc.* 1,194 19,426
Movado Group, Inc. 901 17,560
Oxford Industries, Inc. 902 20,322
Perry Ellis International, Inc.* 884 19,298
Skechers U.S.A., Inc. Class A* 1,974 39,895
Steven Madden Ltd.* 983 16,839
Timberland Co. Class A* 1,598 21,941
True Religion Apparel, Inc.* 659 12,224
UniFirst Corp. 599 22,217
Volcom, Inc.* 735 14,854
Weyco Group, Inc. 421 12,491
-----------
Total Textiles, Apparel & Luxury Goods 287,166
----------------------------------------------------------------------------
Thrifts & Mortgage Finance - 3.1%
Abington Bancorp, Inc. 368 3,798
Anchor Bancorp Wisconsin, Inc. 788 14,948
BankFinancial Corp. 232 3,691
Bank Mutual Corp. 848 9,108
BankUnited Financial Corp. Class A(a) 5,960 29,860
Berkshire Hills Bancorp, Inc. 288 7,255
Brookline Bancorp, Inc. 978 11,227
Clifton Savings Bancorp, Inc. 128 1,290
Corus Bankshares, Inc.(a) 7,322 71,242
Dime Community Bancshares, Inc. 859 15,015
Federal Agricultural Mortgage Corp. Class C 435 11,354
First Busey Corp. 830 17,530
First Financial Holdings, Inc. 454 10,651
First Place Financial Corp. 864 11,232
FirstFed Financial Corp.*(a) 1,730 46,970
Flushing Financial Corp. 651 11,445
Franklin Bank Corp.* 2,084 6,315
Imperial Capital Bancorp, Inc. 591 12,777
Kearny Financial Corp. 102 1,117
Ocwen Financial Corp.* 5,398 23,967
Oritani Financial Corp.* 477 7,236
PFF Bancorp, Inc.(a) 1,051 8,744
See Notes to Financial Statements.
54 WisdomTree Earnings Funds
Schedule of Investments (concluded)
WisdomTree SmallCap Earnings Fund
March 31, 2008
--------------------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------------------
PMI Group, Inc. (The) 7,666 $ 44,616
Provident Financial Services, Inc. 1,454 20,560
Provident New York Bancorp 842 11,367
Rockville Financial, Inc. 279 3,822
Roma Financial Corp. 236 3,519
TierOne Corp.(a) 719 8,110
Triad Guaranty, Inc.* 446 2,230
TrustCo Bank Corp. 1,860 16,535
United Community Financial Corp. 1,562 9,684
Viewpoint Financial Group 166 2,741
Wauwatosa Holdings, Inc.* 143 1,702
Westfield Financial Inc 392 3,830
WSFS Financial Corp. 268 13,207
-----------
Total Thrifts & Mortgage Finance 478,695
--------------------------------------------------------------------------------------
Trading Companies & Distributors - 1.4%
Aceto Corp. 631 4,379
Beacon Roofing Supply, Inc.* 1,642 16,420
Electro Rent Corp. 747 11,317
H&E Equipment Services, Inc.* 1,969 24,750
Houston Wire & Cable Co.(a) 1,088 17,430
Interline Brands, Inc.* 1,017 18,865
Kaman Corp. 612 17,313
Lawson Products, Inc. 124 3,416
Nuco2, Inc.* 178 4,943
Rush Enterprises, Inc. Class A* 1,749 27,705
TAL International Group, Inc. 1,113 26,233
Watsco, Inc.(a) 998 41,338
-----------
Total Trading Companies & Distributors 214,109
--------------------------------------------------------------------------------------
Transportation Infrastructure - 0.0%
CAI International, Inc. 539 6,932
--------------------------------------------------------------------------------------
Water Utilities - 0.3%
American States Water Co. 334 12,024
California Water Service Group. 384 14,650
Middlesex Water Co. 306 5,557
SJW Corp. 310 8,863
Southwest Water Co. 344 3,808
-----------
Total Water Utilities 44,902
--------------------------------------------------------------------------------------
Wireless Telecommunication Services - 0.4%
Centennial Communications Corp.* 632 3,735
Syniverse Holdings, Inc.* 3,046 50,747
USA Mobility, Inc.* 1,623 11,588
-----------
Total Wireless Telecommunication Services 66,070
--------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $18,853,065) 15,499,204
======================================================================================
RIGHTS* - 0.0%
Capital Markets - 0.0%
Ares Capital Corp., expiring 4/22/08 1,267 $ 710
MCG Capital Corp., expiring 4/19/08 703 752
-----------
TOTAL RIGHTS (Cost: $0) 1,462
======================================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $18,853,065) 15,500,666
======================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 7.8%
MONEY MARKET FUNDS(b) - 7.8%
AIM Liquid Assets Portfolio, 3.14% 1 1
UBS Private Money Market Fund LLC, 3.17% 1,213,771 1,213,771
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $1,213,772)(c) 1,213,772
======================================================================================
TOTAL INVESTMENTS IN SECURITIES - 107.3%
(Cost: $20,066,837) 16,714,438
Liabilities in Excess of Cash and Other Assets - (7.3)% (1,129,877)
-----------
NET ASSETS - 100.0% $15,584,561
======================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $1,139,227 and the total market value of the collateral held by the
Fund was $1,213,772.
See Notes to Financial Statements.
WisdomTree Earnings Funds 55
Schedule of Investments
WisdomTree Earnings Top 100 Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
COMMON STOCKS - 99.7%
Aerospace & Defense - 1.5%
Boeing Co. (The) 1,234 $ 91,773
Lockheed Martin Corp. 1,070 106,251
-----------
Total Aerospace & Defense 198,024
------------------------------------------------------------------------------
Air Freight & Logistics - 0.8%
FedEx Corp. 1,218 112,872
------------------------------------------------------------------------------
Automobiles - 0.9%
Harley-Davidson, Inc. 3,174 119,025
------------------------------------------------------------------------------
Capital Markets - 7.4%
Bear Stearns & Co., Inc. (The) 3,010 31,575
Goldman Sachs Group, Inc. 1,066 176,306
Legg Mason, Inc. 1,738 97,293
Lehman Brothers Holdings, Inc. 3,647 137,273
Morgan Stanley 5,133 234,578
TD Ameritrade Holding Corp.* 19,067 314,796
-----------
Total Capital Markets 991,821
------------------------------------------------------------------------------
Chemicals - 3.7%
Dow Chemical Co. (The) 3,541 130,486
E.I. Du Pont de Nemours & Co. 2,928 136,914
PPG Industries, Inc. 1,995 120,717
Rohm & Haas Co. 1,980 107,078
-----------
Total Chemicals 495,195
------------------------------------------------------------------------------
Commercial Banks - 9.6%
BB&T Corp. 4,341 139,172
Fifth Third Bancorp 4,874 101,964
KeyCorp 8,705 191,076
National City Corp. 6,847 68,128
PNC Financial Services Group, Inc. (The) 1,720 112,780
Regions Financial Corp. 6,735 133,016
SunTrust Banks, Inc. 2,235 123,238
U.S. Bancorp 4,459 144,293
Wachovia Corp. 4,697 126,819
Wells Fargo & Co. 4,732 137,701
-----------
Total Commercial Banks 1,278,187
------------------------------------------------------------------------------
Commercial Services & Supplies - 0.8%
Waste Management, Inc. 3,229 108,365
------------------------------------------------------------------------------
Computers & Peripherals - 0.9%
International Business Machines Corp. 1,094 125,963
------------------------------------------------------------------------------
Consumer Finance - 1.7%
Capital One Financial Corp. 4,507 221,835
------------------------------------------------------------------------------
Diversified Financials - 4.4%
Bank of America Corp. 3,943 149,479
Citigroup, Inc. 6,160 131,947
JPMorgan Chase & Co. 4,261 183,010
Moody's Corp.(a) 3,505 122,079
-----------
Total Diversified Financials 586,515
------------------------------------------------------------------------------
Diversified Telecommunication Services - 1.9%
Qwest Communications International, Inc. 55,742 252,511
------------------------------------------------------------------------------
Electric Utilities - 3.8%
Duke Energy Corp. 6,175 110,224
Edison International 2,030 99,511
Exelon Corp. 1,349 109,633
FirstEnergy Corp. 1,457 99,979
Progress Energy, Inc. 2,246 93,658
-----------
Total Electric Utilities 513,005
------------------------------------------------------------------------------
Energy Equipment & Services - 1.1%
Halliburton Co. 3,657 143,830
------------------------------------------------------------------------------
Food & Staples Retailing - 1.0%
Wal-Mart Stores, Inc.* 2,407 126,801
------------------------------------------------------------------------------
Food Products - 0.9%
Archer-Daniels-Midland Co. 2,822 116,154
------------------------------------------------------------------------------
Health Care Providers & Services - 2.3%
Aetna, Inc. 1,936 81,486
Cigna Corp. 2,491 101,060
UnitedHealth Group, Inc. 1,924 66,109
WellPoint, Inc.* 1,378 60,811
-----------
Total Health Care Providers & Services 309,466
------------------------------------------------------------------------------
Household Durables - 0.9%
Fortune Brands, Inc. 1,686 117,177
------------------------------------------------------------------------------
Household Products - 0.8%
Kimberly-Clark Corp. 1,614 104,184
------------------------------------------------------------------------------
Insurance - 13.8%
Allstate Corp. (The) 5,287 254,092
American International Group, Inc. 3,119 134,897
Berkshire Hathaway, Inc. Class B* 32 143,133
Chubb Corp. (The) 3,991 197,475
Genworth Financial, Inc. Class A 8,445 191,195
Hartford Financial Services Group, Inc. (The) 2,114 160,178
Lincoln National Corp. 2,659 138,268
Loews Corp. 2,989 120,218
Metlife, Inc. 2,321 139,863
Progressive Corp. (The) 9,689 155,702
Travelers Cos., Inc. (The) 4,388 209,965
-----------
Total Insurance 1,844,986
------------------------------------------------------------------------------
IT Services - 0.8%
Electronic Data Systems Corp. 6,094 101,465
------------------------------------------------------------------------------
Machinery - 4.3%
Caterpillar, Inc. 1,976 154,702
Cummins, Inc. 1,905 89,192
Eaton Corp. 1,535 122,293
Paccar, Inc. 2,387 107,415
Parker Hannifin Corp. 1,501 103,974
-----------
Total Machinery 577,576
------------------------------------------------------------------------------
See Notes to Financial Statements.
56 WisdomTree Earnings Funds
Schedule of Investments (concluded)
WisdomTree Earnings Top 100 Fund
March 31, 2008
---------------------------------------------------------------------
Investments Shares Value
---------------------------------------------------------------------
Media - 2.3%
CBS Corp. Class B 4,801 $ 106,006
McGraw-Hill Cos., Inc. (The) 2,504 92,523
Walt Disney Co. (The) 3,522 110,520
-----------
Total Media 309,049
---------------------------------------------------------------------
Metals & Mining - 6.8%
Alcoa, Inc. 3,491 125,885
Allegheny Technologies, Inc. 1,635 116,674
Freeport-McMoRan Copper & Gold, Inc. 1,279 123,065
Nucor Corp. 2,677 181,340
Southern Copper Corp. 1,376 142,870
United States Steel Corp. 1,733 219,866
-----------
Total Metals & Mining 909,700
---------------------------------------------------------------------
Multiline Retail - 2.9%
Kohl's Corp.* 2,934 125,839
Macy's, Inc. 4,819 111,126
Sears Holdings Corp.*(a) 1,488 151,910
-----------
Total Multiline Retail 388,875
---------------------------------------------------------------------
Multi-Utilities - 0.7%
Consolidated Edison, Inc. 2,268 90,040
---------------------------------------------------------------------
Office Electronics - 0.8%
Xerox Corp. 7,302 109,311
---------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 11.7%
Apache Corp. 1,103 133,264
Chesapeake Energy Corp. 3,582 165,309
Chevron Corp. 1,724 147,161
ConocoPhillips 1,843 140,455
Devon Energy Corp. 1,424 148,566
Exxon Mobil Corp. 1,557 131,691
Hess Corp. 1,416 124,863
Marathon Oil Corp. 3,265 148,884
Occidental Petroleum Corp. 1,562 114,292
Valero Energy Corp. 3,412 167,563
XTO Energy, Inc. 2,361 146,051
-----------
Total Oil, Gas & Consumable Fuels 1,568,099
---------------------------------------------------------------------
Pharmaceuticals - 0.8%
Wyeth 2,572 107,407
---------------------------------------------------------------------
Real Estate Investment Trusts - 2.0%
Boston Properties, Inc. 1,699 156,427
ProLogis 1,980 116,543
-----------
Total Real Estate Investment Trusts 272,970
---------------------------------------------------------------------
Road & Rail - 3.0%
Burlington Northern Santa Fe Corp. 1,352 124,681
CSX Corp. 2,563 143,708
Norfolk Southern Corp. 2,466 133,953
-----------
Total Road & Rail 402,342
---------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 1.0%
Applied Materials, Inc. 6,600 128,766
---------------------------------------------------------------------
Specialty Retail - 3.1%
Best Buy Co., Inc. 2,166 89,802
Home Depot, Inc. 6,214 173,806
Lowe's Cos., Inc. 6,601 151,427
-----------
Total Specialty Retail 415,035
---------------------------------------------------------------------
Thrifts & Mortgage Finance - 1.3%
Washington Mutual, Inc.(a) 17,146 176,604
---------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $16,047,198) 13,323,155
=====================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 3.0%
MONEY MARKET FUND(b) - 3.0%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $406,000)(c) 406,000 406,000
=====================================================================
TOTAL INVESTMENTS IN SECURITIES - 102.7%
(Cost: $16,453,198) 13,729,155
Liabilities in Excess of Cash and Other Assets - (2.7)% (361,087)
-----------
NET ASSETS - 100.0% $13,368,068
=====================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $386,347 and the total market value of the collateral held by the Fund
was $406,000.
See Notes to Financial Statements.
WisdomTree Earnings Funds 57
Schedule of Investments
WisdomTree Low P/E Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
COMMON STOCKS - 99.8%
Aerospace & Defense - 0.0%
Ceradyne, Inc.* 194 $ 6,200
--------------------------------------------------------------------------
Air Freight & Logistics - 0.1%
ABX Holdings, Inc.* 1,389 4,084
Atlas Air Worldwide Holdings, Inc.* 113 6,214
Pacer International, Inc. 250 4,108
Park-Ohio Holdings Corp.* 67 1,053
-----------
Total Air Freight & Logistics 15,459
--------------------------------------------------------------------------
Airlines - 0.5%
Alaska Air Group, Inc.* 311 6,102
AMR Corp.* 2,487 22,433
Continental Airlines, Inc. Class B* 1,338 25,730
Pinnacle Airlines Corp.* 255 2,226
Republic Airways Holdings, Inc.* 276 5,978
Skywest, Inc. 356 7,519
UAL Corp* 1,240 26,696
US Airways Group, Inc.* 2,059 18,346
-----------
Total Airlines 115,030
--------------------------------------------------------------------------
Auto Components - 0.1%
Aftermarket Technology Corp.* 112 2,177
Autoliv, Inc. 363 18,223
Tenneco, Inc.* 198 5,532
-----------
Total Auto Components 25,932
--------------------------------------------------------------------------
Automobiles - 0.2%
Harley-Davidson, Inc. 1,349 50,587
Thor Industries, Inc. 245 7,294
-----------
Total Automobiles 57,881
--------------------------------------------------------------------------
Building Products - 0.3%
American Woodmark Corp. 81 1,665
Gibraltar Industries, Inc. 175 2,053
Insteel Industries, Inc. 131 1,524
Lennox International, Inc. 329 11,834
Masco Corp. 1,971 39,085
NCI Buildings Systems, Inc.* 120 2,904
Simpson Manufacturing Co., Inc. 211 5,735
Universal Forest Products, Inc. 107 3,445
-----------
Total Building Products 68,245
--------------------------------------------------------------------------
Capital Markets - 6.3%
American Capital Strategies Ltd.(a) 1,081 36,927
Apollo Investment Corp. 638 10,100
Ares Capital Corp. 384 4,827
Bear Stearns & Co., Inc. (The) 1,242 13,029
E*Trade Financial Corp.*(a) 7,287 28,128
Fortress Investment Group LLC, Class A(a) 911 11,187
Goldman Sachs Group, Inc. 3,475 574,730
Hercules Technology Growth Capital, Inc. 135 1,466
Jefferies Group, Inc. 559 9,017
Knight Capital Group, Inc. Class A* 492 7,990
Legg Mason, Inc. 598 33,476
Lehman Brothers Holdings, Inc. 4,382 164,938
MCG Capital Corp. 617 5,609
Morgan Stanley 10,119 462,438
Patriot Capital Funding, Inc. 151 1,581
Piper Jaffray Cos., Inc.* 78 2,649
Prospect Capital Corp. 113 1,720
SWS Group, Inc. 154 1,883
TD Ameritrade Holding Corp.* 8,120 134,061
TICC Capital Corp. 164 1,233
-----------
Total Capital Markets 1,506,989
--------------------------------------------------------------------------
Chemicals - 2.1%
Dow Chemical Co. (The) 5,063 186,571
E.I. Du Pont de Nemours & Co. 4,201 196,438
H.B. Fuller Co. 265 5,409
Hercules, Inc. 1,283 23,466
ICO, Inc.* 136 944
LSB Industries, Inc.* 107 1,577
PPG Industries, Inc. 817 49,437
Quaker Chemical Corp. 71 2,222
RPM International, Inc. 693 14,511
Spartech Corp. 211 1,783
Valspar Corp. (The) 484 9,603
Westlake Chemical Corp. 343 4,476
-----------
Total Chemicals 496,437
--------------------------------------------------------------------------
Commercial Banks - 9.4%
Ameris Bancorp 89 1,429
Arrow Financial Corp. 70 1,574
Associated Banc-Corp 694 18,481
BancFirst Corp. 75 3,434
BancorpSouth, Inc. 348 8,060
Bank of Hawaii Corp. 264 13,084
Banner Corp. 66 1,521
BB&T Corp. 3,026 97,014
Capital Corp. of the West 75 602
Capitol Bancorp Ltd. 98 2,072
Cascade Bancorp 151 1,444
Cathay General Bancorp 285 5,908
Center Financial Corp. 137 1,241
Central Pacific Financial Corp. 293 5,523
Citizens Republic Bankcorp, Inc. 375 4,661
City Bank (Lynnwood WA) 129 2,873
City Holding Co. 93 3,711
City National Corp. 231 11,425
Colonial BancGroup, Inc. (The) 1,108 10,670
Comerica, Inc. 1,082 37,957
Commerce Bancshares, Inc. 284 11,937
Community Trust Bancorp, Inc. 86 2,520
Cullen/Frost Bankers, Inc. 253 13,419
CVB Financial Corp. 378 3,935
East West Bancorp, Inc. 363 6,443
Enterprise Financial Services Corp. 63 1,575
See Notes to Financial Statements.
58 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Low P/E Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares Value
--------------------------------------------------------------------------
Fifth Third Bancorp 2,739 $ 57,300
First Bancorp 75 1,495
First Bancorp (Puerto Rico) 392 3,983
First Citizens BancShares, Inc. Class A 46 6,410
First Community Bancorp 132 3,544
First Community Bancshares, Inc. 65 2,367
First Financial Corp. 58 1,785
First Merchants Corp. 88 2,512
First Midwest Bancorp, Inc. 235 6,526
First Regional Bancorp (Los Angeles CA)* 101 1,656
First South Bancorp, Inc. 63 1,418
First State Bancorporation (NM) 110 1,473
FNB Corp./PA 296 4,621
Frontier Financial Corp. 244 4,314
Fulton Financial Corp. 858 10,545
Great Southern Bancorp, Inc. 92 1,436
Green County Bancshares, Inc. 59 1,044
Hanmi Financial Corp. 474 3,503
Heartland Financial USA, Inc. 80 1,693
Heritage Commerce Corp. 86 1,576
Horizon Financial Corp. 75 1,036
Huntington Bancshares, Inc. 1,812 19,479
Independent Bank Corp. /MA 65 1,921
Integra Bank Corp. 89 1,442
International Bancshares Corp. 349 7,880
KeyCorp 3,191 70,042
Lakeland Financial Corp. 75 1,699
M&T Bank Corp. 615 49,495
MainSource Financial Group, Inc. 103 1,597
Marshall & Ilsley Corp. 1,953 45,310
Nara Bancorp, Inc. 209 2,715
National Penn Bancshares, Inc. 249 4,529
NBT Bancorp, Inc. 152 3,374
Old National Bancorp 277 4,986
Old Second Bancorp, Inc. 56 1,487
Pacific Capital Bancorp 262 5,633
Park National Corp. 75 5,314
Peoples Bancorp, Inc. 55 1,326
Popular, Inc. 1,802 21,011
Preferred Bank 75 1,252
Provident Bankshares Corp. 166 1,783
Regions Financial Corp. 4,466 88,204
Renasant Corp. 97 2,183
Republic Bancorp, Inc. Class A 98 1,850
S&T Bancorp, Inc. 111 3,571
Sandy Spring Bancorp, Inc. 70 1,926
Santander BanCorp 252 2,548
SCBT Financial Corp. 44 1,487
Security Bank Corp.(a) 196 1,558
Sierra Bancorp 58 1,253
Simmons First National Corp. Class A 64 1,903
Southwest Bancorp, Inc. 90 1,576
Sterling Financial Corp. /PA 166 2,897
Sterling Financial Corp. /WA 356 5,557
Suffolk Bancorp 45 1,426
SunTrust Banks, Inc. 1,912 105,427
SVB Financial Group* 158 6,895
SY Bancorp, Inc. 67 1,557
Synovus Financial Corp. 1,604 17,740
Taylor Capital Group, Inc. 89 1,461
TCF Financial Corp. 774 13,870
Trico Bancshares 76 1,316
Trustmark Corp. 290 6,461
U.S. Bancorp 8,925 288,812
UCBH Holdings, Inc. 440 3,414
Umpqua Holdings Corp. 326 5,056
Union Bankshares Corp. 76 1,472
UnionBanCal Corp. 866 42,503
United Bankshares, Inc. 206 5,490
United Community Banks, Inc. 253 4,296
Univest Corp. of Pennsylvania 88 2,305
Virginia Commerce Bancorp* 145 1,665
Wachovia Corp. 13,729 370,682
Washington Trust Bancorp, Inc. 63 1,564
Webster Financial Corp. 273 7,609
Wells Fargo & Co. 18,117 527,204
WesBanco, Inc. 120 2,965
West Coast Bancorp (OR) 99 1,444
Whitney Holding Corp. 418 10,362
Wilmington Trust Corp. 405 12,596
Wilshire Bancorp, Inc. 230 1,757
Zions Bancorp. 774 35,256
-----------
Total Commercial Banks 2,244,143
--------------------------------------------------------------------------
Commercial Services & Supplies - 0.6%
American Reprographics Co.* 273 4,051
Amrep Corp.* 80 4,184
COMSYS IT Partners, Inc.* 133 1,125
Consolidated Graphics, Inc.* 71 3,980
Deluxe Corp. 318 6,109
Ennis, Inc. 158 2,651
Heidrick & Struggles International, Inc.* 90 2,928
Herman Miller, Inc. 315 7,740
ICF International, Inc.* 99 1,985
IKON Office Solutions, Inc. 614 4,666
Kelly Services, Inc. Class A 194 3,989
Kforce, Inc.* 267 2,360
Knoll, Inc. 252 2,908
Korn/Ferry International* 216 3,650
Manpower, Inc. 465 26,161
Mobile Mini, Inc.* 151 2,869
Navigant Consulting, Inc.* 238 4,517
Pitney Bowes, Inc. 983 34,424
RSC Holdings, Inc.* 603 6,573
Schawk, Inc. 132 2,111
School Specialty, Inc.* 90 2,839
See Notes to Financial Statements.
WisdomTree Earnings Funds 59
Schedule of Investments (continued)
WisdomTree Low P/E Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
Spherion Corp.* 265 $ 1,622
Standard Parking Corp.* 96 2,012
TrueBlue, Inc.* 316 4,247
United Stationers, Inc.* 216 10,303
Volt Information Sciences, Inc.* 147 2,493
-----------
Total Commercial Services & Supplies 152,497
------------------------------------------------------------------------------
Communications Equipment - 0.1%
Arris Group, Inc.* 924 5,378
CommScope, Inc.* 275 9,578
-----------
Total Communications Equipment 14,956
------------------------------------------------------------------------------
Computers & Peripherals - 3.0%
Immersion Corp.* 168 1,194
International Business Machines Corp. 5,719 658,487
Intevac, Inc.* 208 2,694
Lexmark International, Inc. Class A* 538 16,527
Super Micro Computer, Inc.* 167 1,394
Western Digital Corp.* 1,174 31,745
-----------
Total Computers & Peripherals 712,041
------------------------------------------------------------------------------
Construction & Engineering - 0.1%
EMCOR Group, Inc.* 276 6,130
Michael Baker Corp.* 53 1,190
Northwest Pipe Co.* 43 1,827
Perini Corp.* 112 4,058
-----------
Total Construction & Engineering 13,205
------------------------------------------------------------------------------
Construction Materials - 0.0%
Eagle Materials, Inc. 249 8,852
------------------------------------------------------------------------------
Consumer Finance - 1.2%
Advance America Cash Advance Centers, Inc. 439 3,314
Advanta Corp. Class B 703 4,942
AmeriCredit Corp.*(a) 1,872 18,851
Capital One Financial Corp. 3,557 175,077
Cash America International, Inc. 133 4,841
Credit Acceptance Corp.* 199 3,090
Discover Financial Services 3,255 53,285
Ezcorp, Inc. Class A* 184 2,265
First Cash Financial Services, Inc.* 153 1,580
First Marblehead Corp. (The) 2,035 15,181
Student Loan Corp. (The) 104 10,286
World Acceptance Corp.* 98 3,121
-----------
Total Consumer Finance 295,833
------------------------------------------------------------------------------
Containers & Packaging - 0.3%
AEP Industries, Inc.* 63 1,908
Crown Holdings, Inc.* 836 21,034
Rock-Tenn Co. Class A 191 5,724
Sealed Air Corp. 936 23,634
Sonoco Products Co. 438 12,540
-----------
Total Containers & Packaging 64,840
------------------------------------------------------------------------------
Distributors - 0.0%
Core-Mark Holding Co., Inc.* 60 1,724
------------------------------------------------------------------------------
Diversified Consumer Services - 0.0%
Pre-Paid Legal Services, Inc.* 68 2,884
Regis Corp. 211 5,800
-----------
Total Diversified Consumer Services 8,684
------------------------------------------------------------------------------
Diversified Financial Services - 0.0%
Asset Acceptance Capital Corp. 158 1,522
Asta Funding, Inc. 91 1,268
Encore Capital Group, Inc.* 71 483
Financial Federal Corp. 152 3,314
Portfolio Recovery Associates, Inc. 77 3,303
-----------
Total Diversified Financial Services 9,890
------------------------------------------------------------------------------
Diversified Financials - 12.2%
Bank of America Corp. 28,613 1,084,719
Citigroup, Inc. 36,387 779,410
JPMorgan Chase & Co. 23,322 1,001,680
Moody's Corp. 1,294 45,070
-----------
Total Diversified Financials 2,910,879
------------------------------------------------------------------------------
Diversified Telecommunication Services - 0.8%
CenturyTel, Inc. 528 17,551
Cincinnati Bell, Inc.* 1,186 5,052
Embarq Corp. 861 34,526
Qwest Communications International, Inc. 25,986 117,716
Windstream Corp. 2,287 27,330
-----------
Total Diversified Telecommunication Services 202,175
------------------------------------------------------------------------------
Electric Utilities - 0.6%
ALLETE, Inc. 144 5,561
Cleco Corp. 340 7,541
Duke Energy Corp. 5,763 102,870
MGE Energy, Inc. 99 3,372
Portland General Electric Co. 376 8,479
Westar Energy, Inc. 495 11,271
-----------
Total Electric Utilities 139,094
------------------------------------------------------------------------------
Electrical Equipment - 0.2%
A.O. Smith Corp. 164 5,391
Acuity Brands, Inc. 238 10,221
AZZ, Inc.* 64 2,277
Encore Wire Corp. 144 2,622
GrafTech International Ltd.* 460 7,457
Regal-Beloit Corp. 157 5,751
Superior Essex, Inc.* 147 4,134
-----------
Total Electrical Equipment 37,853
------------------------------------------------------------------------------
Electronic Equipment & Instruments - 0.4%
Anixter International, Inc.* 230 14,729
Arrow Electronics, Inc.* 718 24,161
Avnet, Inc.* 782 25,596
Benchmark Electronics, Inc.* 354 6,354
CPI International, Inc.* 96 952
Ingram Micro, Inc. Class A* 813 12,870
Insight Enterprises, Inc.* 220 3,850
See Notes to Financial Statements.
60 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Low P/E Fund
March 31, 2008
------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------
LoJack Corp.* 91 $ 1,150
SYNNEX Corp.* 186 3,947
Vishay Intertechnology, Inc.* 970 8,788
-----------
Total Electronic Equipment & Instruments 102,397
------------------------------------------------------------------------
Energy Equipment & Services - 2.8%
Allis-Chalmers Energy, Inc.* 212 2,923
Basic Energy Services, Inc.* 320 7,066
BJ Services Co. 1,975 56,307
Bronco Drilling Co., Inc.* 211 3,399
Cal Dive International, Inc.* 541 5,616
Complete Production Services, Inc.* 638 14,636
ENSCO International, Inc. 1,102 69,007
Global Industries Ltd.* 440 7,080
Grant Prideco, Inc.* 604 29,729
Grey Wolf, Inc.* 2,350 15,933
Gulfmark Offshore, Inc.* 158 8,646
Halliburton Co. 4,287 168,607
Helmerich & Payne, Inc. 623 29,200
Hornbeck Offshore Services, Inc.* 131 5,983
Key Energy Group, Inc.* 686 9,206
Lufkin Industries, Inc. 89 5,680
Oil States International, Inc.* 398 17,834
Parker Drilling Co.* 776 5,013
Patterson-UTI Energy, Inc. 1,691 44,270
Pioneer Drilling Co.* 371 5,910
Pride International, Inc.* 750 26,213
Rowan Cos., Inc. 670 27,591
RPC, Inc. 529 8,036
SEACOR Holdings, Inc.* 132 11,268
Superior Energy Services, Inc.* 497 19,691
Superior Well Services, Inc.* 136 2,974
Tidewater, Inc. 384 21,162
Trico Marine Services, Inc.* 86 3,351
Union Drilling, Inc.* 178 3,113
Unit Corp.* 393 22,263
W-H Energy Services, Inc.* 162 11,154
-----------
Total Energy Equipment & Services 668,861
------------------------------------------------------------------------
Food & Staples Retailing - 0.1%
Andersons, Inc. (The) 78 3,480
Pantry, Inc. (The)* 102 2,150
Winn-Dixie Stores, Inc.* 307 5,513
-----------
Total Food & Staples Retailing 11,143
------------------------------------------------------------------------
Food Products - 0.6%
Archer-Daniels-Midland Co. 2,635 108,457
Cal-Maine Foods, Inc.(a) 172 5,741
Imperial Sugar Co. 139 2,616
Sanderson Farms, Inc. 126 4,789
Seaboard Corp. 10 15,650
TreeHouse Foods, Inc.* 134 3,063
-----------
Total Food Products 140,316
------------------------------------------------------------------------
Gas Utilities - 0.3%
AGL Resources, Inc. 349 11,978
Atmos Energy Corp. 437 11,144
Nicor, Inc. 197 6,601
Southern Union Co. 595 13,846
Southwest Gas Corp. 195 5,452
UGI Corp. 458 11,413
-----------
Total Gas Utilities 60,434
------------------------------------------------------------------------
Health Care Equipment & Supplies - 0.0%
Aspect Medical Systems, Inc.* 139 848
Palomar Medical Technologies, Inc.* 142 2,144
-----------
Total Health Care Equipment & Supplies 2,992
------------------------------------------------------------------------
Health Care Providers & Services - 1.0%
Apria Healthcare Group, Inc.* 244 4,819
Centene Corp.* 209 2,913
Cigna Corp. 1,359 55,135
Emergency Medical Services Corp. Class A* 121 2,987
Healthspring, Inc.* 274 3,858
LCA-Vision, Inc. 152 1,900
LifePoint Hospitals, Inc.* 267 7,334
Lincare Holdings, Inc.* 420 11,806
National Healthcare Corp. 57 2,776
Omnicare, Inc. 568 10,315
WellCare Health Plans, Inc.* 330 12,854
WellPoint, Inc.* 2,496 110,149
-----------
Total Health Care Providers & Services 226,846
------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 0.3%
AFC Enterprises, Inc.* 129 1,160
Ambassadors Group, Inc. 126 2,380
Bluegreen Corp.* 392 2,626
Brinker International, Inc. 570 10,574
Carrols Restaurant Group, Inc.* 146 1,304
CBRL Group, Inc. 137 4,900
CEC Entertainment, Inc.* 166 4,794
Darden Restaurants, Inc. 748 24,347
Dover Downs Gaming & Entertainment, Inc. 158 1,345
Jack in the Box, Inc.* 276 7,416
Ruby Tuesday, Inc. 400 3,000
Wyndham Worldwide Corp 856 17,702
-----------
Total Hotels, Restaurants & Leisure 81,548
------------------------------------------------------------------------
Household Durables - 1.1%
Avatar Holdings, Inc.*(a) 256 11,159
Black & Decker Corp. (The) 341 22,540
Blyth, Inc. 210 4,141
Brookfield Homes Corp.(a) 371 6,233
Ethan Allen Interiors, Inc. 178 5,061
Fortune Brands, Inc. 693 48,163
Harman International Industries, Inc. 257 11,190
Leggett & Platt, Inc. 708 10,797
Mohawk Industries, Inc.*(a) 356 25,493
See Notes to Financial Statements.
WisdomTree Earnings Funds 61
Schedule of Investments (continued)
WisdomTree Low P/E Fund
March 31, 2008
----------------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------------
National Presto Industries, Inc. 41 $ 2,148
NVR, Inc.* 53 31,668
Sealy Corp. 415 3,154
Stanley Works (The) 416 19,810
Toll Brothers, Inc.* 915 21,484
Whirlpool Corp. 453 39,311
-----------
Total Household Durables 262,352
----------------------------------------------------------------------------------
Household Products - 0.0%
Central Garden and Pet Co. Class A* 410 1,820
----------------------------------------------------------------------------------
Independent Power Producers & Energy - 0.3%
Mirant Corp.* 2,267 82,496
----------------------------------------------------------------------------------
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc. 308 10,300
Walter Industries, Inc. 274 17,160
-----------
Total Industrial Conglomerates 27,460
----------------------------------------------------------------------------------
Insurance - 15.7%
Alleghany Corp.* 39 13,237
Allstate Corp. (The) 5,705 274,182
AMBAC Financial Group, Inc. 535 3,076
American Equity Investment Life Holding Co., Inc. 528 4,900
American Financial Group, Inc. 910 23,260
American International Group, Inc. 16,658 720,458
American National Insurance Co. 137 14,618
American Physicians Capital, Inc. 81 3,755
Amerisafe, Inc.* 175 2,212
Amtrust Financial Services, Inc. 515 8,348
Assurant, Inc. 734 44,671
Baldwin & Lyons, Inc. Class B 114 2,928
Berkshire Hathaway, Inc. Class B* 173 773,811
Chubb Corp. (The) 3,095 153,141
Cincinnati Financial Corp. 910 34,616
CNA Financial Corp. 1,888 48,692
CNA Surety Corp.* 285 4,383
Commerce Group, Inc. 352 12,693
Darwin Professional Underwriters, Inc.* 77 1,732
Delphi Financial Group, Inc. Class A 272 7,951
Donegal Group, Inc. Class A 153 2,662
EMC Insurance Group, Inc. 119 3,200
Employers Holdings, Inc. 669 12,403
Erie Indemnity Co. Class A 277 14,180
FBL Financial Group, Inc. Class A 165 4,701
Fidelity National Financial, Inc. Class A 1,048 19,210
First Mercury Financial Corp.* 112 1,950
Fpic Insurance Group, Inc.* 54 2,546
Genworth Financial, Inc. Class A 3,383 76,591
Hallmark Financial Services, Inc.* 108 1,205
Hanover Insurance Group, Inc. (The) 328 13,494
Harleysville Group, Inc. 173 6,244
Hartford Financial Services Group, Inc. (The) 2,202 166,846
HCC Insurance Holdings, Inc. 788 17,880
Horace Mann Educators Corp. 298 5,209
Independence Holding Co. 150 1,788
Infinity Property & Casualty Corp. 131 5,450
Lincoln National Corp. 1,516 78,832
Loews Corp. 2,781 111,852
Markel Corp.* 48 21,119
MBIA, Inc. 1,224 14,957
Meadowbrook Insurance Group, Inc.* 185 1,445
Mercury General Corp. 285 12,628
Metlife, Inc. 3,870 233,206
Midland Co. (The) 87 5,649
National Interstate Corp. 82 1,915
National Western Life Insurance Co. Class A 24 5,203
Nationwide Financial Services, Inc. Class A 949 44,869
Navigators Group, Inc.* 96 5,222
Odyssey Re Holdings Corp. 493 18,118
Old Republic International Corp. 1,462 18,874
Philadelphia Consolidated Holding Co.* 483 15,553
Phoenix Cos., Inc. (The) 781 9,536
Presidential Life Corp. 262 4,569
ProAssurance Corp.* 184 9,905
Progressive Corp. (The) 4,648 74,693
Protective Life Corp. 420 17,035
Reinsurance Group of America, Inc. 389 21,177
RLI Corp. 183 9,071
Safeco Corp. 662 29,049
Safety Insurance Group, Inc. 165 5,631
SeaBright Insurance Holdings, Inc.* 156 2,298
Selective Insurance Group, Inc. 343 8,191
StanCorp Financial Group, Inc. 286 13,645
State Auto Financial Corp. 262 7,632
Torchmark Corp. 553 33,241
Transatlantic Holdings, Inc. 407 27,004
Travelers Cos., Inc. (The) 5,584 267,194
United Fire & Casualty Co. 230 8,602
Unitrin, Inc. 297 10,496
Universal Insurance Holdings, Inc. 359 1,357
Unum Group 2,097 46,155
W.R. Berkley Corp. 1,564 43,307
Zenith National Insurance Corp. 387 13,878
-----------
Total Insurance 3,761,331
----------------------------------------------------------------------------------
Internet & Catalog Retail - 0.0%
FTD Group, Inc. 183 2,456
NutriSystem, Inc.*(a) 290 4,370
Systemax, Inc.* 179 2,159
-----------
Total Internet & Catalog Retail 8,985
----------------------------------------------------------------------------------
Internet Software & Services - 0.0%
TheStreet.com, Inc. 161 1,301
----------------------------------------------------------------------------------
IT Services - 0.5%
Broadridge Financial Solutions, Inc. 560 9,856
Ciber, Inc.* 275 1,348
See Notes to Financial Statements.
62 WisdomTree Earnings Funds
Schedule of Investments (continued)
WisdomTree Low P/E Fund
March 31, 2008
------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------
Convergys Corp.* 645 $ 9,714
CSG Systems International, Inc.* 238 2,706
Electronic Data Systems Corp. 2,329 38,777
Global Cash Access Holdings, Inc.* 528 3,094
infoUSA, Inc. 304 1,857
MPS Group, Inc.* 491 5,804
SAIC, Inc.* 1,119 20,802
Total System Services, Inc. 774 18,313
-----------
Total It Services 112,271
------------------------------------------------------------------------
Leisure Equipment & Products - 0.3%
Hasbro, Inc. 711 19,837
Jakks Pacific, Inc.* 199 5,486
Mattel, Inc. 1,821 36,238
Pool Corp.(a) 228 4,307
-----------
Total Leisure Equipment & Products 65,868
------------------------------------------------------------------------
Machinery - 2.4%
American Railcar Industries, Inc. 108 2,196
Ampco-Pittsburgh Corp. 70 3,009
Cascade Corp. 54 2,663
Caterpillar, Inc. 3,274 256,320
Dover Corp. 895 37,393
Eaton Corp. 730 58,159
EnPro Industries, Inc.* 195 6,082
Freightcar America, Inc. 153 5,248
Gardner Denver, Inc.* 385 14,284
Hurco Cos., Inc.* 34 1,591
Mueller Industries, Inc. 188 5,424
NACCO Industries, Inc. Class A 53 4,290
Oshkosh Truck Corp. 360 13,061
Paccar, Inc. 1,697 76,364
Terex Corp.* 550 34,375
Timken Co. (The) 583 17,327
Trinity Industries, Inc. 680 18,122
Twin Disc, Inc. 52 823
Wabtec Corp. 211 7,946
-----------
Total Machinery 564,677
------------------------------------------------------------------------
Media - 0.9%
AH Belo Corp. Class A* 92 1,052
Belo Corp. Class A 464 4,904
CBS Corp. Class B 3,110 68,668
Cinemark Holdings, Inc. 466 5,960
Cox Radio, Inc. Class A* 415 4,930
Gannett Co., Inc. 1,878 54,556
Gemstar-TV Guide International, Inc.* 2,166 10,180
Getty Images, Inc.* 279 8,928
Harte-Hanks, Inc. 371 5,072
Journal Communications, Inc. Class A 360 2,657
Lee Enterprises, Inc. 378 3,784
McClatchy Co. Class A(a) 674 7,212
Media General, Inc. Class A 100 1,402
Regal Entertainment Group Class A 1,156 22,299
Scholastic Corp.* 191 5,782
Valassis Communications, Inc.* 222 2,409
-----------
Total Media 209,795
------------------------------------------------------------------------
Metals & Mining - 3.5%
A.M. Castle & Co. 130 3,510
Alcoa, Inc. 3,889 140,237
Allegheny Technologies, Inc. 549 39,177
Brush Engineered Materials, Inc.* 102 2,618
Commercial Metals Co. 744 22,298
Freeport-McMoRan Copper & Gold, Inc. 1,756 168,962
Nucor Corp. 1,649 111,703
Olympic Steel, Inc. 60 2,706
Quanex Corp. 173 8,951
Reliance Steel & Aluminum Co. 499 29,870
Schnitzer Steel Industries, Inc. Class A 132 9,375
Southern Copper Corp. 1,517 157,510
Steel Dynamics, Inc. 1,100 36,344
United States Steel Corp. 788 99,974
Universal Stainless & Alloy* 54 1,604
-----------
Total Metals & Mining 834,839
------------------------------------------------------------------------
Multiline Retail - 1.5%
Big Lots, Inc.* 498 11,105
Bon-Ton Stores, Inc. (The) 179 979
Dillard's, Inc. Class A(a) 602 10,360
Dollar Tree Stores, Inc.* 448 12,360
Family Dollar Stores, Inc. 745 14,528
JC Penney Co., Inc. 1,631 61,505
Kohl's Corp.* 1,595 68,410
Macy's, Inc. 2,132 49,164
Nordstrom, Inc. 1,350 44,010
Retail Ventures, Inc.* 1,046 5,073
Sears Holdings Corp.*(a) 814 83,101
Tuesday Morning Corp.* 532 2,756
-----------
Total Multiline Retail 363,351
------------------------------------------------------------------------
Multi-Utilities - 0.2%
CH Energy Group, Inc. 78 3,034
NiSource, Inc. 1,184 20,412
OGE Energy Corp. 462 14,401
TECO Energy, Inc. 1,023 16,317
-----------
Total Multi-Utilities 54,164
------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 21.5%
Alon USA Energy, Inc. 295 4,487
Atlas Energy Resources LLC 172 5,332
Aventine Renewable Energy Holdings, Inc.* 274 1,425
Chesapeake Energy Corp. 2,429 112,098
Chevron Corp. 11,639 993,506
Cimarex Energy Co. 422 23,100
ConocoPhillips 8,681 661,579
Delek US Holdings, Inc. 340 4,308
Devon Energy Corp. 1,895 197,705
See Notes to Financial Statements.
WisdomTree Earnings Funds 63
Schedule of Investments (continued)
WisdomTree Low P/E Fund
March 31, 2008
---------------------------------------------------------------------------------
Investments Shares Value
---------------------------------------------------------------------------------
Exxon Mobil Corp. 27,337 $ 2,312,164
Frontier Oil Corp. 741 20,200
Hess Corp. 1,136 100,172
Holly Corp. 400 17,364
Marathon Oil Corp. 4,683 213,545
Mariner Energy Inc* 387 10,453
Overseas Shipholding Group, Inc. 199 13,938
St. Mary Land & Exploration Co. 318 12,243
Sunoco, Inc. 851 44,652
Swift Energy Co.* 188 8,458
Tesoro Corp. 964 28,920
USEC, Inc.* 799 2,956
Vaalco Energy, Inc.* 367 1,824
Valero Energy Corp. 4,418 216,968
Western Refining, Inc. 703 9,469
World Fuel Services Corp. 125 3,509
XTO Energy, Inc. 2,001 123,782
-----------
Total Oil, Gas & Consumable Fuels 5,144,157
---------------------------------------------------------------------------------
Paper & Forest Products - 0.0%
Buckeye Technologies, Inc.* 172 1,920
Neenah Paper, Inc. 75 1,933
Wausau Paper Corp. 234 1,933
-----------
Total Paper & Forest Products 5,786
---------------------------------------------------------------------------------
Personal Products - 0.1%
NBTY, Inc.* 444 13,297
Prestige Brands Holdings, Inc.* 342 2,798
USANA Health Sciences, Inc.* 70 1,542
---------------------------------------------------------------------------------
Total Personal Products 17,637
---------------------------------------------------------------------------------
Pharmaceuticals - 1.1%
Caraco Pharmaceutical Laboratories Ltd.* 140 2,513
King Pharmaceuticals, Inc.* 1,252 10,892
Salix Pharmaceuticals Ltd.* 220 1,382
Sepracor, Inc.* 494 9,643
Viropharma, Inc.* 679 6,070
Wyeth 5,858 244,630
-----------
Total Pharmaceuticals 275,130
---------------------------------------------------------------------------------
Real Estate Investment Trusts - 0.8%
Boston Properties, Inc. 706 65,001
CapitalSource, Inc. 948 9,167
Colonial Properties Trust 976 23,473
iStar Financial, Inc. 704 9,877
Medical Properties Trust, Inc. 239 2,705
Mission West Properties, Inc. 152 1,436
National Health Investors, Inc. 198 6,188
One Liberty Properties, Inc. 98 1,577
Prologis 1,153 67,867
Ramco-Gershenson Properties Trust 137 2,892
Resource Capital Corp. 164 1,241
-----------
Total Real Estate Investment Trusts 191,424
---------------------------------------------------------------------------------
Real Estate Management & Development - 0.2%
CB Richard Ellis Group, Inc. Class A* 1,112 24,064
Jones Lang LaSalle, Inc. 174 13,457
-----------
Total Real Estate Management & Development 37,521
---------------------------------------------------------------------------------
Road & Rail - 0.6%
Arkansas Best Corp. 154 4,906
Con-way, Inc. 255 12,617
Norfolk Southern Corp. 1,744 94,735
Old Dominion Freight Line, Inc.* 211 6,716
Ryder System, Inc. 306 18,639
Universal Truckload Services, Inc.* 67 1,398
YRC Worldwide, Inc.*(a) 532 6,980
-----------
Total Road & Rail 145,991
---------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 0.3%
Advanced Energy Industries, Inc.* 301 3,991
Amkor Technology, Inc.* 1,441 15,418
Cymer, Inc.* 142 3,698
MKS Instruments, Inc.* 351 7,511
Novellus Systems, Inc.* 492 10,357
ON Semiconductor Corp.* 1,791 10,173
Photronics, Inc.* 216 2,063
RF Micro Devices, Inc.* 1,538 4,091
Silicon Image, Inc.* 513 2,570
Trident Microsystems, Inc.* 304 1,566
-----------
Total Semiconductors & Semiconductor Equipment 61,438
---------------------------------------------------------------------------------
Software - 0.1%
i2 Technologies, Inc.* 136 1,531
Parametric Technology Corp.* 613 9,796
-----------
Total Software 11,327
---------------------------------------------------------------------------------
Specialty Retail - 3.7%
Aaron Rents, Inc. 250 5,385
Advance Auto Parts, Inc. 426 14,505
American Eagle Outfitters, Inc. 1,152 20,172
Asbury Automotive Group, Inc. 221 3,041
AutoNation, Inc.* 1,267 18,967
Autozone, Inc.* 341 38,816
Bed Bath & Beyond, Inc.* 1,224 36,108
Big 5 Sporting Goods Corp. 126 1,105
Brown Shoe Co., Inc. 206 3,104
Build-A-Bear Workshop, Inc.* 112 1,018
Cabela's, Inc.*(a) 329 4,659
Casual Male Retail Group, Inc.* 408 1,714
Cato Corp. (The) Class A 196 2,928
Charlotte Russe Holding, Inc.* 146 2,532
Charming Shoppes, Inc.* 1,305 6,303
Chico's FAS, Inc.* 954 6,783
Childrens Place Retail Stores, Inc. (The)* 156 3,831
Citi Trends, Inc.* 38 701
Coldwater Creek, Inc.* 428 2,161
Collective Brands, Inc.* 506 6,133
See Notes to Financial Statements.
64 WisdomTree Earnings Funds
Schedule of Investments (concluded)
WisdomTree Low P/E Fund
March 31, 2008
----------------------------------------------------------------------------------------
Investments Shares Value
----------------------------------------------------------------------------------------
Conn's, Inc.* 147 $ 2,398
Dress Barn, Inc.* 461 5,965
Foot Locker, Inc. 769 9,051
Genesco, Inc.* 110 2,542
Group 1 Automotive, Inc. 180 4,226
Gymboree Corp.* 150 5,982
Home Depot, Inc. 10,565 295,503
JOS A Bank Clothiers, Inc.* 118 2,419
Limited Brands, Inc. 2,513 42,972
Lithia Motors, Inc. Class A 175 1,778
Lowe's Cos., Inc. 8,383 192,306
Men's Wearhouse, Inc. (The) 381 8,866
New York & Co., Inc.* 316 1,814
Office Depot, Inc.* 2,410 26,631
OfficeMax, Inc. 603 11,541
Penske Auto Group, Inc. 409 7,959
RadioShack Corp. 822 13,358
Rent-A-Center, Inc.* 711 13,047
Ross Stores, Inc. 619 18,545
Select Comfort Corp.* 276 994
Sherwin-Williams Co. (The) 613 31,288
Sonic Automotive, Inc. Class A 418 8,590
Stage Stores, Inc. 227 3,677
Tween Brands, Inc.* 152 3,760
-----------
Total Specialty Retail 895,178
----------------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 0.4%
Cherokee, Inc. 70 2,357
Columbia Sportswear Co. 180 7,925
G-III Apparel Group Ltd.* 45 604
Jones Apparel Group, Inc. 1,087 14,588
K-Swiss, Inc. Class A 177 2,800
Maidenform Brands, Inc.* 175 2,847
Movado Group, Inc. 119 2,319
Oxford Industries, Inc. 114 2,568
Perry Ellis International, Inc.* 119 2,598
Phillips-Van Heusen Corp. 264 10,011
Skechers U.S.A., Inc. Class A* 223 4,507
Steven Madden Ltd.* 122 2,090
VF Corp. 515 39,918
Weyco Group, Inc. 57 1,691
Wolverine World Wide, Inc. 250 7,253
-----------
Total Textiles, Apparel & Luxury Goods 104,076
----------------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 0.6%
Anchor Bancorp Wisconsin, Inc. 97 1,840
BankUnited Financial Corp. Class A(a) 1,114 5,581
Corus Bankshares, Inc.(a) 1,043 10,148
Downey Financial Corp. 262 4,816
Federal Agricultural Mortgage Corp. Class C 57 1,488
First Financial Holdings, Inc. 64 1,501
First Place Financial Corp. (OH) 114 1,482
FirstFed Financial Corp.*(a) 216 5,864
Ocwen Financial Corp.* 804 3,570
PFF Bancorp, Inc.(a) 122 1,015
PMI Group, Inc. (The) 988 5,750
TierOne Corp. 77 869
Washington Mutual, Inc. 10,520 108,356
WSFS Financial Corp. 34 1,676
-----------
Total Thrifts & Mortgage Finance 153,956
----------------------------------------------------------------------------------------
Tobacco - 0.0%
Universal Corp./VA 130 8,519
----------------------------------------------------------------------------------------
Trading Companies & Distributors - 0.3%
Applied Industrial Technologies, Inc. 187 5,589
Beacon Roofing Supply, Inc.* 188 1,880
GATX Corp. 296 11,565
H&E Equipment Services, Inc.* 252 3,168
Houston Wire & Cable Co.(a) 142 2,275
Rush Enterprises, Inc. Class A* 219 3,469
TAL International Group, Inc. 143 3,371
United Rentals, Inc.* 794 14,958
Watsco, Inc. 136 5,633
WESCO International, Inc.* 397 14,487
-----------
Total Trading Companies & Distributors 66,395
----------------------------------------------------------------------------------------
Wireless Telecommunication Services - 0.0%
Syniverse Holdings, Inc.* 397 6,614
USA Mobility, Inc.* 221 1,578
-----------
Total Wireless Telecommunication Services 8,192
----------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $27,474,864) 23,880,813
========================================================================================
RIGHTS* - 0.0%
Capital Markets - 0.0%
Ares Capital Corp, expiring 4/22/08 128 72
MCG Capital Corp, expiring 4/19/08 88 94
-----------
TOTAL RIGHTS (Cost: $0) 166
========================================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $27,474,864) 23,880,979
========================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 1.0%
MONEY MARKET FUND(b) - 1.0%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $241,086)(c) 241,086 241,086
========================================================================================
TOTAL INVESTMENTS IN SECURITIES - 100.8%
(Cost: $27,715,950) 24,122,065
Liabilities in Excess of Cash and Other Assets - (0.8)% (181,743)
-----------
NET ASSETS - 100.0% $23,940,322
========================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Notes 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $225,628 and the total market value of the collateral held by the Fund
was $241,086.
See Notes to Financial Statements.
WisdomTree Earnings Funds 65
Schedule of Investments
WisdomTree India Earnings Fund
March 31, 2008
-------------------------------------------------------------------------------
Investments Shares Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.9%
Aerospace & Defense - 0.2%
Bharat Electronics Ltd. 11,202 $ 298,031
-------------------------------------------------------------------------------
Auto Components - 0.6%
Amtek Auto Ltd. 92,740 591,529
Bharat Forge Ltd. 47,670 317,424
------------
Total Auto Components 908,953
-------------------------------------------------------------------------------
Automobiles - 2.7%
Bajaj Auto Ltd.*+ 8,683 185,695
Bajaj Holdings and Investment Ltd. 13,623 234,803
Hero Honda Motors Ltd. 53,144 920,019
Mahindra & Mahindra Ltd. 118,581 2,060,242
Maruti Suzuki India Ltd. 48,594 1,001,676
------------
Total Automobiles 4,402,435
-------------------------------------------------------------------------------
Beverages - 0.2%
United Spirits Ltd. 8,292 310,413
-------------------------------------------------------------------------------
Biotechnology - 0.1%
Biocon Ltd. 10,874 116,681
-------------------------------------------------------------------------------
Chemicals - 1.9%
Asian Paints Ltd. 37,459 1,120,315
Sterling Biotech Ltd. 115,537 463,070
Tata Chemicals Ltd. 89,418 625,280
United Phosphorus Ltd.* 126,836 828,765
------------
Total Chemicals 3,037,430
-------------------------------------------------------------------------------
Commercial Banks - 6.4%
Axis Bank Ltd. 28,994 570,810
Bank of India 108,961 687,796
Canara Bank 250,183 1,403,694
Centurion Bank of Punjab Ltd.* 213,252 229,889
Corp. Bank 69,084 485,585
HDFC Bank Ltd. 3,668 121,710
ICICI Bank Ltd. 284,929 5,464,216
Industrial Development Bank of India Ltd. 141,053 313,256
Jammu & Kashmir Bank Ltd. 30,710 519,399
Syndicate Bank 221,323 413,464
Yes Bank Ltd.* 35,694 150,134
------------
Total Commercial Banks 10,359,953
-------------------------------------------------------------------------------
Computers & Peripherals - 0.1%
Moser Baer India Ltd. 36,397 138,031
-------------------------------------------------------------------------------
Construction & Engineering - 2.4%
IVRCL Infrastructures & Projects Ltd. 69,405 701,662
Jaiprakash Associates Ltd. 147,491 832,854
Larsen & Toubro Ltd. 27,393 2,072,875
Nagarjuna Construction Co. 21,915 117,277
Punj Lloyd Ltd. 34,285 265,598
------------
Total Construction & Engineering 3,990,266
-------------------------------------------------------------------------------
Construction Materials - 2.6%
ACC Ltd. 81,969 1,687,903
Birla Corp. Ltd. 53,178 257,606
India Cements Ltd. 250,887 1,168,138
Ultra Tech Cement Ltd.* 57,929 1,132,807
------------
Total Construction Materials 4,246,454
-------------------------------------------------------------------------------
Diversified Financial Services - 2.0%
Bajaj Finserv Ltd.* 8,683 92,849
Indiabulls Financial Services Ltd.* 84,342 876,214
Infrastructure Development Finance Co., Ltd. 105,192 395,912
Kotak Mahindra Bank Ltd. 40,100 625,588
Power Finance Corp. Ltd. 113,072 456,995
Reliance Capital Ltd. 26,399 808,552
------------
Total Diversified Financial Services 3,256,110
-------------------------------------------------------------------------------
Electric Utilities - 2.1%
CESC Ltd. 32,235 331,108
Reliance Energy Ltd. 56,848 1,772,390
Tata Power Co., Ltd. 43,045 1,256,910
------------
Total Electric Utilities 3,360,408
-------------------------------------------------------------------------------
Electrical Equipment - 2.1%
Asea Brown Boveri India Ltd. 13,206 388,395
Bharat Heavy Electricals Ltd. 40,883 2,100,552
Crompton Greaves Ltd. 45,005 308,989
Suzlon Energy Ltd.* 86,824 570,892
------------
Total Electrical Equipment 3,368,828
-------------------------------------------------------------------------------
Food Products - 0.9%
Bajaj Hindusthan Ltd. 103,154 484,530
Balrampur Chini Mills* 130,794 263,577
Nestle India Ltd. 7,055 263,428
Tata Tea Ltd. 23,032 474,619
------------
Total Food Products 1,486,154
-------------------------------------------------------------------------------
Gas Utilities - 1.5%
GAIL India Ltd. 236,341 2,506,263
-------------------------------------------------------------------------------
Health Care Providers & Services - 0.2%
Apollo Hospitals Enterprise Ltd. 23,219 294,491
-------------------------------------------------------------------------------
Hotels Restaurants & Leisure - 0.5%
EIH Ltd. 94,929 326,999
Hotel Leela Venture Ltd. 128,330 128,426
Indian Hotels Co., Ltd. 128,328 358,883
------------
Total Hotels Restaurants & Leisure 814,308
-------------------------------------------------------------------------------
Household Durables - 0.6%
Videocon Industries Ltd. 98,172 752,929
Voltas Ltd. 70,112 313,949
------------
Total Household Durables 1,066,878
-------------------------------------------------------------------------------
Household Products - 1.9%
Hindustan Unilever Ltd. 543,892 3,101,757
-------------------------------------------------------------------------------
Independent Power Producers - 1.7%
Neyveli Lignite Corp. Ltd. 90,697 270,938
NTPC Ltd. 519,487 2,545,642
------------
Total Independent Power Producers 2,816,580
-------------------------------------------------------------------------------
Industrial Conglomerates - 0.6%
Aditya Birla Nuvo Ltd.* 5,672 197,382
Century Textile & Industries Ltd. * 17,029 308,810
See Notes to Financial Statements.
66 WisdomTree Earnings Funds
Schedule of Investments (concluded)
WisdomTree India Earnings Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares Value
------------------------------------------------------------------------------
Siemens India Ltd. 26,098 $ 400,967
------------
Total Industrial Conglomerates 907,159
------------------------------------------------------------------------------
IT Services - 10.8%
GTL Ltd. 51,005 319,862
HCL Technologies Ltd. 151,394 955,646
HCL-Infosystems Ltd. 141,353 567,244
Hexaware Technologies Ltd. 132,740 200,500
Infosys Technologies Ltd. 249,081 8,939,474
Mphasis Ltd. 28,353 142,578
Patni Computer Systems Ltd. 40,909 226,672
Satyam Computer Services Ltd. 275,606 2,722,743
Tata Consultancy Services Ltd. 88,877 1,795,373
Wipro Ltd. 163,040 1,755,972
------------
Total IT Services 17,626,064
------------------------------------------------------------------------------
Life Sciences Tools & Services - 0.2%
Divi's Laboratories Ltd.* 11,477 362,976
------------------------------------------------------------------------------
Machinery - 1.9%
Ashok Leyland Ltd. 314,436 277,444
BEML Ltd.* 8,078 199,534
Cummins India Ltd. 27,819 223,585
Tata Motors Ltd. 135,658 2,105,539
Thermax Ltd. 14,519 219,667
------------
Total Machinery 3,025,769
------------------------------------------------------------------------------
Marine - 0.6%
Shipping Corp. Of India Ltd. 209,899 1,039,293
------------------------------------------------------------------------------
Media - 0.3%
Zee Entertainment Enterprises Ltd. 72,301 443,411
------------------------------------------------------------------------------
Metals & Mining - 10.6%
Hindalco Industries Ltd.* 565,905 2,328,787
Hindustan Zinc Ltd. 52,928 692,932
Jindal Steel & Power Ltd. 54,478 2,810,804
JSW Steel Ltd.* 59,332 1,211,633
Maharashtra Seamless Ltd. 54,616 416,086
National Aluminium Co., Ltd. 273,449 3,079,368
Sesa Goa Ltd 1,236 97,092
Steel Authority Of India Ltd. 680,779 3,144,276
Sterlite Industries India Ltd.* 196,063 3,491,700
------------
Total Metals & Mining 17,272,678
------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 25.5%
Bharat Petroleum Corp. Ltd. 227,996 2,321,729
Great Eastern Shipping Co., Ltd. (The) 85,114 800,118
Hindustan Petroleum Corp. Ltd. 214,181 1,368,794
Indian Oil Corp. Ltd. 249,131 2,766,708
Mangalore Refinery & Petrochemicals Ltd. 235,006 457,477
Oil & Natural Gas Corp. Ltd. 457,660 11,185,407
Petronet LNG Ltd. 207,852 365,243
Reliance Industries Ltd.* 392,679 22,176,772
------------
Total Oil, Gas & Consumable Fuels 41,442,248
------------------------------------------------------------------------------
Paper & Forest Products - 0.1%
Ballarpur Industries Ltd.+ 246,105 171,452
------------------------------------------------------------------------------
Personal Products - 0.1%
Dabur India Ltd. 74,142 204,759
------------------------------------------------------------------------------
Pharmaceuticals - 3.8%
Aurobindo Pharma Ltd. 31,350 227,624
Cipla Ltd./India 185,997 1,019,924
Dr. Reddys Laboratories Ltd. 148,906 2,194,433
GlaxoSmithKline Pharmaceuticals Ltd.* 12,511 325,311
Glenmark Pharmaceuticals Ltd. 25,006 304,784
Lupin Ltd. 24,463 303,958
Nicholas Piramal India Ltd. 41,651 317,729
Ranbaxy Laboratories Ltd. 48,839 533,735
Sun Pharmaceutical Industries Ltd.* 26,123 800,456
Wockhardt Ltd.* 16,769 111,306
------------
Total Pharmaceuticals 6,139,260
------------------------------------------------------------------------------
Real Estate Management & Services - 0.8%
Unitech Ltd. 185,079 1,274,148
------------------------------------------------------------------------------
Software - 0.5%
Financial Technologies (India) Ltd. 2,830 112,801
Hinduja Ventures Ltd. 86,823 711,984
------------
Total Software 824,785
------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 0.3%
Alok Industries Ltd. 228,187 325,900
Arvind Mills Ltd.* 250,153 235,064
------------
Total Textiles, Apparel & Luxury Goods 560,964
------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 3.4%
Housing Development Finance Corp. 76,886 4,560,555
LIC Housing Finance 146,991 1,033,004
------------
Total Thrifts & Mortgage Finance 5,593,559
------------------------------------------------------------------------------
Tobacco - 1.5%
ITC Ltd. 476,001 2,447,039
------------------------------------------------------------------------------
Trading Companies & Distributors - 0.2%
Adani Exports Ltd.* 18,190 271,898
------------------------------------------------------------------------------
Wireless Telecommunication Services - 8.0%
Bharti Airtel Ltd.* 428,670 8,828,230
Reliance Communications Ltd. 325,130 4,130,982
------------
Total Wireless Telecommunication Services 12,959,212
------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $173,069,192) 162,447,098
==============================================================================
TOTAL INVESTMENTS IN SECURITIES - 99.9%
(Cost: $173,069,192) 162,447,098
Cash and Other Assets in Excess of Liabilities - 0.1% 92,878
------------
NET ASSETS - 100.0% $162,539,976
==============================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
See Notes to Financial Statements.
WisdomTree Earnings Funds 67
Statements of Assets and Liabilities
WisdomTree Earnings Funds
March 31, 2008
---------------------------------------------------------------------------------------------
WisdomTree WisdomTree WisdomTree
Total Earnings MidCap
Earnings Fund 500 Fund Earnings Fund
---------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost: $ 18,486,453 $ 61,757,083 $ 30,924,682
---------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 15,793,820 55,067,987 25,949,251
Cash 44,951 60,652 62,496
Receivables:
Capital shares sold - - -
Investment securities sold 6,784 11,795 33,606
Foreign currency spot contracts - - -
Dividends and interest 21,947 79,369 28,792
---------------------------------------------------------------------------------------------
Total Assets 15,867,502 55,219,803 26,074,145
=============================================================================================
LIABILITIES:
Due to foreign custodian - - -
Payables:
Investment securities purchased - - -
Foreign currency spot contracts - - -
Collateral for securities on loan (Note 2) 2,341 279,350 818,649
Advisory fees (Note 3) 3,773 13,069 8,132
Service fees (Note 2) 59 205 94
---------------------------------------------------------------------------------------------
Total Liabilities 6,173 292,624 826,875
=============================================================================================
NET ASSETS $ 15,861,329 $ 54,927,179 $ 25,247,270
=============================================================================================
NET ASSETS:
Paid-in capital $ 18,880,224 $ 62,186,483 $ 32,262,045
Undistributed net investment income (loss) 4,658 15,985 10,225
Accumulated net realized loss on investments
and foreign currency related transactions (330,920) (586,193) (2,049,569)
Net unrealized depreciation on investments and
translation of assets and liabilities
denominated in foreign currencies (2,692,633) (6,689,096) (4,975,431)
---------------------------------------------------------------------------------------------
NET ASSETS $ 15,861,329 $ 54,927,179 $ 25,247,270
=============================================================================================
Outstanding beneficial interest shares of
$0.001 par value (unlimited number of
shares authorized) 350,002 1,200,002 600,002
---------------------------------------------------------------------------------------------
Net asset value per share $ 45.32 $ 45.77 $ 42.08
=============================================================================================
-------------------------------------------------------------------------------------------------------------
WisdomTree WisdomTree WisdomTree WisdomTree
SmallCap Earnings Top Low India
Earnings Fund 100 Fund P/E Fund Earnings Fund
-------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost: $ 20,066,837 $ 16,453,198 $ 27,715,950 $ 173,069,192
-------------------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 16,714,438 13,729,155 24,122,065 162,447,098
Cash 25,863 26,378 32,119 35,209
Receivables:
Capital shares sold - - - 18,479,483
Investment securities sold 26,505 - 6,597 -
Foreign currency spot contracts - - - 13,887,534
Dividends and interest 37,576 22,963 28,496 39,204
-------------------------------------------------------------------------------------------------------------
Total Assets 16,804,382 13,778,496 24,189,277 194,888,528
=============================================================================================================
LIABILITIES:
Due to foreign custodian - - - 9,077,559
Payables:
Investment securities purchased - - - 9,230,867
Foreign currency spot contracts - - - 13,950,494
Collateral for securities on loan (Note 2) 1,213,772 406,000 241,086 -
Advisory fees (Note 3) 5,980 4,377 7,779 61,279
Service fees (Note 2) 69 51 90 28,353
-------------------------------------------------------------------------------------------------------------
Total Liabilities 1,219,821 410,428 248,955 32,348,552
=============================================================================================================
NET ASSETS $ 15,584,561 $ 13,368,068 $ 23,940,322 $ 162,539,976
=============================================================================================================
NET ASSETS:
Paid-in capital $ 20,526,097 $ 16,798,166 $ 28,268,855 $ 173,375,984
Undistributed net investment income (loss) 13,776 9,691 10,377 (229,585)
Accumulated net realized loss on investments
and foreign currency related transactions (1,602,913) (715,746) (745,025) (1,179)
Net unrealized depreciation on investments and
translation of assets and liabilities
denominated in foreign currencies (3,352,399) (2,724,043) (3,593,885) (10,605,244)
-------------------------------------------------------------------------------------------------------------
NET ASSETS $ 15,584,561 $ 13,368,068 $ 23,940,322 $ 162,539,976
=============================================================================================================
Outstanding beneficial interest shares of
$0.001 par value (unlimited number of
shares authorized) 400,002 300,002 550,002 7,200,004
-------------------------------------------------------------------------------------------------------------
Net asset value per share $ 38.96 $ 44.56 $ 43.53 $ 22.57
=============================================================================================================
See Notes to Financial Statements.
68 WisdomTree Earnings Funds
Statements of Operations
WisdomTree Earnings Funds
March 31, 2008
------------------------------------------------------------------------------------------------
WisdomTree WisdomTree WisdomTree
Total Earnings MidCap
Earnings Fund 500 Fund Earnings Fund
------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 348,796 $ 855,564 $ 435,394
Securities lending income (Note 2) 1,040 3,252 22,006
------------------------------------------------------------------------------------------------
Total investment income 349,836 858,816 457,400
------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 48,010 108,747 83,454
Service fees (Note 2) 499 1,388 821
Foreign custody - - -
Professional fees - - -
Mauritius fees - - -
Printing fees - - -
Administration fees - - -
SEC filing fees - - -
Pricing fees - - -
Chief compliance officer fees - - -
U.S. Trustee fees - - -
Listing fees - - -
Miscellaneous fees - - -
------------------------------------------------------------------------------------------------
Total expenses 48,509 110,135 84,275
------------------------------------------------------------------------------------------------
Expense reimbursements (Note 3) - - -
------------------------------------------------------------------------------------------------
Net expenses 48,509 110,135 84,275
------------------------------------------------------------------------------------------------
Net investment income (loss) 301,327 748,681 373,125
================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (309,470) (581,006) (2,091,422)
In-kind redemptions 1,440,055 1,378,675 1,897,041
Foreign currency related transactions - - -
------------------------------------------------------------------------------------------------
Net realized gain (loss) 1,130,585 797,669 (194,381)
------------------------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) from:
Investment transactions (2,117,664) (6,247,286) (4,841,857)
Translation of assets and liabilities
denominated in foreign currencies - - -
------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (2,117,664) (6,247,286) (4,841,857)
------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (987,079) (5,449,617) (5,036,238)
================================================================================================
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ (685,752) $ (4,700,936) $ (4,663,113)
================================================================================================
------------------------------------------------------------------------------------------------------------------
WisdomTree WisdomTree WisdomTree WisdomTree
SmallCap Earnings Top Low India
Earnings Fund 100 Fund P/E Fund Earnings Fund*
------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 217,127 $ 344,014 $ 573,066 $ 45,848
Securities lending income (Note 2) 37,381 4,808 5,668 -
------------------------------------------------------------------------------------------------------------------
Total investment income 254,508 348,822 578,734 45,848
------------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 58,025 59,796 88,570 66,315
Service fees (Note 2) 513 431 736 -
Foreign custody - - - 68,001
Professional fees - - - 25,500
Mauritius fees - - - 13,729
Printing fees - - - 12,000
Administration fees - - - 8,000
SEC filing fees - - - 5,000
Pricing fees - - - 2,000
Chief compliance officer fees - - - 606
U.S. Trustee fees - - - 532
Listing fees - - - 320
Miscellaneous fees - - - 3,000
------------------------------------------------------------------------------------------------------------------
Total expenses 58,538 60,227 89,306 205,003
------------------------------------------------------------------------------------------------------------------
Expense reimbursements (Note 3) - - - (119,184)
------------------------------------------------------------------------------------------------------------------
Net expenses 58,538 60,227 89,306 85,819
------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 195,970 288,595 489,428 (39,971)
==================================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (1,635,654) (682,196) (744,558) (1,179)
In-kind redemptions 1,484,604 2,461,819 1,181,522 -
Foreign currency related transactions - - - (189,614)
------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (151,050) 1,779,623 436,964 (190,793)
------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) from:
Investment transactions (3,143,161) (2,390,622) (3,050,810) (10,622,094)
Translation of assets and liabilities
denominated in foreign currencies - - - 16,850
------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (3,143,161) (2,390,622) (3,050,810) (10,605,244)
------------------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (3,294,211) (610,999) (2,613,846) (10,796,037)
==================================================================================================================
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ (3,098,241) $ (322,404) $ (2,124,418) $ (10,836,008)
==================================================================================================================
* Commencement of investment operations was February 22, 2008.
(1) Net of foreign withholding tax of $28, $36, $0, $255, $0, $12 and $217,
respectively.
See Notes to Financial Statements.
WisdomTree Earnings Funds 69
Statements of Changes in Net Assets
WisdomTree Earnings Funds
---------------------------------------------------------------------------------------------------------------------------
WisdomTree Total Earnings Fund WisdomTree Earnings 500 Fund
---------------------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the February 23, 2007* For the February 23, 2007*
Year Ended through Year Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 301,327 $ 54,483 $ 748,681 $ 44,058
Net realized gain (loss)
on investments 1,130,585 (21,485) 797,669 (5,187)
Net change in unrealized
depreciation on investments (2,117,664) (574,969) (6,247,286) (441,810)
---------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations (685,752) (541,971) (4,700,936) (402,939)
===========================================================================================================================
DIVIDENDS:
Net investment income (307,119) (44,085) (740,878) (35,876)
---------------------------------------------------------------------------------------------------------------------------
Total dividends to shareholders (307,119) (44,085) (740,878) (35,876)
===========================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares 20,478,050 25,083,151 48,507,197 19,976,982
Cost of shares redeemed (28,121,045) - (7,676,471) -
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions (7,642,995) 25,083,151 40,830,726 19,976,982
===========================================================================================================================
Net Increase (Decrease) in Net Assets (8,635,866) 24,497,095 35,388,912 19,538,167
===========================================================================================================================
NET ASSETS:
Beginning of period $ 24,497,195 $ 100 $ 19,538,267 $ 100
End of period $ 15,861,329 $24,497,195 $ 54,927,179 $19,538,267
===========================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 4,658 $ 10,398 $ 15,985 $ 8,182
===========================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 500,002 - 400,002 -
Shares created 400,000 500,002 950,000 400,002
Shares redeemed (550,000) - (150,000) -
---------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 350,002 500,002 1,200,002 400,002
===========================================================================================================================
-------------------------------------------------------------------------------------
WisdomTree MidCap Earnings Fund
-------------------------------------------------------------------------------------
For the Period
For the February 23, 2007*
Year Ended through
March 31, 2008 March 31, 2007
-------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 373,125 $ 7,225
Net realized gain (loss)
on investments (194,381) (543)
Net change in unrealized
depreciation on investments (4,841,857) (133,574)
-------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations (4,663,113) (126,892)
=====================================================================================
DIVIDENDS:
Net investment income (365,601) (5,536)
-------------------------------------------------------------------------------------
Total dividends to shareholders (365,601) (5,536)
=====================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares 51,146,505 5,009,690
Cost of shares redeemed (25,747,883) -
-------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions 25,398,622 5,009,690
=====================================================================================
Net Increase (Decrease) in Net Assets 20,369,908 4,877,262
=====================================================================================
NET ASSETS:
Beginning of period $ 4,877,362 $ 100
End of period $ 25,247,270 $4,877,362
=====================================================================================
Undistributed net investment income included in
net assets at end of period $ 10,225 $ 1,689
=====================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 100,002 -
Shares created 1,050,000 100,002
Shares redeemed (550,000) -
-------------------------------------------------------------------------------------
Shares outstanding, end of period 600,002 100,002
=====================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
70 WisdomTree Earnings Funds
Statements of Changes in Net Assets (concluded)
WisdomTree Earnings Funds
------------------------------------------------------------------------------------------------------------
WisdomTree SmallCap Earnings Fund WisdomTree Earnings Top 100 Fund
------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the February 23, 2007* For the February 23, 2007*
Year Ended through Year Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income
(loss) $ 195,970 $ 12,367 $ 288,595 $ 50,450
Net realized gain (loss)
on investments (151,050) (47) 1,779,623 (33,550)
Net change in unrealized
depreciation on
investments and
translation of assets and
liabilities denominated in
foreign currencies (3,143,161) (209,238) (2,390,622) (333,421)
------------------------------------------------------------------------------------------------------------
Net decrease in net assets
resulting from operations (3,098,241) (196,918) (322,404) (316,521)
============================================================================================================
DIVIDENDS:
Net investment income (186,563) (8,062) (293,724) (35,630)
------------------------------------------------------------------------------------------------------------
Total dividends to shareholders (186,563) (8,062) (293,724) (35,630)
============================================================================================================
CAPITAL SHARE
TRANSACTIONS:
Net proceeds from sales
of shares 21,541,453 9,811,839 17,499,453 25,039,854
Cost of shares redeemed (12,279,047) - (28,203,060) -
------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from capital
share transactions 9,262,406 9,811,839 (10,703,607) 25,039,854
============================================================================================================
Net Increase (Decrease) in
Net Assets 5,977,602 9,606,859 (11,319,735) 24,687,703
============================================================================================================
NET ASSETS:
Beginning of period $ 9,606,959 $ 100 $ 24,687,803 $ 100
End of period $ 15,584,561 $9,606,959 $ 13,368,068 $24,687,803
============================================================================================================
Undistributed net investment
income (loss) included in
net assets at end of period $ 13,776 $ 4,305 $ 9,691 $ 14,820
============================================================================================================
SHARES CREATED AND
REDEEMED:
Shares outstanding,
beginning of period 200,002 - 500,002 -
Shares created 500,000 200,002 350,000 500,002
Shares redeemed (300,000) - (550,000) -
------------------------------------------------------------------------------------------------------------
Shares outstanding,
end of period 400,002 200,002 300,002 500,002
============================================================================================================
-------------------------------------------------------------------------------------------
WisdomTree India
WisdomTree Low P/E Fund Earnings Fund
-------------------------------------------------------------------------------------------
For the Period For the Period
For the February 23, 2007* February 22, 2008*
Year Ended through through
March 31, 2008 March 31, 2007 March 31, 2008
-------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income
(loss) $ 489,428 $ 48,959 $ (39,971)
Net realized gain (loss)
on investments 436,964 (1,352) (190,793)
Net change in unrealized
depreciation on
investments and
translation of assets and
liabilities denominated in
foreign currencies (3,050,810) (543,075) (10,605,244)
-------------------------------------------------------------------------------------------
Net decrease in net assets
resulting from operations (2,124,418) (495,468) (10,836,008)
===========================================================================================
DIVIDENDS:
Net investment income (485,812) (42,210) -
-------------------------------------------------------------------------------------------
Total dividends to shareholders (485,812) (42,210) -
===========================================================================================
CAPITAL SHARE
TRANSACTIONS:
Net proceeds from sales
of shares 31,995,749 25,066,402 173,385,353
Cost of shares redeemed (29,974,021) - (9,469)
-------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from capital
share transactions 2,021,728 25,066,402 173,375,884
===========================================================================================
Net Increase (Decrease) in
Net Assets (588,502) 24,528,724 162,539,876
===========================================================================================
NET ASSETS:
Beginning of period $ 24,528,824 $ 100 $ 100
End of period $ 23,940,322 $24,528,824 $ 162,539,976
===========================================================================================
Undistributed net investment
income (loss) included in
net assets at end of period $ 10,377 $ 6,749 $ (229,585)
===========================================================================================
SHARES CREATED AND
REDEEMED:
Shares outstanding,
beginning of period 500,002 - -
Shares created 650,000 500,002 7,200,004
Shares redeemed (600,000) - -
-------------------------------------------------------------------------------------------
Shares outstanding,
end of period 550,002 500,002 7,200,004
===========================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree Earnings Funds 71
Financial Highlights
WisdomTree Earnings Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
-----------------------------------------------------------------------------------
For the Period
For the February 23, 2007(1)
Year Ended through
WisdomTree Total Earnings Fund March 31, 2008 March 31, 2007
-----------------------------------------------------------------------------------
Net asset value, beginning of period $ 48.99 $ 49.97
-----------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.85 0.11
Net realized and unrealized loss (3.56) (1.00)
-----------------------------------------------------------------------------------
Total from investment operations (2.71) (0.89)
-----------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.96) (0.09)
-----------------------------------------------------------------------------------
Total dividends to shareholders (0.96) (0.09)
-----------------------------------------------------------------------------------
Net asset value, end of period $ 45.32 $ 48.99
===================================================================================
TOTAL RETURN(3) (5.69)% (1.79)%
-----------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $15,861 $ 24,497
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.28% 0.28%(4)
Expenses, prior to expense reimbursements 0.28% 0.35%(4)
Net investment income 1.76% 2.21%(4)
-----------------------------------------------------------------------------------
Portfolio turnover rate(5) 11% 1%
===================================================================================
-----------------------------------------------------------------------------------
For the Period
For the February 23, 2007(1)
Year Ended through
WisdomTree Earnings 500 Fund March 31, 2008 March 31, 2007
-----------------------------------------------------------------------------------
Net asset value, beginning of period $ 48.85 $ 49.77
-----------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.94 0.11
Net realized and unrealized loss (3.18) (0.94)
-----------------------------------------------------------------------------------
Total from investment operations (2.24) (0.83)
-----------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.84) (0.09)
-----------------------------------------------------------------------------------
Total dividends to shareholders (0.84) (0.09)
-----------------------------------------------------------------------------------
Net asset value, end of period $ 45.77 $ 48.85
===================================================================================
TOTAL RETURN(3) (4.72)% (1.67)%
-----------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $54,927 $ 19,538
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.28% 0.28%(4)
Expenses, prior to expense reimbursements 0.28% 0.37%(4)
Net investment income 1.93% 2.24%(4)
-----------------------------------------------------------------------------------
Portfolio turnover rate(5) 8% 1%
===================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed by the investment adviser (Note
2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
72 WisdomTree Earnings Funds
Financial Highlights (continued)
WisdomTree Earnings Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
--------------------------------------------------------------------------------
For the Period
For the February 23, 2007(1)
Year Ended through
WisdomTree MidCap Earnings Fund March 31, 2008 March 31, 2007
----------------------------------------------------------------------------------
Net asset value, beginning of period $ 48.77 $ 50.01
----------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.81 0.07
Net realized and unrealized loss (6.90) (1.25)
----------------------------------------------------------------------------------
Total from investment operations (6.09) (1.18)
----------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.60) (0.06)
----------------------------------------------------------------------------------
Total dividends to shareholders (0.60) (0.06)
----------------------------------------------------------------------------------
Net asset value, end of period $ 42.08 $ 48.77
==================================================================================
TOTAL RETURN(3) (12.57)% (2.37)%
----------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 25,247 $ 4,877
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.38% 0.38%(4)
Expenses, prior to expense reimbursements 0.38% 0.74%(4)
Net investment income 1.70% 1.47%(4)
----------------------------------------------------------------------------------
Portfolio turnover rate(5) 45% 0%(6)
==================================================================================
For the Period
For the February 23, 2007(1)
Year Ended through
WisdomTree SmallCap Earnings Fund March 31, 2008 March 31, 2007
----------------------------------------------------------------------------------
Net asset value, beginning of period $ 48.03 $ 50.03
----------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.58 0.06
Net realized and unrealized loss (9.17) (2.02)
----------------------------------------------------------------------------------
Total from investments operations (8.59) (1.96)
----------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.48) (0.04)
----------------------------------------------------------------------------------
Total dividends to shareholders (0.48) (0.04)
----------------------------------------------------------------------------------
Net asset value, end of period $ 38.96 $ 48.03
==================================================================================
TOTAL RETURN(3) (17.97)% (3.92)%
----------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 15,585 $ 9,607
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.38% 0.38%(4)
Expenses, prior to expense reimbursements 0.38% 0.58%(4)
Net investment income 1.28% 1.39%(4)
----------------------------------------------------------------------------------
Portfolio turnover rate(5) 37% 0%(6)
==================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed by the investment adviser (Note
2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
(6) Amount represents less than 1%.
See Notes to Financial Statements.
WisdomTree Earnings Funds 73
Financial Highlights (continued)
WisdomTree Earnings Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
--------------------------------------------------------------------------------
For the Period
For the February 23, 2007(1)
Year Ended through
WisdomTree Earnings Top 100 Fund March 31, 2008 March 31, 2007
----------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.38 $ 50.15
----------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.90 0.10
Net realized and unrealized loss (4.69) (0.80)
----------------------------------------------------------------------------------
Total from investment operations (3.79) (0.70)
----------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (1.03) (0.07)
----------------------------------------------------------------------------------
Total dividends to shareholders (1.03) (0.07)
----------------------------------------------------------------------------------
Net asset value, end of period $ 44.56 $ 49.38
==================================================================================
TOTAL RETURN(3) (7.89)% (1.39)%
----------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $13,368 $ 24,688
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.38% 0.38%(4)
Expenses, prior to expense reimbursements 0.38% 0.45%(4)
Net investment income 1.83% 2.03%(4)
----------------------------------------------------------------------------------
Portfolio turnover rate(5) 13% 2%
==================================================================================
For the Period
For the February 23, 2007(1)
Year Ended through
WisdomTree Low P/E Fund March 31, 2008 March 31, 2007
----------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.06 $ 49.99
----------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.03 0.10
Net realized and unrealized loss (5.49) (0.95)
----------------------------------------------------------------------------------
Total from investments operations (4.46) (0.85)
----------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (1.07) (0.08)
----------------------------------------------------------------------------------
Total dividends to shareholders (1.07) (0.08)
----------------------------------------------------------------------------------
Net asset value, end of period $ 43.53 $ 49.06
==================================================================================
TOTAL RETURN(3) (9.31)% (1.69)%
----------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $23,940 $ 24,529
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.38% 0.38%(4)
Expenses, prior to expense reimbursements 0.38% 0.45%(4)
Net investment income 2.10% 1.98%(4)
----------------------------------------------------------------------------------
Portfolio turnover rate(5) 20% 1%
==================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed by the investment adviser (Note
2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
74 WisdomTree Earnings Funds
Financial Highlights (concluded)
WisdomTree Earnings Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
-----------------------------------------------------------------
For the Period
February 22, 2008(1)
through
WisdomTree India Earnings Fund March 31, 2008
-----------------------------------------------------------------
Net asset value, beginning of period $ 24.94
-----------------------------------------------------------------
Investment operations:
Net investment loss(2) (0.01)
Net realized and unrealized loss (2.36)
-----------------------------------------------------------------
Total from investment operations (2.37)
-----------------------------------------------------------------
Net asset value, end of period $ 22.57
=================================================================
TOTAL RETURN3 (9.50)%
-----------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $162,540
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.88%(4)
Expenses, prior to expense reimbursements 2.10%(4)
Net investment loss (0.41)%(4)
-----------------------------------------------------------------
Portfolio turnover rate(5) 0%(6)
=================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed by the investment adviser (Note
2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
(6) Amount represents less than 1%.
See Notes to Financial Statements.
WisdomTree Earnings Funds 75
Notes to Financial Statements
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 pursuant to a Trust
Instrument dated December 15, 2005. As of March 31, 2008, the Trust offered 40
investment funds (each a "Fund", collectively, the "Funds"). Each Fund is
considered to be non-diversified. The Funds described herein commenced
operations on February 23, 2007, with the exception of the India Earnings Fund
which commenced operations on February 22, 2008.
These financial statements relate only to the WisdomTree Total Earnings Fund
("Total Earnings Fund"), WisdomTree Earnings 500 Fund ("Earnings 500 Fund"),
WisdomTree MidCap Earnings Fund ("MidCap Earnings Fund"), WisdomTree SmallCap
Earnings Fund ("SmallCap Earnings Fund"), WisdomTree Earnings Top 100 Fund
("Earnings Top 100 Fund"), WisdomTree Low P/E Fund ("Low P/E Fund") and
WisdomTree India Earnings Fund ("India Earnings Fund"), together the "Earnings
Funds". The India Earnings Fund makes its investments through the WisdomTree
India Investment Portfolio, Inc. (the "Portfolio") a wholly owned subsidiary
organized in the Republic of Mauritius. The Portfolio is advised by WisdomTree
Asset Management and is sub-advised by BNY Investment Advisors. This structure
should permit the India Earnings Fund to benefit from a tax treaty between India
and Mauritius. Recently, the Supreme Court of India upheld the validity of this
tax treaty in response to a lower court challenge contesting the treaty's
applicability to entities such as WisdomTree India Earnings Fund. No assurance
can be given that the terms of the treaty will not be subject to re-negotiation
in the future or subject to a different interpretation. Any change in the
provision of this treaty or in its applicability to WisdomTree India Earnings
Fund could result in the imposition of withholding and other taxes on the India
Earnings Fund by tax authorities in India. This would reduce the return to the
India Earnings Fund on its investments and the return received by India Earnings
Fund shareholders. References to investments by the India Earnings Fund herein
should be understood to refer to investments by the Portfolio.
Each Fund seeks investment returns that closely correspond to the price and
yield performance, before fees and expenses, of a particular index ("Index")
developed by WisdomTree Investments, Inc. ("WisdomTree Investments"). Each Index
consists of equity securities in the market suggested by its name that meet
specific criteria developed by WisdomTree Investments. The securities in each
Index are weighted based on earnings or earnings yield. "WisdomTree" and
"WisdomTree Investments" are service marks of WisdomTree Investments licensed
for use by the Trust. WisdomTree Investments has patent applications pending on
the methodology and operation of its Indexes and the Funds. Each Fund invests
directly in a portfolio of securities, except for the India Earnings Fund, which
invests through WisdomTree India Investment Portfolio, Inc., as discussed above.
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 expect the risk of loss to be remote.
The preparation of financial statements in conformity with U.S. Generally
Accepted Accounting Principles ("U.S. 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.
2. SIGNIFICANT ACCOUNTING POLICIES
(a) Investment Valuation - The Net Asset Value ("NAV") of each Fund's shares is
calculated each day the national securities exchanges are open for trading as of
the close of regular trading on the New York Stock Exchange, generally 4:00 p.m.
New York time. NAV per share is calculated by dividing a Fund's net assets by
the number of Fund shares outstanding. Securities 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 or system on which they are principally traded. Events occurring
after the close of trading on non-U.S. exchanges may result in adjustments to
the valuation of foreign securities to more accurately reflect their fair value
as of the close of regular trading on the New York Stock Exchange. The Fund may
rely on an independent fair valuation service in adjusting the valuations of
foreign securities. Unlisted equity securities are valued at the last quoted
sale price or, if no sale price is available, at the mean between the most
recently quoted bid and asked prices. Securities for which market quotations are
not readily available are valued at fair value as determined by management and
in accordance with procedures approved by the Board of Trustees. Short-term
securities with 60 days or less remaining to maturity are valued using the
amortized cost method, which approximates current market value.
(b) Investment Transactions - 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.
(c) 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 deemed appropriate by the
investment adviser. Realized and unrealized foreign exchange gains or losses on
76 WisdomTree Earnings Funds
Notes to Financial Statements (continued)
investments are included as a component of net realized and unrealized gain or
loss on foreign currency transactions 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.
(d) Investment Income - Dividend income is recognized on the ex-dividend date,
net of any foreign taxes withheld. Interest income is accrued daily. The value
of additional securities received as dividend payments is recorded as income and
as an increase to the cost basis of such securities.
(e) Expenses/Reimbursements - WisdomTree Asset Management ("WTAM") has agreed to
pay all expenses of the Funds (other than the India Earnings Fund), 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 each Independent Trustee; (iv) compensation and expenses of counsel
to the Independent Trustees; (v) compensation and expenses of the Trust's chief
compliance officer; (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. Pursuant
to a separate contractual arrangement, WTAM has paid the expenses described in
(iii), (iv) and (v) through July 31, 2007.
Pursuant to a separate contractual arrangement effective as of August 1, 2007,
WTAM has arranged for the provision of chief compliance officer ("CCO") services
to the Funds (other than the India Earnings 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 service fee paid by each Fund
(other than the India Earnings Fund) of up to 0.0044%. Trustees fees, which are
included in Service Fees on the Statements of Operation, of $152,482 have been
paid on behalf of the Funds of the Trust to the Independent Trustees.
(f) Security Lending - Each Fund may lend portfolio securities to certain
creditworthy borrowers, including the Funds' securities lending agent. The loans
are collateralized at all times by cash and/or high grade debt obligations in an
amount at least equal to 102% of the market value of domestic securities loaned
(105% in the case of foreign securities loaned) as determined at the close of
business on the preceding business day. Each Fund receives compensation for
lending its securities from interest or dividends earned on the cash or U.S.
government securities held as collateral, net of fee rebates paid to the
borrower plus reasonable administrative and custody fees. The dividend and
interest income earned on the securities loaned is accounted for in the same
manner as other dividend and interest income. The borrower pays to the Funds an
amount equal to any dividends or interest received on loaned securities. The
Funds retain all or a portion of the interest received on investment of cash
collateral or receives a fee from the borrower. Lending portfolio securities
could result in a loss or delay in recovering each Fund's securities if the
borrower defaults.
The securities lending income earned by the Funds is disclosed on the Statements
of Operations.
(g) 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"). Each Fund intends to qualify for and to elect
treatment as a separate Regulated Investment Company ("RIC") under Subchapter M
of the Code. It is the policy of each Fund to pay out dividends, if any, to
investors at least annually. 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 are
determined in accordance with Federal income tax regulations which may differ
from U.S. GAAP. 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, which exceed earnings and profit
for tax purposes, are reported as a tax return of capital. The India Earnings
Fund has filed an election to treat the WisdomTree India Investment Portfolio,
Inc. as a "pass-through" entity for tax purposes.
The Funds adopted the provisions of Financial Accounting Standards Board
("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN
48"). This interpretation prescribes 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 taxes are provided for based on each Fund's understanding of
the tax rules and rates that exist in the foreign markets in which it invests.
Taxes are accrued and applied to net investment income, net realized capital
gains and net unrealized appreciation, as applicable, as the income is earned or
capital
WisdomTree Earnings Funds 77
Notes to Financial Statements (continued)
gains are recorded. If applicable, the Funds will recognize interest accrued
related to unrecognized tax benefits in interest expense and penalties in
"Other" expenses on the Statements of Operations. Management has evaluated the
application of FIN 48 to the Funds, and has determined that there is no impact
resulting from the adoption of this interpretation on the Funds' financial
statements.
(h) 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 in which a Fund may invest include
short-term obligations issued by the U.S. Government, 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.
3. ADVISER FEES
Adviser Fees - WTAM provides investment management services to each Fund
pursuant to an Investment Advisory Agreement. As compensation for services
rendered, facilities furnished, and expenses borne by WTAM, each Fund pays WTAM
a fee, as listed below, which is accrued daily and paid monthly, based on the
average daily net assets of the Fund. Included in the expenses borne by WTAM are
fees paid to the Sub-Adviser, BNY Investment Advisors. The fee paid to WTAM for
the Funds (other than the India Earnings Fund) covers the cost of all
accounting, administration, custody, transfer agent fees to The Bank of New
York, tax and audit services, as well as printing and postage. WTAM has agreed
to limit total expenses for the India Earnings Fund to 0.88% through March 31,
2009.
=====================================
Fund Fee Rate
------------------------------------
Total Earnings Fund 0.28%
------------------------------------
Earnings 500 Fund 0.28%
------------------------------------
MidCap Earnings Fund 0.38%
------------------------------------
SmallCap Earnings Fund 0.38%
------------------------------------
Earnings Top 100 Fund 0.38%
------------------------------------
Low P/E Fund 0.38%
------------------------------------
India Earnings Fund 0.68%
------------------------------------
Each Fund may purchase shares of an affiliated ETF in secondary market
transactions. For the fiscal year ended March 31, 2008, there were no
transactions in affiliated ETFs.
4. CAPITAL SHARE TRANSACTIONS
As of March 31, 2008, there was 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. Except when aggregated
in Creation Units, 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 designated portfolio of equity
securities constituting a portfolio sampling representation of the securities
included in the relevant Fund's underlying index and an amount of cash.
Investors 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.
78 WisdomTree Earnings Funds
Notes to Financial Statements (continued)
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments (excluding in-kind purchases and redemptions
and short-term investments) for the fiscal year ended March 31, 2008 were as
follows:
===================================================
Fund Purchases Sales
---------------------------------------------------
Total Earnings Fund $ 1,853,315 $1,951,031
---------------------------------------------------
Earnings 500 Fund 3,645,427 3,247,353
---------------------------------------------------
MidCap Earnings Fund 9,810,472 9,712,954
---------------------------------------------------
SmallCap Earnings Fund 5,536,647 5,509,240
---------------------------------------------------
Earnings Top 100 Fund 2,215,233 2,038,426
---------------------------------------------------
Low P/E Fund 4,854,897 4,666,043
---------------------------------------------------
India Earnings Fund 173,171,950 101,579
---------------------------------------------------
For the fiscal year ended March 31, 2008, the cost of in-kind purchases and the
proceeds from in-kind redemptions were as follows:
====================================================
Fund Purchases Redemptions
----------------------------------------------------
Total Earnings Fund $19,572,042 $27,182,710
----------------------------------------------------
Earnings 500 Fund 46,912,850 6,570,662
----------------------------------------------------
MidCap Earnings Fund 48,857,805 23,654,154
----------------------------------------------------
SmallCap Earnings Fund 21,238,331 12,029,682
----------------------------------------------------
Earnings Top 100 Fund 14,844,838 25,750,622
----------------------------------------------------
Low P/E Fund 31,481,550 29,684,328
----------------------------------------------------
India Earnings Fund - -
----------------------------------------------------
Gains and losses on in-kind redemptions are not recognized at the Fund level for
tax purposes. The India Earnings Fund redeems shares on a cash basis only.
6. FEDERAL INCOME TAXES
At March 31, 2008, the cost of investments(including securities on loan) for
Federal income tax purposes was as follows:
=============================================================================================
Gross Unrealized Gross Unrealized Net Unrealized
Fund Tax Cost Appreciation Depreciation Depreciation
---------------------------------------------------------------------------------------------
Total Earnings Fund $ 18,530,356 $ 223,622 $ (2,960,158) $ (2,736,536)
---------------------------------------------------------------------------------------------
Earnings 500 Fund 61,921,713 1,118,826 (7,972,552) (6,853,726)
---------------------------------------------------------------------------------------------
MidCap Earnings Fund 31,082,286 510,325 (5,643,360) (5,133,035)
---------------------------------------------------------------------------------------------
SmallCap Earnings Fund 20,247,663 385,941 (3,919,166) (3,533,225)
---------------------------------------------------------------------------------------------
Earnings Top 100 Fund 16,454,621 275,136 (3,000,602) (2,725,466)
---------------------------------------------------------------------------------------------
Low P/E Fund 27,748,574 416,553 (4,043,062) (3,626,509)
---------------------------------------------------------------------------------------------
India Earnings Fund 173,143,381 692,527 (11,388,810) (10,696,283)
---------------------------------------------------------------------------------------------
At March 31, 2008, the components of accumulated earning/loss on a tax-basis
were as follows:
==================================================================================================================
Undistributed Currency
Undistributed Capital and Other Net Unrealized Unrealized Total Accumulated
Fund Ordinary Income Gains/(Losses) Depreciation Appreciation Earnings/(Loss)
------------------------------------------------------------------------------------------------------------------
Total Earnings Fund $ 4,549 $ (286,908) $ (2,736,536) $ - $ (3,018,895)
------------------------------------------------------------------------------------------------------------------
Earnings 500 Fund 15,985 (421,563) (6,853,726) - (7,259,304)
------------------------------------------------------------------------------------------------------------------
MidCap Earnings Fund 8,830 (1,890,570) (5,133,035) - (7,014,775)
------------------------------------------------------------------------------------------------------------------
SmallCap Earnings Fund 13,776 (1,422,087) (3,533,225) - (4,941,536)
------------------------------------------------------------------------------------------------------------------
Earnings Top 100 Fund 9,691 (714,323) (2,725,466) - (3,430,098)
------------------------------------------------------------------------------------------------------------------
Low P/E Fund 10,126 (712,150) (3,626,509) - (4,328,533)
------------------------------------------------------------------------------------------------------------------
India Earnings Fund 34,218 (190,793) (10,696,283) 16,850 (10,836,008)
------------------------------------------------------------------------------------------------------------------
WisdomTree Earnings Funds 79
Notes to Financial Statements (continued)
The tax character of distributions paid during the fiscal year ended March 31,
2008 and the period ended March 31, 2007 were as follows:
=================================================================
Year ending Period ending
3/31/08 3/31/07
-----------------------------------------------------------------
Distributions Paid Distributions Paid
from Ordinary from Ordinary
Fund Income* Income*
-----------------------------------------------------------------
Total Earnings Fund $307,119 $44,085
-----------------------------------------------------------------
Earnings 500 Fund 740,878 35,876
-----------------------------------------------------------------
MidCap Earnings Fund 365,601 5,536
-----------------------------------------------------------------
SmallCap Earnings Fund 186,563 8,062
-----------------------------------------------------------------
Earnings Top 100 Fund 293,724 35,630
-----------------------------------------------------------------
Low P/E Fund 485,812 42,210
-----------------------------------------------------------------
India Earnings Fund - -
-----------------------------------------------------------------
* Includes short-term capital gains.
At March 31, 2008, for Federal income tax purposes, the Funds have capital loss
carryforwards available to offset future capital gains through the years
indicated. To the extent that these loss carryforwards are utilized, capital
gains so offset will not be distributed to shareholders.
===========================================
Capital Loss
Available Through
Fund 2016
-------------------------------------------
Total Earnings Fund $133,369
-------------------------------------------
Earnings 500 Fund 194,476
-------------------------------------------
MidCap Earnings Fund 354,730
-------------------------------------------
SmallCap Earnings Fund 31,705
-------------------------------------------
Earnings Top 100 Fund 14,355
-------------------------------------------
Low P/E Fund 281,843
-------------------------------------------
India Earnings Fund 1,179
-------------------------------------------
Capital and currency losses incurred after October 31("post-October capital
losses") and within the taxable year are deemed to arise on the first business
day of each Fund's next taxable year.
During the fiscal year ended March 31, 2008, the following Funds incurred and
elected to defer net post-October capital and currency losses as follows:
==========================================================
Post-October Post-October
Fund Capital Losses Currency Losses
----------------------------------------------------------
Total Earnings Fund $ 153,539 $ -
----------------------------------------------------------
Earnings 500 Fund 227,087 -
----------------------------------------------------------
MidCap Earnings Fund 1,535,840 -
----------------------------------------------------------
SmallCap Earnings Fund 1,390,382 -
----------------------------------------------------------
Earnings Top 100 Fund 699,968 -
----------------------------------------------------------
Low P/E Fund 430,307 -
----------------------------------------------------------
India Earnings Fund - 189,614
----------------------------------------------------------
80 WisdomTree Earnings Funds
Notes to Financial Statements (concluded)
At March 31, 2008, the effect of permanent "book/tax" reclassfications resulted
in increases(decreases) to the components of net assets as follows:
==============================================================================
Undistributed Net Accumulated Net
Investment Realized
Fund Income/(Loss) Gain/(Loss) Paid-in Capital
------------------------------------------------------------------------------
Total Earnings Fund $ 52 $ (1,440,020) $1,439,968
------------------------------------------------------------------------------
Earnings 500 Fund - (1,378,675) 1,378,675
------------------------------------------------------------------------------
MidCap Earnings Fund 1,012 (1,854,645) 1,853,633
------------------------------------------------------------------------------
SmallCap Earnings Fund 64 (1,451,816) 1,451,752
------------------------------------------------------------------------------
Earnings Top 100 Fund - (2,461,819) 2,461,819
------------------------------------------------------------------------------
Low P/E Fund 12 (1,180,637) 1,180,625
------------------------------------------------------------------------------
India Earnings Fund (189,614) 189,614 -
------------------------------------------------------------------------------
These differences are primarily due to redemptions-in-kind, the tax treatment of
income earned from investments in partnerships and/or foreign currency
transactions.
7. FAS 157
On September 15, 2006, the FASB released Statement of Financial Accounting
Standards No. 157, Fair Value Measurements ("FAS 157") which provides enhanced
guidance for measuring fair value. The standard requires companies to provide
expanded information about the assets and liabilities measured at fair value and
the potential effect of these fair valuations on an entity's financial
performance. The standard does not expand the use of fair value in any new
circumstances, but provides clarification on acceptable fair valuation methods
and applications. Adoption of FAS 157 is required for fiscal years beginning
after November 15, 2007 and interim periods within those fiscal years. At this
time, management does not believe the adoption of FAS 157 will impact the
amounts reported in the financial statements; however, additional disclosures
will be required about the inputs used to develop the measurements of fair value
and the effect of certain measurements reported in the Statements of Operations
for the fiscal period.
WisdomTree Earnings Funds 81
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders of WisdomTree Trust
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of WisdomTree Total Earnings Fund, WisdomTree
Earnings 500 Fund, WisdomTree MidCap Earnings Fund, WisdomTree SmallCap Earnings
Fund, WisdomTree Earnings Top 100 Fund, WisdomTree Low P/E Fund, and WisdomTree
India Earnings Fund (seven of the investment funds constituting the WisdomTree
Trust (the "Trust")) as of March 31, 2008, and the related statements of
operations, and the changes in net assets and financial highlights for the
periods indicated therein. These financial statements and financial highlights
are the responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2008, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
WisdomTree Total Earnings Fund, WisdomTree Earnings 500 Fund, WisdomTree MidCap
Earnings Fund, WisdomTree SmallCap Earnings Fund, WisdomTree Earnings Top 100
Fund, WisdomTree Low P/E Fund, and WisdomTree India Earnings Fund of WisdomTree
Trust at March 31, 2008, the results of their operations, the changes in their
net assets and the financial highlights for the indicated periods, in conformity
with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
New York, New York
May 27, 2008
82 WisdomTree Earnings Funds
Approval of Investment Advisory and Sub-Advisory Agreement (unaudited)
The Board of Trustees of the Trust, including a majority of the Independent
Trustees, has the responsibility under the 1940 Act to approve each Fund's
Investment Advisory Agreement and Sub-Advisory Agreement (collectively, the
"Investment Advisory Agreements"). In addition, the Trust's Board of Trustees
will receive, review and evaluate information concerning the services and
personnel of the Investment Adviser and the Sub-Adviser at each quarterly
meeting of the Board of Trustees. While particular emphasis will be placed on
information concerning profitability, comparability of fees and total expenses,
and the Trust's investment performance at any future meeting at which a renewal
of the Investment Advisory Agreements is considered, the process of evaluating
the Investment Adviser and the Sub-Adviser and the Trust's investment
arrangements is an ongoing one. In this regard, the Board's consideration of the
nature, extent and quality of the services to be provided by the Investment
Adviser and the Sub-Adviser under the Investment Advisory Agreements will
include deliberations at future quarterly meetings.
Approval of Investment Advisory Agreement. The Trust and the Investment Adviser
have entered into an investment advisory agreement covering each Fund discussed
herein. At a meeting held on February 25, 2008, the Board of Trustees reapproved
the Investment Advisory Agreement for the Funds (other than the India Earnings
Fund). At a meeting held on December 3, 2007, the Board of Trustees approved the
Investment Advisory Agreement for the India Earnings Fund. The Board reviewed
and analyzed the factors it deemed relevant, including: (i) the nature, quality
and extent of the services to be provided to the Funds by WTAM; (ii) the
performance of the Funds; (iii) the costs of services to be provided and the
profits to be realized by WTAM from its relationship with the Funds; (iv) the
extent to which economies of scale would be realized as the Funds grow; and (v)
whether the fee levels reflect these economies of scale for the benefit of
investors.
The Board also considered the nature and quality of the services to be provided
by WTAM to the Funds, recognizing WTAM's operational capabilities and resources.
The Board also noted the extensive responsibilities that WTAM has as investment
adviser to the Funds, including the selection of the Funds' sub-adviser and
oversight of the sub-adviser's compliance with Fund policies and objectives,
oversight of general Fund compliance with federal and state laws, and the
implementation of Board directives as they relate to the Funds.
The Board gave substantial consideration to the fees payable under the Advisory
Agreement. In this connection, the Board evaluated WTAM's anticipated costs and
profitability in serving as investment adviser to the Funds, including the costs
associated with the personnel, systems and equipment necessary to manage the
Funds and the costs associated with compensating the sub-adviser. The Board also
examined the fees to be paid by each Fund in light of fees paid to other
investment managers by comparable funds and the method of computing each Fund's
fee. After comparing the fees with those of comparable funds and in light of the
quality and extent of services to be provided and the costs anticipated to be
incurred by WTAM, the Board concluded that the level of the fees paid to WTAM
with respect to each Fund is fair and reasonable.
The Board also approved the Sub-Advisory Agreement with the sub-adviser to the
Funds, BNY Investment Advisors ("BNYIA"), using essentially the same criteria it
used for WTAM. The Board considered BNYIA's operational capabilities and
resources and BNYIA's experience in serving as an adviser to ETFs, noting that
BNYIA currently provides investment advisory and management services to other
ETFs. The Board considered the investment performance of the Funds, and the
expertise and performance of the BNYIA personnel. The Board also noted that Bank
of New York ("BNY"), an affiliate of BNYIA, serves as the Funds' administrator,
accountant, custodian and transfer agent and receives compensation for acting in
these capacities and is responsible for, among other things, coordinating the
Funds' audits, financial statements and tax returns, managing expenses and
budgeting for the Funds, processing trades on behalf of each Fund and custodying
Fund assets. As such, the Board concluded that the benefits accruing to BNYIA
and its affiliates by virtue of their relationship to the Trust are reasonable
and fair in comparison with the anticipated costs of providing the relevant
services. The Board noted that WTAM, not the Funds, pays the fees to BNYIA under
the Sub-Advisory Agreement.
Based on these considerations and the overall high quality of the personnel,
operations, financial condition, investment advisory capabilities,
methodologies, and performance of WTAM and BNYIA, the Board determined that the
approval of the Advisory Agreement and the Sub-Advisory Agreement was in the
best interests of each Fund. After full consideration of these and other
factors, the Board, including a majority of the Independent Trustees, with the
assistance of independent counsel, approved the Advisory Agreement and
Sub-Advisory Agreement.
WisdomTree Earnings Funds 83
Frequency Distribution of Discounts & Premiums (unaudited)
The chart below presents information about differences between the per share net
asset value ("NAV") of each Fund and the market trading price of shares of each
Fund. For these purposes, the "market price" is the mid-point of the highest bid
and lowest offer for Fund shares as of the close of trading on the exchange
where Fund shares are listed. The term "premium" is sometimes used to describe a
market price in excess of NAV and the term "discount" is sometimes used to
describe a market price below NAV. The chart presents information about the size
and frequency of premiums or discounts. As with other exchange traded funds, the
market price of Fund shares is typically slightly higher or lower than the
Fund's per share NAV. Factors that contribute to the differences between market
price and NAV include the supply and demand for Fund shares and investors'
assessments of the underlying value of a Fund's portfolio securities.
Differences between the closing times of U.S. and non-U.S. markets may
contribute to differences between the NAV and market price of Fund shares. Many
non-U.S. markets close prior to the close of the U.S. securities exchanges.
Developments after the close of such markets as a result of ongoing price
discovery may be reflected in a Fund's market price but not in its NAV (or vice
versa).
======================================================================================================
Market Price Above or Market Price Below
Equal to Net Asset Value Net Asset Value
------------------------------------------------------------------------------------------------------
Basis Point Number Percentage of Number Percentage of
Differential of Days Total Days of Days Total Days
------------------------------------------------------------------------------------------------------
WisdomTree Total Earnings Fund
April 1, 2007 - March 31, 2008 0 - 24.9 89 35.46% 147 58.56%
-----------------------------------------------------------------
25 - 49.9 5 1.99% 6 2.39%
-----------------------------------------------------------------
50 - 74.9 1 0.40% 1 0.40%
-----------------------------------------------------------------
75 - 100.0 1 0.40% 0 0.00%
-----------------------------------------------------------------
>100.0 1 0.40% 0 0.00%
-----------------------------------------------------------------
Total 97 38.65% 154 61.35%
======================================================================================================
WisdomTree Earnings 500 Fund
April 1, 2007 - March 31, 2008 0 - 24.9 96 38.24% 137 54.59%
-----------------------------------------------------------------
25 - 49.9 9 3.58% 4 1.59%
-----------------------------------------------------------------
50 - 74.9 2 0.80% 0 0.00%
-----------------------------------------------------------------
75 - 100.0 1 0.40% 0 0.00%
-----------------------------------------------------------------
>100.0 2 0.80% 0 0.00%
-----------------------------------------------------------------
Total 110 43.82% 141 56.18%
======================================================================================================
WisdomTree MidCap Earnings Fund
April 1, 2007 - March 31, 2008 0 - 24.9 109 43.42% 126 50.20%
-----------------------------------------------------------------
25 - 49.9 6 2.39% 5 1.99%
-----------------------------------------------------------------
50 - 74.9 2 0.80% 1 0.40%
-----------------------------------------------------------------
75 - 100.0 1 0.40% 0 0.00%
-----------------------------------------------------------------
>100.0 1 0.40% 0 0.00%
-----------------------------------------------------------------
Total 119 47.41% 132 52.59%
======================================================================================================
WisdomTree SmallCap Earnings Fund
April 1, 2007 - March 31, 2008 0 - 24.9 99 39.44% 116 46.22%
-----------------------------------------------------------------
25 - 49.9 11 4.38% 11 4.38%
-----------------------------------------------------------------
50 - 74.9 4 1.59% 3 1.20%
-----------------------------------------------------------------
75 - 100.0 2 0.80% 0 0.00%
-----------------------------------------------------------------
>100.0 4 1.59% 1 0.40%
-----------------------------------------------------------------
Total 120 47.80% 131 52.20%
======================================================================================================
WisdomTree Earnings Top 100 Fund
April 1, 2007 - March 31, 2008 0 - 24.9 95 37.84% 138 54.98%
-----------------------------------------------------------------
25 - 49.9 5 1.99% 5 1.99%
-----------------------------------------------------------------
50 - 74.9 1 0.40% 2 0.80%
-----------------------------------------------------------------
75 - 100.0 1 0.40% 1 0.40%
-----------------------------------------------------------------
>100.0 2 0.80% 1 0.40%
-----------------------------------------------------------------
Total 104 41.43% 147 58.57%
======================================================================================================
WisdomTree Low P/E Fund
April 1, 2007 - March 31, 2008 0 - 24.9 91 36.25% 140 55.78%
-----------------------------------------------------------------
25 - 49.9 8 3.19% 4 1.59%
-----------------------------------------------------------------
50 - 74.9 1 0.40% 4 1.59%
-----------------------------------------------------------------
75 - 100.0 2 0.80% 0 0.00%
-----------------------------------------------------------------
>100.0 1 0.40% 0 0.00%
-----------------------------------------------------------------
Total 103 41.04% 148 58.96%
======================================================================================================
WisdomTree India Earnings Fund*
February 22, 2008 - March 31, 2008 0 - 24.9 3 11.54% 0 0.00%
-----------------------------------------------------------------
25 - 49.9 0 0.00% 0 0.00%
-----------------------------------------------------------------
50 - 74.9 1 3.85% 3 11.54%
-----------------------------------------------------------------
75 - 100.0 2 7.69% 0 0.00%
-----------------------------------------------------------------
>100.0 12 46.15% 5 19.23%
-----------------------------------------------------------------
Total 18 69.23% 8 30.77%
======================================================================================================
* Commencement of investment operations.
84 WisdomTree Earnings Funds
Trustee and Officer Information (unaudited)
The Board of Trustees has responsibility for the overall management and
operations of the Funds, including general supervision of the duties performed
by WisdomTree Asset Management and other service providers. The Board of
Trustees elects the officers of the Trust who are responsible for administering
the Trust's day-to-day operations. Each Trustee serves until his or her
successor is duly elected or appointed and qualified.
The address of each Trustee and Officer is c/o WisdomTree Asset Management,
Inc., 380 Madison Avenue, 21st Floor, New York, NY 10017.
Interested Trustee and Officers
Number of Portfolios Other
Term of Office in Fund Complex Directorships
Name and Length of Principal Occupation(s) Overseen by Trustee Held by Trustee
(year of birth) Position Time Served During the Past 5 Years and Officer+ and Officers
--------------------- --------------- --------------- ------------------------------------- ---------------------- ----------------
Jonathan Steinberg Trustee, Trustee Chief Executive Officer of 40 None.
(1964) President* and Officer WisdomTree Investments, Inc.
since 2005 (formerly, Index Development
Partners, Inc.) and Director of
WisdomTree Investments, Inc.
(since 1989).
Amit Muni Treasurer*, Officer Chief Financial Officer and Assistant 40 None.
(1969) Assistant since 2008 Secretary of WisdomTree Investments,
Secretary* Inc. (formerly, Index Development
Partners, Inc.) (since March 2008);
International Securities Exchange
Holdings, Inc. (ISE), Controller and
Chief Accounting Officer (2003 to
2008); Instinet Group Inc., Vice
President Finance (2000 to 2003).
Richard Morris Secretary*, Officer Deputy General Counsel of 40 None.
(1967) Chief Legal since 2005 WisdomTree Investments, Inc.
Officer* (formerly, Index Development
Partners, Inc.) (since 2005); Senior
Counsel at Barclays Global Investors,
N.A. (2002 to 2005); Counsel at
Barclays Global Investors, N.A. (2000
to 2001).
------------------------------------------------------------------------------------------------------------------------------------
* Elected by and serves at the pleasure of the Board of Trustees.
+ As of March 31, 2008.
WisdomTree Earnings Funds 85
Trustee and Officer Information (unaudited) (concluded)
Independent Trustees
Term of Office Number of Portfolios Other
Name and Length Principal Occupation(s) in Fund Complex Directorships
(year of birth) Position of Time Served During the Past 5 Years Overseen by Trustee+ Held by Trustee
----------------- -------------- ---------------- --------------------------------------- ---------------------- ----------------
Gregory Barton Trustee Trustee General Counsel and Secretary of 40 None.
(1961)* since 2006 Martha Stewart Living Omnimedia,
Inc. (since 2007); Executive Vice
President of Licensing and Legal
Affairs, General Counsel and
Secretary of Ziff Davis Media Inc.
(2003 to 2007); Executive Vice
President of Legal Affairs, General
Counsel and Secretary of Ziff Davis
Media Inc. (2002 to 2003); President
(2001 to 2002), Chief Financial
Officer (2000 to 2002), Vice President
of Business Development (1999 to
2001) and General Counsel and
Secretary (1998 to 2002) of
WisdomTree Investments, Inc.
(formerly, Index Development
Partners, Inc.)
Toni Massaro Trustee Trustee Dean at University of Arizona James 40 None.
(1955)** since 2006 E. Rogers College of Law (since
1999); Professor at University of
Arizona James E. Rogers College of
Law (since 1990).
Victor Ugolyn Trustee, Trustee Private Investor (2005 to present); 40 Trustee on
(1947) Chairman of since 2006 President and Chief Executive Officer Board of
the Board of of William D. Witter, Inc. (2005 to Trustees of
Trustees 2006); Consultant to AXA Enterprise Naismith
in 2004; Chairman, President and Memorial
Chief Executive Officer of Enterprise Basketball
Capital Management (subsidiary of Hall of Fame;
The MONY Group, Inc.) and Enter- Member of
prise Group of Funds, Chairman of the Board of
MONY Securities Corp., and Chair- Directors of
man of the Fund Board of Enterprise William D.
Group of Funds (1991 to 2004). Witter, Inc.;
Member of
the Board of
Overseers of
the Hoover
Institution at
Stanford
University.
----------------------------------------------------------------------------------------------------------------------------------
* Chair of the Audit Committee.
** Chair of the Governance and Nominating Committee.
+ As of March 31, 2008.
86 WisdomTree Earnings Funds
Supplemental Information (unaudited)
Federal Income Tax Information
The following Federal tax information related to the Funds fiscal year ended
March 31, 2008, is provided for information purposes only and should not be used
for reporting to federal or state revenue agencies. Federal tax information for
the calendar year will be reported to you on Form 1099-DIV in January 2009.
Certain dividends paid by the Funds may be subject to a maximum tax rate of 15%,
as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the
distributions paid during the fiscal year ended March 31, 2008, the following
represents the maximum amount of ordinary income distributions that may be
considered qualified dividend income:
============================================
Qualified Dividend
Fund Income
--------------------------------------------
Total Earnings Fund $332,782
--------------------------------------------
Earnings 500 Fund 809,131
--------------------------------------------
MidCap Earnings Fund 283,538
--------------------------------------------
SmallCap Earnings Fund 161,671
--------------------------------------------
Earnings Top 100 Fund 320,845
--------------------------------------------
Low P/E Fund 547,141
--------------------------------------------
India Earnings Fund -
--------------------------------------------
The following represents the percentage of dividends paid during the fiscal year
ended March 31, 2008, that qualify for the 70% dividends received deduction for
corporate shareholders:
============================================
Dividends-Received
Fund Deduction
--------------------------------------------
Total Earnings Fund 100.00%
--------------------------------------------
Earnings 500 Fund 100.00
--------------------------------------------
MidCap Earnings Fund 90.31
--------------------------------------------
SmallCap Earnings Fund 100.00
--------------------------------------------
Earnings Top 100 Fund 100.00
--------------------------------------------
Low P/E Fund 100.00
--------------------------------------------
India Earnings Fund -
--------------------------------------------
The Funds intend to elect to pass through to shareholders the credit for taxes
paid to foreign countries. The gross foreign source income and foreign taxes
paid are as follows:
===========================================================
Gross Foreign
Fund Income Foreign Taxes Paid
-----------------------------------------------------------
Total Earnings Fund $ - $ -
-----------------------------------------------------------
Earnings 500 Fund - -
-----------------------------------------------------------
MidCap Earnings Fund - -
-----------------------------------------------------------
SmallCap Earnings Fund - -
-----------------------------------------------------------
Earnings Top 100 Fund - -
-----------------------------------------------------------
Low P/E Fund - -
-----------------------------------------------------------
India Earnings Fund 45,848 217
-----------------------------------------------------------
WisdomTree Earnings Funds 87
General Information (unaudited)
Proxy Voting Policies, Procedures and Record
A description of the policies and procedures that the Trust uses to determine
how to vote proxies related to each Fund's portfolio securities, and information
on how the Trust voted proxies during the period ended June 30, 2007, is
available without charge, upon request (i) by calling 1-866-909-WISE, (ii) on
the Trust's website at www.wisdomtree.com and (iii) on the Securities and
Exchange Commission's ("SEC") website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings
with the SEC for their first and third fiscal quarters on Form N-Q. Copies of
the filings are available, without charge, upon request on the SEC's website at
www.sec.gov, and are also available by calling the Trust at 1-866-909-WISE. You
can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference
Room in Washington, DC (information on the operation of the Public Reference
Room may be obtained by calling 1-800-SEC-0330), (ii) sending your request and a
duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102 or
(iii) sending your request electronically to publicinfosec. gov.
Information about each Fund's portfolio holdings is available daily, without
charge, at www.wisdomtree.com
The Fund's 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.
88 WisdomTree Earnings Funds
[This page intentionally left blank.]
The WisdomTree Trust
Investment Adviser
WisdomTree Asset Management, Inc.
380 Madison Avenue, 21st Floor
New York, NY 10017
Investment Sub-Adviser
BNY Investment Advisors
1633 Broadway
New York, NY 10019
Administrator, Custodian & Transfer Agent
The Bank of New York
101 Barclay Street
New York, NY 10286
Distributor
ALPS Distributors, Inc.
1290 Broadway
Suite 1100
Denver, CO 80203
Independent Registered Public Accounting Firm
Ernst & Young LLP
5 Times Square
New York, NY 10036
Legal Counsel
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
The WisdomTree(Reg. TM) Family of Funds
The following is a list of WisdomTree Funds being offered, along with their
respective ticker symbols as of March 31, 2008:
WisdomTree Domestic Dividend Funds
WisdomTree Total Dividend Fund (DTD)
WisdomTree High-Yielding Equity Fund (DHS)
WisdomTree LargeCap Dividend Fund (DLN)
WisdomTree Dividend Top 100(SM) Fund (DTN)
WisdomTree MidCap Dividend Fund (DON)
WisdomTree SmallCap Dividend Fund (DES)
WisdomTree International Dividend Funds
WisdomTree DEFA Fund (DWM)
WisdomTree DEFA High-Yielding Equity Fund (DTH)
WisdomTree Europe Total Dividend Fund (DEB)
WisdomTree Europe High-Yielding Equity Fund (DEW)
WisdomTree Europe SmallCap Dividend Fund (DFE)
WisdomTree Japan Total Dividend Fund (DXJ)
WisdomTree Japan High-Yielding Equity Fund (DNL)
WisdomTree Japan SmallCap Dividend Fund (DFJ)
WisdomTree Pacific ex-Japan Total Dividend Fund (DND)
WisdomTree Pacific ex-Japan High-Yielding Equity Fund (DNH)
WisdomTree International LargeCap Dividend Fund (DOL)
WisdomTree International Dividend Top 100(SM) Fund (DOO)
WisdomTree International MidCap Dividend Fund (DIM)
WisdomTree International SmallCap Dividend Fund (DLS)
WisdomTree International Real Estate Fund (DRW)
WisdomTree Emerging Markets High-Yielding Equity Fund (DEM)
WisdomTree Emerging Markets SmallCap Dividend Fund (DGS)
WisdomTree International Dividend Sector Funds
WisdomTree International Basic Materials Sector Fund (DBN)
WisdomTree International Communications Sector Fund (DGG)
WisdomTree International Consumer Cyclical Sector Fund (DPC)
WisdomTree International Consumer Non-Cyclical Sector Fund (DPN)
WisdomTree International Energy Sector Fund (DKA)
WisdomTree International Financial Sector Fund (DRF)
WisdomTree International Health Care Sector Fund (DBR)
WisdomTree International Industrial Sector Fund (DDI)
WisdomTree International Technology Sector Fund (DBT)
WisdomTree International Utilities Sector Fund (DBU)
WisdomTree Earnings Funds
WisdomTree Total Earnings Fund (EXT)
WisdomTree Earnings 500 Fund (EPS)
WisdomTree MidCap Earnings Fund (EZM)
WisdomTree SmallCap Earnings Fund (EES)
WisdomTree Earnings Top 100 Fund (EEZ)
WisdomTree Low P/E Fund (EZY)
WisdomTree India Earnings Fund (EPI)
The WisdomTree Funds are exchange traded funds ("ETFs") registered with the
United States Securities and Exchange Commission ("SEC") as series of WisdomTree
Trust ("Trust"). WisdomTree Asset Management, Inc., a wholly owned subsidiary of
WisdomTree Investments, Inc., serves as the investment adviser to the WisdomTree
Trust. None of the WisdomTree entities are affiliated with ALPS Distributors,
Inc., the Funds' distributor. WisdomTree Investments, its affiliates and their
independent providers are not liable for any informational errors,
incompleteness, or delays, or for any actions taken in reliance on information
contained herein.
Investors should consider the investment objectives, risks, charges and expenses
of the funds carefully before investing. A prospectus, containing this and other
information, is available at www.wisdomtree.com, or by calling 1-866-909-WISE
(9473). Investors should read the prospectus carefully before investing. There
are risks associated with investing, including possible loss of principal. Past
performance does not guarantee future results. Indexes are unmanaged and you can
not invest directly in an index.
There are risks associated with investing including possible loss of principal.
In addition to the normal risks of investing, 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 its investments in one country increase the impact
of events and developments associated with the region which can adversely affect
performance. Funds focusing on a single country, sector and/or smaller companies
generally experience greater price volatility. Investments in emerging markets
are generally less liquid and less efficient than developed markets. Please read
the funds prospectus for specific details regarding the fund's risk profile.
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 only in large amounts of 50,000 shares or more.
[LOGO]
WISDOMTREE
Fundamental ETFs
380 Madison Avenue, 21st Floor
New York, NY 10017
1.866.909.WISE (9473)
www.wisdomtree.com
WisdomTree Earnings ETFs
WisdomTree Total Earnings Fund
WisdomTree Earnings 500 Fund
WisdomTree MidCap Earnings Fund
WisdomTree SmallCap Earnings Fund
WisdomTree Earnings Top 100 Fund
WisdomTree Low P/E Fund
WisdomTree India Earnings Fund
WisdomTree Fund shares are distributed by
ALPS Distributors, Inc.
WIS001178 (05/2009)
[LOGO]
WISDOMTREE
Fundamental ETFs
WisdomTree Trust
International Dividend Funds
Annual Report
March 31, 2008
WisdomTree DEFA Fund
WisdomTree DEFA High-Yielding Equity Fund
WisdomTree Europe Total Dividend Fund
WisdomTree Europe High-Yielding Equity Fund
WisdomTree Europe SmallCap Dividend Fund
WisdomTree Japan Total Dividend Fund
WisdomTree Japan High-Yielding Equity Fund
WisdomTree Japan SmallCap Dividend Fund
WisdomTree Pacific ex-Japan Total Dividend Fund
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
WisdomTree International LargeCap Dividend Fund
WisdomTree International Dividend Top 100(SM) Fund
WisdomTree International MidCap Dividend Fund
WisdomTree International SmallCap Dividend Fund
For the period June 5, 2007 (commencement of investment operations) through
March 31, 2008
WisdomTree International Real Estate Fund
For the period July 13, 2007 (commencement of investment operations) through
March 31, 2008
WisdomTree Emerging Markets High-Yielding Equity Fund
For the period October 30, 2007 (commencement of investment operations) through
March 31, 2008
WisdomTree Emerging Markets SmallCap Dividend Fund
Table of Contents
Letter to Shareholders ................................................... 1
Management's Discussion of Funds' Performance ............................ 2
Performance Summaries (unaudited) ........................................ 4
Shareholder Expense Examples (unaudited) ................................. 21
Schedules of Investments
WisdomTree DEFA Fund .................................................... 23
WisdomTree DEFA High-Yielding Equity Fund ............................... 29
WisdomTree Europe Total Dividend Fund ................................... 33
WisdomTree Europe High-Yielding Equity Fund ............................. 38
WisdomTree Europe SmallCap Dividend Fund ................................ 40
WisdomTree Japan Total Dividend Fund .................................... 45
WisdomTree Japan High-Yielding Equity Fund .............................. 50
WisdomTree Japan SmallCap Dividend Fund ................................. 54
WisdomTree Pacific ex-Japan Total Dividend Fund ......................... 60
WisdomTree Pacific ex-Japan High-Yielding Equity Fund ................... 63
WisdomTree International LargeCap Dividend Fund ......................... 65
WisdomTree International Dividend Top 100(SM) Fund ...................... 68
WisdomTree International MidCap Dividend Fund ........................... 70
WisdomTree International SmallCap Dividend Fund ......................... 76
WisdomTree International Real Estate Fund ............................... 84
WisdomTree Emerging Markets High-Yielding Equity Fund ................... 87
WisdomTree Emerging Markets SmallCap Dividend Fund ...................... 90
Statements of Assets and Liabilities ..................................... 93
Statements of Operations ................................................. 97
Statements of Changes in Net Assets ...................................... 101
Financial Highlights ..................................................... 107
Notes to the Financial Statements ........................................ 116
Report of Independent Registered Public Accounting Firm .................. 124
Approval of Investment Advisory and Sub-Advisory Agreement (unaudited) ... 125
Frequency Distribution of Discounts & Premiums (unaudited) ............... 126
Trustees and Officers Information (unaudited) ............................ 129
Supplemental Information (unaudited) ..................................... 131
General Information (unaudited) .......................................... 133
"WisdomTree", "WisdomTree Investments" and "Dividend Top 100" are marks of
WisdomTree Investments, Inc. and are licensed for use by the Trust.
[This page intentionally left blank.]
Letter to Shareholders
Dear Shareholders:
It is a pleasure to report highlights for the funds of the WisdomTree
Trust for the fiscal year that ended March 31, 2008.
Over this period, many U.S. and international stock markets declined
between 5% and 15%, disappointing equity investors. With toxic sub-prime loans
causing huge write-downs in the value of assets held at large banks and
brokerage firms, financial stocks dramatically underperformed the broader
market. For the first time since 1999, value stocks underperformed growth stocks
in 2007, both domestically and internationally. WisdomTree's smaller
capitalization U.S. funds, with greater exposure to real estate and financial
stocks, generated sub-par returns for the period. Nevertheless, despite the
challenging environment, 21 of WisdomTree's 36 funds with one-year track records
outperformed their comparable capitalization weighted benchmark over the 12
months ended March 31, 2008.
Some of WisdomTree's strongest relative performance occurred in the
developing world. Within the past year, the Trust added the WisdomTree Emerging
Markets High-Yielding Equity Fund (DEM) and the WisdomTree Emerging Markets
SmallCap Dividend Fund (DGS), the first ETF to offer investors access to the
small-cap segment of emerging equity markets. Since the inception of the funds
(July 13, 2007 and October 30, 2007, respectively) through March 31, 2008, both
DEM and DGS outperformed the capitalization-weighted barometer for the emerging
markets: the MSCI Emerging Markets Index. In February, WisdomTree launched the
industry's first India ETF, the WisdomTree India Earnings Fund (EPI), which
gives U.S. investors exposure to local shares trading in India. By March 31,
2008, overall assets under management in the WisdomTree Trust stood at
approximately $4.3 billion, up from approximately $3 billion a year earlier.
The past fiscal year was also punctuated by an initiative that has the
potential to significantly expand WisdomTree's reach: a platform that allows
plan sponsors to use ETFs within employee 401(k) programs. This program gives
clients the ability to use traditional index funds, actively managed mutual
funds or ETFs within their retirement plans. Increasingly, investors view
WisdomTree products as alternatives to both types of investments. Like
traditional index funds, WisdomTree ETFs provide broad exposure to equity
markets in 42 countries. But unlike traditional capitalization-weighted indexes,
which set weights based on a company's market value, WisdomTree sets component
weights based on income streams, such as earnings or dividends. WisdomTree is
presenting advisors, plan sponsors, and self-directed investors a new way to
understand and invest in equity markets. This report contains another full year
of real-time performance data that will, I hope, provide greater clarity as to
whether we are meeting our goal of delivering market-beating returns in a
passive structure.
Thank you for your continued support.
Best regards,
/s/ Jonathan Steinberg
Jonathan Steinberg
President, WisdomTree Trust
CEO, WisdomTree Asset Management, Inc.
Mr. Steinberg is a registered representative of ALPS Distributors, Inc.
This information is subject to change at any time based on market and other
conditions and should not be construed as a recommendation of any specific
security. Fund returns are quoted at NAV. Please see Performance Summaries on
the subsequent pages for more complete performance information.
The MSCI Emerging Markets Index is a market cap weighted index that is designed
to measure equity market performance consisting of 25 emerging market country
indexes. MSCI Index performance information assumes the reinvestment of net
dividends and excludes management fees, transaction costs and expenses. You
cannot invest directly in an index.
WisdomTree International Dividend Funds 1
Management's Discussion of Funds' Performance
The MSCI EAFE Index, which measures stock performance in the developed world
outside the U.S. and Canada, declined by 2.68% in the year that ended March 31,
2008. International sectors with exposure to energy and commodities performed
well over this period, whereas sectors with exposure to bad loans emanating from
the U.S. and a weakening consumer performed poorly. In all, 11 of the Trust's
first 14 international funds introduced by WisdomTree in June of 2006
outperformed their comparable market capitalization-weighted benchmark through
the fiscal year that ended March 31, 2008.
WisdomTree's broadest international fund, the WisdomTree DEFA Fund (DWM), which
invests in the same 21 equity markets covered by the MSCI EAFE Index*,
outperformed its cap-weighted peer over this period, declining just 0.44% at
NAV. DWM, which has outperformed the MSCI EAFE Index since its inception by more
than 3 percentage points on an annualized basis, has benefited from having less
exposure to Japan relative to the MSCI EAFE Index and more exposure to Pacific
Rim markets outside Japan. Because the WisdomTree DEFA Index sets annual weights
based on dividends paid, DWM had approximately 15% of its portfolio's weight
invested in the Pacific Region excluding Japan, as of March 31, 2008. This
equated to about 5 percentage points more exposure to this part of the world
than the MSCI EAFE Index.
Over the 12 month period ended March 31, 2008, the Pacific Region outside of
Japan was the best performing region of the developed world, excluding Canada.
Consequently, the WisdomTree Pacific ex-Japan Total Dividend Fund (DND) was the
Trust's best performing non-sector international ETF over this period. DND
returned 10.58% at NAV in the year that ended March 31, 2008, 4.7 percentage
points higher than the total return generated by the capitalization-weighted
MSCI Pacific ex-Japan Index* over the same period. The Trust's worst
international performances were generated in Japan. Although they declined less
than their comparable cap weighted index, all three of WisdomTree's Japan ETFs
declined between 14% and 15% at NAV for the period.
The best performance by a size segment occurred in the large-cap category. The
WisdomTree International LargeCap Dividend Fund (DOL) returned 0.93% at NAV
through March 31, 2008, 3.61 percentage points more than the MSCI EAFE Index. By
contrast, the WisdomTree International SmallCap Dividend Fund (DLS) declined by
7.79% at NAV, outpacing the MSCI EAFE SmallCap Index* which fell by 11.13% over
the period that ended March 31, 2008.
The views expressed in this report reflect those of the portfolio managers only
through the end of the period of the report as stated on the cover. The
portfolio managers' views are subject to change at any time based on market and
other conditions and should not be construed as a recommendation. Past
performance is no guarantee of future results.
Fund returns are shown at NAV. Please see Performance Summaries on the
subsequent pages for more complete performance information.
Fund performance assumes reinvestment of dividends and capital gain
distributions. 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. 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 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.
2 WisdomTree International Dividend Funds
Management's Discussion of Funds' Performance (concluded)
The MSCI EAFE Index is a market capitalization-weighted index composed of
companies representative of the developed market structure of 21 developed
countries in Europe, Australasia and Japan; the MSCI EAFE Small Cap Index
measures the performance of small cap stocks in the MSCI EAFE Index; the MSCI
Pacific ex-Japan Index is a market capitalization-weighted index that measures
the performance of stocks in Australia, Hong Kong, Singapore and New Zealand.
Performance information for the MSCI indexes assumes the reinvestment of net
dividends and excludes management fees, transaction costs and expenses. You
cannot invest directly in an index.
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 of 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.
* Performance information for the MSCI Indexes assumes the reinvestment of
net dividends and excludes management fees, transaction costs and
expenses. You cannot invest directly in an index.
WisdomTree International Dividend Funds 3
Performance Summary (unaudited)
WisdomTree DEFA Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Financials 30.3%
Consumer Non-Cyclical 14.4%
Communications 13.1%
Energy 9.9%
Utilities 8.9%
Industrials 7.3%
Consumer Cyclical 7.3%
Basic Materials 6.3%
Diversified 1.0%
Technology 0.7%
Other 0.8%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
===========================================
Description % of Net Assets
-------------------------------------------
HSBC Holdings PLC 1.9%
-------------------------------------------
Telefonica S.A. 1.9%
-------------------------------------------
Banco Santander Central
Hispano, S.A. 1.8%
-------------------------------------------
Eni SpA 1.8%
-------------------------------------------
TOTAL S.A. 1.7%
-------------------------------------------
BP PLC 1.6%
-------------------------------------------
Vodafone Group PLC 1.5%
-------------------------------------------
China Mobile Ltd. 1.4%
-------------------------------------------
Nestle S.A. 1.2%
-------------------------------------------
Deutsche Telekom AG 1.1%
-------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Dividend Index of Europe, Far East Asia and Australasia (DEFA)
Fund seeks investment results that closely correspond to the price and yield
performance, before fees and expenses, of the WisdomTree Dividend Index of
Europe, Far East Asia and Australasia Index (WisdomTree DEFA Index).
The WisdomTree DEFA Fund (DWM) returned -0.44% at net asset value ("NAV") for
the fiscal year ended March 31, 2008 (for more complete performance information,
please see below). Telecommunication Services contributed most significantly to
this performance, comprising on average 10.41% of the Fund and returned 15.84%
over the period. China Mobile Ltd. was the top performing security in the Fund.
Financials contributed the least to the Fund returning -10.67% over the period
and comprising on average 31.13% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.48%.
Performance as of 3/31/08
=========================================================================================
Average Annual Total Return
-----------------------------------------------------------------------------------------
WisdomTree
Net Asset Value Market Price DEFA Index MSCI EAFE Index
-----------------------------------------------------------------------------------------
One Year (0.44)% (0.44)% (0.55)% (2.68)%
-----------------------------------------------------------------------------------------
Since Inception(1) 14.98% 15.34% 15.45% 11.75%
-----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree MSCI
Date DEFA Fund EAFE Index
-----------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,487 $10,507
7/31/2006 $10,651 $10,611
8/31/2006 $10,949 $10,903
9/30/2006 $11,035 $10,920
10/31/2006 $11,554 $11,345
11/30/2006 $11,944 $11,684
12/31/2006 $12,368 $12,051
1/31/2007 $12,436 $12,132
2/28/2007 $12,484 $12,230
3/31/2007 $12,894 $12,542
4/30/2007 $13,621 $13,099
5/31/2007 $13,862 $13,329
6/30/2007 $13,911 $13,345
7/31/2007 $13,676 $13,148
8/31/2007 $13,481 $12,943
9/30/2007 $14,265 $13,635
10/31/2007 $15,017 $14,171
11/30/2007 $14,521 $13,705
12/31/2007 $14,041 $13,397
1/31/2008 $12,644 $12,159
2/29/2008 $12,795 $12,333
3/31/2008 $12,667 $12,203
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
4 WisdomTree International Dividend Funds
Performance Summary (unaudited)
WisdomTree DEFA High-Yielding Equity Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Financials 41.0%
Communications 15.1%
Energy 11.7%
Consumer Non-Cyclical 10.3%
Utilities 10.2%
Industrials 4.0%
Consumer Cyclical 3.1%
Basic Materials 3.0%
Technology 0.4%
Diversified 0.3%
Other 0.9%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
==================================================
Description % of Net Assets
--------------------------------------------------
HSBC Holdings PLC 3.3%
--------------------------------------------------
TOTAL S.A. 3.0%
--------------------------------------------------
Vodafone Group PLC 2.9%
--------------------------------------------------
BP PLC 2.8%
--------------------------------------------------
Eni SpA 2.5%
--------------------------------------------------
Telefonica, S.A. 2.5%
--------------------------------------------------
Banco Santander Central
Hispano, S.A. 2.4%
--------------------------------------------------
Banca Intesa SpA 2.1%
--------------------------------------------------
Royal Dutch Shell PLC Class A 1.8%
--------------------------------------------------
BNP Paribas 1.8%
--------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree DEFA High-Yielding Equity Fund seeks investment results that
closely correspond to the price and yield performance, before fees and expenses,
of the WisdomTree DEFA High-Yielding Equity Index.
The WisdomTree DEFA High-Yielding Equity Fund (DTH) returned -2.72% at net asset
value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Utilities contributed most
significantly to this performance, comprising on average 9.74% of the Fund and
returned 17.79% over the period. Telefonica, S.A. was the top performing
security in the Fund. Financials contributed the least to the Fund returning
-11.44% over the period and comprising on average 41.90% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
========================================================================================
Average Annual Total Return
----------------------------------------------------------------------------------------
WisdomTree
DEFA
High-Yielding MSCI EAFE
Net Asset Value Market Price Equity Index Value Index
----------------------------------------------------------------------------------------
One Year (2.72)% (3.39)% (1.75)% (7.22)%
----------------------------------------------------------------------------------------
Since Inception(1) 13.24% 13.12% 15.01% 9.54%
----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
DEFA High- MSCI
Yielding Equity EAFE
Date Fund Value Index
-----------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,436 $10,473
7/31/2006 $10,629 $10,632
8/31/2006 $10,942 $10,959
9/30/2006 $11,049 $11,052
10/31/2006 $11,613 $11,533
11/30/2006 $11,999 $11,886
12/31/2006 $12,425 $12,299
1/31/2007 $12,431 $12,367
2/28/2007 $12,409 $12,471
3/31/2007 $12,841 $12,694
4/30/2007 $13,643 $13,276
5/31/2007 $13,808 $13,476
6/30/2007 $13,780 $13,474
7/31/2007 $13,508 $13,187
8/31/2007 $13,253 $12,903
9/30/2007 $13,961 $13,476
10/31/2007 $14,705 $13,993
11/30/2007 $14,098 $13,349
12/31/2007 $13,432 $13,032
1/31/2008 $12,082 $11,823
2/29/2008 $12,135 $11,839
3/31/2008 $12,131 $11,773
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Funds 5
Performance Summary (unaudited)
WisdomTree Europe Total Dividend Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Financials 31.4%
Consumer Non-Cyclical 15.6%
Communications 12.0%
Energy 11.4%
Utilities 10.4%
Industrials 7.2%
Consumer Cyclical 5.3%
Basic Materials 4.8%
Diversified 0.6%
Technology 0.5%
Other 0.8%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
==================================================
Description % of Net Assets
--------------------------------------------------
HSBC Holdings PLC 2.6%
--------------------------------------------------
TOTAL S.A. 2.3%
--------------------------------------------------
Vodafone Group PLC 2.3%
--------------------------------------------------
Eni SpA 2.3%
--------------------------------------------------
BP PLC 2.2%
--------------------------------------------------
Banco Santander Central
Hispano, S.A. 1.9%
--------------------------------------------------
Telefonica, S.A. 1.8%
--------------------------------------------------
Royal Dutch Shell PLC Class A 1.6%
--------------------------------------------------
Banca Intesa SpA 1.5%
--------------------------------------------------
Nestle S.A. 1.4%
--------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Europe Total Dividend Fund seeks investment results that closely
correspond to the price and yield performance, before fees and expenses, of the
WisdomTree Europe Dividend Index.
The WisdomTree Europe Total Dividend Fund (DEB) returned -0.43% at net asset
value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Materials contributed most
significantly to this performance, comprising on average 5.41% of the Fund and
returned 23.95% over the period. ABN AMRO Holding N.V. was the top performing
security in the Fund. Financials contributed the least to the Fund returning
-10.91% over the period and comprising on average 32.29% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.48%.
Performance as of 3/31/08
===============================================================================================
Average Annual Total Return
-----------------------------------------------------------------------------------------------
WisdomTree
Europe
Net Asset Value Market Price Dividend Index MSCI Europe Index
-----------------------------------------------------------------------------------------------
One Year (0.43)% (0.72)% (1.04)% 0.18%
-----------------------------------------------------------------------------------------------
Since Inception(1) 14.44% 14.23% 15.89% 15.42%
-----------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
Europe
Dividend MSCI
Date Fund Europe Index
---------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,525 $10,554
7/31/2006 $10,695 $10,715
8/31/2006 $10,997 $11,053
9/30/2006 $11,105 $11,148
10/31/2006 $11,610 $11,626
11/30/2006 $11,992 $12,039
12/31/2006 $12,382 $12,426
1/31/2007 $12,439 $12,499
2/28/2007 $12,386 $12,454
3/31/2007 $12,784 $12,906
4/30/2007 $13,625 $13,739
5/31/2007 $13,867 $13,981
6/30/2007 $13,858 $13,978
7/31/2007 $13,551 $13,680
8/31/2007 $13,368 $13,529
9/30/2007 $13,983 $14,214
10/31/2007 $14,649 $14,877
11/30/2007 $14,239 $14,400
12/31/2007 $13,675 $14,148
1/31/2008 $12,246 $12,672
2/29/2008 $12,390 $12,875
3/31/2008 $12,454 $12,929
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
6 WisdomTree International Dividend Funds
Performance Summary (unaudited)
WisdomTree Europe High-Yielding Equity Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Financials 42.8%
Communications 16.3%
Energy 13.4%
Utilities 10.2%
Consumer Non-Cyclical 9.9%
Industrials 2.8%
Basic Materials 2.1%
Consumer Cyclical 1.7%
Diversified 0.1%
Other 0.7%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
===========================================
Description % of Net Assets
-------------------------------------------
HSBC Holdings PLC 4.6%
-------------------------------------------
Vodafone Group PLC 4.1%
-------------------------------------------
BP PLC 3.8%
-------------------------------------------
TOTAL S.A. 3.7%
-------------------------------------------
Telefonica, S.A. 3.5%
-------------------------------------------
Eni SpA 3.5%
-------------------------------------------
Banco Santander Central
Hispano, S.A. 3.4%
-------------------------------------------
Banca Intesa SpA 3.1%
-------------------------------------------
Enel SpA 2.8%
-------------------------------------------
NP Paribas 2.5%
--------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Europe High-Yielding Equity Fund seeks investment results that
closely correspond to the price and yield performance, before fees and expenses,
of the WisdomTree Europe High-Yielding Equity Index.
The WisdomTree Europe High-Yielding Equity Fund (DEW) returned -3.76% at net
asset value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Telecommunciation Services
contributed most significantly to this performance, comprising on average 14.40%
of the Fund and returned 12.64% over the period. Telefonica S.A. was the top
performing security in the Fund. Financials contributed the least to the Fund
returning -12.12% over the period and comprising on average 42.56% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
========================================================================================
Average Annual Total Return
----------------------------------------------------------------------------------------
WisdomTree
Europe
High-Yielding MSCI Europe
Net Asset Value Market Price Equity Index Value Index
----------------------------------------------------------------------------------------
One Year (3.76)% (3.91)% (3.64)% (4.99)%
----------------------------------------------------------------------------------------
Since Inception(1) 12.06% 11.81% 12.88% 11.96%
----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
Europe High-
Yielding Equity MSCI Europe
Date Fund Value Index
------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,444 $10,514
7/31/2006 $10,650 $10,727
8/31/2006 $10,917 $11,092
9/30/2006 $11,120 $11,291
10/31/2006 $11,662 $11,834
11/30/2006 $12,025 $12,227
12/31/2006 $12,426 $12,614
1/31/2007 $12,453 $12,647
2/28/2007 $12,364 $12,565
3/31/2007 $12,739 $12,890
4/30/2007 $13,547 $13,786
5/31/2007 $13,769 $14,027
6/30/2007 $13,717 $14,040
7/31/2007 $13,370 $13,656
8/31/2007 $13,156 $13,416
9/30/2007 $13,722 $13,990
10/31/2007 $14,315 $14,653
11/30/2007 $13,808 $13,912
12/31/2007 $13,115 $13,653
1/31/2008 $11,785 $12,112
2/29/2008 $11,778 $12,150
3/31/2008 $11,882 $12,244
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Funds 7
Performance Summary (unaudited)
WisdomTree Europe SmallCap Dividend Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Industrials 28.4%
Financials 20.4%
Consumer Non-Cyclical 18.6%
Consumer Cyclical 15.1%
Communications 5.4%
Basic Materials 4.4%
Technology 3.8%
Diversified 1.7%
Energy 1.4%
Utilities 0.3%
Other 0.5%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
===========================================
Description % of Net Assets
-------------------------------------------
Kungsleden Fastighets AB 1.9%
-------------------------------------------
Orion Oyj Class B 1.8%
-------------------------------------------
Euronav N.V. 1.4%
-------------------------------------------
F&C Asset Management PLC 1.2%
-------------------------------------------
D. Carnegie & Co. AB 1.1%
-------------------------------------------
Cofinimmo 1.1%
-------------------------------------------
Axfood AB 1.0%
-------------------------------------------
Techem AG 1.0%
-------------------------------------------
Jardine Lloyd Thompson
Group PLC 0.9%
-------------------------------------------
Gruppo Editoriale
L'Espresso SpA 0.9%
-------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Europe SmallCap Dividend Fund seeks investment results that
closely correspond to the price and yield performance, before fees and expenses,
of the WisdomTree Europe SmallCap Dividend Index.
The WisdomTree Europe SmallCap Dividend Fund (DFE) returned -10.72% at net asset
value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Energy contributed most
significantly to this performance, comprising on average 4.36% of the Fund and
returned 7.92% over the period. CMB, Cie Maritime Belge was the top performing
security in the Fund. Consumer Discretionary contributed the least to the Fund
returning -22.31% over the period and comprising on average 19.98% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
============================================================================================
Average Annual Total Return
--------------------------------------------------------------------------------------------
WisdomTree
Europe
SmallCap MSCI Europe
Net Asset Value Market Price Dividend Index SmallCap Index
--------------------------------------------------------------------------------------------
One Year (10.72)% (11.27)% (11.42)% (9.55)%
--------------------------------------------------------------------------------------------
Since Inception(1) 13.34% 12.52% 12.89% 12.92%
--------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
Europe SmallCap MSCI Europe
Date Dividend Fund SmallCap Index
--------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,424 $10,476
7/31/2006 $10,510 $10,373
8/31/2006 $10,821 $10,660
9/30/2006 $11,037 $10,841
10/31/2006 $11,642 $11,435
11/30/2006 $12,382 $12,215
12/31/2006 $13,005 $12,790
1/31/2007 $13,219 $13,053
2/28/2007 $13,347 $13,105
3/31/2007 $14,014 $13,752
4/30/2007 $14,797 $14,537
5/31/2007 $15,056 $14,741
6/30/2007 $14,645 $14,512
7/31/2007 $14,648 $14,413
8/31/2007 $14,045 $13,799
9/30/2007 $13,946 $13,748
10/31/2007 $14,741 $14,771
11/30/2007 $13,521 $13,518
12/31/2007 $12,126 $13,115
1/31/2008 $11,041 $11,699
2/29/2008 $11,562 $12,308
3/31/2008 $11,681 $12,432
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
8 WisdomTree International Dividend Funds
Performance Summary (unaudited)
WisdomTree Japan Total Dividend Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Consumer Cyclical 28.7%
Industrials 15.5%
Consumer Non-Cyclical 12.3%
Financials 11.8%
Basic Materials 9.3%
Communications 7.6%
Utilities 7.4%
Technology 4.9%
Energy 1.4%
Other 1.1%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
==============================================
Description % of Net Assets
----------------------------------------------
Toyota Motor Corp. 6.9%
----------------------------------------------
NTT DoCoMo, Inc. 3.7%
----------------------------------------------
Nippon Telegraph &
Telephone Corp. 2.3%
----------------------------------------------
Honda Motor Co., Ltd. 2.2%
----------------------------------------------
Nissan Motor Co., Ltd. 2.1%
----------------------------------------------
Takeda Chemical Co., Ltd. 1.8%
----------------------------------------------
Nomura Holdings, Inc. 1.6%
----------------------------------------------
Mitsubishi UFJ Financial
Group, Inc. 1.6%
----------------------------------------------
Mitsubishi Corp. 1.6%
----------------------------------------------
Canon Inc. 1.6%
----------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Japan Total Dividend Fund seeks investment results that closely
correspond to the price and yield performance, before fees and expenses, of the
WisdomTree Japan Dividend Index.
The WisdomTree Japan Total Dividend Fund (DXJ) returned -14.39% at net asset
value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Consumer Staples contributed most
significantly to this performance, comprising on average 5.79% of the Fund and
returned 1.98% over the period. Mitsubishi Corp. was the top performing security
in the Fund. Financials contributed the least to the Fund returning -24.51% over
the period and comprising on average 12.62% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.48%.
Performance as of 3/31/08
=============================================================================================
Average Annual Total Return
---------------------------------------------------------------------------------------------
WisdomTree
Japan Dividend
Net Asset Value Market Price Index MSCI Japan Index
---------------------------------------------------------------------------------------------
One Year (14.39)% (14.54)% (14.37)% (14.64)%
---------------------------------------------------------------------------------------------
Since Inception(1) (1.49)% (1.29)% (1.35)% (2.16)%
---------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
Japan Total MSCI
Date Dividend Fund Japan
--------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,403 $10,447
7/31/2006 $10,286 $10,389
8/31/2006 $10,497 $10,545
9/30/2006 $10,344 $10,372
10/31/2006 $10,525 $10,553
11/30/2006 $10,646 $10,627
12/31/2006 $10,950 $10,891
1/31/2007 $11,014 $10,984
2/28/2007 $11,502 $11,425
3/31/2007 $11,371 $11,274
4/30/2007 $11,137 $11,055
5/31/2007 $11,198 $11,235
6/30/2007 $11,148 $11,202
7/31/2007 $11,025 $11,183
8/31/2007 $10,777 $10,855
9/30/2007 $11,017 $11,105
10/31/2007 $10,929 $11,063
11/30/2007 $10,789 $10,860
12/31/2007 $10,315 $10,430
1/31/2008 $9,902 $9,954
2/29/2008 $9,970 $10,022
3/31/2008 $9,643 $9,616
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Funds 9
Performance Summary (unaudited)
WisdomTree Japan High-Yielding Equity Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Consumer Cyclical 22.7%
Consumer Non-Cyclical 14.1%
Utilities 13.8%
Basic Materials 12.7%
Communications 12.4%
Financials 9.6%
Industrials 8.1%
Technology 2.6%
Energy 2.5%
Other 1.5%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
=====================================================
Description % of Net Assets
-----------------------------------------------------
NTT DoCoMo, Inc. 10.2%
-----------------------------------------------------
Honda Motor Co., Ltd. 7.1%
-----------------------------------------------------
Nissan Motor Co., Ltd. 6.7%
-----------------------------------------------------
Nomura Holdings, Inc. 5.4%
-----------------------------------------------------
JFE Holdings, Inc. 4.1%
-----------------------------------------------------
Kansai Electric Power Co., Inc.
(The) 4.0%
-----------------------------------------------------
Nippon Steel Corp. 4.0%
-----------------------------------------------------
Daiichi Sankyo Co., Ltd. 2.8%
-----------------------------------------------------
Chubu Electric Power Co., Inc. 2.7%
-----------------------------------------------------
Astellas Pharma, Inc. 2.5%
-----------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Japan High-Yielding Equity Fund seeks investment results that
closely correspond to the price and yield performance, before fees and expenses,
of the WisdomTree Japan High-Yielding Equity Index.
The WisdomTree Japan High-Yielding Equity Fund (DNL) returned -14.96% at net
asset value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Industrials contributed most
significantly to this performance, comprising on average 9.58% of the Fund and
returned -0.70% over the period. Canon Inc. was the top performing security in
the Fund. Consumer Discretionary contributed the least to the Fund returning
-18.31% over the period and comprising on average 22.65% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
==========================================================================================
Average Annual Total Return
------------------------------------------------------------------------------------------
WisdomTree
Japan
High-Yielding MSCI Japan
Net Asset Value Market Price Equity Index Value Index
------------------------------------------------------------------------------------------
One Year (14.96)% (15.06)% (14.76)% (15.77)%
------------------------------------------------------------------------------------------
Since Inception(1) 0.77% 1.14% 1.12% 0.32%
------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
Japan High- MSCI
Yielding Equity Japan
Date Fund Value Index
------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,357 $10,425
7/31/2006 $10,251 $10,414
8/31/2006 $10,562 $10,635
9/30/2006 $10,413 $10,477
10/31/2006 $10,684 $10,726
11/30/2006 $10,989 $10,905
12/31/2006 $11,498 $11,332
1/31/2007 $11,556 $11,462
2/28/2007 $12,086 $12,063
3/31/2007 $11,922 $11,951
4/30/2007 $11,649 $11,655
5/31/2007 $11,662 $11,755
6/30/2007 $11,513 $11,702
7/31/2007 $11,357 $11,577
8/31/2007 $11,138 $11,218
9/30/2007 $11,238 $11,476
10/31/2007 $11,229 $11,367
11/30/2007 $11,220 $11,183
12/31/2007 $10,665 $10,720
1/31/2008 $10,175 $10,444
2/29/2008 $10,188 $10,471
3/31/2008 $9,950 $10,057
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
10 WisdomTree International Dividend Funds
Performance Summary (unaudited)
WisdomTree Japan SmallCap Dividend Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Consumer Cyclical 28.4%
Industrials 24.1%
Consumer Non-Cyclical 17.2%
Financials 11.2%
Basic Materials 10.6%
Technology 4.3%
Communications 2.1%
Utilities 0.5%
Energy 0.1%
Other 1.5%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
================================================
Description % of Net Assets
------------------------------------------------
Bosch Corp. 0.8%
------------------------------------------------
Nissha Printing Co., Ltd. 0.8%
------------------------------------------------
Koito Securities Co., Ltd. 0.8%
------------------------------------------------
Matsui Securities Co., Ltd. 0.7%
------------------------------------------------
MINEBEA Co., Ltd 0.7%
------------------------------------------------
Air Water, Inc. 0.7%
------------------------------------------------
Hitachi Koki Co., Ltd. 0.7%
------------------------------------------------
Toyota Auto Body Co., Ltd. 0.7%
------------------------------------------------
Nippon Kayaku Co., Ltd. 0.7%
------------------------------------------------
Okasan Holdings, Inc. 0.7%
------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Japan SmallCap Dividend Fund seeks investment results that
closely correspond to the price and yield performance, before fees and expenses,
of the WisdomTree Japan SmallCap Dividend Index.
The WisdomTree Japan SmallCap Dividend Fund (DFJ) returned -14.23% at net asset
value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Health Care contributed most
significantly to this performance, comprising on average 4.07% of the Fund and
returned 1.86% over the period. Daiichi Chuo Kisen Kaisha was the top performing
security in the Fund. Industrials contributed the least to the Fund returning
-15.13% over the period and comprising on average 24.41% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
============================================================================================
Average Annual Total Return
--------------------------------------------------------------------------------------------
WisdomTree
Japan MSCI Japan
Net Asset Value Market Price SmallCap Index SmallCap Index
--------------------------------------------------------------------------------------------
One Year (14.23)% (14.07)% (13.95)% (19.03)%
--------------------------------------------------------------------------------------------
Since Inception(1) (6.52)% (5.63)% (6.07)% (11.50)%
--------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
Japan MSCI
SmallCap Japan
Date Dividend Fund SmallCap Index
---------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,207 $10,183
7/31/2006 $9,866 $9,510
8/31/2006 $10,018 $9,763
9/30/2006 $9,860 $9,549
10/31/2006 $9,779 $9,488
11/30/2006 $9,830 $9,408
12/31/2006 $9,957 $9,463
1/31/2007 $10,040 $9,647
2/28/2007 $10,441 $10,027
3/31/2007 $10,334 $9,935
4/30/2007 $10,300 $9,765
5/31/2007 $10,156 $9,532
6/30/2007 $10,212 $9,595
7/31/2007 $10,162 $9,592
8/31/2007 $9,777 $9,008
9/30/2007 $9,823 $8,953
10/31/2007 $9,854 $9,277
11/30/2007 $9,663 $8,887
12/31/2007 $9,074 $8,355
1/31/2008 $8,714 $7,945
2/29/2008 $8,754 $8,032
3/31/2008 $8,748 $8,035
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Funds 11
Performance Summary (unaudited)
WisdomTree Pacific ex-Japan Total Dividend Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Financials 36.1%
Communications 20.5%
Industrials 9.2%
Basic Materials 9.1%
Energy 6.8%
Consumer Non-Cyclical 6.2%
Consumer Cyclical 4.1%
Diversified 3.4%
Utilities 3.3%
Technology 0.4%
Other 0.9%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
================================================
Description % of Net Assets
------------------------------------------------
China Mobile Ltd. 8.4%
------------------------------------------------
Telstra Corp. Ltd. 4.9%
------------------------------------------------
Commonwealth Bank of
Australia 4.5%
------------------------------------------------
National Australian Bank Ltd. 3.9%
------------------------------------------------
BHP Billiton Ltd. 3.7%
------------------------------------------------
Westpac Banking Corp. 3.6%
------------------------------------------------
Australia & New Zealand
Banking Group Ltd. 3.4%
------------------------------------------------
CNOOC Ltd. 2.9%
------------------------------------------------
Singapore
Telecommunications Ltd. 2.7%
------------------------------------------------
Hang Seng Bank Ltd. 2.5%
------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Pacific ex-Japan Total Dividend Fund seeks investment results
that closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree Pacific ex-Japan Dividend Index.
The WisdomTree Pacific ex-Japan Total Dividend Fund (DND) returned 10.58% at net
asset value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Telecommunication Services
contributed most significantly to this performance, comprising on average 16.63%
of the Fund and returned 37.25% over the period. China Mobile Ltd. was the top
performing security in the Fund. Financials contributed the least to the Fund
returning -1.44% over the period and comprising on average 40.05% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.48%.
Performance as of 3/31/08
==============================================================================================
Average Annual Total Return
----------------------------------------------------------------------------------------------
WisdomTree
Pacific ex-Japan MSCI Pacific
Net Asset Value Market Price Dividend Index ex-Japan Index
----------------------------------------------------------------------------------------------
One Year 10.58% 10.27% 12.27% 5.88%
----------------------------------------------------------------------------------------------
Since Inception(1) 26.03% 26.40% 27.51% 21.65%
----------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree Pacific MSCI
ex-Japan Total Pacific ex-
Date Dividend Fund Japan Index
-----------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,288 $10,302
7/31/2006 $10,499 $10,426
8/31/2006 $10,827 $10,749
9/30/2006 $10,847 $10,706
10/31/2006 $11,625 $11,441
11/30/2006 $12,138 $11,976
12/31/2006 $12,714 $12,494
1/31/2007 $12,844 $12,610
2/28/2007 $13,038 $12,825
3/31/2007 $13,680 $13,413
4/30/2007 $14,403 $14,093
5/31/2007 $14,717 $14,372
6/30/2007 $15,070 $14,687
7/31/2007 $15,278 $14,760
8/31/2007 $14,971 $14,499
9/30/2007 $17,018 $16,609
10/31/2007 $18,728 $17,902
11/30/2007 $17,484 $16,711
12/31/2007 $16,734 $16,333
1/31/2008 $15,039 $14,676
2/29/2008 $15,483 $14,939
3/31/2008 $14,779 $14,207
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
12 WisdomTree International Dividend Funds
Performance Summary (unaudited)
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Financials 49.8%
Communications 14.9%
Industrials 12.3%
Consumer Non-Cyclical 8.1%
Basic Materials 6.2%
Consumer Cyclical 4.8%
Energy 1.7%
Utilities 0.3%
Technology 0.2%
Other 1.7%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
=================================================
Description % of Net Assets
-------------------------------------------------
Telstra Corp. Ltd. 9.4%
-------------------------------------------------
Westpac Banking Corp. 8.5%
-------------------------------------------------
Commonwealth Bank of
Australia 8.0%
-------------------------------------------------
Australia & New Zealand
Banking Group Ltd. 7.1%
-------------------------------------------------
National Australia Bank Ltd. 7.0%
-------------------------------------------------
Hang Seng Bank Ltd. 6.1%
-------------------------------------------------
Wesfarmers Ltd. 4.7%
-------------------------------------------------
Suncorp-Metway Ltd. 2.8%
-------------------------------------------------
St.George Bank Ltd. 2.8%
-------------------------------------------------
AMP Ltd. 2.7%
-------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Pacific ex-Japan High-Yielding Equity Fund seeks investment
results that closely correspond to the price and yield performance, before fees
and expenses, of the WisdomTree Pacific ex-Japan High-Yielding Equity Index.
The WisdomTree Pacific ex-Japan High-Yielding Equity Fund (DNH) returned -0.69%
at net asset value ("NAV") for the fiscal year ended March 31, 2008 (for more
complete performance information, please see below). Telecommunication Services
contributed most significantly to this performance, comprising on average 11.27%
of the Fund and returned 10.07% over the period. Hang Seng Bank Ltd. was the top
performing security in the Fund. Financials contributed the least to the Fund
returning -4.23% over the period and comprising on average 51.36% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
============================================================================================
Average Annual Total Return
--------------------------------------------------------------------------------------------
WisdomTree
Pacific ex-Japan MSCI Pacific
High-Yielding ex-Japan
Net Asset Value Market Price Equity Index Value Index
--------------------------------------------------------------------------------------------
One Year (0.69)% (0.66)% (0.04)% (1.44)%
--------------------------------------------------------------------------------------------
Since Inception(1) 19.27% 19.67% 20.17% 16.51%
--------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
Pacific ex-
Japan High- MSCI Pacific
Yielding Equity ex-Japan
Date Fund Value Index
-----------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,184 $10,288
7/31/2006 $10,390 $10,512
8/31/2006 $10,757 $10,853
9/30/2006 $10,755 $10,855
10/31/2006 $11,683 $11,537
11/30/2006 $12,177 $12,094
12/31/2006 $12,678 $12,674
1/31/2007 $12,775 $12,831
2/28/2007 $13,044 $12,926
3/31/2007 $13,802 $13,342
4/30/2007 $14,789 $14,081
5/31/2007 $14,886 $14,253
6/30/2007 $15,137 $14,283
7/31/2007 $15,061 $14,284
8/31/2007 $14,294 $13,864
9/30/2007 $15,832 $15,349
10/31/2007 $17,109 $16,527
11/30/2007 $15,829 $15,297
12/31/2007 $14,658 $14,955
1/31/2008 $13,451 $13,613
2/29/2008 $13,569 $13,428
3/31/2008 $13,024 $13,149
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Funds 13
Performance Summary (unaudited)
WisdomTree International LargeCap Dividend Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Financials 34.3%
Communications 14.4%
Consumer Non-Cyclical 13.3%
Energy 11.6%
Utilities 9.7%
Consumer Cyclical 5.1%
Basic Materials 4.9%
Industrials 4.9%
Diversified 0.7%
Technology 0.5%
Other 0.6%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
==================================================
Description % of Net Assets
--------------------------------------------------
HSBC Holdings PLC 2.9%
--------------------------------------------------
TOTAL S.A. 2.5%
--------------------------------------------------
Eni SpA 2.3%
--------------------------------------------------
BP PLC 2.2%
--------------------------------------------------
Banco Santander Central
Hispano, S.A. 2.0%
--------------------------------------------------
Telefonica, S.A. 2.0%
--------------------------------------------------
Vodafone Group PLC 2.0%
--------------------------------------------------
China Mobile Ltd. 1.8%
--------------------------------------------------
Banca Intesa SpA 1.6%
--------------------------------------------------
Royal Dutch Shell PLC Class A 1.6%
--------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International LargeCap Dividend Fund seeks investment results
that closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree International LargeCap Dividend Index.
The WisdomTree International LargeCap Dividend Fund (DOL) returned 0.93% at net
asset value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Telecommunication Services
contributed most significantly to this performance, comprising on average 12.55%
of the Fund and returned 15.22% over the period. China Mobile Ltd. was the top
performing security in the Fund. Financials contributed the least to the Fund
returning -9.85% over the period and comprising on average 35.53% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.48%.
Performance as of 3/31/08
=============================================================================================
Average Annual Total Return
---------------------------------------------------------------------------------------------
WisdomTree
International
LargeCap
Net Asset Value Market Price Dividend Index MSCI EAFE Index
---------------------------------------------------------------------------------------------
One Year 0.93% 0.42% 1.11% (2.68)%
---------------------------------------------------------------------------------------------
Since Inception(1) 14.42% 14.03% 15.52% 11.75%
---------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
International
LargeCap Dividend MSCI
Date Fund EAFE Index
--------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,499 $10,507
7/31/2006 $10,670 $10,611
8/31/2006 $10,975 $10,903
9/30/2006 $11,023 $10,920
10/31/2006 $11,534 $11,345
11/30/2006 $11,877 $11,684
12/31/2006 $12,245 $12,051
1/31/2007 $12,279 $12,132
2/28/2007 $12,267 $12,230
3/31/2007 $12,608 $12,542
4/30/2007 $13,340 $13,099
5/31/2007 $13,546 $13,329
6/30/2007 $13,617 $13,345
7/31/2007 $13,377 $13,148
8/31/2007 $13,265 $12,943
9/30/2007 $14,087 $13,635
10/31/2007 $14,835 $14,171
11/30/2007 $14,400 $13,705
12/31/2007 $13,852 $13,397
1/31/2008 $12,412 $12,159
2/29/2008 $12,506 $12,333
3/31/2008 $12,470 $12,203
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
14 WisdomTree International Dividend Funds
Performance Summary (unaudited)
WisdomTree International Dividend Top 100(SM) Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Financials 48.3%
Communications 17.3%
Utilities 11.5%
Consumer Non-Cyclical 8.4%
Energy 7.2%
Industrials 2.7%
Consumer Cyclical 2.1%
Basic Materials 1.8%
Other 0.7%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
============================================
Description % of Net Assets
--------------------------------------------
Telstra Corp. Ltd. 2.2%
--------------------------------------------
Banca Intesa SpA 2.1%
--------------------------------------------
Enel SpA 1.8%
--------------------------------------------
Lloyds TSB Group PLC 1.7%
--------------------------------------------
Woodside Petroleum Ltd. 1.6%
--------------------------------------------
DnB NOR ASA 1.6%
--------------------------------------------
Westpac Banking Corp. 1.6%
--------------------------------------------
Belgacom S.A. 1.6%
--------------------------------------------
Vivendi S.A. 1.5%
--------------------------------------------
Commonwealth Bank of
Australia 1.5%
--------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Dividend Top 100(SM) Fund seeks investment results
that closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree International Dividend Top 100(SM) Index.
The WisdomTree International Dividend Top 100(SM) Fund (DOO) returned -1.05% at
net asset value ("NAV") for the fiscal year ended March 31, 2008 (for more
complete performance information, please see below). Utilities contributed most
significantly to this performance, comprising on average 11.89% of the Fund and
returned 17.15% over the period. Woodside Petroleum Ltd. was the top performing
security in the Fund. Financials contributed the least to the Fund returning
-9.51% over the period and comprising on average 49.08% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
========================================================================================
Average Annual Total Return
----------------------------------------------------------------------------------------
WisdomTree
International
Dividend MSCI EAFE
Net Asset Value Market Price Top 100 Index Value Index
----------------------------------------------------------------------------------------
One Year (1.05)% (1.93)% (0.48)% (7.22)%
----------------------------------------------------------------------------------------
Since Inception(1) 17.00% 16.40% 17.91% 9.54%
----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
International MSCI
Dividend Top EAFE
Date 100(SM) Fund Value Index
------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,456 $10,473
7/31/2006 $10,621 $10,632
8/31/2006 $11,019 $10,959
9/30/2006 $11,224 $11,052
10/31/2006 $11,810 $11,533
11/30/2006 $12,266 $11,886
12/31/2006 $12,801 $12,299
1/31/2007 $12,871 $12,367
2/28/2007 $12,907 $12,471
3/31/2007 $13,383 $12,694
4/30/2007 $14,188 $13,276
5/31/2007 $14,357 $13,476
6/30/2007 $14,230 $13,474
7/31/2007 $13,994 $13,187
8/31/2007 $13,806 $12,903
9/30/2007 $14,628 $13,476
10/31/2007 $15,533 $13,993
11/30/2007 $14,886 $13,349
12/31/2007 $14,228 $13,032
1/31/2008 $12,892 $11,823
2/29/2008 $12,934 $11,839
3/31/2008 $12,909 $11,773
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Funds 15
Performance Summary (unaudited)
WisdomTree International MidCap Dividend Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Financials 17.7%
Industrials 17.0%
Consumer Non-Cyclical 14.2%
Consumer Cyclical 13.1%
Basic Materials 12.1%
Utilities 8.7%
Communications 8.7%
Energy 3.4%
Diversified 2.4%
Technology 2.0%
Other 0.7%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
==================================================
Description % of Net Assets
--------------------------------------------------
Wesfarmers Ltd. 1.6%
--------------------------------------------------
United Utilities PLC 1.3%
--------------------------------------------------
Societe Des Autoroutes
Paris-Rhin-Rhone 1.1%
--------------------------------------------------
Scottish & Newcastle PLC 1.0%
--------------------------------------------------
HongKong Electric Holdings Ltd. 1.0%
--------------------------------------------------
Telecom Corp. of
New Zealand Ltd. 0.9%
--------------------------------------------------
Snam Rete Gas SpA 0.9%
--------------------------------------------------
BlueScope Steel Ltd. 0.8%
--------------------------------------------------
Alleanza Assicurazioni SpA 0.8%
--------------------------------------------------
Casino Guichard Perrachon S.A. 0.7%
--------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International MidCap Dividend Fund seeks investment results that
closely correspond to the price and yield performance, before fees and expenses,
of the WisdomTree International MidCap Dividend Index.
The WisdomTree International MidCap Dividend Fund (DIM) returned -4.61% at net
asset value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Consumer Staples contributed most
significantly to this performance, comprising on average 8.52% of the Fund and
returned 9.23% over the period. Hong Kong Exchanges & Clearing Ltd. was the top
performing security in the Fund. Consumer Discretionary contributed the least to
the Fund returning -21.59% over the period and comprising on average 18.25% of
the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
=============================================================================================
Average Annual Total Return
---------------------------------------------------------------------------------------------
WisdomTree
International
MidCap Dividend
Net Asset Value Market Price Index MSCI EAFE Index
---------------------------------------------------------------------------------------------
One Year (4.61)% (5.31)% (4.67)% (2.68)%
---------------------------------------------------------------------------------------------
Since Inception(1) 15.45% 14.98% 15.99% 11.75%
---------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
International MidCap MSCI
Date Dividend Fund EAFE Index
---------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,435 $10,507
7/31/2006 $10,571 $10,611
8/31/2006 $10,958 $10,903
9/30/2006 $11,199 $10,920
10/31/2006 $11,728 $11,345
11/30/2006 $12,216 $11,684
12/31/2006 $12,757 $12,051
1/31/2007 $12,837 $12,132
2/28/2007 $12,941 $12,230
3/31/2007 $13,557 $12,542
4/30/2007 $14,256 $13,099
5/31/2007 $14,538 $13,329
6/30/2007 $14,404 $13,345
7/31/2007 $14,208 $13,148
8/31/2007 $13,883 $12,943
9/30/2007 $14,449 $13,635
10/31/2007 $15,065 $14,171
11/30/2007 $14,318 $13,705
12/31/2007 $13,513 $13,397
1/31/2008 $12,365 $12,159
2/29/2008 $12,703 $12,333
3/31/2008 $12,563 $12,203
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
16 WisdomTree International Dividend Funds
Performance Summary (unaudited)
WisdomTree International SmallCap Dividend Fund
Sector Breakdown+ as of 3/31/08++
=================================
[PIE CHART]
Industrials 25.7%
Consumer Non-Cyclical 18.2%
Financials 16.8%
Consumer Cyclical 15.5%
Communications 7.4%
Basic Materials 7.1%
Energy 2.7%
Technology 2.5%
Diversified 1.6%
Utilities 1.4%
Other 1.1%
---------------------------------
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
++ A sector may be comprised of several industries.
Top Ten Holdings* as of 3/31/08
==================================================
Description % of Net Assets
--------------------------------------------------
Wing Lung Bank Ltd. 0.9%
--------------------------------------------------
Kungsleden Fastighets AB 0.8%
--------------------------------------------------
Euronav N.V. 0.7%
--------------------------------------------------
Stagecoach Group PLC 0.7%
--------------------------------------------------
CSR Ltd. 0.7%
--------------------------------------------------
Orion Oyj Class B 0.6%
--------------------------------------------------
MacArthur Coal Ltd. 0.6%
--------------------------------------------------
Electrocomponents PLC 0.6%
--------------------------------------------------
Singapore Petroleum Co., Ltd. 0.6%
--------------------------------------------------
SMRT Corp. Ltd. 0.6%
--------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International SmallCap Dividend Fund seeks investment results
that closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree International SmallCap Dividend Index.
The WisdomTree International SmallCap Dividend Fund (DLS) returned -7.79 at net
asset value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Materials contributed most
significantly to this performance, comprising on average 9.03% of the Fund and
returned 3.91% over the period. Wing Lung Bank Ltd. was the top performing
security in the Fund. Consumer Discretionary contributed the least to the Fund
returning -16.98% over the period and comprising on average 21.42% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
============================================================================================
Average Annual Total Return
--------------------------------------------------------------------------------------------
WisdomTree
International
SmallCap MSCI EAFE
Net Asset Value Market Price Dividend Index SmallCap Index
--------------------------------------------------------------------------------------------
One Year (7.79)% (7.87)% (7.91)% (11.13)%
--------------------------------------------------------------------------------------------
Since Inception(1) 13.12% 13.20% 12.71% 5.62%
--------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on June 16, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
International MSCI
SmallCap Dividend EAFE
Date Fund SmallCap Index
--------------------------------------------------------
6/16/2006 $10,000 $10,000
6/30/2006 $10,344 $10,338
7/31/2006 $10,379 $10,059
8/31/2006 $10,628 $10,340
9/30/2006 $10,810 $10,380
10/31/2006 $11,366 $10,760
11/30/2006 $11,964 $11,222
12/31/2006 $12,506 $11,595
1/31/2007 $12,694 $11,838
2/28/2007 $12,911 $12,035
3/31/2007 $13,521 $12,418
4/30/2007 $14,237 $12,879
5/31/2007 $14,442 $12,972
6/30/2007 $14,258 $12,943
7/31/2007 $14,275 $12,893
8/31/2007 $13,555 $12,227
9/30/2007 $13,876 $12,362
10/31/2007 $14,684 $13,132
11/30/2007 $13,785 $12,187
12/31/2007 $13,056 $11,763
1/31/2008 $11,963 $10,615
2/29/2008 $12,287 $11,065
3/31/2008 $12,187 $11,029
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Funds 17
Performance Summary (unaudited)
WisdomTree International Real Estate Fund
Industry Breakdown+ as of 3/31/08
====================================
[PIE CHART]
Real Estate Management &
Development 44.6%
Retail REITS 23.9%
Diversified REITS 15.7%
Office REITS 9.0%
Industrial REITS 5.1%
Residential REITS 0.8%
Specialized REITS 0.3%
Other 0.6%
------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
=================================================
Description % of Net Assets
-------------------------------------------------
Westfield Group 9.9%
-------------------------------------------------
Sun Hung Kai Properties Ltd. 6.9%
-------------------------------------------------
Cheung Kong (Holdings) Ltd. 4.9%
-------------------------------------------------
Stockland 2.9%
-------------------------------------------------
Henderson Land Development
Co., Ltd. 2.9%
-------------------------------------------------
Land Securities Group PLC 2.5%
-------------------------------------------------
Wharf Holdings Ltd. 2.4%
-------------------------------------------------
Hang Lung Properties Ltd. 2.4%
-------------------------------------------------
GPT Group 2.3%
-------------------------------------------------
Metrovacesa S.A. 2.1%
-------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Real Estate Fund seeks investment results that
closely correspond to the price and yield performance, before fees and expenses,
of the WisdomTree International Real Estate Index.
The WisdomTree International Real Estate Fund (DRW) returned -15.90% from its
inception on June 5, 2007 through March 31, 2008 (for more complete performance
information, please see below). Hong Kong contributed most significantly to this
performance, comprising on average 26.33% of the Fund and returned 9.19% over
the period. Sun Hung Kai Properties Ltd. was the top performing security in the
Fund. Australia contributed the least to the Fund returning -23.09% over the
period and comprising on average 33.15% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the
market price per share of the Fund. The price used to calculate market price
returns is the mid-point of the highest bid and lowest offer for Fund shares as
of the close of trading on the exchange where Fund shares are listed. NAV and
market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
==============================================================================================
Cumulative Total Return
----------------------------------------------------------------------------------------------
WisdomTree
International
Real Estate Dow Jones Wilshire
Net Asset Value Market Price Index ex-U.S. RESI Index
----------------------------------------------------------------------------------------------
Since Inception(1) (15.90)% (15.41)% (14.87)% (22.12)%
----------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX on June 5, 2007.
[LINE CHART]
Growth of $10,000 Investment
Dow Jones
Wilshire ex-U.S.
WisdomTree Real Estate
International Real Securities
Date Estate Fund Index
----------------------------------------------------------
6/5/2007 $10,000 $10,000
6/30/2007 $9,542 $9,371
7/31/2007 $9,372 $8,887
8/31/2007 $9,308 $8,852
9/30/2007 $10,183 $9,307
10/31/2007 $10,678 $9,512
11/30/2007 $10,092 $8,795
12/31/2007 $9,303 $8,377
1/31/2008 $8,461 $7,924
2/29/2008 $8,380 $7,948
3/31/2008 $8,063 $7,788
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
18 WisdomTree International Dividend Funds
Performance Summary (unaudited)
WisdomTree Emerging Markets High-Yielding Equity Fund
Industry Breakdown+ as of 3/31/08
=========================================
[PIE CHART]
Materials 22.6%
Energy 19.2%
Telecommunication Services 17.0%
Banks 12.2%
Utilities 4.7%
Transportation 3.7%
Semiconductors & Semiconductor
Equipment 3.7%
Food, Beverages & Tobacco 3.6%
Capital Goods 2.6%
Technology Hardware & Equipment 2.4%
Diversified Financials 1.9%
Other 6.4%
-----------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
==============================================
Description % of Net Assets
----------------------------------------------
Petroleo Brasileiro S.A. 7.9%
----------------------------------------------
Taiwan Semiconductor
Manufacturing Co., Ltd. 3.4%
----------------------------------------------
Formosa Petrochemical Corp. 3.1%
----------------------------------------------
Chunghwa Telecom Co., Ltd. 3.1%
----------------------------------------------
China Steel Corp. 3.1%
----------------------------------------------
Anglo Platinum Ltd. 2.7%
----------------------------------------------
S-Oil Corp. 2.4%
----------------------------------------------
PTT PCL 2.3%
----------------------------------------------
Formosa Chemicals & Fibre
Corp. 2.1%
----------------------------------------------
Nan Ya Plastics Corp. 2.0%
----------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Emerging Markets High-Yielding Equity Fund seeks investment
results that closely correspond to the price and yield performance, before fees
and expenses, of the WisdomTree Emerging Markets High-Yielding Equity Index.
The WisdomTree Emerging Markets High-Yielding Equity Fund (DEM) returned 3.23%
from its inception on July 13, 2007 through March 31, 2008 (for more complete
performance information, please see below). Materials contributed most
significantly to this performance, comprising on average 21.67% of the Fund and
returned 15.97% over the period. Petroleo Brasileiro S.A. - Pertrobras was the
top performing security in the Fund. Financials contributed the least to the
Fund returning -4.60% over the period and comprising on average 15.74% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the
market price per share of the Fund. The price used to calculate market price
returns is the mid-point of the highest bid and lowest offer for Fund shares as
of the close of trading on the exchange where Fund shares are listed. NAV and
market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.63%.
Performance as of 3/31/08
==========================================================================================
Cumulative Total Return
------------------------------------------------------------------------------------------
WisdomTree
Emerging
Markets
High-Yielding MSCI Emerging
Net Asset Value Market Price Equity Index Markets Index
------------------------------------------------------------------------------------------
Since Inception(1) 3.23% 0.98% 3.77% (2.51)%
------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on July 13, 2007.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree MSCI
Emerging Markets Emerging
High-Yielding Markets
Date Equity Fund Index
-------------------------------------------------------------
7/13/2007 $10,000 $10,000
7/31/2007 $9,591 $9,724
8/31/2007 $9,525 $9,518
9/30/2007 $10,420 $10,569
10/31/2007 $10,926 $11,747
11/30/2007 $10,327 $10,915
12/31/2007 $9,519 $10,953
1/31/2008 $8,658 $9,586
2/29/2008 $8,575 $10,294
3/31/2008 $8,251 $9,749
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Funds 19
Performance Summary (unaudited)
WisdomTree Emerging Markets SmallCap Dividend Fund
Industry Breakdown+ as of 3/31/08
=======================================
[PIE CHART]
Transportation 11.9%
Capital Goods 11.0%
Materials 10.9%
Food, Beverages & Tobacco 7.4%
Technology Hardware & Equipment 7.3%
Energy 5.0%
Banks 4.3%
Consumer Durables & Apparel 4.1%
Retailing 4.1%
Insurance 3.4%
Utilities 3.0%
Other 27.6%
---------------------------------------
+ The Fund's industy breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
================================================
Description % of Net Assets
------------------------------------------------
IDB Development Corp., Ltd. 2.7%
------------------------------------------------
Grupo Continental SAB de C.V. 1.9%
------------------------------------------------
Berjaya Sports Toto Bhd 1.7%
------------------------------------------------
Evergreen Marine Corp.
(Taiwan) Ltd. 1.6%
------------------------------------------------
U-Ming Marine Transport Corp. 1.5%
------------------------------------------------
IDB Holding Corp., Ltd. 1.5%
------------------------------------------------
Yang Ming Marine
Transport Corp. 1.4%
------------------------------------------------
PTT Aromatics & Refining PCL 1.4%
------------------------------------------------
Northam Platinum Ltd. 1.4%
------------------------------------------------
Discount Investment Corp. 1.2%
------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree Emerging Markets SmallCap Dividend Fund seeks investment results
that closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree Emerging Markets SmallCap Dividend Index.
The WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) returned -14.57%
from its inception on October 30, 2007 through March 31, 2008 (for more complete
performance information, please see below). Health Care contributed most
significantly to this performance, comprising on average 0.77% of the Fund and
returned -19.20% over the period. Taiwan Fertilizer Co., Ltd. was the top
performing security in the Fund. Industrials contributed the least to the Fund
returning -15.09% over the period and comprising on average 25.75% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the
market price per share of the Fund. The price used to calculate market price
returns is the mid-point of the highest bid and lowest offer for Fund shares as
of the close of trading on the exchange where Fund shares are listed. NAV and
market 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.
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 are not available for direct investment. In comparison, the
Fund's performance is negatively impacted by these deductions. Fund returns do
not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.63%.
Performance as of 3/31/08
===========================================================================================
Cumulative Total Return
-------------------------------------------------------------------------------------------
WisdomTree
Emerging
Markets
SmallCap MSCI Emerging
Net Asset Value Market Price Dividend Index Markets Index
-------------------------------------------------------------------------------------------
Since Inception(1) (14.57)% (13.63)% (13.75)% (16.62)%
-------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 30, 2007.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree MSCI
Emerging Markets Emerging
SmallCap Markets
Date Dividend Fund Index
---------------------------------------------------------
10/30/2007 $10,000 $10,000
10/31/2007 $10,016 $10,047
11/30/2007 $9,182 $9,335
12/31/2007 $9,207 $9,368
1/31/2008 $8,102 $8,199
2/29/2008 $8,799 $8,804
3/31/2008 $8,535 $8,338
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have not been
annualized. Index returns do not reflect expenses paid by the Fund.
20 WisdomTree International Dividend Funds
Shareholder Expense Examples (unaudited)
As a shareholder of a WisdomTree Fund, you incur two types of costs: (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 following example is 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 example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from October 1, 2007 to March 31, 2008 for
all Funds except the WisdomTree Emerging Markets SmallCap Dividend Fund whose
period was October 30, 2007 through March 31, 2008.
Actual expenses
The first line under each Fund in the table on the next page 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 Period 10/01/07 to 3/31/08" to estimate
the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table on the next page provides
information about hypothetical account values and hypothetical expenses based on
each 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 under each Fund 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 International Dividend Funds 21
Shareholder Expense Examples (unaudited) (concluded)
===================================================================================================================
Annualized
Expense Ratio Expenses Paid
Based on the During the
Beginning Ending Period Period+
Account Value Account Value 10/01/07 to 10/01/07 to
10/01/07 3/31/08 3/31/08 3/31/08
-------------------------------------------------------------------------------------------------------------------
WisdomTree DEFA Fund
Actual $ 1,000.00 $ 899.92 0.48% $ 2.30
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.58 0.48% $ 2.45
-------------------------------------------------------------------------------------------------------------------
WisdomTree DEFA High-Yielding Equity Fund
Actual $ 1,000.00 $ 894.76 0.58% $ 2.77
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
-------------------------------------------------------------------------------------------------------------------
WisdomTree Europe Total Dividend Fund
Actual $ 1,000.00 $ 910.32 0.48% $ 2.31
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.58 0.48% $ 2.45
-------------------------------------------------------------------------------------------------------------------
WisdomTree Europe High-Yielding Equity Fund
Actual $ 1,000.00 $ 893.51 0.58% $ 2.77
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
-------------------------------------------------------------------------------------------------------------------
WisdomTree Europe SmallCap Dividend Fund
Actual $ 1,000.00 $ 897.14 0.58% $ 2.77
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
-------------------------------------------------------------------------------------------------------------------
WisdomTree Japan Total Dividend Fund
Actual $ 1,000.00 $ 883.51 0.48% $ 2.28
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.58 0.48% $ 2.45
-------------------------------------------------------------------------------------------------------------------
WisdomTree Japan High-Yielding Equity Fund
Actual $ 1,000.00 $ 902.13 0.58% $ 2.78
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
-------------------------------------------------------------------------------------------------------------------
WisdomTree Japan SmallCap Dividend Fund
Actual $ 1,000.00 $ 902.33 0.58% $ 2.78
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.09 0.58% $ 2.95
-------------------------------------------------------------------------------------------------------------------
WisdomTree Pacific ex-Japan Total Dividend Fund
Actual $ 1,000.00 $ 888.91 0.48% $ 2.29
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.58 0.48% $ 2.45
-------------------------------------------------------------------------------------------------------------------
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
Actual $ 1,000.00 $ 865.70 0.58% $ 2.73
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
-------------------------------------------------------------------------------------------------------------------
WisdomTree International LargeCap Dividend Fund
Actual $ 1,000.00 $ 903.32 0.48% $ 2.30
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.59 0.48% $ 2.45
-------------------------------------------------------------------------------------------------------------------
WisdomTree International Dividend Top 100 Fund
Actual $ 1,000.00 $ 905.35 0.58% $ 2.78
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
-------------------------------------------------------------------------------------------------------------------
WisdomTree International MidCap Dividend Fund
Actual $ 1,000.00 $ 895.03 0.58% $ 2.77
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
-------------------------------------------------------------------------------------------------------------------
WisdomTree International SmallCap Dividend Fund
Actual $ 1,000.00 $ 898.50 0.58% $ 2.77
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
-------------------------------------------------------------------------------------------------------------------
WisdomTree International Real Estate Fund
Actual $ 1,000.00 $ 825.83 0.58% $ 2.67
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
-------------------------------------------------------------------------------------------------------------------
WisdomTree Emerging Markets High-Yielding Equity Fund
Actual $ 1,000.00 $ 1,007.45 0.63% $ 3.18
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.83 0.63% $ 3.21
-------------------------------------------------------------------------------------------------------------------
WisdomTree Emerging Markets SmallCap Dividend Fund*
Actual $ 1,000.00 $ 854.31 0.63% $ 2.47
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.86 0.63% $ 3.21
-------------------------------------------------------------------------------------------------------------------
* Commencement of investment operations for the Emerging Markets SmallCap
Dividend Fund is October 30, 2007.
+ Expenses are calculating using each Fund's annualized expense ratio,
multiplied by the average account value for the period, multiplied by
183/366 (to reflect one-half year period) except for actual return
information which reflects the 154 day period for WisdomTree Emerging
Markets SmallCap Dividend Fund.
22 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree DEFA Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
COMMON STOCKS - 99.2%
Australia - 8.5%
Alumina Ltd. 70,810 $ 368,442
Amcor Ltd. 72,364 472,311
AMP Ltd. 80,474 576,667
Aristocrat Leisure Ltd. 35,284 309,206
Austbrokers Holdings Ltd. 27,737 97,481
Australia & New Zealand Banking Group Ltd. 101,618 2,091,783
Australian Stock Exchange Ltd. 15,050 513,816
AXA Asia Pacific Holdings Ltd. 71,373 358,341
BHP Billiton Ltd. 81,736 2,671,881
Billabong International Ltd.(a) 33,337 395,612
BlueScope Steel Ltd. 60,033 540,887
Caltex Australia Ltd. 23,001 273,164
Chandler Macleod Ltd 68,601 41,331
Coca-Cola Amatil Ltd. 65,793 510,503
Commonwealth Bank of Australia 81,506 3,110,780
Computershare Ltd. 44,698 357,023
Consolidated Media Holdings Ltd. 11,026 37,543
CSL Ltd. 26,248 884,382
CSR Ltd. 147,626 431,233
Energy Developments Ltd.(a) 66,460 142,570
FairFax Media Ltd. 123,434 390,988
Foster's Group Ltd. 97,855 457,354
Harvey Norman Holdings Ltd. 119,012 424,783
Insurance Australia Group Ltd.(a) 109,297 365,165
Leighton Holdings Ltd.(a) 17,270 674,739
Lend Lease Corp. Ltd. 33,418 404,200
Lion Nathan Ltd. 60,869 486,187
Macquarie Group Ltd.(a) 8,317 401,019
National Australia Bank Ltd. 91,885 2,528,899
Newcrest Mining Ltd. 23,653 720,513
Orica Ltd. 21,551 573,070
Perpetual Ltd. 7,009 344,541
Qantas Airways Ltd. 161,817 580,519
QBE Insurance Group Ltd. 28,186 571,454
Rio Tinto Ltd.(a) 8,128 908,907
Santos Ltd. 42,804 566,568
Sonic Healthcare Ltd. 33,701 423,005
SP Telemedia Ltd.(a) 792,711 260,506
St.George Bank Ltd. 32,176 755,151
Suncorp-Metway Ltd. 57,437 674,792
TABCORP Holdings Ltd. 38,070 491,744
Telstra Corp. Ltd. 655,885 2,634,389
Toll Holdings Ltd. 32,041 293,071
Wesfarmers Ltd. 27,870 1,017,391
Wesfarmers Ltd. -Price Protected Shares* 5,740 210,953
Westpac Banking Corp. 103,210 2,237,613
Woodside Petroleum Ltd. 18,996 945,057
Woolworths Ltd. 45,207 1,196,749
Zinifex Ltd. 27,422 249,821
------------
Total Australia 35,974,104
----------------------------------------------------------------------------
Austria - 0.4%
Andritz AG 756 41,652
Bank Austria Creditanstalt AG 3,513 779,313
BOEHLER-UDDEHOLM AG 1,231 136,541
Flughafen Wien AG 621 75,109
OMV AG 2,897 192,156
Schoeller-Bleckmann Oilfield Equipment AG 486 43,464
voestalpine AG 2,064 143,902
Wienerberger AG 2,120 113,173
------------
Total Austria 1,525,310
----------------------------------------------------------------------------
Belgium - 1.7%
Barco N.V. 4,258 306,045
Bekaert S.A. 891 130,129
Belgacom S.A. 18,531 823,640
Cofinimmo 956 207,441
Compagnie Maritime Belge S.A. 4,804 324,431
Delhaize Group 1,904 150,366
Dexia N.V. 39,065 1,117,303
Euronav N.V. 6,919 263,782
Exmar N.V. 4,869 126,992
Fortis N.V. 3,882 98,174
Groep Colruyt S.A. 675 174,340
InBev N.V. 7,189 634,953
KBC Ancora 625 64,531
KBC Groep N.V. 10,445 1,359,468
Mobistar S.A. 4,641 422,114
Solvay S.A. 2,337 299,284
UCB S.A. 17,572 612,701
------------
Total Belgium 7,115,694
----------------------------------------------------------------------------
Denmark - 0.8%
A/S Dampskibsselskabat Torm 5,602 166,646
Amagerbanken A/S 10,375 438,699
Danisco A/S 4,093 300,045
Danske Bank A/S 26,807 992,535
H. Lundbeck A/S 12,901 323,467
NKT Holding A/S 650 46,959
Novo-Nordisk A/S Class B 10,602 727,638
Rella Holding A/S 16,100 239,469
------------
Total Denmark 3,235,458
----------------------------------------------------------------------------
Finland - 2.0%
Elisa Oyj 4,193 105,108
Finnair Oyj 5,415 62,293
Fortum Oyj 50,471 2,064,124
KCI Konecranes Oyj(a) 4,055 156,779
Kemira Oyj 5,415 83,229
Kesko Oyj Class B 2,711 140,685
Metso Oyj 2,711 146,913
Nokia Oyj 100,193 3,181,567
Nokian Renkaat Oyj 5,415 231,669
Ramirent Oyj 10,748 204,199
Rautaruukki Oyj 8,100 392,362
See Notes to Financial Statements.
WisdomTree International Dividend Funds 23
Schedule of Investments (continued)
WisdomTree DEFA Fund
March 31, 2008
====================================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------------
Sampo Oyj Class A 21,635 $ 587,932
Sanoma-WSOY Oyj 7,036 195,775
Stora Enso Oyj Class R(a) 21,635 250,600
UPM-Kymmene Oyj(a) 21,635 385,670
Uponor Oyj 2,711 64,006
Wartsila Oyj Class B(a) 2,711 183,642
YIT Oyj 2,711 77,194
------------
Total Finland 8,513,747
------------------------------------------------------------------------------------
France - 12.9%
Accor S.A. 9,917 726,929
Air France-KLM 10,438 295,065
AXA S.A. 111,823 4,073,578
BNP Paribas 30,332 3,070,718
Carrefour S.A. 19,703 1,525,740
Casino Guichard Perrachon S.A. 7,269 874,684
Christian Dior S.A. 5,878 653,003
Cie de Saint-Gobain S.A. 10,049 822,430
CNP Assurances S.A. 5,877 727,112
Compagnie Generale des Etablissements
Michelin Class B 8,915 934,029
Credit Agricole S.A. 70,430 2,187,357
Electricite de France 42,142 3,680,031
Gaz de France S.A. 16,204 981,852
Groupe Danone 12,081 1,084,257
Hermes International 6,548 820,713
Lafarge S.A. 5,474 955,509
Lagardere SCA 7,322 549,474
L'Air Liquide S.A. 7,190 1,100,214
L'Oreal S.A. 11,938 1,521,632
LVMH Moet Hennessy Louis Vuitton S.A. 8,858 989,534
Natixis 121,972 1,969,429
NRJ Group(a) 23,314 195,055
PPR S.A. 4,804 714,403
Renault S.A. 20,864 2,317,511
Sanofi-Aventis 30,456 2,293,269
Schneider Electric S.A. 7,645 992,854
Societe Des Autoroutes Paris-Rhin-Rhone 10,698 1,298,486
Societe Generale 16,861 1,656,994
Sodexho Alliance S.A. 7,645 471,715
Suez S.A. 55,395 3,648,854
Technip S.A. 10,596 828,245
TOTAL S.A. 96,834 7,217,739
Veolia Environnement S.A. 9,809 686,372
VINCI S.A. 15,020 1,089,799
Vivendi S.A. 51,008 2,000,412
------------
Total France 54,954,998
------------------------------------------------------------------------------------
Germany - 7.5%
Allianz SE 9,917 1,971,791
AMB Generali Holding AG 1,985 339,947
BASF AG 14,755 1,994,551
Bayer AG 19,051 1,532,305
Bayer Schering Pharma AG 4,140 686,245
Bayerische Motoren Werke AG 8,443 468,109
Beate Uhse AG(a) 28,336 60,615
Beiersdorf AG 6,070 512,555
Commerzbank AG 10,264 322,024
DaimlerChrysler AG(a) 32,159 2,759,352
Deutsche Bank AG 9,040 1,027,055
Deutsche Boerse AG 4,461 721,217
Deutsche Lufthansa AG 15,909 431,823
Deutsche Post AG 37,509 1,150,065
Deutsche Postbank AG 4,244 406,650
Deutsche Telekom AG 289,067 4,832,334
Deutsche Wohnen AG 420 12,086
E.ON AG 22,966 4,267,182
Fraport AG Frankfurt Airport Services Worldwide 4,325 313,327
Fresenius Medical Care AG & Co. KGaA 7,638 385,474
MAN AG 4,271 569,427
Muenchener Rueckversicherungs-Gesellshaft AG 6,151 1,207,405
MVV Energie AG 9,843 485,058
RWE AG 13,359 1,648,141
Salzgitter AG 1,957 341,695
Siemens AG 16,231 1,765,599
ThyssenKrupp AG 12,849 737,842
Volkswagen AG 3,652 1,062,684
------------
Total Germany 32,012,558
------------------------------------------------------------------------------------
Hong Kong - 4.7%
Bank of East Asia Ltd. 59,418 297,363
BOC Hong Kong (Holdings) Ltd. 472,640 1,138,050
Cathay Pacific Airways Ltd.(a) 161,000 316,504
Cheung Kong (Holdings) Ltd. 53,969 766,246
China Merchants Holdings (International) Co., Ltd. 54,016 256,447
China Mobile Ltd. 398,124 5,923,634
China Netcom Group Corp. Ltd. 41,000 118,003
China Overseas Land & Investment Ltd. 108,034 199,332
China Resources Enterprise, Ltd. 52,016 167,085
China Travel International Investment
Hong Kong Ltd. 216,067 87,172
China Unicom Ltd. 104,051 218,989
CITIC Pacific Ltd. 106,025 449,556
CLP Holdings Ltd. 81,034 666,880
CNOOC Ltd. 1,754,153 2,591,950
Dah Sing Financial Holdings Ltd. 9,603 62,989
Denway Motors Ltd. 162,051 68,711
Hang Seng Bank Ltd. 96,529 1,747,552
Hong Kong Exchanges and Clearing Ltd. 62,000 1,064,289
Hopewell Holdings Ltd. 27,008 102,544
Hutchison Whampoa Ltd. 107,025 1,012,791
MTR Corp. 108,034 370,624
New World Development Ltd. 80,954 196,174
PCCW Ltd. 113,060 71,181
Shanghai Industrial Holdings Ltd. 26,008 98,246
Shun TAK Holdings Ltd. 53,969 71,424
Sino Land Co. Ltd. 53,969 116,497
Sun Hung Kai Properties Ltd. 56,328 878,627
See Notes to Financial Statements.
24 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree DEFA Fund
March 31, 2008
==========================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------
Television Broadcasts Ltd. 27,008 $ 144,707
Tradelink Electronic Commerce Ltd. 1,396,000 179,369
Wharf (Holdings) Ltd. (The) 53,969 254,144
Wing Hang Bank Ltd. 13,505 205,277
Wing Lung Bank Ltd. 10,803 188,359
------------
Total Hong Kong 20,030,716
--------------------------------------------------------------------------
Ireland - 0.5%
Allied Irish Banks PLC 30,518 652,824
Anglo Irish Bank Corp. PLC 7,162 95,895
Bank of Ireland 31,189 463,317
CRH PLC 7,743 293,969
FBD Holdings PLC 5,875 273,691
Glanbia PLC 7,227 57,830
Independent News & Media PLC 29,504 98,059
Irish Life & Permanent PLC 7,484 144,914
Kerry Group PLC Class A 1,365 42,934
------------
Total Ireland 2,123,433
--------------------------------------------------------------------------
Italy - 7.5%
AcegasAps SpA 10,167 88,767
Actelios SpA 6,741 67,186
AEM SpA 136,649 503,967
Alleanza Assicurazioni SpA 29,611 388,264
Assicurazioni Generali SpA 19,835 895,114
Atlantia SpA 11,079 336,183
Autogrill SpA 13,414 200,967
Banca Carige SpA 68,392 270,114
Banca Finnat Euramerica SpA 276,817 328,096
Banca Intesa SpA 641,845 4,541,063
Banca Monte dei Paschi di Siena SpA(a) 54,737 243,288
Banca Popolare dell'Etruria e del Lazio 26,817 313,173
Banca Popolare di Milano S.c.r.l. 26,213 288,882
Credito Emiliano SpA 20,704 275,903
Enel SpA 368,882 3,927,920
Eni SpA 224,351 7,678,701
ERGO Previdenza SpA 120,587 690,263
Finmeccanica SpA 14,434 492,650
Fondiaria-Sai SpA 8,669 360,445
Hera SpA 59,405 240,503
Ifil Investments SpA 57,045 461,896
Luxottica Group SpA(a) 12,504 316,417
Mediobanca SpA 22,060 454,068
Mediolanum SpA(a) 46,948 288,639
Piccolo Credito Valtellinese S.c.r.l. 17,399 228,138
Premafin Finanziaria SpA 29,536 78,673
Saipem SpA 8,669 352,203
Snam Rete Gas SpA 101,188 645,759
Telecom Italia SpA 1,408,600 2,957,396
Terna SpA 112,784 482,969
UniCredito Italiano SpA 406,220 2,729,186
Unione di Banche Italiane SCPA 18,413 473,532
Unipol SpA 101,241 315,709
------------
Total Italy 31,916,034
--------------------------------------------------------------------------
Japan - 8.5%
Alpen Co., Ltd. 5,700 98,555
Arnest One Corp. 21,600 70,311
Asahi Glass Co., Ltd. 27,000 298,116
Astellas Pharma, Inc. 10,800 418,828
Bridgestone Corp. 18,900 322,231
Calsonic Kansei Corp. 22,000 79,791
Canon, Inc. 16,200 747,054
Chubu Electric Power Co., Inc. 16,200 405,264
Dai Nippon Printing Co., Ltd. 27,000 430,221
Daiwa Securities Group, Inc. 32,000 277,772
DENSO Corp. 10,800 349,385
Eisai Co., Ltd. 8,100 276,687
Fanuc Ltd. 5,400 514,312
Fuji Electronics Co., Ltd. 17,400 141,598
Fuji Photo Film Co., Ltd. 10,800 383,021
Hitachi Ltd. 54,000 320,631
Honda Motor Co., Ltd. 16,200 463,043
ITOCHU Corp. 54,000 533,842
Izumiya Co., Ltd. 40,000 219,420
Japan Tobacco, Inc. 108 541,438
JFE Holdings, Inc. 10,800 479,590
Kansai Electric Power Co., Inc. (The) 18,900 470,910
Kanto Natural Gas Development Ltd. 26,000 156,729
Kao Corp. 13,000 368,966
Keiyo Co., Ltd. 8,400 59,834
Kirin Brewery Co., Ltd. 27,000 511,328
Kobe Steel Ltd. 132,000 376,631
Kojima Co., Ltd.(a) 47,300 245,208
Komatsu Ltd. 27,000 750,038
Kyocera Corp. 5,400 454,092
Kyodo Printing Co., Ltd. 29,000 78,374
Kyoritsu Printing Co., Ltd. 32,300 94,108
Kyushu Electric Power Co., Inc. 18,900 462,365
Matsushita Electric Industrial Co., Ltd. 27,000 585,925
Mitsubishi Corp. 21,600 653,197
Mitsubishi Electric Corp. 54,000 467,655
Mitsubishi Estate Co., Ltd. 26,976 655,869
Mitsubishi Heavy Industries Ltd. 108,000 462,229
Mitsubishi UFJ Financial Group, Inc. 95,116 821,819
Mitsui & Co., Ltd. 27,000 547,948
Mitsui Fudosan Co., Ltd. 26,976 536,349
Mitsui Sumitomo Insurance Co., Ltd. 26,000 263,043
Mitsuuroko Co., Ltd. 13,400 80,372
NEC Mobiling Ltd. 5,000 70,126
Nice Holdings, Inc. 35,000 66,459
Nippon Oil Corp. 54,000 337,449
Nippon Steel Corp. 314,000 1,593,108
Nippon Telegraph & Telephone Corp. 162 699,854
Nissan Motor Co., Ltd. 78,300 648,206
Nomura Holdings, Inc. 117,100 1,752,941
NTT DoCoMo, Inc. 1,304 1,978,239
Okinawa Electric Power Co., Inc. (The) 2,500 98,458
See Notes to Financial Statements.
WisdomTree International Dividend Funds 25
Schedule of Investments (continued)
WisdomTree DEFA Fund
March 31, 2008
===================================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------------
Ricoh Co., Ltd. 27,000 $ 444,326
Right On Co., Ltd.(a) 9,000 106,606
Riken Corp. 19,000 88,190
Royal Holdings Co., Ltd. 7,600 79,791
Saibu Gas Co., Ltd. 57,000 140,875
San-Ai Oil Co., Ltd. 21,000 75,953
Sankyo Seiko Co., Ltd. 40,900 117,931
Sawai Pharmaceutical Co., Ltd. 2,700 131,291
Secom Co., Ltd. 13,500 656,453
Sekisui House, Ltd. 27,000 250,103
Sharp Corp. 27,000 459,517
Shindengen Electric Manufacturing Co., Ltd. 28,000 54,855
Shin-Etsu Chemical Co., Ltd. 8,100 419,099
Shinkawa Ltd. 3,100 37,561
Shonai Bank Ltd. (The) 25,000 60,531
Showa Corp. 10,100 89,904
Sinanen Co., Ltd. 9,000 36,982
Sony Corp. 8,100 323,072
SSP Co., Ltd. 15,000 70,227
Starzen Co., Ltd. 50,000 116,542
Sumitomo Chemical Co., Ltd. 54,000 346,130
Sumitomo Corp. 27,000 356,166
Sumitomo Electric Industries Ltd. 16,000 202,863
Sumitomo Metal Industries Ltd. 108,000 410,147
Sumitomo Mitsui Financial Group, Inc. 27 177,947
Suzuki Motor Corp. 18,900 477,556
T&D Holdings, Inc. 5,400 283,197
Takagi Securities Co., Ltd. 34,000 75,149
Takeda Pharmaceutical Co., Ltd. 10,800 541,438
Teikoku Tsushin Kogyo Co., Ltd. 25,000 76,104
Tochigi Bank Ltd. (The) 134,000 821,219
Tohoku Electric Power Co., Inc. 18,900 462,365
Tokyo Electric Power Co., Inc. (The) 24,300 650,620
Tokyo Gas Co., Ltd. 81,000 327,955
Tokyu Store Chain Co., Ltd. 52,000 262,260
Topre Corp. 13,300 119,457
Toray Industries, Inc. 28,000 182,006
Toshiba Corp. 54,000 361,320
Toyo Securities Co., Ltd. 8,000 24,916
Toyota Motor Corp. 49,900 2,491,617
Trans Cosmos, Inc. 10,700 129,107
ZERIA Pharmaceutical Co., Ltd. 7,000 73,281
------------
Total Japan 36,331,568
-----------------------------------------------------------------------------------
Netherlands - 3.9%
ABN AMRO Holding N.V. 63,264 3,824,346
AEGON N.V. 60,323 890,850
Akzo Nobel N.V. 7,484 602,663
CSM N.V. 5,770 197,760
Heineken Holding N.V. 4,426 223,371
Heineken N.V. 5,663 330,128
ING Groep N.V. 80,371 3,020,786
Koninklijke DSM N.V. 5,609 271,520
Koninklijke Philips Electronics N.V. 22,165 850,995
Koninklijke Vopak N.V. 3,946 249,167
OCE N.V. 11,644 198,896
Ordina N.V. 8,566 140,890
Reed Elsevier N.V. 19,073 365,083
Royal KPN N.V. 103,438 1,753,759
SBM Offshore N.V. 3,867 125,184
TNT N.V. 9,647 359,683
Unilever N.V. 23,073 774,713
Unilever N.V. CVA 55,755 1,879,132
Vedior N.V. 7,750 225,957
Wolters Kluwer N.V. 8,480 225,338
------------
Total Netherlands 16,510,221
-----------------------------------------------------------------------------------
New Zealand - 0.4%
Air New Zealand Ltd. 55,006 55,787
Auckland International Airport Ltd. 66,044 118,386
Fletcher Building Ltd. 26,162 172,570
Hallenstein Glasson Holdings Ltd. 105,580 311,276
Mainfreight Ltd. 31,990 149,646
New Zealand Refining Co., Ltd. (The) 16,191 88,978
Port of Tauranga Ltd. 52,754 251,340
Sky City Entertainment Group Ltd. 26,214 76,049
Telecom Corp. of New Zealand Ltd. 126,407 371,686
Vector Ltd. 94,451 127,723
Warehouse Group Ltd.(The) 22,723 104,688
------------
Total New Zealand 1,828,129
-----------------------------------------------------------------------------------
Norway - 1.2%
ABG Sundal Collier ASA 26,000 47,326
Aker ASA Class A 1,621 94,100
DnB NOR ASA 54,016 821,653
Ekornes ASA 2,701 49,165
Norsk Hydro ASA 31,059 453,501
Orkla ASA 24,310 308,554
ProSafe ASA 2,700 42,505
Schibsted ASA 1,350 40,380
Sparebank 1 SR Bank 39,350 408,464
Sparebanken Midt-Norge 24,400 244,876
Sparebanken Nord-Norge 10,400 206,700
Statoil ASA 66,888 2,008,581
Veidekke ASA 5,950 58,836
Yara International ASA 8,102 469,531
------------
Total Norway 5,254,172
-----------------------------------------------------------------------------------
Portugal - 0.7%
Banco Comercial Portugues, S.A. Class R(a) 106,919 349,002
Banco Espirito Santo, S.A. 15,425 269,103
Brisa-Auto-estradas de Portugal S.A. 16,488 236,441
Jeronimo Martins, SGPS, S.A. 18,110 146,064
Mota-Engil, SGPS, S.A. 5,878 44,800
Portucel-Empresa Produtora De Pasta E Papel, S.A. 17,688 62,501
Portugal Telecom, SGPS, S.A. 55,108 642,685
SAG Gest-Solucoes Automovel Globais, SGPS, S.A. 280,635 1,004,977
See Notes to Financial Statements.
26 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree DEFA Fund
March 31, 2008
=================================================================================
Investments Shares U.S. $ Value
---------------------------------------------------------------------------------
Semapa-Sociedade de Investimento
e Gestao, SGPS, S.A. 5,636 $ 72,337
Sonae SGPS, S.A. 36,465 67,314
Zon Multimedia - Servicos de Telecomunicacoes
e Multimedia, SGPS, S.A. 16,542 196,849
------------
Total Portugal 3,092,073
---------------------------------------------------------------------------------
Singapore - 1.5%
ComfortDelgro Corp., Ltd. 81,000 106,969
Cosco Corp. (Singapore) Ltd. 27,000 72,293
DBS Group Holdings Ltd. 52,000 679,171
Elec & Eltek International Co., Ltd. 44,000 76,120
Fraser and Neave Ltd. 29,807 104,897
Guocoland Ltd.(a) 26,976 78,101
Jaya Holdings Ltd. 81,000 86,986
Keppel Corp. Ltd. 50,000 359,177
Keppel Land Ltd. 26,976 108,636
Keppel Telecommunications & Transportation Ltd. 31,000 89,751
MobileOne Ltd. 51,800 79,684
Oversea-Chinese Banking Corp. Ltd. 108,000 634,764
Parkway Holdings Ltd. 54,000 125,385
SBS Transit Ltd. 40,500 72,880
SembCorp Industries Ltd. 27,000 79,737
SembCorp Marine Ltd. 33,000 91,470
SIA Engineering Co., Ltd. 27,000 77,386
Singapore Airlines Ltd. 27,866 315,430
Singapore Airport Terminal Services Ltd. 54,000 90,121
Singapore Exchange Ltd. 27,000 146,936
Singapore Post Ltd. 108,000 90,121
Singapore Press Holdings Ltd. 54,000 180,242
Singapore Reinsurance Corp., Ltd. 773,000 190,705
Singapore Technologies Engineering Ltd. 27,000 66,219
Singapore Telecommunications Ltd. 458,150 1,299,834
SMRT Corp. Ltd. 81,000 106,969
StarHub Ltd. 49,610 109,433
Straits Trading Co., Ltd. 27,000 131,459
United Overseas Bank Ltd. 55,000 763,850
Venture Corp., Ltd. 24,000 183,550
------------
Total Singapore 6,598,276
---------------------------------------------------------------------------------
Spain - 7.6%
Abertis Infraestructuras S.A.(a) 13,413 438,674
Acciona, S.A. 1,338 359,680
Acerinox S.A.(a) 6,888 191,657
ACS, Actividades Construccion y Servicios, S.A. 5,206 297,547
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 145,542 3,217,129
Banco de Sabadell S.A.(a) 27,787 306,008
Banco Guipuzcoano S.A. 6,640 113,631
Banco Popular Espanol, S.A.(a) 35,852 653,307
Banco Santander Central Hispano, S.A. 384,947 7,697,792
Bankinter, S.A.(a) 15,283 243,378
Cia Espanola De Petroleos, S.A.(a) 5,744 638,481
Ebro Puleva S.A. 10,797 221,725
Enagas 9,647 289,367
Endesa S.A. 74,753 3,934,905
Gas Natural SDG, S.A. 13,494 837,744
Gestevision Telecinco, S.A.(a) 14,568 297,549
Grupo Ferrovial S.A.(a) 2,924 213,082
IBERDROLA, S.A. 126,731 1,971,970
Inditex S.A. 5,501 306,737
Mapfre S.A. 37,266 187,778
Montebalito S.A. 6,915 87,657
Red Electrica de Espana, S.A. 4,074 250,343
Repsol YPF, S.A. 30,467 1,055,324
Telefonica, S.A. 277,592 8,005,422
Union Fenosa, S.A. 6,097 411,269
Zardoya-Otis S.A. 5,420 151,153
------------
Total Spain 32,379,309
---------------------------------------------------------------------------------
Sweden - 2.9%
AB SKF Class B 10,803 217,701
AB Volvo Class A 27,010 403,104
AB Volvo Class B 67,525 1,024,840
Alfa Laval AB 5,402 328,860
Assa Abloy AB Class B 10,803 196,296
Atlas Copco AB Class A 21,606 369,819
Axfood AB 5,101 181,934
Brostrom AB Class B 8,242 59,626
Electrolux AB Series B 10,803 177,622
Fabege AB 16,191 173,379
H&M Hennes & Mauritz AB Class B 23,882 1,469,984
Holmen AB Class B 2,701 93,602
JM AB 10,803 254,137
Nolato AB Class B 6,200 60,641
Nordea Bank AB 97,129 1,577,336
Ratos AB Class B 10,803 364,354
Sandvik AB 32,410 564,310
Scania AB Class A 15,408 348,177
Scania AB Class B 21,608 454,573
Securitas AB Class B 31,803 421,004
Skandinaviska Enskilda Banken AB 16,206 424,967
Skanska AB Class B 16,206 325,216
SSAB Svenskt Stal AB Series A(a) 10,702 301,391
Svenska Cellulosa Aktiebolaget SCA Class B 16,206 295,837
Svenska Handelsbanken AB Class A 21,607 630,361
Swedbank AB Class A 18,906 530,839
Tele2 AB Class B 2,605 49,311
TeliaSonera AB 121,538 977,641
------------
Total Sweden 12,276,862
---------------------------------------------------------------------------------
Switzerland - 3.6%
Adecco S.A. 3,704 214,776
Credit Suisse Group 32,661 1,669,292
Givaudan S.A. 216 214,570
Holcim Ltd. 3,677 387,757
Kuehne + Nagel International AG 2,496 250,723
Nestle S.A. 9,779 4,906,555
Nobel Biocare Holding AG 633 147,842
See Notes to Financial Statements.
WisdomTree International Dividend Funds 27
Schedule of Investments (concluded)
WisdomTree DEFA Fund
March 31, 2008
======================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------------
Novartis AG 42,857 $ 2,205,571
Roche Holding AG 8,534 1,612,663
SGS S.A. 189 272,880
Swatch Group AG (The) Class B 1,104 296,357
Swiss Reinsurance Co. 9,263 812,462
Swisscom AG 1,745 600,310
UBS AG 48,327 1,410,158
Zurich Financial Services AG 568 179,609
------------
Total Switzerland 15,181,525
--------------------------------------------------------------------------------------
United Kingdom - 22.4%
Abacus Group PLC 603,975 564,188
Alliance & Leicester PLC 15,678 161,565
Anglo American PLC 33,186 1,997,181
AstraZeneca PLC 41,367 1,548,966
Aviva PLC 90,705 1,113,205
BAE SYSTEMS PLC 179,955 1,735,548
Barclays PLC 289,857 2,609,689
BG Group PLC 94,353 2,188,434
BHP Billiton PLC 55,530 1,649,969
Bloomsbury Publishing PLC 757 2,482
BP PLC 667,322 6,790,665
Bradford & Bingley PLC(a) 61,096 226,767
British American Tobacco PLC 76,268 2,866,425
British Sky Broadcasting PLC 92,090 1,018,555
BT Group PLC 353,786 1,527,592
Cable & Wireless PLC 96,053 284,258
Cadbury Schweppes PLC 123,715 1,360,965
Carter & Carter Group PLC+ 383,982 629,610
Centrica PLC 228,620 1,355,194
Compass Group PLC 162,582 1,041,291
Diageo PLC 100,994 2,039,369
GlaxoSmithKline PLC 205,642 4,356,882
HBOS PLC 157,742 1,755,667
Hikma Pharmaceuticals PLC 29,923 278,626
HSBC Holdings PLC 487,595 8,043,482
Imperial Tobacco Group PLC 25,990 1,197,365
J. Sainsbury PLC 90,280 615,450
Legal & General Group PLC 525,040 1,319,005
Lloyds TSB Group PLC 434,515 3,894,827
Man Group PLC 146,730 1,617,064
Marks & Spencer Group PLC 118,447 911,638
McKay Securities PLC 16,371 91,105
National Grid PLC 124,610 1,712,584
Old Mutual PLC 415,589 912,711
Pearson PLC 89,309 1,209,673
Prudential PLC 115,413 1,526,545
Reckitt Benckiser Group PLC 32,471 1,801,202
Reed Elsevier PLC 104,054 1,325,634
Rio Tinto PLC 18,225 1,895,506
Royal Bank of Scotland Group (The) PLC 372,837 2,499,066
Royal Dutch Shell PLC Class A 131,428 4,537,269
Royal Dutch Shell PLC Class B 92,290 3,110,909
SABMiller PLC 68,848 1,510,662
Sage Group (The) PLC 255,079 953,609
Smith & Nephew PLC 39,194 519,190
Smiths Group PLC 50,419 941,952
Smiths News PLC 176,658 350,230
Standard Chartered PLC 51,361 1,757,816
Tesco PLC 197,776 1,489,771
Unilever PLC 54,814 1,850,937
Vodafone Group PLC 2,086,974 6,259,117
Warner Estate Holdings PLC 17,663 112,337
WPP Group PLC 26,924 321,604
Xstrata PLC 25,940 1,818,370
------------
Total United Kingdom 95,209,723
--------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $445,030,684) 422,063,910
======================================================================================
WARRANTS*
Hong Kong - 0.0%
Industrial and Commercial Bank of Asia,
expiring 11/6/08 (Cost: $0) 1 -
--------------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS
(Cost: $445,030,684) 422,063,910
======================================================================================
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $133,357) 133,357 133,357
======================================================================================
INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED - 2.3%
MONEY MARKET FUNDS(c) - 2.3%
UBS Enhanced Yield Portfolio, 3.09% 3 3
UBS Private Money Market Fund LLC, 3.17% 9,539,152 9,539,152
------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost: $9,539,155)(d) 9,539,155
======================================================================================
TOTAL INVESTMENTS IN SECURITIES - 101.5%
(Cost: $454,703,196) 431,736,422
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (1.5)% (6,350,245)
------------
NET ASSETS - 100.0% $425,386,177
======================================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $8,983,764 and the total market value of the collateral held by the
Fund was $9,539,155.
See Notes to Financial Statements.
28 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree DEFA High-Yielding Equity Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
COMMON STOCKS - 99.1%
Australia - 12.0%
Alumina Ltd. 41,519 $ 216,034
Amcor Ltd. 43,280 282,483
AMP Ltd. 78,169 560,149
Aristocrat Leisure Ltd. 16,977 148,776
Austbrokers Holdings Ltd. 17,770 62,452
Australia & New Zealand Banking Group Ltd. 103,685 2,134,332
Australian Stock Exchange Ltd. 9,295 317,337
AWB Ltd. 79,038 198,412
AXA Asia Pacific Holdings Ltd. 5,941 29,828
Billabong International Ltd. 16,053 190,502
BlueScope Steel Ltd. 57,231 515,642
Boral Ltd. 27,639 157,941
Caltex Australia Ltd. 11,043 131,149
Centennial Coal Co., Ltd. 8,874 32,970
Coca-Cola Amatil Ltd. 43,853 340,265
Commonwealth Bank of Australia 75,229 2,871,210
Consolidated Media Holdings Ltd. 8,288 28,220
CSR Ltd. 65,595 191,611
David Jones Ltd. 4,344 14,434
Downer EDI Ltd. 28,848 164,850
FairFax Media Ltd. 99,243 314,361
Foster's Group Ltd. 95,134 444,637
Gloucester Coal Ltd. 3,196 28,358
GRD Ltd. 41,348 40,387
Insurance Australia Group Ltd. 106,282 355,092
Iress Market Technology Ltd. 6,123 38,567
Just Group Ltd. 8,595 31,070
Lend Lease Corp. Ltd. 21,827 264,003
Lion Nathan Ltd. 29,329 234,264
MacArthur Coal Ltd. 4,269 50,972
Macquarie Group Ltd.(a) 10,895 525,321
Minara Resources Ltd. 42,513 235,565
National Australia Bank Ltd. 87,887 2,418,864
New Hope Corp. Ltd. 8,524 20,776
Nufarm Ltd. 15,856 247,942
Octaviar Ltd.+ 16,446 14,863
OneSteel Ltd. 60,147 350,844
Orica Ltd. 10,364 275,593
Origin Energy Ltd. 14,784 123,619
Oxiana Ltd. 12,402 36,001
Pacific Brands Ltd. 29,358 54,135
Perpetual Ltd. 3,392 166,740
Port Bouvard Ltd. 52,305 42,017
Primary Health Care Ltd. 3,672 20,280
Qantas Airways Ltd. 110,203 395,353
QBE Insurance Group Ltd. 30,033 608,901
Ridley Corp., Ltd. 30,853 31,685
Santos Ltd. 25,726 340,518
Sedgman Ltd. 18,546 36,907
Seven Network Ltd. 27,002 234,163
Sims Group Ltd.(a) 12,476 338,245
Sonic Healthcare Ltd. 16,213 203,501
Specialty Fashion Group Ltd. 34,839 38,640
St.George Bank Ltd. 28,761 675,003
Suncorp-Metway Ltd. 47,720 560,633
Sunland Group Ltd. 12,127 27,343
TABCORP Holdings Ltd. 37,062 478,724
Tatts Group Ltd. 13,409 42,597
Telstra Corp. Ltd. 734,268 2,949,217
Transfield Services Ltd. 19,336 193,983
United Group Ltd. 17,017 187,495
Washington H. Soul Pattinson & Co., Ltd. 26,962 185,823
Wesfarmers Ltd. 28,888 1,054,553
Wesfarmers Ltd. Price Protected Shares 7,347 270,012
West Australian Newspapers Holdings Ltd.(a) 19,304 193,486
Westpac Banking Corp. 100,681 2,182,783
Woodside Petroleum Ltd. 20,362 1,013,016
Woolworths Ltd. 42,733 1,131,256
Zinifex Ltd. 60,561 551,726
------------
Total Australia 28,848,431
-----------------------------------------------------------------------------
Austria - 0.4%
Bank Austria Creditanstalt AG 3,058 678,378
BOEHLER-UDDEHOLM AG 1,263 140,090
Flughafen Wien AG 632 76,440
------------
Total Austria 894,908
-----------------------------------------------------------------------------
Belgium - 2.1%
Belgacom S.A. 5,274 234,412
Compagnie Maritime Belge S.A. 1,940 131,015
Cumerio N.V. 1,668 78,234
Dexia N.V. 32,896 940,863
Euronav N.V. 3,792 144,567
Fortis N.V. 56,862 1,438,007
KBC Ancora 2,124 219,301
KBC Groep N.V. 14,193 1,847,289
Melexis N.V. 1,907 31,698
------------
Total Belgium 5,065,386
-----------------------------------------------------------------------------
Denmark - 0.3%
Danske Bank A/S 1,600 59,240
TrygVesta A/S(a) 7,300 643,718
------------
Total Denmark 702,958
-----------------------------------------------------------------------------
Finland - 1.6%
Amer Sports Oyj Class A(a) 4,032 81,459
Elektrobit Corp.(a) 81,371 184,379
Fortum Oyj 26,984 1,103,571
Kesko Oyj Class B 1,867 96,886
Metso Oyj 5,581 302,443
Orion Oyj Class B(a) 7,589 164,985
Outokumpu Oyj 5,424 247,610
PKC Group Oyj 13,181 147,037
Pohjola Bank PLC Class A 8,049 152,156
Rautaruukki Oyj 7,728 374,342
See Notes to Financial Statements.
WisdomTree International Dividend Funds 29
Schedule of Investments (continued)
WisdomTree DEFA High-Yielding Equity Fund
March 31, 2008
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Sampo Oyj Class A 20,192 $ 548,718
Sanoma-WSOY Oyj 6,852 190,655
Stora Enso Oyj Class R(a) 24,222 280,565
UPM-Kymmene Oyj 396 7,059
Wartsila Oyj Class B* 1,119 75,801
------------
Total Finland 3,957,666
--------------------------------------------------------------------------------
France - 15.2%
Accor S.A. 4,767 349,427
Assystem 9,239 122,680
AXA S.A. 89,687 3,267,190
BNP Paribas 42,909 4,343,974
Canal Plus S.A. 18,441 197,824
Casino Guichard Perrachon S.A. 4,032 485,173
Credit Agricole S.A. 83,153 2,582,498
Euler Hermes S.A. 2,818 303,281
Gaz de France S.A. 27,944 1,693,216
Imerys S.A. 1,783 164,119
IMS-International Metal Service 4,832 192,486
Klepierre 5,025 309,497
L'Air Liquide S.A. 3,830 586,067
M6, Metropole Television 6,369 142,297
Manitou BF S.A. 8,563 324,287
Natixis 35,597 574,769
Nexity 439 18,935
Oberthur Card Systems S.A. 24,271 170,756
PagesJaunes S.A. 5,327 95,213
Peugeot S.A. 8,545 664,948
Rallye S.A. 2,923 185,682
Renault S.A. 6,852 761,099
Sanofi-Aventis 38,425 2,893,319
Schneider Electric S.A. 2,811 365,064
SCOR SE 9,785 234,433
Sequana Capital S.A. 6,807 179,264
Societe BIC S.A. 654 40,478
Societe Des Autoroutes Paris-Rhin-Rhone 3,223 391,197
Societe Generale 16,527 1,624,171
Ste Industrielle d'Aviation Latecoere S.A. 9,951 206,559
Suez S.A. 47,393 3,121,765
Thomson 12,867 89,709
TOTAL S.A. 97,008 7,230,708
Valeo S.A. 6,997 278,508
VINCI S.A. 3,275 237,623
Vivendi S.A. 55,914 2,192,814
----------
Total France 36,621,030
--------------------------------------------------------------------------------
Germany - 7.3%
ALTANA AG 2,807 59,423
BASF AG 17,321 2,341,416
Bayer Schering Pharma AG 6,215 1,030,197
Deutsche Bank AG 16,808 1,909,594
Deutsche Lufthansa AG 8,327 226,023
Deutsche Post AG 45,423 1,392,717
Deutsche Telekom AG 200,019 3,343,718
E.ON AG 17,962 3,337,418
Grammer AG 4,102 108,222
Hannover Rueckversicheru AG 2,379 124,474
HCI Capital AG(a) 9,803 219,641
Hypo Real Estate Holding AG 5,225 136,277
Muenchener Rueckversicherungs-Gesellshaft AG 6,769 1,328,714
RWE AG 16,178 1,995,929
------------
Total Germany 17,553,763
--------------------------------------------------------------------------------
Hong Kong - 2.9%
Bank of East Asia Ltd. 63,212 316,350
BOC Hong Kong (Holdings) Ltd. 453,341 1,091,581
CITIC Pacific Ltd. 82,018 347,763
CLP Holdings Ltd. 113,524 934,261
CNOOC Ltd. 1,164,000 1,719,936
Fountain Set (Holdings) Ltd. 80,018 12,646
Hang Seng Bank Ltd. 88,818 1,607,953
HongKong Electric Holdings Ltd. 96,518 609,527
Next Media Ltd. 130,000 50,778
PCCW Ltd. 283,048 178,204
Television Broadcasts Ltd. 4,000 21,432
Wing Hang Bank Ltd. 1,000 15,200
------------
Total Hong Kong 6,905,631
--------------------------------------------------------------------------------
Ireland - 0.5%
Allied Irish Banks PLC 9,588 205,101
Bank of Ireland 13,127 195,004
Fyffes PLC 129,564 184,771
Independent News & Media PLC 163,130 542,178
Irish Life & Permanent PLC 1,027 19,886
------------
Total Ireland 1,146,940
--------------------------------------------------------------------------------
Italy - 10.2%
Alleanza Assicurazioni SpA 28,770 377,237
Arnoldo Mondadori Editore SpA(a) 29,200 247,538
Banca Intesa SpA 729,860 5,163,771
Banca Monte dei Paschi di Siena SpA(a) 43,146 191,769
Banca Popolare di Milano S.c.r.l. 3,207 35,343
Banca Profilo SpA 23,428 52,343
Benetton Group SpA 2,274 32,429
Credito Artigiano SpA 17,132 76,010
Credito Artigiano SpA* 4,283 16,424
Enel SpA 399,041 4,249,060
Eni SpA 177,528 6,076,123
ERGO Previdenza SpA 29,896 171,130
Gruppo Editoriale L'Espresso SpA(a) 96,858 397,504
Mediaset SpA 18,437 171,196
Mediobanca SpA 13,952 287,178
Milano Assicurazioni SpA 28,570 192,513
Premuda SpA 87,862 177,229
Recordati SpA 23,503 176,432
Snam Rete Gas SpA 92,100 587,761
Societa Cattolica di Assicurazioni S.c.r.l.(a) 3,422 167,930
Sogefi SpA 12,798 110,318
See Notes to Financial Statements.
30 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree DEFA High-Yielding Equity Fund
March 31, 2008
=================================================================================
Investments Shares U.S. $ Value
---------------------------------------------------------------------------------
Telecom Italia SpA 675,858 $ 1,418,983
Terna SpA 103,227 442,043
UniCredito Italiano SpA 439,600 2,953,449
Unione di Banche Italiane SCPA 27,041 695,420
------------
Total Italy 24,467,133
---------------------------------------------------------------------------------
Japan - 0.2%
Aderans Co., Ltd. 1,600 29,674
Arisawa Manufacturing Co., Ltd. 6,900 53,725
Avex Group Holdings, Inc. 2,600 27,924
Kyokuto Securities Co., Ltd. 2,300 15,875
Okasan Holdings, Inc. 2,000 9,866
Oracle Corp. Japan 3,400 157,814
Riken Corp. 9,000 41,774
SBI Holdings, Inc. 64 15,419
Teikoku Tsushin Kogyo Co., Ltd. 2,000 6,088
TonenGeneral Sekiyu K.K. 11,000 94,268
Uniden Corp. 4,000 24,554
Yushiro Chemical Industry Co., Ltd. 300 5,169
-----------
Total Japan 482,150
---------------------------------------------------------------------------------
Netherlands - 4.5%
ABN AMRO Holding N.V.(a) 55,165 3,334,756
AEGON N.V. 50,349 743,554
Ballast Nedam N.V. 322 12,807
ING Groep N.V. 79,017 2,969,896
Koninklijke DSM N.V. 1,677 81,180
Nutreco Holding N.V. 1,066 82,261
OCE N.V. 5,603 95,707
Reed Elsevier N.V. 18,549 355,053
Royal KPN N.V. 89,677 1,520,445
Unilever N.V. 48,767 1,637,431
------------
Total Netherlands 10,833,090
---------------------------------------------------------------------------------
New Zealand - 0.6%
Air New Zealand Ltd. 53,451 54,210
Auckland International Airport Ltd. 64,195 115,072
Contact Energy Ltd. 14,341 90,086
Fisher & Paykel Appliances Holdings Ltd. 14,622 27,015
Fletcher Building Ltd. 25,009 164,965
New Zealand Refining Co., Ltd. (The) 15,414 84,708
Nuplex Industries Ltd. 4,670 22,580
Telecom Corp. of New Zealand Ltd. 233,594 686,857
Vector Ltd. 29,841 40,353
Warehouse Group Ltd. (The) 49,100 226,210
------------
Total New Zealand 1,512,056
---------------------------------------------------------------------------------
Norway - 0.6%
Aker ASA Class A 1,440 83,593
Camillo Eitzen & Co. ASA* 19,300 235,470
DnB NOR ASA 52,024 791,352
Ekornes ASA 3,250 59,158
Sparebanken Midt-Norge 17,900 179,643
Sparebanken Nord-Norge 4,300 85,463
Veidekke ASA 9,760 96,510
------------
Total Norway 1,531,189
---------------------------------------------------------------------------------
Portugal - 0.4%
Brisa-Auto-estradas de Portugal S.A. 10,392 149,023
Portugal Telecom, SGPS, S.A. 62,637 730,491
SAG Gest-Solucoes Automovel Globais, SGPS, S.A. 10,354 37,079
------------
Total Portugal 916,593
---------------------------------------------------------------------------------
Singapore - 1.8%
ComfortDelgro Corp., Ltd. 63,000 83,198
DBS Group Holdings Ltd. 59,000 770,598
HTL International Holdings Ltd. 27,000 7,641
Jaya Holdings Ltd. 40,000 42,956
MobileOne Ltd. 36,000 55,379
Robinson & Co., Ltd. 9,000 45,126
SembCorp Marine Ltd. 55,600 154,114
Singapore Airlines Ltd. 35,533 402,217
Singapore Airport Terminal Services Ltd. 40,000 66,756
Singapore Petroleum Co., Ltd. 1,000 4,905
Singapore Post Ltd. 110,000 91,790
Singapore Press Holdings Ltd. 52,000 173,566
Singapore Telecommunications Ltd. 464,900 1,318,985
SMRT Corp. Ltd. 80,000 105,649
StarHub Ltd. 73,640 162,439
United Overseas Bank Ltd. 50,000 694,409
UOB Kay Hian Holdings Ltd. 40,000 56,888
------------
Total Singapore 4,236,616
---------------------------------------------------------------------------------
Spain - 7.6%
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 149,395 3,302,298
Banco Popular Espanol, S.A.(a) 34,859 635,212
Banco Santander Central Hispano, S.A. 282,988 5,658,917
Endesa S.A. 45,575 2,399,011
Gestevision Telecinco, S.A.(a) 15,891 324,571
Telefonica, S.A. 207,771 5,991,868
------------
Total Spain 18,311,877
---------------------------------------------------------------------------------
Sweden - 2.9%
AB Volvo Class B 22,931 348,028
AB SKF Class B 15,204 306,390
Axfood AB 2,052 73,187
Boliden AB 9,500 101,329
Brostrom AB Class B 5,700 41,236
D. Carnegie & Co. AB(a) 18,502 312,009
Fabege AB 8,660 92,734
HIQ International AB 7,400 40,182
Intrum Justitia AB 8,000 142,666
KappAhl Holding AB* 6,400 59,899
Kungsleden Fastighets AB 25,522 317,414
NCC AB Class B(a) 6,500 189,631
Nordea Bank AB 98,018 1,591,773
Seco Tools Class B 8,200 154,875
See Notes to Financial Statements.
WisdomTree International Dividend Funds 31
Schedule of Investments (concluded)
WisdomTree DEFA High-Yielding Equity Fund
March 31, 2008
=======================================================================================
Investments Shares U.S. $ Value
---------------------------------------------------------------------------------------
Securitas AB Class B 7,000 $ 92,665
Skanska AB Class B 16,004 321,162
Svenska Cellulosa Aktiebolaget SCA Class B 22,800 416,209
Svenska Handelsbanken AB Class A 21,204 618,604
Swedbank AB Class A 20,004 561,668
TeliaSonera AB(a) 126,500 1,017,555
Trelleborg AB Class B 6,200 123,896
------------
Total Sweden 6,923,112
---------------------------------------------------------------------------------------
Switzerland - 1.6%
Baloise Holding AG 2,316 231,120
Bellevue Group AG 2,594 179,656
Swiss Reinsurance Co. 11,720 1,027,966
Swisscom AG 2,555 878,963
UBS AG 42,180 1,230,792
Zurich Financial Services AG 1,044 330,126
------------
Total Switzerland 3,878,623
---------------------------------------------------------------------------------------
United Kingdom - 26.4%
Aero Inventory PLC 5,496 65,540
Amlin PLC 5,344 28,863
AstraZeneca PLC 44,928 1,682,305
Aviva PLC 110,785 1,359,643
Barclays PLC 281,578 2,535,151
Blacks Leisure Group PLC 48,258 140,992
BP PLC 657,933 6,695,122
British American Tobacco PLC 76,374 2,870,410
BT Group PLC 373,224 1,611,522
Cable & Wireless PLC* 30,339 89,785
Carpetright PLC 3,626 54,951
Centrica PLC 108,499 643,151
Compass Group PLC 109,057 698,479
Diageo PLC 96,963 1,957,973
Electrocomponents PLC 4,928 17,801
Friends Provident PLC 108,116 265,592
GKN PLC 34,707 209,872
GlaxoSmithKline PLC 199,586 4,228,575
HBOS PLC 153,406 1,707,408
HMV Group PLC 21,293 54,910
HSBC Holdings PLC 482,006 7,951,287
IMI PLC 3,201 28,931
Imperial Tobacco Group PLC 23,720 1,092,786
ITV PLC 267,419 336,436
Kingfisher PLC 33,696 88,401
Ladbrokes PLC 68,704 425,009
Legal & General Group PLC 226,743 569,623
Lloyds TSB Group PLC 378,515 3,392,864
LogicaCMG PLC 171,990 361,486
National Grid PLC 97,698 1,342,718
Old Mutual PLC 179,384 393,961
Pearson PLC 38,558 522,261
Rentokil Initial PLC 193,599 374,196
Resolution PLC 39,501 537,389
Royal & Sun Alliance Insurance Group 75,678 193,578
Royal Bank of Scotland Group (The) PLC 376,856 2,526,005
Royal Dutch Shell PLC Class A 125,873 4,345,495
Scottish & Newcastle PLC 42,104 661,085
Scottish & Southern Energy PLC 34,859 972,722
Severn Trent PLC 6,626 186,870
Signet Group PLC 50,249 61,670
Smiths Group PLC 21,723 405,840
Smiths News PLC 15,714 31,153
Tomkins PLC 61,344 217,934
Unilever PLC 46,133 1,557,801
United Utilities PLC 60,927 836,143
Vodafone Group PLC 2,295,636 6,884,923
Woolworths Group PLC 953,891 208,544
------------
Total United Kingdom 63,425,156
---------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $252,186,360) 238,214,308
=======================================================================================
RIGHTS* - 0.0%
Australia - 0.0%
Primary Health Care Ltd., expiring 4/13/08
(Cost: $0) 5,875 536
=======================================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $252,186,360) 238,214,844
=======================================================================================
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $79,076) 79,076 79,076
=======================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 2.8%
MONEY MARKET FUNDS(c) - 2.8%
UBS Enhanced Yield Portfolio, 3.09% 3 3
UBS Private Money Market Fund LLC, 3.17% 6,702,973 6,702,973
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $6,702,976)(d) 6,702,976
=======================================================================================
TOTAL INVESTMENTS IN SECURITIES - 101.9%
(Cost: $258,968,412) 244,996,896
Liabilities in Excess of Foreign Currency and
Other Assets - (1.9)% (4,589,290)
------------
NET ASSETS - 100.0% $240,407,606
=======================================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $6,084,117 and the total market value of the collateral held by the
Fund was $6,702,976.
See Notes to Financial Statements.
32 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree Europe Total Dividend Fund
March 31, 2008
==============================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------
COMMON STOCKS - 99.3%
Austria - 0.6%
Andritz AG 112 $ 6,171
AT&S Austria Technologie & Systemtechnik AG 22 359
Bank Austria Creditanstalt AG 480 106,482
BOEHLER-UDDEHOLM AG 168 18,634
Flughafen Wien AG 84 10,160
OMV AG 771 51,140
Semperit AG Holding 84 3,314
voestalpine AG 309 21,544
Wiener Staedtische AG 147 11,304
Wienerberger AG 278 14,841
----------
Total Austria 243,949
------------------------------------------------------------------------------
Belgium - 2.4%
Barco N.V. 235 16,891
Belgacom S.A. 2,691 119,606
Cofinimmo 17 3,689
Compagnie Maritime Belge S.A. 470 31,741
Delhaize Group 258 20,375
Dexia N.V. 5,203 148,812
Euronav N.V. 1,197 45,635
Exmar N.V. 412 10,746
Fortis N.V. 4,501 113,828
Groep Colruyt S.A. 105 27,120
InBev N.V. 962 84,967
KBC Ancora 731 75,475
KBC Groep N.V. 1,515 197,185
Mobistar S.A. 489 44,476
Solvay S.A. 313 40,084
UCB S.A. 1,185 41,319
Umicore 595 31,075
----------
Total Belgium 1,053,024
------------------------------------------------------------------------------
Denmark - 0.8%
A/S Dampskibsselskabat Torm 800 23,798
Allianz SE 200 5,355
Amagerbanken A/S* 875 36,999
Carlsberg A/S Class B 100 12,834
Danisco A/S 50 3,665
Danske Bank A/S 3,503 129,699
H. Lundbeck A/S 501 12,562
Novo-Nordisk A/S Class B 1,302 89,359
Novozymes A/S Class B 50 4,696
Rella Holding A/S 2,300 34,210
Sydbank A/S 50 1,825
----------
Total Denmark 355,002
------------------------------------------------------------------------------
Finland - 2.5%
Amer Sports Oyj 32 647
Elektrobit Corp.(a) 3,958 8,968
Elisa Oyj 1,052 26,371
Fortum Oyj 5,560 227,389
KCI Konecranes Oyj 543 20,994
Kemira Oyj 703 10,805
Kesko Oyj Class B 348 18,059
Metso Oyj 703 $38,097
Nokia Oyj 11,648 369,875
Nokian Renkaat Oyj 437 18,696
Outokumpu Oyj 705 32,184
Pohjola Bank PLC Class A 703 13,289
Rautaruukki Oyj 1,832 88,742
Sampo Oyj Class A 2,798 76,036
Sanoma-WSOY Oyj 674 18,754
Stora Enso Oyj Class R 2,798 32,409
UPM-Kymmene Oyj 1,270 22,639
Wartsila Oyj Class B* 354 23,980
YIT Oyj* 703 20,017
----------
Total Finland 1,067,951
------------------------------------------------------------------------------
France - 17.0%
Accor S.A. 1,875 137,440
Air France-KLM 2,745 77,597
April Group 1,592 79,714
Assystem 4,356 57,841
AXA S.A. 13,126 478,164
BNP Paribas 5,566 563,485
Bouygues S.A. 1,055 67,269
Carrefour S.A. 2,635 204,046
Casino Guichard Perrachon S.A. 1,130 135,974
Christian Dior S.A. 1,109 123,202
Cie de Saint-Gobain S.A. 1,631 133,484
CNP Assurances S.A. 1,051 130,031
Compagnie Generale des Etablissements Michelin
Class B 1,027 107,599
Credit Agricole S.A. 11,237 348,990
Electricite de France 2,371 207,047
Fimalac 94 5,647
Gaz de France S.A. 3,032 183,719
Groupe Danone 1,757 157,689
Ipsen 2,098 119,545
Lafarge S.A. 941 164,255
Lagardere SCA 1,385 103,936
L'Air Liquide S.A. 1,116 170,770
L'Oreal S.A. 1,540 196,290
LVMH Moet Hennessy Louis Vuitton S.A. 1,193 133,270
Natixis 7,150 115,448
NRJ Group 2,020 16,900
PPR S.A. 900 133,839
Renault S.A. 1,453 161,395
Sanofi-Aventis 3,956 297,877
Schneider Electric S.A. 1,088 141,298
Sechilienne-Sidec 809 62,749
Societe Generale 2,119 208,242
Societe Television Francaise 1 232 5,121
Ste Industrielle d'Aviation Latecoere S.A. 1,795 37,260
Suez S.A. 8,779 578,270
Technip S.A. 247 19,307
TOTAL S.A. 13,568 1,011,321
Veolia Environnement S.A. 29 2,029
VINCI S.A. 2,385 173,048
See Notes to Financial Statements.
WisdomTree International Dividend Funds 33
Schedule of Investments (continued)
WisdomTree Europe Total Dividend Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
Vivendi S.A. 8,405 $ 329,624
----------
Total France 7,380,732
-----------------------------------------------------------------------------
Germany - 10.1%
adidas AG 773 51,579
Allianz SE 1,357 269,811
Baader Wertpapierhandelsbank AG 3,698 22,794
BASF AG 1,987 268,599
Bayer AG 2,551 205,181
Bayer Schering Pharma AG 854 141,559
Bayerische Motoren Werke AG 1,174 65,091
Beate Uhse AG 1,755 3,754
Beiersdorf AG 474 40,025
Celesio AG 1,187 58,984
Comdirect Bank AG 906 11,557
Commerzbank AG 1,561 48,975
Continental AG 230 23,540
DaimlerChrysler AG 3,758 322,448
Deutsche Bank AG 2,095 238,018
Deutsche Boerse AG 651 105,248
Deutsche Lufthansa AG 2,983 80,969
Deutsche Post AG 5,022 153,980
Deutsche Postbank AG 802 76,846
Deutsche Telekom AG 32,775 547,900
E.ON AG 2,774 515,421
Fresenius Medical Care AG & Co. KGaA 1,444 72,876
H&R WASAG AG(a) 361 8,443
IDS Scheer AG 58 914
Koenig & Bauer AG 164 5,171
MAN AG 638 85,061
MLP AG 460 6,575
Muenchener Rueckversicherungs-Gesellshaft AG 823 161,550
RWE AG 1,849 228,117
SAP AG 279 13,917
Siemens AG 2,678 291,312
ThyssenKrupp AG 1,735 99,631
Volkswagen AG 456 132,690
----------
Total Germany 4,358,536
-----------------------------------------------------------------------------
Ireland - 0.8%
Abbey PLC 265 2,394
Allied Irish Banks PLC 3,988 85,309
Anglo Irish Bank Corp. PLC 962 12,881
Bank of Ireland 2,075 30,824
CRH PLC 990 37,586
DCC PLC 196 4,649
FBD Holdings PLC 2,195 102,256
Fyffes PLC 4,637 6,613
Glanbia PLC 742 5,937
IAWS Group PLC 128 3,020
Independent News & Media PLC 2,568 8,535
Irish Life & Permanent PLC 1,004 19,441
Kerry Group PLC Class A 224 7,046
Readymix PLC 3,285 7,417
----------
Total Ireland 333,908
-----------------------------------------------------------------------------
Italy - 9.7%
Actelios SpA 101 1,007
AEM SpA 25,584 94,355
Alleanza Assicurazioni SpA 5,253 68,878
Arnoldo Mondadori Editore SpA 242 2,052
Assicurazioni Generali SpA 4,270 192,696
Atlantia SpA 2,092 63,480
Autogrill SpA 3,760 56,332
Autostrada Torino-Milano SpA 354 6,815
Banca Carige SpA 12,803 50,565
Banca Finnat Euramerica SpA* 30,595 36,263
Banca IFIS SpA 207 3,064
Banca Intermobiliare SpA 46 379
Banca Intesa SpA 89,573 633,729
Banca Monte dei Paschi di Siena SpA(a) 10,276 45,673
Banca Popolare di Milano S.c.r.l. 333 3,670
Banco di Desio e della Brianza SpA 1,404 14,183
Banco Popolare S.c.r.l.* 3,327 55,301
Benetton Group SpA 5 71
Caltagirone SpA 65 491
Credito Emiliano SpA 1,506 20,069
Enel SpA 49,090 522,719
Eni SpA 28,881 988,489
ERG SpA 606 13,664
ERGO Previdenza SpA 2,247 12,862
Finmeccanica SpA 2,704 92,291
Gruppo Editoriale L'Espresso SpA 1,418 5,819
Ifil Investments SpA 10,680 86,477
Intek SpA 6,459 6,289
Luxottica Group SpA(a) 2,342 59,265
Mediaset SpA 1,398 12,981
Mediobanca SpA 2,997 61,688
Piccolo Credito Valtellinese S.c.r.l. 397 5,206
Premuda SpA 1,729 3,488
Recordati SpA 11,709 87,897
Risanamento SpA* 2,477 7,328
Snam Rete Gas SpA 13,530 86,345
Societa Cattolica di Assicurazioni S.c.r.l. 204 10,011
Telecom Italia SpA 108,783 228,393
Terna SpA 21,121 90,445
UniCredito Italiano SpA 53,996 362,772
Unione di Banche Italiane SCPA 5,175 133,087
----------
Total Italy 4,226,589
-----------------------------------------------------------------------------
Netherlands - 5.5%
ABN AMRO Holding N.V. 7,945 480,280
AEGON N.V. 9,241 136,471
Akzo Nobel N.V. 1,004 80,849
Brunel International 216 5,558
Corporate Express 2,869 33,505
CSM N.V. 222 7,609
European Aeronautic Defence & Space Co.
EADS N.V. 1,719 40,885
Heijmans N.V. 301 11,657
Heineken Holding N.V. 837 42,242
See Notes to Financial Statements.
34 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Europe Total Dividend Fund
March 31, 2008
==================================================================================
Investments Shares U.S. $ Value
----------------------------------------------------------------------------------
Heineken N.V. 760 $ 44,305
ICT Automatisering N.V. 1,012 14,063
ING Groep N.V. 11,586 435,466
Koninklijke DSM N.V. 753 36,451
Koninklijke Philips Electronics N.V. 2,969 113,991
Koninklijke Wessanen N.V. 385 5,411
Macintosh Retail Group N.V. 28 839
Ordina N.V. 1,250 20,560
Reed Elsevier N.V. 1,657 31,717
Royal KPN N.V. 13,389 227,006
SBM Offshore N.V. 1,395 45,159
SNS Reaal 35 713
STMicroelectronics N.V. 5,155 55,055
TNT N.V. 1,302 48,544
Unilever N.V. 4,495 150,927
Unilever N.V. CVA 7,459 251,394
Vedior N.V. 1,462 42,626
Wolters Kluwer N.V. 1,261 33,508
----------
Total Netherlands 2,396,791
----------------------------------------------------------------------------------
Norway - 1.6%
Aker ASA Class A 140 8,127
BW Gas ASA 600 5,242
DnB NOR ASA 7,606 115,697
Ekornes ASA 600 10,921
Norsk Hydro ASA 4,953 72,320
Orkla ASA 3,505 44,487
Sparebank 1 SR Bank* 2,533 26,293
Sparebanken Midt-Norge 3,600 36,129
Sparebanken Nord-Norge 1,050 20,869
Statoil ASA 9,529 286,147
Yara International ASA 1,301 75,396
----------
Total Norway 701,628
----------------------------------------------------------------------------------
Portugal - 0.9%
Banco Comercial Portugues, S.A. Class R 13,255 43,267
Banco Espirito Santo, S.A. 2,078 36,253
Brisa-Auto-estradas de Portugal S.A. 2,202 31,577
EDP - Energias de Portugal, S.A. 15,251 92,797
Jeronimo Martins, SGPS, S.A. 1,390 11,211
Mota-Engil, SGPS, S.A. 962 7,332
Portucel-Empresa Produtora De Pasta E Papel, S.A. 2,342 8,276
Portugal Telecom, SGPS, S.A. 8,018 93,508
SAG Gest-Solucoes Automovel Globais, SGPS, S.A. 2,377 8,512
Semapa-Sociedade de Investimento e Gestao,
SGPS, S.A. 760 9,754
Sonae SGPS, S.A. 4,895 9,036
Zon Multimedia - Servicos de Telecomunicacoes
e Multimedia, SGPS, S.A. 2,350 27,965
----------
Total Portugal 379,488
----------------------------------------------------------------------------------
Spain - 9.9%
Abertis Infraestructuras S.A. 1,805 59,033
Acciona, S.A. 258 69,355
ACS, Actividades Construccion y Servicios, S.A. 976 55,783
Adolfo Dominguez S.A. 16 491
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 18,653 412,315
Banco de Santander Central Hispano, S.A. 40,430 808,479
Banco Espanol de Credito, S.A. 2,196 41,826
Banco Guipuzcoano S.A. 5,676 97,134
Banco Popular Espanol, S.A. 4,806 87,576
Banco Sabadell S.A.(a) 4,351 47,916
Bankinter, S.A. 2,304 36,691
Campofrio Alimentacion S.A.* 1,669 25,997
Cia Espanola De Petroleos, S.A.(a) 774 86,035
Corporacion Financiera Alba, S.A. 434 28,629
Endesa S.A. 8,371 440,639
Fomento de Construcciones y Contratas S.A. 530 35,020
Gas Natural SDG, S.A. 1,812 112,494
Gestevision Telecinco, S.A. 2,355 48,101
Grupo Catalana Occidente S.A. 3,409 131,910
Grupo Ferrovial S.A. 544 39,643
IBERDROLA, S.A. 17,476 271,931
Iberia Lineas Aereas de Espana 2,837 12,407
Inditex S.A. 983 54,812
Mapfre S.A. 4,805 24,212
Metrovacesa S.A. 1,430 188,977
Montebalito S.A. 633 8,024
Red Electrica de Espana, S.A. 986 60,589
Repsol YPF, S.A. 4,081 141,359
Sacyr Vallehermoso, S.A. 1,671 58,251
Tavex Algodonera S.A.* 517 1,270
Telefonica, S.A. 26,387 760,970
Union Fenosa, S.A. 962 64,891
----------
Total Spain 4,312,760
----------------------------------------------------------------------------------
Sweden - 3.7%
AB SKF Class B 1,402 28,253
AB Volvo Class A 1,705 25,446
AB Volvo Class B 4,101 62,242
Alfa Laval AB 701 42,675
Assa Abloy AB Class B 1,402 25,475
Atlas Copco AB Class A 2,804 47,995
Atlas Copco AB Class B 2,204 34,658
Boliden AB 455 4,853
D. Carnegie & Co. AB 2,099 35,397
Electrolux AB Series B 2,103 34,577
Eniro AB 903 6,578
Getinge AB* 87 2,267
Getinge AB Class B 1,400 36,358
H&M Hennes & Mauritz AB Class B 3,152 194,011
Hexagon AB Class B 2,103 42,911
Investment AB Kinnevik Class B 2,103 39,986
L E Lundbergforetagen AB Class B 350 20,068
Nordea Bank AB 14,012 227,549
Rederi AB Transatlantic 300 2,216
Sandvik AB 4,204 73,198
Scania AB Class A 2,404 54,324
Scania AB Class B 2,804 58,989
Securitas AB Class B 1,402 18,560
See Notes to Financial Statements.
WisdomTree International Dividend Funds 35
Schedule of Investments (continued)
WisdomTree Europe Total Dividend Fund
March 31, 2008
============================================================================
Investments Shares U.S. $ Value
----------------------------------------------------------------------------
Skandinaviska Enskilda Banken AB 2,802 $ 73,476
Skanska AB Class B 1,402 28,135
SSAB Svenskt Stal AB Series A 1,103 31,063
Svenska Cellulosa Aktiebolaget SCA Class B 2,003 36,564
Svenska Handelsbanken AB Class A 2,802 81,745
Svolder AB Class B 2,233 21,276
Swedbank AB Class A 2,802 78,674
Swedish Match AB 2 44
TeliaSonera AB 16,515 132,845
----------
Total Sweden 1,602,408
----------------------------------------------------------------------------
Switzerland - 4.6%
Adecco S.A. 565 32,761
Baloise Holding AG 3 299
Ciba Specialty Chemicals Holding Inc. 593 21,716
Credit Suisse Group 4,454 227,642
Givaudan S.A. 42 41,722
Holcim Ltd. 495 52,200
Inficon Holding AG 31 4,952
Julius Baer Holdings AG 823 60,911
Kudelski S.A. 906 13,356
Kuehne + Nagel International AG 480 48,216
Lundbergforetagen AB Class B 113 2,034
Nestle S.A. 1,217 610,622
Novartis AG 5,741 295,451
Roche Holding AG 1,151 217,504
Swatch Group AG (The) Class B 178 47,782
Swiss Reinsurance Co. 1,253 109,901
Swisscom AG 306 105,269
Zurich Financial Services AG 350 110,674
----------
Total Switzerland 2,003,012
----------------------------------------------------------------------------
United Kingdom - 29.2%
Abacus Group PLC 41,658 38,914
Acal PLC 757 2,460
Aero Inventory PLC 1,632 19,462
Alliance & Leicester PLC 5,716 58,904
Anglo American PLC 3,248 195,469
AstraZeneca PLC 7,283 272,708
ATH Resources PLC 663 2,561
Aviva PLC 16,740 205,447
BAE SYSTEMS PLC 25,546 246,375
Barclays PLC 38,712 348,538
BG Group PLC 10,898 252,769
BHP Billiton PLC 6,310 187,490
BP PLC 93,594 952,412
Bradford & Bingley PLC 2,798 10,385
British American Tobacco PLC 12,617 474,191
British Polythene Industries 2,607 12,280
British Sky Broadcasting PLC 10,422 115,272
BT Group PLC 68,287 294,852
Carter & Carter Group PLC+ 18,719 30,693
Centrica PLC 32,590 193,184
Chesnara PLC 2,095 6,954
Close Brothers Group PLC 2,460 30,167
Compass Group PLC 27,986 179,241
Dart Group PLC 15,663 8,405
Dawson Holdings PLC 10,754 20,091
Diageo PLC 13,501 272,626
Electrocomponents PLC 973 3,515
Elektrobit Corp. Class B(a) 6,633 5,702
FirstGroup PLC 2,477 27,741
GCAP Media PLC 909 3,546
GlaxoSmithKline PLC 24,939 528,375
HMV Group PLC 3,550 9,155
HSBC Holdings PLC 68,040 1,122,403
Imperial Tobacco Group PLC 3,676 169,354
Kazakhmys PLC 1,936 61,449
Kingfisher PLC 13,184 34,588
Land of Leather Holdings Plc 7,150 7,674
Lloyds TSB Group PLC 62,047 556,166
Marks & Spencer Group PLC 16,415 126,340
McKay Securities PLC 528 2,938
National Grid PLC 20,072 275,861
Old Mutual PLC 63,005 138,371
Pearson PLC 13,492 182,746
Photo-Me International PLC 2,416 720
Provident Financial PLC 4,629 77,879
Prudential PLC 19,176 253,637
Reckitt Benckiser Group PLC 3,761 208,627
Reed Elsevier PLC 14,521 184,996
Renishaw PLC 735 9,955
Rexam PLC 2,692 22,819
Rio Tinto PLC 2,393 248,886
Royal Bank of Scotland Group (The) PLC 64,235 430,557
Royal Dutch Shell PLC Class A 19,925 687,868
Royal Dutch Shell PLC Class B 8,818 297,237
SABMiller PLC 7,521 165,026
Sage Group (The) PLC 29,051 108,606
Scottish & Southern Energy PLC 9,198 256,665
Smiths News PLC 23,605 46,798
Standard Chartered PLC 8,955 306,482
Taylor Wimpey PLC 15,545 57,929
Tesco PLC 29,854 224,879
Tomkins PLC 27 96
Tribal Group PLC 17,923 47,377
TT electronics PLC 5,548 10,723
Tullow Oil PLC 4,784 62,802
Unilever PLC 7,601 256,668
United Utilities PLC 190 2,608
Vodafone Group PLC 333,076 998,941
Wagon PLC 11,056 3,790
Warner Estate Holdings PLC 1,609 10,233
Whatman PLC 787 4,184
----------
Total United Kingdom 12,674,762
----------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $43,431,223) 43,090,540
============================================================================
See Notes to Financial Statements.
36 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree Europe Total Dividend Fund
March 31, 2008
==========================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $3,439) 3,439 $ 3,439
==========================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.7%
MONEY MARKET FUND(c) - 0.7%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $287,665)(d) 287,665 287,665
==========================================================================
TOTAL INVESTMENTS IN SECURITIES - 100.0%
(Cost: $43,722,327) 43,381,644
Foreign Currency and Other Assets in Excess of
Liabilities - 0.0% 17,683
-----------
NET ASSETS - 100.0% $43,399,327
==========================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $160,331 and the total market value of the collateral held by the Fund
was $287,665.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 37
Schedule of Investments
WisdomTree Europe High-Yielding Equity Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
COMMON STOCKS - 99.3%
Belgium - 2.9%
Barco N.V. 414 $ 29,756
Belgacom S.A. 6,021 267,613
Cofinimmo 109 23,652
Compagnie Maritime Belge S.A. 613 41,398
Dexia N.V. 6,212 177,670
Euronav N.V. 3,981 151,773
Fortis N.V. 17,194 434,826
KBC Ancora 209 21,579
KBC Groep N.V. 1,512 196,794
----------
Total Belgium 1,345,061
-----------------------------------------------------------------------------
Denmark - 0.7%
Danske Bank A/S 5,108 189,125
Harboes Bryggeri A/S 900 23,618
TrygVesta A/S 1,350 119,044
----------
Total Denmark 331,787
-----------------------------------------------------------------------------
Finland - 1.6%
Elektrobit Corp. 6,843 15,506
Metso Oyj 4,039 218,880
Outokumpu Oyj 40 1,826
PKC Group Oyj 674 7,519
Pohjola Bank PLC Class A 2,403 45,426
Rautaruukki Oyj 2,943 142,558
Sampo Oyj Class A 6,207 168,675
Sanoma-WSOY Oyj 2,002 55,705
Stora Enso Oyj Class R 6,806 78,834
Uponor Oyj 803 18,959
----------
Total Finland 753,888
-----------------------------------------------------------------------------
France - 17.0%
AXA S.A. 25,361 923,871
BNP Paribas 11,833 1,197,936
Casino Guichard Perrachon S.A. 1,546 186,031
Credit Agricole S.A. 24,520 761,522
Euler Hermes S.A. 677 72,861
Gaz de France S.A. 6,290 381,131
Imerys S.A. 22 2,025
M6, Metropole Television 2,453 54,805
Natixis 11,654 188,172
Nexity 794 34,246
PagesJaunes S.A. 3,167 56,606
Rallye S.A. 683 43,387
Renault S.A. 1,964 218,155
Schneider Electric S.A. 705 91,558
Societe Des Autoroutes Paris-Rhin-Rhone 2,872 348,592
Suez S.A. 13,524 890,822
TOTAL S.A. 23,699 1,766,458
Valeo S.A. 2,902 115,511
Vivendi S.A. 17,550 688,269
----------
Total France 8,021,958
-----------------------------------------------------------------------------
Germany - 8.4%
AWD Holding AG 2,645 122,675
BASF AG 5,067 684,947
Bayer Schering Pharma AG 2,183 361,854
Beate Uhse AG 17,269 36,941
Deutsche Bank AG 2,948 334,929
Deutsche Lufthansa AG 4,531 122,986
Deutsche Post AG 4,174 127,979
Deutsche Telekom AG 59,006 986,403
MPC Muenchmeyer Petersen Capital AG 587 41,540
Muenchener Rueckversicherungs-Gesellshaft AG 2,319 455,206
Norddeutsche Affinerie AG 1,335 53,054
RWE AG 5,028 620,320
----------
Total Germany 3,948,834
-----------------------------------------------------------------------------
Ireland - 0.6%
Abbey PLC 265 2,394
Allied Irish Banks PLC 10,813 231,305
Bank of Ireland 1,378 20,470
Fyffes PLC 4,900 6,988
----------
Total Ireland 261,157
-----------------------------------------------------------------------------
Italy - 13.5%
Alleanza Assicurazioni SpA 13,587 178,155
Arnoldo Mondadori Editore SpA(a) 7,258 61,529
Banca Intermobiliare SpA 3,035 25,007
Banca Intesa SpA 203,581 1,440,339
Enel SpA 125,752 1,339,030
Eni SpA 48,088 1,645,873
ERGO Previdenza SpA 6,824 39,062
Gruppo Editoriale L'Espresso SpA(a) 19,459 79,859
Milano Assicurazioni SpA 8,014 54,001
Premuda SpA 5,102 10,291
Snam Rete Gas SpA 29,500 188,262
Telecom Italia SpA 158,162 332,066
Terna SpA 36,697 157,146
UniCredito Italiano SpA 97,312 653,790
Unione di Banche Italiane SCPA 5,729 147,334
----------
Total Italy 6,351,744
-----------------------------------------------------------------------------
Netherlands - 4.6%
ABN AMRO Holding N.V. 14,833 896,663
AEGON N.V. 11,752 173,554
ING Groep N.V. 25,496 958,281
Royal KPN N.V. 9,654 163,681
----------
Total Netherlands 2,192,179
-----------------------------------------------------------------------------
Norway - 0.9%
ABG Sundal Collier ASA 8,009 14,578
Acta Holding ASA(a) 19,009 63,591
Aker ASA Class A 980 56,890
Camillo Eitzen & Co. ASA* 611 7,455
DnB NOR ASA 15,817 240,597
Ekornes ASA 701 12,760
Sparebanken Midt-Norge 2,801 28,111
See Notes to Financial Statements.
38 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree Europe High-Yielding Equity Fund
March 31, 2008
===============================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Veidekke ASA 2,100 $ 20,765
-----------
Total Norway 444,747
-------------------------------------------------------------------------------
Portugal - 0.3%
Portugal Telecom, SGPS, S.A. 12,882 150,234
-------------------------------------------------------------------------------
Spain - 9.9%
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 31,457 695,340
Banco Santander Central Hispano, S.A. 79,113 1,582,024
Endesa S.A. 13,104 689,778
Gestevision Telecinco, S.A. 3,076 62,827
Telefonica, S.A. 57,448 1,656,731
-----------
Total Spain 4,686,700
-------------------------------------------------------------------------------
Sweden - 3.2%
AB Volvo Class B 4,784 72,608
Axfood AB 551 19,652
Brostrom AB Class B 14,250 103,091
D. Carnegie & Co. AB 6,500 109,613
Fabege AB 3,196 34,224
Holmen AB Class B 401 13,896
Kungsleden Fastighets AB 5,252 65,318
Nolato AB Class B 3,600 35,211
Nordea Bank AB 28,732 466,596
Rederi AB Transatlantic 300 2,216
Svenska Cellulosa Aktiebolaget SCA Class B 3,606 65,827
Svenska Handelsbanken AB Class A 8,307 242,348
Swedbank AB Class A 5,906 165,828
TeliaSonera AB 17,000 136,747
-----------
Total Sweden 1,533,175
-------------------------------------------------------------------------------
Switzerland - 1.0%
Swisscom AG 809 278,310
Zurich Financial Services AG 559 176,763
-----------
Total Switzerland 455,073
-------------------------------------------------------------------------------
United Kingdom - 34.7%
AstraZeneca PLC 15,072 564,363
Aviva PLC 26,447 324,579
Barclays PLC 84,399 759,875
BP PLC 175,834 1,789,285
British American Tobacco PLC 21,931 824,246
BT Group PLC 103,736 447,916
Chesnara PLC 6,924 22,982
Devro PLC 113 180
Diageo PLC 28,463 574,753
DSG International PLC 96,419 121,687
GKN PLC 17,584 106,330
GlaxoSmithKline PLC 50,023 1,059,824
HBOS PLC 45,987 511,835
HMV Group PLC 6,921 17,848
HSBC Holdings PLC 132,096 2,179,087
Imperial Tobacco Group PLC 1,849 85,184
Ladbrokes PLC 715 4,423
Legal & General Group PLC 110,365 277,259
Lloyds TSB Group PLC 104,988 941,072
National Grid PLC 35,641 489,834
Old Mutual PLC 87,500 192,166
Pearson PLC 18,630 252,340
Renishaw PLC 2,972 40,255
Royal Bank of Scotland Group (The) PLC 107,747 722,211
Royal Dutch Shell PLC Class A 32,429 1,119,542
Scottish & Newcastle PLC 971 15,246
Scottish & Southern Energy PLC 1,464 40,852
Smiths Group PLC 10,951 204,592
Smiths News PLC 1,269 2,516
TDG PLC 251 1,165
Tomkins PLC 46,906 166,641
Unilever PLC 14,852 501,516
United Utilities PLC 1,432 19,652
Vodafone Group PLC 646,403 1,938,649
Wagon PLC 39,224 13,448
-----------
Total United Kingdom 16,333,353
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $49,362,663) 46,809,890
===============================================================================
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $2,533) 2,533 2,533
===============================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.7%
MONEY MARKET FUND(c) - 0.7%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $323,350)(d) 323,350 323,350
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 100.0%
(Cost: $49,688,546) 47,135,773
Liabilities in Excess of Foreign Currency and
Other Assets - 0.0% (13,914)
-----------
NET ASSETS - 100.0% $47,121,859
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $190,182 and the total market value of the collateral held by the Fund
was $323,350.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 39
Schedule of Investments
WisdomTree Europe SmallCap Dividend Fund
March 31, 2008
============================================================================
Investments Shares U.S. $ Value
----------------------------------------------------------------------------
COMMON STOCKS - 99.4%
Austria - 1.3%
AT&S Austria Technologie & Systemtechnik AG 2,833 $ 46,192
Flughafen Wien AG 3,104 375,426
Schoeller-Bleckmann Oilfield Equipment AG 792 70,830
Semperit AG Holding 2,769 109,252
----------
Total Austria 601,700
----------------------------------------------------------------------------
Belgium - 4.8%
Barco N.V. 2,294 164,882
Cofinimmo 2,406 522,075
Cumerio N.V.(a) 4,527 212,328
Econocom Group S.A./N.V. 5,075 62,483
Euronav N.V. 16,839 641,976
EVS Broadcast Equipment S.A. 1,966 211,991
Exmar N.V. 3,762 98,119
Melexis N.V. 6,771 112,547
Omega Pharma S.A. 190 8,839
Tessenderlo Chemie N.V. 4,694 214,137
----------
Total Belgium 2,249,377
----------------------------------------------------------------------------
Denmark - 1.6%
Allianz SE 500 13,386
Amagerbanken A/S* 2,155 91,122
Auriga Industries A/S Class B 3,361 102,839
Bang & Olufsen A/S Class B 1,200 75,219
Biomar Holding A/S 175 7,065
East Asiatic Co. Ltd. A/S 861 75,558
Harboes Bryggeri A/S 58 1,522
Rella Holding A/S 4,350 64,701
SimCorp A/S 910 189,299
Sjaelso Gruppen 838 23,860
Spar Nord Bank A/S 4,667 95,695
----------
Total Denmark 740,266
----------------------------------------------------------------------------
Finland - 7.1%
Ahlstrom Oyj 8,466 246,832
Alma Media Corp.(a) 19,213 258,774
Amer Sports Oyj Class A(a) 11,948 241,386
Aspo Oyj+ 6,932 71,946
Citycon Oyj* 29,254 179,855
Comptel PLC* 19,816 45,529
Elektrobit Corp.(a) 29,855 67,649
Finnair Oyj 7,723 88,844
HK-Ruokatalo Oyj Class A 3,933 59,329
Huhtamaki Oyj(a) 11,798 126,749
Kemira GrowHow Oyj 8,258 158,593
Lassila & Tikanoja Oyj 4,509 128,605
M-real Oyj Class B(a) 27,219 91,435
Oriola-KD Oyj* 3,252 15,356
Orion Oyj Class B Class B(a) 37,950 825,035
PKC Group Oyj 6,227 69,464
Poyry Oyj 10,300 256,890
Raisio PLC Class V 25,087 57,242
Stockmann Oyj Abp Class B*(a) 4,479 212,916
Talentum Oyj 15,664 73,220
Technopolis PLC 4,410 39,481
Tekla Oyj* 436 6,708
----------
Total Finland 3,321,838
----------------------------------------------------------------------------
France - 4.5%
April Group 1,469 73,555
Assystem 4,597 61,041
Bacou-Dalloz S.A. 571 66,230
Canal Plus S.A. 24,000 257,458
Carbone Lorraine 1,639 99,520
GFI Informatique 170 1,094
Groupe Steria SCA 1,200 39,550
Haulotte Group 1,384 31,601
IMS-International Metal Service 3,934 156,713
IPSOS 519 16,176
Kaufman & Broad S.A. 4,553 187,215
Manitou BF S.A. 6,189 234,382
NRJ Group(a) 16,413 137,318
Oberthur Card Systems S.A. 17,922 126,088
Sechilienne-Sidec 3,372 261,545
Sequana Capital S.A. 7,835 206,336
Stallergenes 282 20,814
Ste Industrielle d'Aviation Latecoere S.A. 2,800 58,121
TRIGANO S.A. 2,290 88,502
----------
Total France 2,123,259
----------------------------------------------------------------------------
Germany - 8.0%
AWD Holding AG(a) 8,816 408,884
Balda AG*(a) 5,353 20,187
Beate Uhse AG 24,396 52,187
Bechtle AG 2,904 91,893
Carl Zeiss Meditec AG 1,707 27,562
Comdirect Bank AG 29,394 374,939
DAB Bank AG 9,754 86,706
Demag Cranes AG 1,841 84,364
ElringKlinger AG 1,875 210,200
Fuchs Petrolub AG 618 58,902
Gerry Weber International AG 2,959 106,199
Gfk AG 553 22,125
Gildemeister AG 1,953 49,328
Grammer AG 2,498 65,904
H&R WASAG AG 252 5,894
HCI Capital AG 9,948 222,890
IDS Scheer AG 2,889 45,549
Indus Holding AG 4,135 145,457
Koenig & Bauer AG 2,389 75,331
Kontron AG 257 4,150
Leoni AG 3,320 159,505
Lloyd Fonds AG 1,935 44,183
MPC Muenchmeyer Petersen Capital AG 4,487 317,527
Norddeutsche Affinerie AG(a) 8,369 332,588
Pfeiffer Vacuum Technology AG 433 40,007
Pfleiderer AG 590 14,958
See Notes to Financial Statements.
40 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Europe SmallCap Dividend Fund
March 31, 2008
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Sixt AG 1,278 $ 57,228
Takkt AG 4,806 86,739
Techem AG* 4,897 464,177
Vivacon AG 2,454 52,028
----------
Total Germany 3,727,591
--------------------------------------------------------------------------------
Ireland - 2.2%
Abbey PLC 2,730 24,661
FBD Holdings PLC 2,413 112,411
Fyffes PLC 131,896 190,547
Glanbia PLC 26,116 208,980
Greencore Group PLC 30,511 183,474
McInerney Holdings PLC 17,131 32,005
Paddy Power PLC 3,962 144,456
Readymix PLC 7,094 16,018
United Drug PLC 18,740 111,178
----------
Total Ireland 1,023,730
--------------------------------------------------------------------------------
Italy - 7.6%
AcegasAps SpA 7,052 61,570
Actelios SpA 6,786 67,635
Amplifon SpA(a) 16,706 56,914
Anima SGRpA 17,057 46,488
Astaldi SpA 7,250 56,061
Banca Finnat Euramerica SpA* 8,875 10,519
Banca IFIS SpA 6,545 96,864
Banca Intermobiliare SpA 19,356 159,487
Banca Popolare dell'Etruria e del Lazio 4,979 58,145
Banca Profilo SpA 35,347 78,973
Banco di Desio e della Brianza SpA 6,939 70,094
Biesse SpA 761 16,327
Brembo SpA 8,607 124,926
Caltagirone SpA 8,292 62,673
COFIDE - Compagnia Finanziaria De Benedetti SpA 41,254 47,687
Credito Artigiano SpA 31,487 139,700
Credito Artigiano SpA -2008 Shares* 7,966 30,547
Cremonini SpA 35,713 167,504
De Longhi Spa 1,682 7,256
ERGO Previdenza SpA 9,687 55,450
Gewiss SpA 8,056 47,199
GranitiFiandre SpA 5,975 66,747
Gruppo Editoriale L'Espresso SpA(a) 104,266 427,906
I.M.A. - Industria Macchine Automatiche SpA 9,425 199,971
Immobiliare Grande Distribuzione 7,339 26,514
Intek SpA 204,771 199,387
Marazzi Group SpA 7,019 58,335
MARR SpA 12,326 139,257
Meliorbanca SpA 8,510 37,082
Navigazione Montanari SpA 14,990 60,094
Panariagroup Industrie Ceramiche SpA 9,410 52,895
Premafin Finanziaria SpA 13,460 35,852
Premuda SpA 39,128 78,926
Recordati SpA 24,487 183,819
SAES Getters SpA 2,938 85,101
SAVE SpA 1,280 22,270
Societa Iniziative Autostradali e Servizi SpA 13,534 177,567
Sogefi SpA 16,796 144,781
SOL SpA 6,788 48,402
Vittoria Assicurazioni SpA 2,440 42,800
----------
Total Italy 3,549,725
--------------------------------------------------------------------------------
Netherlands - 4.9%
Arcadis N.V. 1,272 76,994
Ballast Nedam N.V. 1,845 73,380
Beter Bed Holding N.V. 3,827 86,959
Brunel International 1,301 33,479
Draka Holding 1,405 45,461
Exact Holding N.V. 5,537 188,546
Heijmans N.V. 4,278 165,672
ICT Automatisering N.V. 4,496 62,479
Koninklijke Wessanen N.V. 21,140 297,122
Macintosh Retail Group N.V. 2,862 85,711
OCE N.V. 19,041 325,249
OPG Groep N.V. 4,384 124,415
Ordina N.V. 1,092 17,961
Sligro Food Group NV 3,300 129,000
Smit Internationale N.V. 2,888 295,164
Ten Cate N.V. 2,985 110,443
TKH Group N.V. 3,376 79,546
Wegener N.V. 3,448 71,791
----------
Total Netherlands 2,269,372
--------------------------------------------------------------------------------
Norway - 5.3%
ABG Sundal Collier ASA 184,020 334,960
Acta Holding ASA(a) 102,128 341,649
BW Gas ASA 38,300 334,633
Camillo Eitzen & Co. ASA* 12,244 149,383
Cermaq ASA 6,173 78,351
EDB Business Partner ASA 2,882 21,267
Ekornes ASA 7,422 135,098
Hafslund ASA Class B 3,172 61,015
Leroy Seafood Group ASA 2,005 44,781
Scana Industrier* 10,085 30,165
Sparebank 1 SR Bank 22,833 237,013
Sparebanken Midt-Norge 21,788 218,662
Sparebanken Nord-Norge* 4,800 95,400
Superoffice ASA 1,825 10,882
Tomra Systems ASA(a) 12,428 94,156
Veidekke ASA 31,090 307,428
----------
Total Norway 2,494,843
--------------------------------------------------------------------------------
Portugal - 1.6%
Altri Sgps S.A. 313 2,219
Banif SGPS, S.A. 16,678 74,524
Corticeira Amorim-Industria S.A. 16,645 42,463
Finibanco Holding SGPS S.A. 12,081 59,535
Mota-Engil, SGPS, S.A. 19,873 151,466
SAG Gest-Solucoes Automovel Globais, SGPS, S.A. 60,370 216,190
See Notes to Financial Statements.
WisdomTree International Dividend Funds 41
Schedule of Investments (continued)
WisdomTree Europe SmallCap Dividend Fund
March 31, 2008
==========================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------
Semapa-Sociedade de Investimento e Gestao,
SGPS, S.A. 14,039 $ 180,189
----------
Total Portugal 726,586
--------------------------------------------------------------------------
Spain - 2.2%
Adolfo Dominguez S.A. 358 10,977
Campofrio Alimentacion S.A.*(a) 10,663 166,088
Cie Automotive S.A. 7,693 75,334
Grupo Duro Felguera S.A. 13,082 148,213
Itinere Infraestructura S.A. 10,158 123,455
Montebalito S.A. 1,995 25,289
Pescanova SA 638 31,632
Tavex Algodonera S.A.* 20,212 49,642
Tubacex S.A. 6,605 73,366
Tubos Reunidos, S.A. 13,888 101,229
Uralita S.A. 16,301 143,613
Vidrala S.A. 1,887 61,117
Viscofan S.A. 434 9,978
----------
Total Spain 1,019,933
--------------------------------------------------------------------------
Sweden - 12.1%
Aangpanneforeningen AB Class B 110 2,704
AarhusKarlshamn AB 8,487 234,718
Axfood AB(a) 13,279 473,614
Axis Communications AB 442 8,833
Bilia AB Class A 8,938 149,219
Billerud AB 13,738 156,378
Brostrom AB Class B(a) 20,954 151,591
Cardo AB 6,022 166,546
Clas Ohlson AB Class B(a) 7,922 144,948
Connecta AB 1,560 18,152
D. Carnegie & Co. AB 31,305 527,914
Elekta AB Class B 5,505 95,155
Gunnebo AB 661 7,468
Hakon Invest AB 15,894 371,891
Haldex AB 4,000 70,658
HIQ International AB 16,800 91,225
Hoganas AB Class B 3,600 85,751
HQ AB 3,228 84,919
Indutrade AB 3,057 73,977
Intrum Justitia AB 14,455 257,779
KappAhl Holding AB* 9,590 89,755
Kungsleden Fastighets AB 70,639 878,529
Mekonomen AB* 1,876 38,596
Munters AB 5,211 60,195
NCC AB Class B(a) 14,246 415,613
New Wave Group AB Class B 6,900 50,500
Nibe Industrier AB Class B 4,422 41,200
Nobia AB 15,579 134,643
Nolato AB Class B 4,000 39,123
Nordnet AB Class B 26,500 79,098
Q-Med AB 3,463 22,892
Rederi AB Transatlantic 2,755 20,349
Seco Tools Class B 17,226 325,350
SkiStar AB 6,700 108,466
Sweco AB Class B 5,735 50,290
Wihlborgs Fastigheter AB 6,250 143,077
----------
Total Sweden 5,671,116
--------------------------------------------------------------------------
Switzerland - 1.0%
Bellevue Group AG 3,463 239,842
Bucher Industries AG 569 154,756
Inficon Holding AG 283 45,209
Kudelski S.A. 2,492 36,736
Schulthess Group 90 6,638
----------
Total Switzerland 483,181
--------------------------------------------------------------------------
United Kingdom - 35.2%
Abacus Group PLC 11,457 10,702
Acal PLC 3,253 10,571
Aero Inventory PLC 8,741 104,236
Aga Foodservice Group PLC 19,137 119,334
Alexon Group PLC 17,186 32,791
Ashtead Group PLC 479 590
ATH Resources PLC 3,390 13,097
Beazley Group PLC 71,812 227,648
Bespak PLC 4,547 50,337
Big Yellow Group PLC 6,341 54,790
Blacks Leisure Group PLC 12,898 37,683
Bloomsbury Publishing PLC 22,076 72,395
Bodycote International PLC 45,329 168,471
BPP Holdings PLC 8,528 89,832
Brewin Dolphin Holdings PLC 33,638 92,261
Brit Insurance Holdings PLC 86,419 416,083
British Polythene Industries 9,039 42,577
Britvic PLC 23,802 150,789
BSS Group PLC 8,169 63,401
Business Post Group PLC 16,287 92,256
Capital & Regional PLC 3,896 42,588
Carpetright PLC 15,420 233,685
Castings PLC 10,859 61,509
Centaur Media PLC 16,436 25,643
Charles Taylor Consulting PLC 7,635 42,034
Chemring Group PLC 1,909 93,184
Chesnara PLC 42,952 142,563
Chloride Group PLC 24,797 94,132
Clarkson PLC 1,944 29,750
Clinton Cards PLC 52,428 60,957
Communisis PLC 50,218 63,129
Computacenter PLC 14,793 50,423
Cranswick PLC 5,617 57,493
Croda International PLC 18,162 239,323
Dairy Crest Group PLC 26,187 244,099
Dart Group PLC 4,426 2,375
Davis Service Group PLC 29,679 291,396
Dawson Holdings PLC 37,583 70,214
Dechra Pharmaceuticals PLC 7,276 53,036
Delta PLC 6,898 12,887
See Notes to Financial Statements.
42 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Europe SmallCap Dividend Fund
March 31, 2008
===================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------
Devro PLC 9,903 $ 15,795
Diploma PLC 23,451 70,845
Domino Printing Sciences PLC 14,119 86,429
Domino's Pizza UK & IRL PLC 13,698 54,450
DS Smith PLC 82,151 255,524
DTZ Holdings PLC 948 4,070
E2V Technologies PLC 8,054 28,333
Elementis PLC 50,248 66,412
Ennstone PLC 86,865 50,930
Enodis PLC 15,630 43,257
Euromoney Institutional Investor PLC 19,353 152,702
Expro International Group PLC 6,910 160,683
F&C Asset Management PLC 160,133 580,037
Fenner PLC 28,774 134,392
Filtrona PLC 13,025 44,526
Findel PLC 13,548 133,287
FKI PLC 132,987 184,357
Forth Ports PLC 6,348 259,398
Foseco PLC 12,933 75,699
Future PLC 97,170 55,041
Galliford Try PLC 27,317 35,426
Game Group PLC 33,847 142,782
GCAP Media PLC 30,244 117,966
Genus PLC 5,568 80,785
Greggs PLC 1,686 151,395
Halfords Group PLC 44,845 252,681
Halma PLC 68,541 263,936
Headlam Group PLC 16,157 122,026
Helical Bar PLC 3,602 26,918
Helphire PLC(a) 12,346 44,413
Highway Insurance Holdings PLC 42,967 55,508
Hill & Smith Holdings PLC 8,652 57,176
HMV Group PLC(a) 132,739 342,304
Holidaybreak PLC 10,765 117,247
Hornby PLC 6,990 26,326
Hunting PLC 8,182 134,972
IG Group Holdings PLC 24,033 156,313
Interior Services Group PLC 6,426 25,799
Interserve PLC 21,882 209,950
ITE Group PLC 29,786 86,283
J D Wetherspoon PLC 1,645 8,926
James Fisher & Sons PLC 5,967 72,342
Jardine Lloyd Thompson Group PLC 59,806 440,096
JJB Sports PLC 59,230 128,314
John Menzies PLC 13,491 150,155
Kcom Group PLC 24,688 21,344
Keller Group PLC 6,820 91,495
Kier Group PLC 2,912 79,869
Laura Ashley Holdings PLC 55,951 28,913
Liontrust Asset Management PLC 6,552 31,253
Lookers PLC 18,182 32,613
Low & Bonar PLC 5,648 12,180
Luminar Group Holdings PLC 10,122 60,554
Majestic Wine PLC 6,966 30,736
Marshalls PLC 32,782 167,283
McBride PLC 26,763 55,851
McKay Securities PLC 9,015 50,168
Melrose PLC 11,128 31,848
Metalrax Group PLC 11,776 6,436
Micro Focus International PLC 9,246 34,915
Mitie Group PLC 35,117 168,904
MJ Gleeson Group PLC 8,274 38,974
Morgan Crucible Co. 9,246 40,107
Morgan Sindall PLC 6,079 119,612
Morse PLC 46,776 58,569
Mothercare PLC 13,423 109,114
MP Evans Group PLC 8,760 77,477
N. Brown Group PLC 38,024 184,019
Northern Foods PLC 68,766 126,080
Northgate PLC 9,069 102,470
Numis Corp PLC 10,740 39,490
PayPoint PLC 2,904 32,726
Pendragon PLC 153,121 102,711
Photo-Me International PLC 67,087 20,000
Premier Farnell PLC 94,891 336,173
Psion PLC 23,603 46,911
PZ Cussons PLC 58,797 216,189
RAB Capital PLC(a) 26,918 28,221
Raymarine PLC 5,090 23,546
Redrow PLC 30,651 197,377
Renishaw PLC 12,807 173,468
Restaurant Group PLC 23,787 72,806
Ricardo PLC 10,661 74,161
RM PLC 23,841 93,820
Robert Wiseman Dairies PLC 1,856 16,683
ROK PLC 16,621 39,971
Rotork PLC 13,167 282,368
royalblue group PLC 2,636 38,743
RPC Group PLC 22,369 90,584
RPS Group PLC 11,494 73,673
Savills PLC 26,166 183,317
Senior PLC 61,818 122,863
Severfield-Rowen PLC 10,305 61,239
Shanks Group PLC 35,913 185,580
Smiths News PLC 34,745 68,883
Speedy Hire PLC 3,614 54,661
Spirax-Sarco Engineering PLC 10,310 210,444
SSL International PLC 20,248 182,501
St. Ives Group PLC 41,815 201,951
T. Clarke PLC 16,261 55,911
Taylor Nelson Sofres PLC 20,832 65,521
TDG PLC 26,399 122,513
Ted Baker PLC 5,801 48,309
Terrace Hill Group PLC 9,061 9,500
Thorntons PLC 20,266 56,793
Titan Europe PLC 14,051 33,232
See Notes to Financial Statements.
WisdomTree International Dividend Funds 43
Schedule of Investments (concluded)
WisdomTree Europe SmallCap Dividend Fund
March 31, 2008
==============================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------
Topps Tiles PLC 42,174 $ 95,137
Tribal Group PLC 1,955 5,168
TT electronics PLC 53,667 103,730
Ultra Electronics Holdings PLC 5,691 146,249
Umeco PLC 9,579 99,951
UNITE Group PLC 5,174 33,729
UTV Media PLC 12,067 56,840
Victrex PLC 4,742 70,780
Vitec Group (The) PLC 7,438 63,419
Vp PLC 6,272 38,269
VT Group PLC 19,979 260,883
Wagon PLC 22,697 7,782
Warner Estate Holdings PLC 8,823 56,114
WH Smith PLC 5,298 39,065
Whatman PLC 5,262 27,976
White Young Green PLC 4,134 22,862
Wilmington Group PLC 9,747 34,289
Wincanton PLC 24,630 169,129
Woolworths Group PLC 456,893 99,888
WSP Group PLC 5,062 60,867
Yule Catto & Co. PLC 44,123 137,242
-----------
Total United Kingdom 16,519,462
------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $54,919,314) 46,521,979
==============================================================================
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $18,124) 18,124 18,124
==============================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 12.1%
MONEY MARKET FUNDS(c) - 12.1%
UBS Enhanced Yield Portfolio, 3.09% 1 1
UBS Private Money Market Fund LLC, 3.17% 5,637,128 5,637,128
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $5,637,129)(d) 5,637,129
==============================================================================
TOTAL INVESTMENTS IN SECURITIES - 111.5%
(Cost: $60,574,567) 52,177,232
Liabilities in Excess of Other Assets - (11.5)% (5,399,569)
-----------
NET ASSETS - 100.0% $46,777,663
==============================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $4,978,159 and the total market value of the collateral held by the
Fund was $5,637,129.
See Notes to Financial Statements.
44 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree Japan Total Dividend Fund
March 31, 2008
=========================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------
COMMON STOCKS - 98.9%
Advertising - 0.1%
Hakuhodo DY Holdings, Inc. 600 $ 35,746
-------------------------------------------------------------------------
Agriculture - 0.4%
Japan Tobacco, Inc. 22 110,293
-------------------------------------------------------------------------
Airlines - 0.2%
All Nippon Airways Co., Ltd. 12,000 52,926
-------------------------------------------------------------------------
Apparel - 0.2%
Onward Kashiyama Co., Ltd. 5,160 52,774
Sanei-International Co., Ltd. 800 11,301
----------
Total Apparel 64,075
-------------------------------------------------------------------------
Auto Manufacturers - 12.3%
Daihatsu Motor Co., Ltd. 6,000 72,156
Fuji Heavy Industries Ltd. 12,000 50,274
Hino Motors Ltd. 6,000 39,664
Honda Motor Co., Ltd. 21,700 620,249
Isuzu Motors Ltd. 18,000 90,059
Mazda Motor Corp. 6,000 21,279
Nissan Motor Co., Ltd. 74,400 615,920
Nissan Shatai Co., Ltd. 3,000 23,359
Suzuki Motor Corp. 2,400 60,642
Toyota Motor Corp. 39,800 1,987,301
----------
Total Auto Manufacturers 3,580,903
-------------------------------------------------------------------------
Auto Parts & Equipment - 2.9%
Aisin Seiki Co., Ltd. 1,800 67,273
Bridgestone Corp. 6,600 112,525
DENSO Corp. 7,200 232,923
JTEKT Corp. 2,400 39,206
NGK Spark Plug Co., Ltd. 2,000 26,041
NHK Spring Co., Ltd. 6,000 42,558
NOK Corp. 1,800 36,892
Showa Corp. 700 6,231
Sumitomo Rubber Industries, Inc. 4,200 32,238
Tokai Rika Co., Ltd. 2,100 54,961
Toyo Tire & Rubber Co., Ltd. 2,000 6,430
Toyoda Gosei Co., Ltd. 2,400 90,420
Toyota Boshoku Corp. 3,000 89,968
----------
Total Auto Parts & Equipment 837,666
-------------------------------------------------------------------------
Banks - 5.8%
Bank of Kyoto Ltd. (The) 6,000 73,060
Bank of Yokohama Ltd. (The) 12,000 81,620
Chiba Bank Ltd. (The) 6,000 40,810
Chugoku Bank Ltd. (The) 6,000 86,141
Gunma Bank Ltd. (The) 6,000 42,980
Hachijuni Bank Ltd. (The) 6,000 38,157
Hiroshima Bank Ltd. (The) 6,000 28,995
Hokuhoku Financial Group, Inc. 12,000 36,168
Iyo Bank Ltd. (The) 6,000 64,138
Joyo Bank Ltd. (The) 6,000 30,381
Mitsubishi UFJ Financial Group, Inc. 53,920 465,878
Mitsui Trust Holdings, Inc. 6,000 36,349
Mizuho Financial Group, Inc. 42 154,016
Mizuho Trust & Banking Co., Ltd. 18,000 25,860
Nishi-Nippon City Bank Ltd. (The) 12,000 31,587
Shinsei Bank Ltd. 6,000 19,832
Shizuoka Bank Ltd. (The) 6,000 70,950
Sumitomo Mitsui Financial Group, Inc. 18 118,632
Sumitomo Trust & Banking Co., Ltd. (The) 24,000 165,409
Suruga Bank Ltd. 6,000 75,772
----------
Total Banks 1,686,735
-------------------------------------------------------------------------
Beverages - 1.0%
Asahi Breweries Ltd. 4,800 99,101
Coca-Cola West Japan Co., Ltd. 1,800 43,402
ITO EN, Ltd. 1,200 21,267
Kirin Brewery Co., Ltd. 6,000 113,628
----------
Total Beverages 277,398
-------------------------------------------------------------------------
Building Materials - 1.4%
Asahi Glass Co., Ltd. 12,000 132,495
Daikin Industries Ltd. 1,200 51,721
JS Group Corp. 4,800 72,192
Matsushita Electric Works Ltd. 6,000 61,787
Nippon Sheet Glass Co., Ltd. 11,000 48,737
Taiheiyo Cement Corp. 12,000 28,935
----------
Total Building Materials 395,867
-------------------------------------------------------------------------
Chemicals - 3.4%
Asahi Kasei Corp. 12,000 62,692
Daicel Chemical Industries Ltd. 6,000 30,864
Dainippon Ink & Chemicals, Inc. 12,000 37,374
Gun-Ei Chemical Industry Co., Ltd.(a) 45,000 97,201
Hitachi Chemical Co., Ltd. 1,800 33,890
JSR Corp. 1,800 40,780
Kaneka Corp. 6,000 37,555
Mitsubishi Chemical Holdings Corp. 7,500 49,656
Mitsubishi Gas Chemical Co., Inc. 6,000 42,739
Mitsui Chemicals, Inc. 6,000 39,785
Nippon Chemical Industrial Co., Ltd. 6,000 14,226
Nitto Denko Corp. 1,200 50,756
Sakata INX Corp. 3,000 11,905
Shin-Etsu Chemical Co., Ltd. 1,800 93,132
Showa Denko K.K. 12,000 40,508
Sumitomo Chemical Co., Ltd. 12,000 76,917
Taiyo Nippon Sanso Corp. 6,000 48,104
Tokuyama Corp. 6,000 43,583
Tosoh Corp. 12,000 41,352
Ube Industries Ltd. 18,000 58,412
Zeon Corp. 6,000 26,885
----------
Total Chemicals 978,316
-------------------------------------------------------------------------
Commercial Services - 1.3%
Dai Nippon Printing Co., Ltd. 8,000 127,473
Kamigumi Co., Ltd. 5,000 39,584
Park24 Co., Ltd. 3,500 34,425
Secom Co., Ltd. 1,800 87,527
See Notes to Financial Statements.
WisdomTree International Dividend Funds 45
Schedule of Investments (continued)
WisdomTree Japan Total Dividend Fund
March 31, 2008
=========================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------
Sohgo Security Services Co., Ltd. 2,400 $ 33,516
Toppan Printing Co., Ltd. 6,000 69,684
----------
Total Commercial Services 392,209
-------------------------------------------------------------------------
Computers - 0.9%
CSK Holdings Corp. 1,200 27,729
Fujitsu Ltd. 12,000 78,605
Itochu Techno-Solutions Corp. 800 24,193
Otsuka Corp. 600 50,696
TDK Corp. 1,200 71,010
----------
Total Computers 252,233
-------------------------------------------------------------------------
Cosmetics/Personal Care - 1.5%
Kao Corp. 7,000 198,674
KOSE Corp. 1,200 25,981
Shiseido Co., Ltd. 6,000 158,839
UniCharm Corp. 600 43,944
----------
Total Cosmetics/Personal Care 427,438
-------------------------------------------------------------------------
Distribution/Wholesale - 4.7%
Canon Marketing Japan, Inc. 2,400 45,331
Hitachi High-Technologies Corp. 1,800 29,821
ITOCHU Corp. 18,000 177,947
Kamei Corp. 1,000 4,260
Marubeni Corp. 12,000 87,527
Mitsubishi Corp. 15,000 453,609
Mitsui & Co., Ltd. 18,000 365,299
Sumitomo Corp. 12,100 159,615
Toyota Tsusho Corp. 2,400 50,997
----------
Total Distribution/Wholesale 1,374,406
-------------------------------------------------------------------------
Diversified Financial Services - 3.0%
Daiwa Securities Group, Inc. 19,000 164,927
Kyokuto Securities Co., Ltd. 9,700 66,950
Nomura Holdings, Inc. 31,200 467,051
Okasan Holdings, Inc. 2,000 9,866
Shinko Securities Co., Ltd. 12,000 34,963
Takagi Securities Co., Ltd. 28,000 61,888
Toyo Securities Co., Ltd. 17,000 52,946
----------
Total Diversified Financial Services 858,591
-------------------------------------------------------------------------
Electric - 6.2%
Chubu Electric Power Co., Inc. 6,800 170,111
Chugoku Electric Power Co., Inc. (The) 7,200 160,587
Electric Power Development Co. 1,400 50,495
Hokkaido Electric Power Co., Inc. 3,300 76,752
Hokuriku Electric Power Co. 3,400 80,273
Kansai Electric Power Co., Inc. (The) 15,800 393,670
Kyushu Electric Power Co., Inc. 8,600 210,388
Shikoku Electric Power Co., Inc. 3,900 116,175
Tohoku Electric Power Co., Inc. 8,400 205,496
Tokyo Electric Power Co., Inc. (The) 12,200 326,649
----------
Total Electric 1,790,596
-------------------------------------------------------------------------
Electrical Components & Equipment - 3.3%
Brother Industries Ltd. 4,600 47,370
Casio Computer Co., Ltd. 3,000 43,974
Fujikura Ltd. 6,000 27,126
Hitachi Cable Ltd. 9,000 33,546
Hitachi Ltd. 32,000 190,004
Mitsubishi Electric Corp. 12,000 103,923
Sharp Corp. 12,000 204,231
Stanley Electric Co., Ltd. 2,400 58,592
Sumitomo Electric Industries Ltd. 4,200 53,252
Toshiba Corp. 21,000 140,513
USHIO INC. 2,400 45,138
----------
Total Electrical Components & Equipment 947,669
-------------------------------------------------------------------------
Electronics - 3.0%
Advantest Corp. 1,200 31,165
Fanuc Ltd. 1,200 114,290
Hirose Electric Co., Ltd. 600 67,454
Hoya Corp. 4,800 112,845
IBIDEN Co., Ltd. 1,200 47,260
Keyence Corp. 200 46,054
Koa Corp 1,900 13,668
Kyocera Corp. 1,800 151,363
Mabuchi Motor Co., Ltd. 800 38,660
Marubun Corp. 800 4,067
MINEBEA Co., Ltd. 6,000 34,963
NEC Corp. 18,000 68,720
NGK Insulators Ltd. 2,000 35,445
Nippon Electric Glass Co., Ltd. 4,000 61,928
Yokogawa Electric Corp. 3,600 36,096
----------
Total Electronics 863,978
-------------------------------------------------------------------------
Engineering & Construction - 0.7%
Chiyoda Corp. 2,000 18,185
JGC Corp. 3,000 45,873
Kajima Corp. 12,000 33,998
Obayashi Corp. 6,000 25,197
Shimizu Corp. 10,000 46,014
Taisei Corp. 12,000 30,622
----------
Total Engineering & Construction 199,889
-------------------------------------------------------------------------
Entertainment - 0.4%
Oriental Land Co., Ltd. 1,000 58,773
Toho Co., Ltd. 2,900 68,177
----------
Total Entertainment 126,950
-------------------------------------------------------------------------
Environmental Control - 0.3%
Kurita Water Industries Ltd. 2,400 88,491
-------------------------------------------------------------------------
Food - 2.4%
Ajinomoto Co., Inc. 6,000 60,883
Kikkoman Corp. 6,000 73,843
Meiji Dairies Corp. 6,000 36,168
Meiji Seika Kaisha Ltd.(a) 11,000 56,031
Nippon Meat Packers, Inc. 6,000 88,733
Nisshin Seifun Group, Inc. 5,000 53,449
Nissin Food Products Co., Ltd. 1,200 40,508
Starzen Co., Ltd. 36,000 83,910
Toyo Suisan Kaisha Ltd. 6,000 90,420
See Notes to Financial Statements.
46 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Japan Total Dividend Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
Yakult Honsha Co., Ltd. 2,000 $ 62,089
Yamazaki Baking Co., Ltd. 5,000 47,421
----------
Total Food 693,455
-----------------------------------------------------------------------------
Forest Products & Paper - 0.6%
Chuetsu Pulp & Paper Co., Ltd. 51,000 89,155
Daio Paper Corp. 1,000 6,751
OJI Paper Co., Ltd. 18,000 81,198
----------
Total Forest Products & Paper 177,104
-----------------------------------------------------------------------------
Gas - 1.2%
Osaka Gas Co., Ltd. 30,000 119,958
Saibu Gas Co., Ltd. 21,000 51,901
TOHO Gas Co., Ltd. 11,000 53,047
Tokyo Gas Co., Ltd. 30,000 121,465
----------
Total Gas 346,371
-----------------------------------------------------------------------------
Hand/Machine Tools - 0.6%
Fuji Electric Holdings Co., Ltd. 12,000 48,827
Makita Corp. 1,800 56,603
SMC Corp. 500 52,796
THK Co., Ltd. 1,800 31,050
----------
Total Hand/Machine Tools 189,276
-----------------------------------------------------------------------------
Healthcare-Products - 0.4%
Shimadzu Corp. 6,000 55,518
Terumo Corp. 1,200 62,691
TOPCON Corp. 700 5,521
----------
Total Healthcare-Products 123,730
-----------------------------------------------------------------------------
Home Builders - 0.6%
Daiwa House Industry Co., Ltd. 6,000 59,497
Sekisui Chemical Co., Ltd. 6,000 36,349
Sekisui House, Ltd. 8,000 74,104
----------
Total Home Builders 169,950
-----------------------------------------------------------------------------
Home Furnishings - 2.0%
Matsushita Electric Industrial Co., Ltd. 16,000 347,214
Pioneer Corp. 3,000 29,839
Sony Corp. 4,200 167,519
Yamaha Corp. 2,400 45,958
----------
Total Home Furnishings 590,530
-----------------------------------------------------------------------------
Housewares - 0.2%
TOTO Ltd.(a) 6,000 56,844
-----------------------------------------------------------------------------
Insurance - 1.9%
Aioi Insurance Co., Ltd. 7,000 38,750
Fuji Fire & Marine Insurance Co., Ltd. (The) 21,000 55,910
Millea Holdings, Inc. 2,800 103,521
Mitsui Sumitomo Insurance Co., Ltd. 16,000 161,873
Nipponkoa Insurance Co., Ltd. 6,000 45,813
Nissay Dowa General Insurance Co., Ltd. 7,000 35,937
Sompo Japan Insurance, Inc. 6,000 53,047
T&D Holdings, Inc. 1,200 62,933
----------
Total Insurance 557,784
-----------------------------------------------------------------------------
Internet - 0.6%
Matsui Securities Co., Ltd. 800 4,533
SBI Holdings, Inc. 195 46,979
Trend Micro, Inc. 3,000 117,848
Yahoo Japan Corp. 25 13,011
----------
Total Internet 182,371
-----------------------------------------------------------------------------
Iron/Steel - 4.5%
Daido Steel Co., Ltd. 6,000 31,044
Godo Steel Ltd. 20,000 66,308
Hitachi Metals Ltd. 6,000 88,491
JFE Holdings, Inc. 7,800 346,371
Kobe Steel Ltd. 24,000 68,478
Nippon Steel Corp. 74,000 375,447
Nisshin Steel Co., Ltd. 18,000 62,390
Sumitomo Metal Industries Ltd. 62,000 235,455
Tokyo Steel Manufacturing Co., Ltd. 2,400 32,600
----------
Total Iron/Steel 1,306,584
-----------------------------------------------------------------------------
Leisure Time - 0.6%
Daikoku Denki Co., Ltd. 3,100 27,221
Sankyo Co., Ltd. 1,000 59,476
Sega Sammy Holdings, Inc. 4,400 46,637
Yamaha Motor Co., Ltd. 1,800 33,166
----------
Total Leisure Time 166,500
-----------------------------------------------------------------------------
Machinery-Construction & Mining - 0.8%
Hitachi Construction Machinery Co., Ltd. 2,400 60,160
Komatsu Ltd. 6,000 166,675
----------
Total Machinery-Construction & Mining 226,835
-----------------------------------------------------------------------------
Machinery-Diversified - 0.7%
Amada Co., Ltd. 6,000 45,451
Japan Steel Works Ltd. (The) 3,000 51,208
Kubota Corp. 12,000 74,627
Sumitomo Heavy Industries Ltd. 6,000 38,821
----------
Total Machinery-Diversified 210,107
-----------------------------------------------------------------------------
Media - 0.3%
Nippon Television Network Corp. 360 49,225
Tokyo Broadcasting System, Inc. 1,500 35,867
----------
Total Media 85,092
-----------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.4%
Kitz Corp. 2,000 11,875
NSK Ltd. 6,000 45,511
NTN Corp. 6,000 40,991
Sato Shoji Corp. 800 5,546
Tocalo Co., Ltd. 200 3,191
Toho Zinc Co., Ltd. 1,000 5,375
----------
Total Metal Fabricate/Hardware 112,489
-----------------------------------------------------------------------------
Mining - 0.8%
Dowa Mining Co., Ltd 6,000 35,626
Mitsubishi Materials Corp. 12,000 52,203
Mitsui Mining & Smelting Co., Ltd. 10,000 31,346
Sumitomo Metal Mining Co., Ltd. 6,000 111,819
----------
Total Mining 230,994
-----------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Funds 47
Schedule of Investments (continued)
WisdomTree Japan Total Dividend Fund
March 31, 2008
============================================================================
Investments Shares U.S. $ Value
----------------------------------------------------------------------------
Miscellaneous Manufacturing - 1.2%
Fuji Photo Film Co., Ltd. 3,000 $ 106,394
Kawasaki Heavy Industries Ltd. 18,000 40,147
Mitsubishi Heavy Industries Ltd. 24,000 102,718
Nikon Corp. 2,000 53,348
Olympus Corp. 2,000 60,682
----------
Total Miscellaneous Manufacturing 363,289
----------------------------------------------------------------------------
Office Furnishings - 0.1%
Kokuyo Co., Ltd. 3,000 25,770
----------------------------------------------------------------------------
Office/Business Equipment - 2.1%
Canon Inc. 9,800 451,921
Ricoh Co., Ltd. 6,000 98,739
Seiko Epson Corp. 1,800 48,556
----------
Total Office/Business Equipment 599,216
----------------------------------------------------------------------------
Oil & Gas - 1.4%
Cosmo Oil Co., Ltd. 12,000 37,735
Nippon Mining Holdings, Inc. 7,000 37,133
Nippon Oil Corp. 18,000 112,483
Showa Shell Sekiyu K.K. 7,200 72,915
TonenGeneral Sekiyu K.K. 18,000 154,258
----------
Total Oil & Gas 414,524
----------------------------------------------------------------------------
Packaging & Containers - 0.2%
Nihon Yamamura Glass Co., Ltd. 11,000 22,434
Toyo Seikan Kaisha Ltd. 2,400 45,645
----------
Total Packaging & Containers 68,079
----------------------------------------------------------------------------
Pharmaceuticals - 5.3%
Astellas Pharma, Inc. 5,400 209,414
Chugai Pharmaceutical Co., Ltd. 4,800 54,349
Daiichi Sankyo Co., Ltd. 5,100 150,897
Dainippon Sumitomo Pharma Co., Ltd. 6,000 54,915
Eisai Co., Ltd. 3,600 122,972
Hisamitsu Pharmaceutical Co., Inc. 1,600 58,351
Kyowa Hakko Kogyo Co., Ltd. 10,000 95,645
Mediceo Paltac Holdings Co., Ltd. 2,400 43,546
Shionogi & Co., Ltd. 2,000 34,199
Suzuken Co., Ltd. 1,300 53,549
Taisho Pharmaceutical Co., Ltd. 4,000 79,449
Takeda Pharmaceutical Co., Ltd. 10,400 521,384
Tanabe Seiyaku Co., Ltd. 4,000 46,657
ZERIA Pharmaceutical Co., Ltd. 1,000 10,469
----------
Total Pharmaceuticals 1,535,796
----------------------------------------------------------------------------
Real Estate - 1.2%
Arnest One Corp. 5,700 18,554
Atrium Co., Ltd. 200 2,365
Daito Trust Construction Co., Ltd. 1,200 61,969
Iida Home Max 2,900 14,451
Leopalace21 Corp. 1,200 19,422
Mitsubishi Estate Co., Ltd. 2,000 48,626
Mitsui Fudosan Co., Ltd. 2,000 39,765
Sumitomo Realty & Development Co., Ltd. 2,000 35,304
Tokyo Tatemono Co., Ltd. 6,000 39,544
Tokyu Land Corp. 6,000 37,675
Touei Housing Corp. 800 5,128
Urban Corp. 3,100 13,205
----------
Total Real Estate 336,008
----------------------------------------------------------------------------
Retail - 3.6%
AEON Co., Ltd. 3,600 42,968
Aucnet, Inc. 700 7,905
Belluna Co., Ltd. 1,400 11,745
Citizen Watch Co., Ltd. 4,800 40,653
FamilyMart Co., Ltd. 1,800 64,560
Fast Retailing Co., Ltd. 1,200 105,973
Isetan Co., Ltd. 7,960 92,607
Izumi Co., Ltd 2,600 35,891
J Front Retailing Co., Ltd.* 8,600 54,952
Kojima Co., Ltd. 200 1,037
Konaka Co., Ltd. 600 2,990
Lawson, Inc. 1,800 79,751
Marui Co., Ltd. 3,600 38,374
Nitori Co., Ltd. 900 50,997
Right On Co., Ltd. 300 3,554
Seiko Holdings Corp. 2,000 9,645
Seven & I Holdings Co., Ltd. 6,900 173,305
Shimamura Co., Ltd. 600 51,479
Takashimaya Co., Ltd. 6,000 67,574
UNY Co., Ltd. 6,000 57,507
Yamada Denki Co., Ltd. 600 51,841
----------
Total Retail 1,045,308
----------------------------------------------------------------------------
Semiconductors - 0.4%
Shinko Electric Industries Co., Ltd. 1,900 21,475
SUMCO Corp. 1,200 26,222
Tokyo Electron Ltd. 1,200 73,060
---------
Total Semiconductors 120,757
----------------------------------------------------------------------------
Shipbuilding - 0.2%
Mitsui Engineering & Shipbuilding Co., Ltd. 18,000 48,285
----------------------------------------------------------------------------
Software - 1.5%
Konami Corp. 2,400 90,420
Nomura Research Institute Ltd. 5,600 146,561
Oracle Corp. Japan 3,000 139,248
Square Enix Co., Ltd. 1,800 62,933
----------
Total Software 439,162
----------------------------------------------------------------------------
Storage/Warehousing - 0.3%
Mitsubishi Logistics Corp. 6,000 77,038
----------------------------------------------------------------------------
Telecommunications - 6.6%
Hikari Tsushin, Inc. 1,100 32,491
KDDI Corp. 16 97,895
Nippon Telegraph & Telephone Corp. 157 678,254
NTT DoCoMo, Inc. 701 1,063,455
SOFTBANK CORP. 1,736 31,516
----------
Total Telecommunications 1,903,611
----------------------------------------------------------------------------
See Notes to Financial Statements.
48 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree Japan Total Dividend Fund
March 31, 2008
========================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------
Textiles - 0.5%
Kuraray Co., Ltd. 3,000 $ 35,807
Mitsubishi Rayon Co., Ltd. 6,000 19,229
Teijin Ltd. 6,000 25,318
Toray Industries, Inc. 12,000 78,002
-----------
Total Textiles 158,356
------------------------------------------------------------------------
Transportation - 2.7%
Hankyu Holdings, Inc. 12,000 51,962
Kawasaki Kisen Kaisha Ltd. 1,000 9,735
Keihin Electric Express Railway Co., Ltd.(a) 5,000 34,058
Keio Corp. 5,000 27,880
Keisei Electric Railway Co., Ltd. 7,000 37,625
Kintetsu Corp. 12,000 42,920
Mitsui O.S.K. Lines Ltd. 2,000 24,213
Nagoya Railroad Co., Ltd. 11,000 35,807
Nippon Express Co., Ltd. 12,000 69,081
Nippon Yusen K.K. 20,000 188,075
Odakyu Electric Railway Co., Ltd. 5,000 37,072
Seino Holdings Corp. 5,000 32,551
Tobu Railway Co., Ltd. 12,000 64,138
Tokyu Corp. 6,000 30,622
Yamato Holdings Co., Ltd. 6,000 88,009
-----------
Total Transportation 773,748
------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $33,524,944) 28,677,338
========================================================================
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $2,227) 2,227 2,227
========================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.7%
MONEY MARKET FUND(c) - 0.7%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $199,755)(d) 199,755
========================================================================
TOTAL INVESTMENTS IN SECURITIES - 99.6%
(Cost: $33,726,926) 28,879,320
Foreign Currency and Other Assets in Excess of
Liabilities - 0.4% 124,667
-----------
NET ASSETS - 100.0% $29,003,987
========================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $189,510 and the total market value of the collateral held by the Fund
was $199,755.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 49
Schedule of Investments
WisdomTree Japan High-Yielding Equity Fund
March 31, 2008
===============================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
COMMON STOCKS - 98.5%
Agriculture - 0.1%
Hokuto Corp. 1,200 $ 21,291
Nosan Corp. 5,000 12,106
----------
Total Agriculture 33,397
-------------------------------------------------------------------------------
Apparel - 0.2%
Daidoh Ltd. 1,200 14,214
Japan Vilene Co., Ltd. 6,000 27,126
Onward Kashiyama Co., Ltd. 2,000 20,455
----------
Total Apparel 61,795
-------------------------------------------------------------------------------
Auto Manufacturers - 14.5%
Fuji Heavy Industries Ltd. 18,000 75,411
Honda Motor Co., Ltd. 73,800 2,109,419
Kanto Auto Works Ltd. 1,800 25,137
Nippon Sharyo Ltd. 14,000 32,350
Nissan Motor Co., Ltd. 240,800 1,993,462
Shinmaywa Industries Ltd. 4,000 12,378
Toyota Auto Body Co., Ltd. 3,000 60,099
----------
Total Auto Manufacturers 4,308,256
-------------------------------------------------------------------------------
Auto Parts & Equipment - 1.2%
Bosch Corp. 15,000 61,034
Koito Manufacturing Co., Ltd. 3,000 41,262
Nifco, Inc. 2,000 46,114
Riken Corp. 10,000 46,416
Sanden Corp. 13,000 53,157
Sumitomo Rubber Industries, Inc. 12,100 92,876
Toyo Tire & Rubber Co., Ltd. 6,000 19,290
----------
Total Auto Parts & Equipment 360,149
-------------------------------------------------------------------------------
Banks - 0.6%
Ehime Bank Ltd. (The) 9,000 34,721
Eighteenth Bank Ltd. (The) 9,000 33,003
Hokuetsu Bank Ltd. (The) 12,000 27,970
Kiyo Holdings, Inc. 41,000 65,083
Shonai Bank Ltd. (The) 11,000 26,634
----------
Total Banks 187,411
-------------------------------------------------------------------------------
Beverages - 0.5%
Coca-Cola West Japan Co., Ltd. 4,400 106,094
Mercian Corp. 15,000 30,743
Mikuni Coca-Cola Bottling Co., Ltd. 1,800 20,724
----------
Total Beverages 157,561
-------------------------------------------------------------------------------
Building Materials - 1.3%
Asahi Organic Chemicals Industry Co., Ltd. 9,000 24,866
Bunka Shutter Co., Ltd. 2,000 6,350
Central Glass Co., Ltd. 6,000 23,449
Cleanup Corp.(a) 5,400 26,692
JS Group Corp. 14,000 210,558
PanaHome Corp. 6,000 38,519
Sankyo-Tateyama Holdings, Inc. 12,000 15,432
Sanwa Shutter Corp. 12,000 52,203
----------
Total Building Materials 398,069
-------------------------------------------------------------------------------
Chemicals - 1.4%
ADEKA Corp. 700 7,075
Aica Kogyo Co., Ltd. 1,800 15,317
Air Water, Inc. 3,000 28,724
Arisawa Manufacturing Co., Ltd. 4,000 31,145
Earth Chemical Co., Ltd. 600 15,703
Gun-Ei Chemical Industry Co., Ltd.(a) 16,000 34,561
Kaneka Corp. 8,000 50,072
Koatsu Gas Kogyo Co., Ltd. 2,000 11,393
Nippon Chemical Industrial Co., Ltd. 12,000 28,452
Nippon Kayaku Co., Ltd. 7,000 42,548
Nippon Shokubai Co., Ltd. 3,000 19,923
NOF Corp. 6,000 24,715
Sakata INX Corp. 6,000 23,811
Sanyo Chemical Industries Ltd. 4,000 19,651
Toagosei Co., Ltd. 8,000 32,873
Toyo Ink Manufacturing Co., Ltd. 8,000 27,729
Yushiro Chemical Industry Co., Ltd. 600 10,338
----------
Total Chemicals 424,030
-------------------------------------------------------------------------------
Commercial Services - 2.9%
Dai Nippon Printing Co., Ltd. 26,000 414,286
Kyodo Printing Co., Ltd. 12,000 32,431
Meitec Corp. 1,400 42,478
Nippon Parking Development Co., Ltd. 423 17,976
Nomura Co., Ltd. 7,000 23,349
Toppan Forms Co., Ltd. 3,000 30,351
Toppan Printing Co., Ltd. 26,000 301,964
----------
Total Commercial Services 862,835
-------------------------------------------------------------------------------
Computers - 0.3%
DTS Corp. 2,100 42,175
Hitachi Systems & Services Ltd. 600 13,201
Information Services International-Dentsu Ltd. 500 4,310
NEC Fielding Ltd. 1,800 21,846
----------
Total Computers 81,532
-------------------------------------------------------------------------------
Cosmetics/Personal Care - 2.2%
Aderans Co., Ltd. 2,100 38,947
Kao Corp. 20,000 567,640
Mandom Corp. 1,200 36,168
----------
Total Cosmetics/Personal Care 642,755
-------------------------------------------------------------------------------
Distribution/Wholesale - 0.9%
Advan Co., Ltd. 600 4,859
Doshisha Co., Ltd. 600 9,826
Hakuto Co., Ltd. 1,200 10,971
Hanwa Co., Ltd. 12,000 50,876
Inaba Denki Sangyo Co., Ltd. 700 21,590
Itochu Enex Co., Ltd. 3,000 17,089
Japan Pulp & Paper Co., Ltd. 6,000 21,219
Mitsuuroko Co., Ltd. 2,100 12,596
Ryoden Trading Co., Ltd. 3,000 18,898
Ryoyo Electro Corp. 3,500 34,249
San-Ai Oil Co., Ltd. 2,000 7,234
See Notes to Financial Statements.
50 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Japan High-Yielding Equity Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
Sankyo Seiko Co., Ltd. 6,800 $ 19,607
Sinanen Co., Ltd. 9,000 36,982
----------
Total Distribution/Wholesale 265,996
-----------------------------------------------------------------------------
Diversified Financial Services - 8.8%
Daiwa Securities Group, Inc. 81,000 703,109
Ichiyoshi Securities Co., Ltd. 1,800 18,066
Iwai Securities Co., Ltd. 1,700 19,727
Kyokuto Securities Co., Ltd. 2,900 20,016
Nomura Holdings, Inc. 107,100 1,603,245
Okasan Holdings, Inc. 14,000 69,061
Shinko Securities Co., Ltd. 38,000 110,715
Takagi Securities Co., Ltd. 9,000 19,893
Tokai Tokyo Securities Co., Ltd. 9,000 29,839
Toyo Securities Co., Ltd. 5,000 15,572
----------
Total Diversified Financial Services 2,609,243
-----------------------------------------------------------------------------
Electric - 13.6%
Chubu Electric Power Co., Inc. 31,600 790,516
Chugoku Electric Power Co., Inc. (The) 15,500 345,708
Hokkaido Electric Power Co., Inc. 8,300 193,043
Hokuriku Electric Power Co. 8,700 205,405
Kansai Electric Power Co., Inc. (The) 47,900 1,193,469
Kyushu Electric Power Co., Inc. 20,800 508,846
Shikoku Electric Power Co., Inc. 9,800 291,927
Tohoku Electric Power Co., Inc. (The) 20,700 506,400
----------
Total Electric 4,035,314
-----------------------------------------------------------------------------
Electrical Components & Equipment - 0.1%
Sumida Corp. 1,400 17,483
-----------------------------------------------------------------------------
Electronics - 1.8%
Alps Electric Co., Ltd. 3,400 33,510
Eizo Nanao Corp. 600 11,574
Hoya Corp. 14,800 347,938
Idec Corp. 1,200 14,226
Kaga Electronics Co., Ltd. 600 7,945
Nidec Copal Electronics Corp. 1,800 12,514
Nitto Kogyo Corp. 1,200 14,986
Ryosan Co., Ltd. 1,800 42,588
Sanshin Electronics Co., Ltd. 1,200 12,550
Teikoku Tsushin Kogyo Co., Ltd. 9,000 27,397
----------
Total Electronics 525,228
-----------------------------------------------------------------------------
Engineering & Construction - 1.5%
Airport Facilities Co., Ltd. 1,800 11,755
Asunaro Aoki Construction Co., Ltd. 5,000 26,875
Kyudenko Corp. 5,000 26,021
Maeda Corp. 9,000 26,312
Nippon Koei Co., Ltd. 14,000 36,289
Nishimatsu Construction Co., Ltd. 12,000 25,800
Okumura Corp. 6,000 30,622
Taihei Dengyo Kaisha Ltd. 3,000 22,183
Taikisha Ltd. 1,800 21,538
Taisei Corp. 43,000 109,731
Takasago Thermal Engineering Co., Ltd. 3,000 23,328
Toenec Corp. 3,000 14,437
Tsukishima Kikai Co., Ltd. 4,000 30,221
Yurtec Corp. 8,000 42,357
----------
Total Engineering & Construction 447,469
-----------------------------------------------------------------------------
Entertainment - 0.1%
Avex Group Holdings, Inc. 3,400 36,516
-----------------------------------------------------------------------------
Food - 0.7%
Morinaga & Co., Ltd.(a) 11,000 25,529
Nippon Beet Sugar Manufacturing Co., Ltd. 15,000 32,853
Nisshin Seifun Group, Inc. 1,500 16,035
Showa Sangyo Co., Ltd. 15,000 35,866
Starzen Co., Ltd. 15,000 34,963
Tokyu Store Chain Co., Ltd. 9,000 45,390
Yokohama Reito Co., Ltd. 3,000 21,189
----------
Total Food 211,825
-----------------------------------------------------------------------------
Forest Products & Paper - 1.2%
Chuetsu Pulp & Paper Co., Ltd. 13,000 22,726
Daiken Corp. 12,000 25,318
Hokuetsu Paper Mills Ltd. 6,000 27,126
OJI Paper Co., Ltd. 55,000 248,103
Rengo Co., Ltd. 6,000 33,154
----------
Total Forest Products & Paper 356,427
-----------------------------------------------------------------------------
Gas - 0.2%
Saibu Gas Co., Ltd. 27,000 66,730
-----------------------------------------------------------------------------
Hand/Machine Tools - 0.3%
Hitachi Koki Co., Ltd. 5,600 71,452
OSG Corp. 700 8,116
----------
Total Hand/Machine Tools 79,568
-----------------------------------------------------------------------------
Healthcare-Products - 0.5%
Nipro Corp. 4,000 69,845
Paramount Bed Co., Ltd.(a) 2,700 36,810
Paris Miki, Inc. 3,200 46,906
----------
Total Healthcare-Products 153,561
-----------------------------------------------------------------------------
Home Builders - 0.1%
Mitsui Home Co., Ltd. 4,000 18,566
Token Corp. 150 5,079
----------
Total Home Builders 23,645
-----------------------------------------------------------------------------
Home Furnishings - 0.2%
France Bed Holdings Co., Ltd. 25,000 33,656
TOA Corp. 3,000 24,082
----------
Total Home Furnishings 57,738
-----------------------------------------------------------------------------
Housewares - 0.1%
Sangetsu Co., Ltd. 2,000 43,603
-----------------------------------------------------------------------------
Insurance - 0.1%
Fuji Fire & Marine Insurance Co., Ltd. (The) 13,000 34,611
-----------------------------------------------------------------------------
Internet - 1.9%
Matsui Securities Co., Ltd. 15,800 89,528
See Notes to Financial Statements.
WisdomTree International Dividend Funds 51
Schedule of Investments (continued)
WisdomTree Japan High-Yielding Equity Fund
March 31, 2008
===================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------
SBI Holdings, Inc. 862 $ 207,673
Trend Micro, Inc. 7,000 274,979
----------
Total Internet 572,180
-------------------------------------------------------------------
Iron/Steel - 9.9%
JFE Holdings, Inc. 27,700 1,230,059
Kobe Steel Ltd. 148,000 422,284
Nakayama Steel Works Ltd. 10,000 20,998
Nippon Steel Corp. 232,000 1,177,073
Sanyo Special Steel Co., Ltd. 9,000 40,689
Topy Industries Ltd. 6,000 16,999
Yodogawa Steel Works Ltd. 8,000 38,821
----------
Total Iron/Steel 2,946,923
-------------------------------------------------------------------
Leisure Time - 1.8%
Daikoku Denki Co., Ltd. 2,400 21,074
Heiwa Corp. 2,400 22,907
Sankyo Co., Ltd. 5,100 303,330
Sega Sammy Holdings, Inc. 18,300 193,967
----------
Total Leisure Time 541,278
-------------------------------------------------------------------
Machinery-Diversified - 1.0%
Amada Co., Ltd. 17,000 128,779
Daifuku Co., Ltd. 8,000 102,477
Furukawa Co., Ltd. 9,000 16,547
Max Co., Ltd. 1,000 10,770
Nitto Kohki Co., Ltd. 600 13,412
Tokyo Kikai Seisakusho Ltd.(a) 4,000 10,770
----------
Total Machinery-Diversified 282,755
-------------------------------------------------------------------
Metal Fabricate/Hardware - 0.1%
Kitz Corp. 4,000 23,750
Oiles Corp. 60 1,236
Onoken Co., Ltd. 400 6,402
----------
Total Metal Fabricate/Hardware 31,388
-------------------------------------------------------------------
Mining - 0.3%
Mitsui Mining & Smelting Co., Ltd. 26,000 81,499
-------------------------------------------------------------------
Miscellaneous Manufacturing - 0.4%
Amano Corp. 2,400 24,763
Kureha Corp. 6,000 37,495
Mitsuboshi Belting Co., Ltd. 1,739 6,936
Nippon Valqua Industries Ltd. 4,000 11,654
Okamoto Industries, Inc. 6,000 21,520
Sekisui Plastics Co., Ltd. 9,000 23,057
----------
Total Miscellaneous Manufacturing 125,425
-------------------------------------------------------------------
Office/Business Equipment - 0.0%
Canon Inc. 50 2,306
-------------------------------------------------------------------
Oil & Gas - 2.5%
Nippon Mining Holdings, Inc. 40,500 214,839
Showa Shell Sekiyu K.K. 18,300 185,326
TonenGeneral Sekiyu K.K. 41,000 351,364
----------
Total Oil & Gas 751,529
-------------------------------------------------------------------
Packaging & Containers - 0.1%
Nihon Yamamura Glass Co., Ltd. 16,000 32,632
-------------------------------------------------------------------
Pharmaceuticals - 7.4%
Astellas Pharma, Inc. 19,000 736,826
Daiichi Sankyo Co., Ltd. 28,000 828,452
Eisai Co., Ltd. 13,600 464,560
Kaken Pharmaceutical Co., Ltd. 4,000 29,618
Kyorin Co., Ltd. 3,000 38,911
Seikagaku Corp. 3,800 42,950
SSP Co., Ltd. 10,000 46,818
----------
Total Pharmaceuticals 2,188,135
-------------------------------------------------------------------
Real Estate - 0.1%
Arnest One Corp. 2,300 7,487
Iida Home Max(a) 1,200 5,980
Touei Housing Corp. 3,500 22,434
Urban Corp. 59 251
----------
Total Real Estate 36,152
-------------------------------------------------------------------
Retail - 2.5%
Arcs Co., Ltd. 1,875 23,453
Best Denki Co., Ltd. 5,500 44,427
Circle K Sunkus Co. Ltd. 2,310 39,291
Gulliver International Co., Ltd. 200 7,153
Kojima Co., Ltd. 4,100 21,255
Konaka Co., Ltd. 2,400 11,960
Lawson, Inc. 5,300 234,822
Marui Co., Ltd. 25,100 267,554
Ministop Co., Ltd. 1,200 23,521
MOS Food Services, Inc. 2,800 41,352
Plenus Co., Ltd. 1,200 15,468
Seiko Holdings Corp. 4,000 19,290
----------
Total Retail 749,546
-------------------------------------------------------------------
Software - 2.3%
Koei Co., Ltd. 2,400 38,507
Konami Corp. 5,700 214,749
NEC Mobiling Ltd. 700 9,818
Oracle Corp. Japan 8,800 408,458
Trans Cosmos, Inc. 1,600 19,306
----------
Total Software 690,838
-------------------------------------------------------------------
Telecommunications - 10.4%
Denki Kogyo Co., Ltd. 3,000 18,386
NTT DoCoMo, Inc. 2,007 3,044,729
Uniden Corp. 6,000 36,831
----------
Total Telecommunications 3,099,946
-------------------------------------------------------------------
Textiles - 0.7%
Teijin Ltd. 38,000 160,346
Toyobo Co., Ltd. 20,000 41,794
----------
Total Textiles 202,140
-------------------------------------------------------------------
Transportation - 1.7%
Maruzen Showa Unyu Co., Ltd. 4,000 12,418
Nippon Yusen K.K. 49,000 460,782
Senko Co., Ltd. 6,000 23,208
----------
Total Transportation 496,408
-------------------------------------------------------------------
See Notes to Financial Statements.
52 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree Japan High-Yielding Equity Fund
March 31, 2008
========================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $36,481,875) $29,313,827
========================================================================
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $13,080) 13,080 13,080
========================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.3%
MONEY MARKET FUNDS(c) - 0.3%
AIM Prime Portfolio, 2.73% 183 183
UBS Private Money Market Fund LLC, 3.17% 78,658 78,658
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $78,841)(d) 78,841
========================================================================
TOTAL INVESTMENTS IN SECURITIES - 98.8%
(Cost: $36,573,796) 29,405,748
Foreign Currency and Other Assets in Excess of
Liabilities - 1.2% 347,971
-----------
NET ASSETS - 100.0% $29,753,719
========================================================================
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $74,728 and the total market value of the collateral held by the Fund
was $78,841.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 53
Schedule of Investments
WisdomTree Japan SmallCap Dividend Fund
March 31, 2008
===========================================================================
Investments Shares U.S. $ Value
---------------------------------------------------------------------------
COMMON STOCKS - 98.5%
Advertising - 0.5%
Asatsu-DK, Inc. 6,800 $ 242,528
Moshi Moshi Hotline, Inc. 3,900 118,330
----------
Total Advertising 360,858
---------------------------------------------------------------------------
Aerospace/Defense - 0.1%
Japan Aviation Electronics Industry Ltd. 12,000 88,250
---------------------------------------------------------------------------
Agriculture - 0.4%
Hokuto Corp. 10,700 189,845
Nosan Corp. 30,000 72,638
Sakata Seed Corp. 3,500 50,987
----------
Total Agriculture 313,470
---------------------------------------------------------------------------
Apparel - 2.6%
Daidoh Ltd.(a) 9,800 116,082
Gunze Ltd. 37,000 156,126
Japan Vilene Co., Ltd. 23,000 103,984
Japan Wool Textile Co., Ltd. (The) 17,000 150,470
Onward Kashiyama Co., Ltd. 45,000 460,239
Sanei-International Co., Ltd. 1,000 14,126
Sanyo Shokai Ltd. 44,000 282,031
Tokyo Style Co., Ltd. 19,000 188,979
Wacoal Holdings Corp.(a) 30,000 443,964
----------
Total Apparel 1,916,001
---------------------------------------------------------------------------
Auto Manufacturers - 1.6%
Kanto Auto Works Ltd. 16,300 227,628
Nippon Sharyo Ltd.(a) 39,000 90,119
Nissan Shatai Co., Ltd. 36,000 280,303
Shinmaywa Industries Ltd. 23,000 71,171
Toyota Auto Body Co., Ltd. 25,500 510,846
----------
Total Auto Manufacturers 1,180,067
---------------------------------------------------------------------------
Auto Parts & Equipment - 5.0%
Aisan Industry Co., Ltd. 10,200 105,038
Akebono Brake Industry Co., Ltd.(a) 12,500 89,290
Bosch Corp. 147,000 598,131
Calsonic Kansei Corp. 39,000 141,448
Exedy Corp. 5,100 145,517
FCC Co., Ltd. 6,500 80,324
Futaba Industrial Co., Ltd. 9,700 218,782
Kayaba Industry Co., Ltd. 51,000 197,267
Keihin Corp. 8,500 122,972
Koito Manufacturing Co., Ltd. 41,000 563,912
Musashi Seimitsu Industry Co., Ltd. 5,100 101,862
NHK Spring Co., Ltd. 16,000 113,488
Nifco, Inc. 20,000 461,144
Nissin Kogyo Co., Ltd. 9,900 175,352
Press Kogyo Co., Ltd. 17,000 85,397
Riken Corp. 28,000 129,964
Sanden Corp. 39,000 159,472
Showa Corp. 10,200 90,794
Toyo Tire & Rubber Co., Ltd. 64,000 205,757
----------
Total Auto Parts & Equipment 3,785,911
---------------------------------------------------------------------------
Banks - 8.1%
Akita Bank Ltd. (The) 28,000 127,714
Aomori Bank Ltd. (The) 34,000 146,541
Awa Bank Ltd. (The) 35,000 201,487
Bank of Ikeda Ltd. (The) 3,600 97,292
Bank of Iwate Ltd. (The) 2,100 137,349
Bank of Nagoya Ltd. (The) 22,000 134,385
Bank of Okinawa Ltd. (The) 3,700 134,937
Bank of Saga Ltd. (The) 34,000 114,091
Chukyo Bank Ltd. (The) 47,000 133,631
Daisan Bank Ltd. (The) 37,000 137,168
Daishi Bank Ltd. (The) 80,000 310,244
Ehime Bank Ltd. (The) 34,000 131,170
Eighteenth Bank Ltd. (The) 21,000 77,008
Fukui Bank Ltd. (The) 47,000 148,269
Higo Bank Ltd. (The) 32,000 184,538
Hokkoku Bank Ltd. (The) 66,000 296,398
Hokuetsu Bank Ltd. (The) 96,000 223,760
Hyakugo Bank Ltd. (The) 36,000 213,031
Hyakujushi Bank Ltd. (The) 45,000 238,710
Kagoshima Bank Ltd. (The) 23,000 170,071
Keiyo Bank Ltd. (The) 44,000 279,379
Kiyo Holdings, Inc. 265,000 420,657
Michinoku Bank Ltd. (The) 23,000 68,860
Mie Bank Ltd. (The) 19,000 99,834
Miyazaki Bank Ltd. (The) 20,000 83,790
Musashino Bank Ltd. (The) 4,700 192,184
Ogaki Kyoritsu Bank Ltd. (The) 45,000 242,779
Oita Bank Ltd. (The) 15,000 107,450
San-In Godo Bank Ltd. (The) 18,000 144,130
Shiga Bank Ltd. (The) 30,000 203,747
Shikoku Bank Ltd. (The) 34,000 144,492
Shonai Bank Ltd. (The) 44,000 106,535
Tochigi Bank Ltd. (The) 14,000 85,799
Toho Bank Ltd. (The) 34,000 146,541
Tokyo Tomin Bank Ltd. (The) 6,800 141,759
Yamagata Bank Ltd. (The) 21,000 133,340
Yamanashi Chuo Bank Ltd. (The) 18,000 108,866
----------
Total Banks 6,067,936
---------------------------------------------------------------------------
Beverages - 1.4%
Coca-Cola West Japan Co., Ltd. 19,800 477,421
Kagome Co., Ltd.(a) 9,900 176,844
Mercian Corp. 34,000 69,684
Mikuni Coca-Cola Bottling Co., Ltd. 4,600 52,962
Takara Holdings, Inc. 36,000 247,752
----------
Total Beverages 1,024,663
---------------------------------------------------------------------------
Building Materials - 2.8%
Asahi Organic Chemicals Industry Co., Ltd. 23,000 63,545
Bunka Shutter Co., Ltd. 19,000 60,320
Central Glass Co., Ltd. 51,000 199,317
Chofu Seisakusho Co., Ltd. 6,400 128,534
Cleanup Corp. 13,600 67,225
See Notes to Financial Statements.
54 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Japan SmallCap Dividend Fund
March 31, 2008
===============================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Fujitec Co., Ltd. 19,000 $ 106,897
Nice Corp. 19,000 36,078
Nichiha Corp. 5,100 48,061
PanaHome Corp(a) 46,000 295,313
Rinnai Corp. 6,800 222,716
Sankyo-Tateyama Holdings, Inc. 102,000 131,170
Sanwa Shutter Corp. 97,000 421,972
Sumitomo Osaka Cement Co., Ltd. 74,000 171,739
Takara Standard Co., Ltd. 34,000 144,833
----------
Total Building Materials 2,097,720
-------------------------------------------------------------------------------
Chemicals - 7.6%
ADEKA Corp. 17,000 171,819
Aica Kogyo Co., Ltd. 16,800 142,961
Air Water, Inc. 56,000 536,172
Arisawa Manufacturing Co., Ltd. 12,000 93,434
Daicel Chemical Industries Ltd. 24,000 123,454
Dainichiseika Color & Chemicals Manufacturing
Co., Ltd. 20,000 85,799
Denki Kagaku Kogyo K.K. 103,000 324,931
Earth Chemical Co., Ltd. 5,100 133,476
Fujimi, Inc. 1,100 16,025
Gun-Ei Chemical Industry Co., Ltd. 20,000 43,201
Kansai Paint Co., Ltd. 52,000 338,534
Koatsu Gas Kogyo Co., Ltd. 17,000 96,840
Lintec Corp. 6,800 97,353
Nihon Parkerizing Co., Ltd. 13,000 173,447
Nippon Chemical Industrial Co., Ltd. 48,000 113,809
Nippon Kayaku Co., Ltd. 82,000 498,418
Nippon Paint Co., Ltd. 67,000 241,654
Nippon Shokubai Co., Ltd. 29,000 192,586
Nissan Chemical Industries Ltd. 18,000 189,883
NOF Corp. 45,000 185,362
Sakata INX Corp. 23,000 91,274
Sanyo Chemical Industries Ltd. 31,000 152,298
Sumitomo Bakelite Co., Ltd. 37,000 187,723
Sumitomo Seika Chemicals Co., Ltd. 17,000 79,419
Taiyo Ink Manufacturing Co., Ltd. 5,000 119,556
Takasago International Corp. 23,000 186,939
Toagosei Co., Ltd. 68,000 279,419
Tokai Carbon Co., Ltd. 30,000 303,813
Tokyo Ohka Kogyo Co., Ltd. 6,800 149,616
Toyo Ink Manufacturing Co., Ltd. 80,000 277,289
Yushiro Chemical Industry Co., Ltd.(a) 6,500 111,996
----------
Total Chemicals 5,738,500
-------------------------------------------------------------------------------
Commercial Services - 3.4%
Kamigumi Co., Ltd. 24,000 190,004
Kyodo Printing Co., Ltd.(a) 47,000 127,021
Kyoritsu Printing Co., Ltd. 8,000 23,308
Meitec Corp.(a) 13,100 397,468
Nichii Gakkan Co.(a) 5,100 73,578
Nippon Parking Development Co., Ltd.(a) 1,550 65,871
Nissha Printing Co., Ltd. 11,700 574,803
Nomura Co., Ltd. 17,000 56,704
Park24 Co., Ltd.(a) 10,900 107,210
PRONEXUS, Inc. 700 5,661
Sohgo Security Services Co., Ltd. 22,600 315,608
TIS, Inc. 6,800 138,002
TKC Corp. 4,400 91,284
Toppan Forms Co., Ltd. 27,300 276,195
Zenrin Co., Ltd. 5,300 109,690
----------
Total Commercial Services 2,552,407
-------------------------------------------------------------------------------
Computers - 1.3%
Hitachi Information Systems Ltd. 8,900 191,797
Hitachi Systems & Services Ltd. 4,600 101,211
Information Services International-Dentsu Ltd. 8,500 73,271
NEC Fielding Ltd. 17,600 213,600
NS Solutions Corp. 7,300 181,152
Obic Co., Ltd. 910 161,640
Roland DG Corp. 3,400 83,006
----------
Total Computers 1,005,677
-------------------------------------------------------------------------------
Cosmetics/Personal Care - 1.7%
Aderans Co., Ltd. 15,200 281,903
Fancl Corp.(a) 9,800 135,281
KOSE Corp. 8,000 173,205
Lion Corp. 64,000 308,636
Mandom Corp. 8,500 256,191
T. Hasegawa Co., Ltd.(a) 7,500 132,541
----------
Total Cosmetics/Personal Care 1,287,757
-------------------------------------------------------------------------------
Distribution/Wholesale - 3.7%
ABC-Mart, Inc. 14,600 346,170
Advan Co., Ltd. 8,500 68,830
Doshisha Co., Ltd. 3,400 55,679
Fuji Electronics Co., Ltd. 8,600 69,985
Hakuto Co., Ltd. 14,100 128,909
Hanwa Co., Ltd. 103,000 436,692
Inaba Denki Sangyo Co., Ltd. 6,800 209,735
Itochu Enex Co., Ltd. 28,300 161,211
Iwatani International Corp.(a) 39,000 103,833
Japan Pulp & Paper Co., Ltd. 36,000 127,312
JFE Shoji Holdings, Inc. 2,000 14,025
Kamei Corp. 5,000 21,299
Matsuda Sangyo Co., Ltd. 700 15,824
Mitsuuroko Co., Ltd. 18,100 108,562
Nagase & Co., Ltd. 15,000 153,413
Ryoden Trading Co., Ltd. 27,000 170,081
Ryoshoku Ltd. 4,800 90,999
Ryoyo Electro Corp. 14,000 136,997
San-Ai Oil Co., Ltd. 20,000 72,336
Sankyo Seiko Co., Ltd.(a) 18,100 52,190
Sinanen Co., Ltd. 23,000 94,509
Trusco Nakayama Corp.(a) 8,500 130,828
----------
Total Distribution/Wholesale 2,769,419
-------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Funds 55
Schedule of Investments (continued)
WisdomTree Japan SmallCap Dividend Fund
March 31, 2008
==========================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------
Diversified Financial Services - 2.1%
Century Leasing System, Inc. 15,400 $ 135,689
Cosmo Securities Co., Ltd.(a) 80,000 72,336
Ichiyoshi Securities Co., Ltd.(a) 13,200 132,484
Iwai Securities Co., Ltd. 2,800 32,491
Kyokuto Securities Co., Ltd. 12,300 84,896
Okasan Holdings, Inc. 101,000 498,226
Takagi Securities Co., Ltd. 36,000 79,570
Tokai Tokyo Securities Co., Ltd. 146,000 484,051
Toyo Securities Co., Ltd. 28,000 87,206
----------
Total Diversified Financial Services 1,606,949
--------------------------------------------------------------------------
Electric - 0.1%
Okinawa Electric Power Co., Inc. (The) 1,100 43,321
--------------------------------------------------------------------------
Electrical Components & Equipment - 1.2%
Hitachi Cable Ltd. 74,000 275,823
Nippon Signal Co., Ltd. (The) 8,400 42,956
Shinko Electric Co., Ltd. 7,000 26,724
SMK Corp. 17,000 89,667
Sumida Corp. 5,100 63,689
Toshiba TEC Corp. 68,000 413,322
----------
Total Electrical Components & Equipment 912,181
--------------------------------------------------------------------------
Electronics - 4.8%
Alps Electric Co., Ltd. 22,200 218,799
Anritsu Corp.(a) 19,000 53,067
CMK Corp. 5,100 51,597
Cosel Co., Ltd.(a) 6,300 67,852
Dainippon Screen Manufacturing Co., Ltd. 53,000 223,107
Eizo Nanao Corp. 5,100 98,377
Horiba Ltd. 3,900 128,909
Idec Corp.(a) 10,200 120,922
Kaga Electronics Co., Ltd. 7,200 95,339
MINEBEA Co., Ltd. 95,000 553,575
Nichicon Corp. 14,600 114,705
Nidec Copal Corp. 11,900 138,326
Nidec Copal Electronics Corp.* 9,900 68,828
Nippon Chemi-Con Corp. 17,000 62,681
Nitto Kogyo Corp. 8,500 106,149
Ryosan Co., Ltd. 18,000 425,881
Sanshin Electronics Co., Ltd. 8,500 88,898
Sanyo Denki Co., Ltd. 14,000 60,763
Sodick Co., Ltd. 7,900 34,526
Star Micronics Co., Ltd. 6,700 92,421
Tokyo Seimitsu Co., Ltd.(a) 3,500 64,349
ULVAC, Inc.(a) 8,900 356,769
Yamatake Corp. 14,600 409,977
----------
Total Electronics 3,635,817
--------------------------------------------------------------------------
Engineering & Construction - 4.4%
Airport Facilities Co., Ltd. 4,600 30,040
COMSYS Holdings Corp. 22,000 190,968
Japan Airport Terminal Co., Ltd. 10,800 237,082
Kandenko Co., Ltd. 38,000 207,304
Kyowa Exeo Corp. 17,000 131,170
Kyudenko Corp. 19,000 98,880
Maeda Corp. 39,000 114,020
Maeda Road Construction Co., Ltd. 22,000 181,906
NEC Networks & System Integration Corp. 6,800 116,277
Nippo Corp. 17,000 96,328
Nippon Densetsu Kogyo Co., Ltd. 17,000 115,115
Nippon Koei Co., Ltd. 20,000 51,841
Nishimatsu Construction Co., Ltd.(a) 90,000 193,500
Okumura Corp.(a) 54,000 275,602
Sanki Engineering Co., Ltd.(a) 17,000 99,402
Taikisha Ltd. 13,500 161,536
Takasago Thermal Engineering Co., Ltd. 21,000 163,299
Takuma Co., Ltd.(a) 17,000 46,114
Toda Corp.(a) 68,000 280,102
Toenec Corp. 15,000 72,186
Tokyu Construction Co., Ltd. 5,740 20,357
Toshiba Plant Systems & Services Corp. 32,000 248,516
Tsukishima Kikai Co., Ltd. 12,000 90,662
Yurtec Corp. 20,000 105,892
----------
Total Engineering & Construction 3,328,099
--------------------------------------------------------------------------
Entertainment - 0.5%
Avex Group Holdings, Inc.(a) 13,800 148,212
RESORTTRUST, Inc. 8,360 103,980
Toei Co., Ltd. 17,000 88,984
Tokyotokeiba Co., Ltd. 34,000 65,243
----------
Total Entertainment 406,419
--------------------------------------------------------------------------
Environmental Control - 0.2%
Asahi Pretec Corp. 5,100 136,294
--------------------------------------------------------------------------
Food - 5.6%
Ariake Japan Co., Ltd. 5,400 74,054
Ezaki Glico Co., Ltd.(a) 16,000 198,523
Fuji Oil Co., Ltd. 18,400 171,735
House Foods Corp. 22,600 336,724
Itoham Foods, Inc. 22,000 129,743
J-Oil Mills, Inc. 22,000 60,120
Kato Sangyo Co., Ltd. 8,500 90,692
Maruha Group, Inc. 54,000 84,091
Meiji Dairies Corp. 38,000 229,065
Meiji Seika Kaisha Ltd.(a) 79,000 402,401
Mitsui Sugar Co., Ltd. 14,000 47,822
Morinaga & Co., Ltd. 71,000 164,776
Morinaga Milk Industry Co., Ltd. 62,000 189,983
Nichirei Corp. 49,000 235,807
Nippon Beet Sugar Manufacturing Co., Ltd. 12,000 26,282
Nippon Flour Mills Co., Ltd. 12,000 48,948
Nippon Suisan Kaisha Ltd. 52,200 195,616
Nisshin Oillio Group Ltd. (The) 22,000 85,538
QP Corp. 30,300 313,244
Showa Sangyo Co., Ltd. 53,000 126,729
Starzen Co., Ltd. 47,000 109,549
See Notes to Financial Statements.
56 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Japan SmallCap Dividend Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
Tokyu Store Chain Co., Ltd. 16,000 $ 80,695
Toyo Suisan Kaisha Ltd. 16,000 241,121
Valor Co., Ltd. 3,800 40,506
Yamazaki Baking Co., Ltd.(a) 48,000 455,237
Yokohama Reito Co., Ltd. 14,000 98,880
----------
Total Food 4,237,881
-----------------------------------------------------------------------------
Forest Products & Paper - 1.1%
Chuetsu Pulp & Paper Co., Ltd. 36,000 62,933
Daiken Corp. 36,000 75,953
Daio Paper Corp.(a) 33,000 222,796
Hokuetsu Paper Mills Ltd. 53,000 239,614
Rengo Co., Ltd.(a) 39,000 215,502
----------
Total Forest Products & Paper 816,798
-----------------------------------------------------------------------------
Gas - 0.4%
Saibu Gas Co., Ltd. 118,000 291,636
-----------------------------------------------------------------------------
Hand/Machine Tools - 1.5%
Asahi Diamond Industrial Co., Ltd. 17,000 100,939
Disco Corp. 2,800 120,681
Hitachi Koki Co., Ltd. 40,600 518,029
Hitachi Tool Engineering Ltd. 1,100 11,759
Meidensha Corp.(a) 34,000 86,763
OSG Corp.(a) 18,400 213,328
Union Tool Co. 1,900 71,392
----------
Total Hand/Machine Tools 1,122,891
-----------------------------------------------------------------------------
Healthcare-Products - 1.5%
Hogy Medical Co., Ltd. 2,000 103,079
Nihon Kohden Corp. 10,800 247,390
Nipro Corp. 27,024 471,872
Paramount Bed Co., Ltd.(a) 11,600 158,147
Sysmex Corp. 3,800 137,439
TOPCON Corp. 4,900 38,645
---------
Total Healthcare-Products 1,156,572
-----------------------------------------------------------------------------
Home Builders - 0.2%
Mitsui Home Co., Ltd. 17,000 78,906
Takamatsu Corp. 200 3,215
Token Corp. 1,630 55,188
----------
Total Home Builders 137,309
-----------------------------------------------------------------------------
Home Furnishings - 2.0%
Alpine Electronics, Inc. 14,600 161,057
Canon Electronics, Inc. 8,400 190,727
France Bed Holdings Co., Ltd. 74,000 99,623
Hitachi Maxell Ltd. 19,700 203,264
Juki Corp. 8,000 29,658
Kenwood Corp.(a) 51,000 56,362
Nidec Sankyo Corp. 52,000 423,168
Noritz Corp. 11,500 144,306
Toa Corp. 25,000 200,683
----------
Total Home Furnishings 1,508,848
-----------------------------------------------------------------------------
Housewares - 0.7%
Noritake Co., Ltd. 34,000 136,635
Sangetsu Co., Ltd.(a) 18,100 394,605
----------
Total Housewares 531,240
-----------------------------------------------------------------------------
Insurance - 0.4%
Fuji Fire & Marine Insurance Co., Ltd. (The) 117,000 311,498
-----------------------------------------------------------------------------
Internet - 0.7%
Matsui Securities Co., Ltd. 98,100 555,869
-----------------------------------------------------------------------------
Iron/Steel - 1.7%
Aichi Steel Corp. 30,000 144,371
Godo Steel Ltd. 32,000 106,093
Mitsubishi Steel Manufacturing Co., Ltd. 16,000 47,903
Nakayama Steel Works Ltd. 39,000 81,891
Nippon Metal Industry Co., Ltd.(a) 71,000 228,261
Sanyo Special Steel Co., Ltd. 53,000 239,615
Topy Industries Ltd. 37,000 104,827
Yodogawa Steel Works Ltd. 68,000 329,975
----------
Total Iron/Steel 1,282,936
-----------------------------------------------------------------------------
Leisure Time - 0.7%
Daikoku Denki Co., Ltd. 3,200 28,099
Heiwa Corp. 21,600 206,158
HIS Co., Ltd. 3,400 49,189
Mars Engineering Corp. 4,000 66,951
Mizuno Corp. 29,000 182,097
----------
Total Leisure Time 532,494
-----------------------------------------------------------------------------
Machinery-Construction & Mining - 0.3%
Aichi Corp. 10,200 75,935
Tadano Ltd. 17,000 170,794
----------
Total Machinery-Construction & Mining 246,729
-----------------------------------------------------------------------------
Machinery-Diversified - 2.8%
Aida Engineering Ltd. 17,000 106,917
CKD Corp. 8,500 56,447
Daifuku Co., Ltd. 18,500 236,977
Furukawa Co., Ltd. 72,000 132,376
Komori Corp. 14,000 291,155
Makino Milling Machine Co., Ltd. 15,000 107,148
Max Co., Ltd. 15,000 161,551
Miura Co., Ltd. 9,000 203,898
Nabtesco Corp. 15,000 203,446
Nippon Thompson Co., Ltd. 13,000 79,932
Nitto Kohki Co., Ltd. 5,100 114,005
Sato Corp. 6,500 83,001
Tokyo Kikai Seisakusho Ltd.(a) 20,000 53,850
Toshiba Machine Co., Ltd. 17,000 103,843
Tsubakimoto Chain Co. 31,000 184,377
----------
Total Machinery-Diversified 2,118,923
-----------------------------------------------------------------------------
Media - 0.0%
Kadokawa Group Holdings, Inc. 800 19,371
See Notes to Financial Statements.
WisdomTree International Dividend Funds 57
Schedule of Investments (continued)
WisdomTree Japan SmallCap Dividend Fund
March 31, 2008
======================================================================
Investments Shares U.S. $ Value
----------------------------------------------------------------------
TV Tokyo Corp. 200 $ 8,921
----------
Total Media 28,292
----------------------------------------------------------------------
Metal Fabricate/Hardware - 1.5%
Furukawa-Sky Aluminum Corp. 17,000 35,867
Hakudo Co., Ltd. 500 6,822
Kitz Corp. 29,000 172,190
MISUMI Group, Inc. 9,600 170,327
Nachi-Fujikoshi Corp. 39,000 147,717
Neturen Co., Ltd. 700 6,787
Oiles Corp. 6,160 126,870
Onoken Co., Ltd. 6,800 108,830
Ryobi Ltd. 29,000 109,841
Sato Shoji Corp. 13,000 90,119
Tocalo Co., Ltd. 3,300 52,649
Toho Zinc Co., Ltd. 14,000 75,250
Yamazen Corp. 1,300 4,506
----------
Total Metal Fabricate/Hardware 1,107,775
----------------------------------------------------------------------
Mining - 0.3%
Nippon Light Metal Co., Ltd.* 102,000 153,715
Sumitomo Light Metal Industries Ltd. 49,000 65,474
----------
Total Mining 219,189
----------------------------------------------------------------------
Miscellaneous Manufacturing - 1.7%
Amano Corp. 19,900 205,328
Bando Chemical Industries Ltd. 22,000 79,349
Kureha Corp. 51,000 318,702
Mitsuboshi Belting Co., Ltd. 17,000 67,805
Nikkiso Co., Ltd. 13,000 78,364
Nippon Valqua Industries Ltd. 22,000 64,098
Okamoto Industries, Inc. 34,000 121,947
Sekisui Plastics Co., Ltd. 39,000 99,915
Shin-Etsu Polymer Co., Ltd. 7,100 42,514
Tamron Co., Ltd. 300 7,369
Tokai Rubber Industries, Inc. 12,500 180,213
----------
Total Miscellaneous Manufacturing 1,265,604
----------------------------------------------------------------------
Office Furnishings - 0.3%
Kokuyo Co., Ltd. 15,300 131,426
Okamura Corp. 17,000 117,677
----------
Total Office Furnishings 249,103
----------------------------------------------------------------------
Office/Business Equipment - 0.1%
Canon Finetech, Inc. 6,300 87,156
----------------------------------------------------------------------
Oil & Gas - 0.1%
AOC Holdings, Inc. 6,400 57,934
Kanto Natural Gas Development Ltd. 7,000 42,196
----------
Total Oil & Gas 100,130
----------------------------------------------------------------------
Packaging & Containers - 0.2%
Fuji Seal International, Inc. 4,000 56,141
Nihon Yamamura Glass Co., Ltd. 34,000 69,343
----------
Total Packaging & Containers 125,484
----------------------------------------------------------------------
Pharmaceuticals - 3.3%
Kaken Pharmaceutical Co., Ltd. 29,000 214,728
Kobayashi Pharmaceutical Co., Ltd. 5,100 196,755
Kyorin Co., Ltd. 27,000 350,198
Miraca Holdings, Inc. 11,700 306,209
Mochida Pharmaceutical Co., Ltd. 19,000 172,944
Nippon Shinyaku Co., Ltd. 25,000 259,456
Sawai Pharmaceutical Co., Ltd.(a) 1,800 87,527
Seikagaku Corp. 13,300 150,324
SSP Co., Ltd.(a) 40,000 187,271
Toho Pharmaceutical Co., Ltd. 4,800 122,731
Tsumura & Co. 6,263 156,363
ZERIA Pharmaceutical Co., Ltd.(a) 23,000 240,780
----------
Total Pharmaceuticals 2,445,286
----------------------------------------------------------------------
Real Estate - 0.5%
Ardepro Co., Ltd. 1,049 52,906
Arnest One Corp.(a) 17,900 58,267
Atrium Co., Ltd. 8,600 101,695
Iida Home Max(a) 11,700 58,303
Suruga Corp. 1,300 3,735
Tokyu Livable, Inc. 6,700 56,745
Touei Housing Corp. 8,500 54,483
----------
Total Real Estate 386,134
----------------------------------------------------------------------
Retail - 8.9%
Alpen Co., Ltd. 10,000 172,904
AOKI Holdings, Inc. 6,800 113,954
Arcs Co., Ltd. 16,910 211,513
Aucnet, Inc. 9,000 101,633
Belluna Co., Ltd. 7,500 62,918
Best Denki Co., Ltd. 48,000 387,723
Chiyoda Co., Ltd. 10,700 176,730
Circle K Sunkus Co. Ltd. 20,000 340,182
Culture Convenience Club Co., Ltd.(a) 33,400 159,727
Don Quijote Co., Ltd. 5,100 92,741
Edion Corp. 33,400 309,387
Gigas K's Denki Corp. 3,400 67,942
Gulliver International Co., Ltd. 3,160 113,022
Hankyu Department Stores, Inc. 34,000 228,181
Heiwado Co., Ltd. 8,500 130,316
Izumi Co., Ltd 8,100 111,814
Izumiya Co., Ltd. 18,000 98,739
Kasumi Co., Ltd. 18,000 93,676
Keiyo Co., Ltd. 3,600 25,643
Kisoji Co., Ltd. 6,800 146,883
Kojima Co., Ltd.(a) 6,800 35,252
Komeri Co., Ltd. 6,800 164,646
Konaka Co., Ltd. 3,420 17,042
Matsumotokiyoshi Holdings Co., Ltd.* 8,500 184,885
Ministop Co., Ltd. 8,100 158,769
MOS Food Services, Inc.(a) 8,000 118,149
Nishimatsuya Chain Co., Ltd. 5,500 66,308
Parco Co., Ltd. 11,900 169,530
Paris Miki, Inc.(a) 25,400 372,317
Plenus Co., Ltd. 22,200 286,157
See Notes to Financial Statements.
58 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree Japan SmallCap Dividend Fund
March 31, 2008
===============================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Point, Inc. 1,810 $ 85,104
Right On Co., Ltd. 3,700 43,827
Royal Holdings Co., Ltd. 10,700 112,337
Ryohin Keikaku Co., Ltd. 6,900 400,683
Seiko Holdings Corp.(a) 24,000 115,738
Senshukai Co., Ltd. 13,400 109,720
Shimachu Co., Ltd. 5,100 153,459
Sundrug Co., Ltd. 8,500 239,966
Tsuruha Holdings, Inc. 700 30,311
UNY Co., Ltd. 25,000 239,614
USS Co., Ltd. 4,200 291,154
Xebio Co., Ltd. 3,700 94,977
Zensho Co., Ltd. 8,900 52,576
-----------
Total Retail 6,688,149
-------------------------------------------------------------------------------
Semiconductors - 0.4%
Mimasu Semiconductor Industry Co., Ltd. 4,700 96,091
Sanken Electric Co., Ltd.(a) 15,000 88,311
Shindengen Electric Manufacturing Co., Ltd. 3,000 5,877
Shinkawa Ltd. 6,100 73,910
-----------
Total Semiconductors 264,189
-------------------------------------------------------------------------------
Software - 2.5%
Capcom Co., Ltd. 13,000 444,065
Fuji Soft ABC, Inc. 3,400 63,604
Hitachi Software Engineering Co., Ltd. 10,500 243,683
Koei Co., Ltd.(a) 23,200 372,235
NEC Mobiling Ltd. 5,100 71,529
Nihon Unisys Ltd. 7,200 84,200
Nippon System Development Co., Ltd. 6,400 93,362
OBIC Business Consultants Ltd. 3,300 197,267
Sumisho Computer Systems Corp. 11,300 214,227
Trans Cosmos, Inc. 6,900 83,256
-----------
Total Software 1,867,428
-------------------------------------------------------------------------------
Storage/Warehousing - 0.5%
Mitsui-Soko Co., Ltd.(a) 29,000 166,946
Sumitomo Warehouse Co., Ltd. (The) 47,000 221,460
-----------
Total Storage/Warehousing 388,406
-------------------------------------------------------------------------------
Telecommunications - 0.8%
Denki Kogyo Co., Ltd. 20,000 122,570
Hitachi Kokusai Electric, Inc. 13,000 134,395
Nippon Denwa Shisetsu Co., Ltd. 19,000 52,494
Uniden Corp. 50,000 306,927
-----------
Total Telecommunications 616,386
-------------------------------------------------------------------------------
Textiles - 0.9%
Kurabo Industries Ltd. 55,000 123,776
Nitto Boseki Co., Ltd. 34,000 70,026
Seiren Co., Ltd. 6,900 44,158
Toyobo Co., Ltd. 181,000 378,239
Unitika Ltd. 70,000 68,920
-----------
Total Textiles 685,119
-------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.2%
Sanrio Co., Ltd.(a) 2,900 25,291
TOMY Co., Ltd.(a) 18,400 136,611
-----------
Total Toys/Games/Hobbies 161,902
-------------------------------------------------------------------------------
Transportation - 3.1%
Daiichi Chuo Kisen Kaisha 54,000 386,276
Fukuyama Transporting Co., Ltd. 23,000 84,573
Hitachi Transport System Ltd. 7,300 110,745
Iino Kaiun Kaisha, Ltd. 23,900 242,518
Keisei Electric Railway Co., Ltd. 37,000 198,875
Kintetsu World Express, Inc. 1,200 27,970
Maruzen Showa Unyu Co., Ltd. 8,000 24,835
Nippon Konpo Unyu Soko Co., Ltd. 5,000 68,669
Nishi-Nippon Railroad Co., Ltd. 73,000 261,828
Sagami Railway Co., Ltd. 90,000 366,203
Sankyu, Inc. 20,000 108,906
Seino Holdings Corp. 32,000 208,329
Senko Co., Ltd. 12,000 46,416
Shinwa Kaiun Kaisha, Ltd. 28,000 176,943
-----------
Total Transportation 2,313,086
-------------------------------------------------------------------------------
Venture Capital - 0.1%
Jafco Co., Ltd. 2,500 83,388
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $86,464,709) 74,191,546
===============================================================================
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $28,746) 28,746 28,746
===============================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 9.6%
MONEY MARKET FUNDS(c) - 9.6%
UBS Enhanced Yield Portfolio, 3.09% 2 2
UBS Private Money Market Fund LLC, 3.17% 7,197,798 7,197,798
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $7,197,800)(d) 7,197,800
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 108.1%
(Cost: $93,691,255) 81,418,092
Liabilities in Excess of Foreign Currency and
Other Assets - (8.1)% (6,117,964)
-----------
NET ASSETS - 100.0% $75,300,128
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $6,753,170 and the total market value of the collateral held by the
Fund was $7,197,800.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 59
Schedule of Investments
WisdomTree Pacific ex-Japan Total Dividend Fund
March 31, 2008
===========================================================================
Investments Shares U.S. $ Value
---------------------------------------------------------------------------
COMMON STOCKS - 99.1%
Australia - 56.4%
ABB Grain Ltd. 14,397 $ 115,652
Adelaide Brighton Ltd. 105,331 327,876
AGL Energy Ltd. 21,762 219,315
Alesco Corp., Ltd.(a) 22,613 200,643
Alumina Ltd. 92,556 481,592
Amcor Ltd. 96,442 629,465
AMP Ltd. 209,959 1,504,540
APN News & Media Ltd.(a) 64,421 269,923
APN Property Group Ltd. 98,446 81,778
APN/UKA European Retail Property Group 155,464 52,509
ARB Corp. Ltd. 13,637 48,425
Aristocrat Leisure Ltd. 21,860 191,567
ASG Group Ltd. 32,556 32,988
Austal Ltd. 23,908 56,744
Austbrokers Holdings Ltd. 44,608 156,774
Australia & New Zealand Banking Group Ltd. 241,156 4,964,141
Australian Agricultural Co., Ltd. 32,366 77,409
Australian Stock Exchange Ltd.(a) 16,174 552,190
Australian Wealth Management Ltd. 80,551 124,267
AWB Ltd. 55,973 140,511
AXA Asia Pacific Holdings Ltd. 110,199 553,273
Bank of Queensland Ltd. 23,736 356,429
Beach Petroleum Ltd. 40,358 46,604
Bendigo Bank Ltd.(a) 38,084 413,703
BHP Billiton Ltd. 164,299 5,370,796
Billabong International Ltd. 23,102 274,153
BlueScope Steel Ltd. 115,249 1,038,374
Boral Ltd. 61,535 351,638
Bravura Solutions Ltd. 43,760 62,716
Centennial Coal Co., Ltd.(a) 38,890 144,488
Coca-Cola Amatil Ltd. 97,692 758,014
Cochlear Ltd. 6,313 315,226
Commonwealth Bank of Australia 173,036 6,604,139
Computershare Ltd. 41,819 334,026
Consolidated Media Holdings Ltd. 14,614 49,760
Corporate Express Australia Ltd. 52,775 264,966
Count Financial Ltd. 68,344 121,656
Crane Group Ltd. 339 4,735
CSL Ltd. 18,226 614,094
CSR Ltd. 112,654 329,076
David Jones Ltd.(a) 94,897 315,321
Devine Ltd. 92,221 95,970
Dominion Mining Ltd. 21,931 67,667
Domino's Pizza Enterprises Ltd. 17,378 51,556
Downer EDI Ltd. 41,423 236,709
Energy Developments Ltd. 34,645 74,320
Energy Resources of Australia Ltd. 8,842 159,007
Euroz Ltd. 17,415 48,010
FairFax Media Ltd.(a) 188,916 598,408
Fantastic Holdings Ltd. 9,618 26,778
Felix Resources Ltd. 7,522 85,075
Fleetwood Corp. Ltd. 8,878 66,779
Flight Centre Ltd. 559 10,808
Foster's Group Ltd. 211,704 989,462
Funtastic Ltd. 137,103 49,436
Futuris Corp., Ltd. 187,905 325,048
Gloucester Coal Ltd. 2,777 24,640
GrainCorp Ltd. 2,912 32,032
Great Southern Plantations Ltd. 29,418 45,249
GUD Holdings Ltd. 8,568 75,476
Gunns Ltd. 82,249 235,004
GWA International Ltd.(a) 49,491 145,021
Harvey Norman Holdings Ltd. 82,360 293,963
Healthscope Ltd.(a) 17,383 82,514
Hills Industries Ltd.(a) 52,260 223,739
IBA Health Ltd.* 140,889 60,447
Incitec Pivot Ltd. 2,218 285,787
Independence Group NL 5,239 38,212
Insurance Australia Group Ltd.(a) 299,686 1,001,260
Invocare Ltd. 2,033 12,100
IOOF Holdings Ltd. 14,614 79,242
Iress Market Technology Ltd. 10,299 64,870
Just Group Ltd. 25,468 92,064
Leighton Holdings Ltd.(a) 15,019 586,792
Lend Lease Corp. Ltd. 48,549 587,213
Lion Nathan Ltd. 59,353 474,078
MacArthur Coal Ltd. 25,998 310,418
Macmahon Holdings Ltd. 19,458 26,466
Metcash Ltd. 76,850 286,222
Minara Resources Ltd. 89,441 495,593
Mincor Resources NL 6,314 17,637
National Australia Bank Ltd. 205,358 5,651,953
Navitas Ltd. 47,830 79,464
New Hope Corp. Ltd. 70,173 171,033
Nufarm Ltd. 23,137 361,796
Octaviar Ltd.+ 78,603 71,035
OneSteel Ltd. 88,492 516,184
Orica Ltd. 21,057 559,934
Origin Energy Ltd. 65,365 546,563
Over Fifty Group Ltd. 9,082 9,949
Oxiana Ltd.(a) 79,652 231,219
Pacific Brands Ltd. 147,387 271,775
Perpetual Ltd. 4,855 238,657
Qantas Airways Ltd. 138,226 495,886
QBE Insurance Group Ltd. 62,815 1,273,537
Rio Tinto Ltd.(a) 18,922 2,115,936
Salmat Ltd. 31,186 92,237
Santos Ltd. 63,865 845,338
Sedgman Ltd. 22,269 44,316
Seek Ltd. 36,005 173,867
Select Harvests Ltd. 2,350 13,837
Servcorp Ltd. 11,616 49,413
Seven Network Ltd. 33,733 292,535
Sigma Pharmaceuticals Ltd. 148,273 169,189
See Notes to Financial Statements.
60 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Pacific ex-Japan Total Dividend Fund
March 31, 2008
====================================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------------
Sims Group Ltd.(a) 18,753 $ 508,425
Sonic Healthcare Ltd. 23,339 292,944
SP Telemedia Ltd. 201,069 66,077
Specialty Fashion Group Ltd. 43,953 48,749
St.George Bank Ltd.(a) 68,343 1,603,968
Straits Resources Ltd. 11,215 62,757
STW Communications Group Ltd. 18,045 36,569
Suncorp-Metway Ltd. 136,372 1,602,150
Super Cheap Auto Group Ltd. 5,284 15,194
Symbion Health Ltd.+ 106,309 394,970
TABCORP Holdings Ltd. 83,385 1,077,071
Tatts Group Ltd. 82,364 261,647
Telstra Corp. Ltd. 1,772,971 7,121,210
Ten Network Holdings Ltd.(a) 110,302 216,482
Timbercorp Ltd. 90,439 103,197
Toll Holdings Ltd. 22,162 202,710
Transfield Services Ltd.(a) 29,165 292,590
Transpacific Industries Group 3,805 30,566
Treasury Group Ltd. 14,816 134,572
United Group Ltd. 23,995 264,379
Washington H. Soul Pattinson & Co., Ltd. 38,808 267,465
Wesfarmers Ltd. 89,996 3,285,292
Wesfarmers Ltd. Price Protected Shares 22,091 811,873
West Australian Newspapers Holdings Ltd.(a) 35,538 356,201
Westpac Banking Corp. 239,853 5,200,060
WHK Group Ltd. 127,163 184,568
Woodside Petroleum Ltd. 58,015 2,886,266
Woolworths Ltd. 92,840 2,457,722
WorleyParsons Ltd. 7,451 227,651
Zinifex Ltd. 121,066 1,102,940
-----------
Total Australia 82,404,486
------------------------------------------------------------------------------------
Hong Kong - 29.9%
Aeon Stores Hong Kong Co Ltd. 4,000 7,966
Allied Group Ltd. 22,000 82,682
Bank of East Asia Ltd. 129,416 647,674
Beijing Enterprises Holdings Ltd. 24,004 91,601
BOC Hong Kong (Holdings) Ltd. 1,031,891 2,484,647
Cathay Pacific Airways Ltd.(a) 210,000 412,831
Cheung Kong (Holdings) Ltd. 117,015 1,661,365
China Merchants Holdings (International) Co., Ltd. 66,009 313,386
China Mobile Ltd. 825,613 12,284,187
China Netcom Group Corp. Ltd. 296,504 853,375
China Overseas Land & Investment Ltd. 136,026 250,979
China Power International Development Ltd.* 257,000 82,553
China Resources Enterprise, Ltd. 84,009 269,853
China Resources Power Holdings Co. 86,017 169,097
China Travel International Investment Hong Kong
Ltd. 138,052 55,697
China Unicom Ltd. 304,047 639,906
Chong Hing Bank Ltd. 40,000 95,081
CITIC Pacific Ltd. 160,026 678,525
CLP Holdings Ltd. 271,031 2,230,486
CNOOC Ltd. 2,818,140 4,164,106
Cross-Harbour Holdings Ltd. 4,000 3,896
Dah Sing Banking Group Ltd. 64,004 108,718
Dah Sing Financial Holdings Ltd. 20,000 131,186
Denway Motors Ltd. 400,052 169,626
First Shanghai Investments Ltd. 167,945 33,231
Fubon Bank (Hong Kong) Ltd. 196,000 144,806
Guangdong Investment Ltd. 312,039 155,161
Guangzhou Investment Co., Ltd. 160,022 33,103
Hang Seng Bank Ltd. 198,727 3,597,735
Hong Kong & China Gas Co., Ltd. (The) 162,309 488,000
Hong Kong Aircraft Engineering Co., Ltd. 7,999 131,966
Hong Kong Exchanges and Clearing Ltd. 62,004 1,064,357
Hongkong & Shanghai Hotels Ltd. (The) 108,506 178,175
HongKong Electric Holdings Ltd. 190,025 1,200,040
Hopewell Holdings Ltd. 66,006 250,612
Hutchison Whampoa Ltd. 186,000 1,760,139
Industrial & Commercial Bank of China Ltd. 74,015 183,353
Miramar Hotel & Investment 6,000 8,727
MTR Corp.(a) 298,530 1,024,142
New World Development Ltd. 160,022 387,778
Next Media Ltd. 316,000 123,430
PCCW Ltd. 727,054 457,745
Shanghai Industrial Holdings Ltd. 45,006 170,012
Shaw Brothers (Hong Kong) Ltd. 60,006 120,276
Shun TAK Holdings Ltd. 88,004 116,466
Sino Land Co. Ltd. 258,022 556,964
Sun Hung Kai Properties Ltd. 122,000 1,903,005
Techtronic Industries Co. 30,500 30,175
Television Broadcasts Ltd. 20,002 107,169
Tianjin Development Holdings Ltd. 30,000 20,507
Vitasoy International Holdings Ltd. 208,000 90,599
Wharf (Holdings) Ltd. (The) 159,017 748,822
Wing Hang Bank Ltd. 20,002 304,032
Wing Lung Bank Ltd. 20,004 348,785
-----------
Total Hong Kong 43,628,735
------------------------------------------------------------------------------------
New Zealand - 2.7%
Air New Zealand Ltd. 89,124 90,389
Auckland International Airport Ltd. 156,995 281,419
Blue Chip Financial Solutions Ltd.+ 119,726 9,836
Contact Energy Ltd. 46,103 289,607
Fisher & Paykel Appliances Holdings Ltd. 44,408 82,047
Fisher & Paykel Healthcare Corp. 5,968 13,748
Fletcher Building Ltd. 82,191 542,150
Freightways Ltd. 17,093 46,363
Hallenstein Glasson Holdings Ltd. 12,233 36,066
Infratil Ltd. 32,720 54,793
Mainfreight Ltd. 8,458 39,566
New Zealand Refining Co., Ltd. (The) 64,459 354,237
Nuplex Industries Ltd. 19,793 95,702
PGG Wrightson Ltd. 32,656 53,402
Port of Tauranga Ltd. 14,906 71,018
Property for Industry Ltd. 2,242 2,203
Ryman Healthcare Ltd. 96,769 130,096
See Notes to Financial Statements.
WisdomTree International Dividend Funds 61
Schedule of Investments (concluded)
WisdomTree Pacific ex-Japan Total Dividend Fund
March 31, 2008
======================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------------
Sanford Ltd. 41,686 $ 136,010
Sky City Entertainment Group Ltd. 13,152 38,155
Telecom Corp. of New Zealand Ltd. 445,652 1,310,390
Tourism Holdings Ltd. 18,338 25,230
TrustPower Ltd. 1,918 11,385
Turners & Growers 6,583 10,869
Vector Ltd. 84,962 114,891
Warehouse Group Ltd. 3,155 14,536
------------
Total New Zealand 3,854,108
--------------------------------------------------------------------------------------
Singapore - 10.1%
Ascott Group Ltd. (The)+ 43,314 54,058
Boustead Singapore Ltd. 3,000 4,310
Cerebos Pacific Ltd. 20,000 55,001
CH Offshore Ltd. 16,000 6,618
City Developments Ltd. 20,000 159,925
ComfortDelgro Corp., Ltd. 159,000 209,977
Cosco Corp. (Singapore) Ltd. 42,000 112,455
Creative Technology Ltd. 1,950 8,688
DBS Group Holdings Ltd. 106,000 1,384,465
FJ Benjamin Holdings Ltd. 31,000 9,335
Fraser and Neave Ltd. 76,070 267,706
GMG Global Ltd. 214,000 22,516
Guocoland Ltd.(a) 40,000 115,807
Hong Leong Asia Ltd. 40,000 74,303
Hotel Plaza Ltd. 59,000 80,913
Hotel Properties Ltd. 30,000 59,210
Inter-Roller Engineering Ltd. 21,000 7,467
Jardine Cycle & Carriage Ltd. 18,250 258,756
Jaya Holdings Ltd. 80,000 85,912
Jurong Technologies Industrial Corp. Ltd. 26,000 5,660
Keppel Corp. Ltd. 46,000 330,443
Keppel Land Ltd. 20,000 80,543
Keppel Telecommunications & Transportation Ltd. 40,000 115,807
MobileOne Ltd. 106,000 163,059
Oversea-Chinese Banking Corp. Ltd. 176,000 1,034,430
Parkway Holdings Ltd. 60,000 139,317
Petra Foods Ltd. 59,720 55,900
Raffles Education Corp., Ltd. 82,000 61,285
SBS Transit Ltd. 29,500 53,086
SembCorp Industries Ltd. 80,000 236,259
SembCorp Marine Ltd. 135,800 376,415
SIA Engineering Co., Ltd. 58,000 166,237
Singapore Airlines Ltd. 74,400 842,172
Singapore Airport Terminal Services Ltd. 80,000 133,512
Singapore Exchange Ltd. 42,000 228,567
Singapore Petroleum Co., Ltd. 42,000 206,015
Singapore Post Ltd. 191,000 159,380
Singapore Press Holdings Ltd. 138,000 460,617
Singapore Reinsurance Corp., Ltd. 701,000 172,942
Singapore Technologies Engineering Ltd.(a) 140,000 343,359
Singapore Telecommunications Ltd.(a) 1,364,450 3,871,131
SMRT Corp. Ltd. 145,000 191,489
StarHub Ltd. 144,080 317,820
Straits Trading Co., Ltd. 22,000 107,115
Unisteel Technology Ltd. 44,250 42,062
United Engineers Ltd. 31,000 89,076
United Overseas Bank Ltd. 101,000 1,402,707
UOB-Kay Hian Holdings Ltd. 79,000 112,354
Venture Corp., Ltd. 19,000 145,311
WBL Corp., Ltd. 20,000 77,640
Wing Tai Holdings Ltd. 40,000 63,563
XP Power Ltd. 1,792 8,049
------------
Total Singapore 14,770,744
--------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $151,027,001) 144,658,073
======================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 7.1%
MONEY MARKET FUNDS(b) - 7.1%
UBS Enhanced Yield Portfolio, 3.09% 5 5
UBS Private Money Market Fund LLC, 3.17% 10,332,450 10,332,450
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITES LOANED
(Cost: $10,332,455)(c) 10,332,455
======================================================================================
TOTAL INVESTMENTS IN SECURITIES - 106.2%
(Cost: $161,359,456) 154,990,528
Liabilities in Excess of Foreign Currency and Other
Assets - (6.2)% (8,982,648)
------------
NET ASSETS - 100.0% $146,007,880
======================================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $9,796,266 and the total market value of the collateral held by the
Fund was $10,332,455.
See Notes to Financial Statements.
62 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
COMMON STOCKS - 98.4%
Australia - 84.9%
ABB Grain Ltd. 24,080 $ 193,437
Adelaide Brighton Ltd. 99,150 308,636
Alesco Corp., Ltd. 21,556 191,264
Amcor Ltd. 108,396 707,488
AMP Ltd. 214,756 1,538,914
APN/UKA European Retail Trust 94,999 32,086
Austereo Group Ltd. 88,058 136,652
Australia & New Zealand Banking Group Ltd. 206,296 4,246,556
AWB Ltd.(a) 97,804 245,521
Bank of Queensland Ltd. 17,823 267,637
BlueScope Steel Ltd. 101,313 912,813
Boral Ltd. 61,551 351,730
Cardno Ltd. 1,993 9,642
Coca-Cola Amatil Ltd. 91,798 712,281
Coffey International Ltd. 6,045 11,699
Commander Communications Ltd.(a) 49,793 5,909
Commonwealth Bank of Australia 119,844 4,573,998
Crane Group Ltd. 16,691 233,117
CSR Ltd. 134,858 393,936
David Jones Ltd. 75,476 250,790
Equigold NL 25,604 108,215
Everest Babcock & Brown Ltd. 51,815 23,650
FairFax Media Ltd.(a) 202,708 642,096
Foster's Group Ltd. 229,248 1,071,458
Funtastic Ltd. 17,441 6,289
Futuris Corp., Ltd. 136,646 236,377
Gloucester Coal Ltd. 5,131 45,527
Goodman Fielder Ltd. 177,629 291,868
GrainCorp Ltd. 18,480 203,277
Great Southern Plantations Ltd. 114,042 175,414
GUD Holdings Ltd. 27,947 246,185
Gunns Ltd. 91,658 261,887
GWA International Ltd.(a) 73,955 216,707
Hills Industries Ltd. 52,599 225,190
Iluka Resources Ltd.(a) 61,410 260,670
Insurance Australia Group Ltd.(a) 287,191 959,514
Invocare Ltd. 11,388 67,779
Just Group Ltd. 66,522 240,469
Lion Nathan Ltd. 81,528 651,200
MacArthur Coal Ltd. 47,513 567,309
Minara Resources Ltd. 106,000 587,346
Mortgage Choice Ltd. 30,374 41,313
National Australia Bank Ltd. 146,081 4,020,505
Navitas Ltd. 126,758 210,594
Octaviar Ltd.+ 85,869 77,602
Pacific Brands Ltd. 112,421 207,300
Peet & Co., Ltd. 46,689 111,238
Perilya Ltd. 28,899 27,699
Perpetual Ltd. 7,273 357,519
Photon Group Ltd. 2,582 8,721
Port Bouvard Ltd. 202,269 162,484
Primary Health Care Ltd. 27,829 153,692
Ridley Corp., Ltd. 69,277 71,144
Salmat Ltd. 19,961 59,038
Sedgman Ltd. 80,989 161,169
Select Harvests Ltd. 4,065 23,934
Service Stream Ltd. 15,386 22,472
Sigma Pharmaceuticals Ltd.(a) 134,741 153,748
Sims Group Ltd.(a) 19,910 539,793
Skilled Group Ltd. 12,709 42,809
Specialty Fashion Group Ltd. 22,442 24,891
Spotless Group Ltd. 60,654 183,268
St.George Bank Ltd.(a) 66,567 1,562,286
STW Communications Group Ltd. 55,565 112,604
Suncorp-Metway Ltd. 135,637 1,593,515
Sunland Group Ltd. 80,016 180,415
TABCORP Holdings Ltd. 89,970 1,162,126
Technology One Ltd. 23,907 15,713
Telstra Corp. Ltd. 1,331,600 5,348,426
Ten Network Holdings Ltd. 66,163 129,853
Timbercorp Ltd.(a) 138,039 157,511
Treasury Group Ltd. 1,159 10,527
UXC Ltd. 17,267 17,181
Wattyl Ltd. 20,172 33,698
Wesfarmers Ltd. 73,110 2,668,872
West Australian Newspapers Holdings Ltd.(a) 37,578 376,648
Westpac Banking Corp. 222,723 4,828,678
Zinifex Ltd. 119,896 1,092,283
-----------
Total Australia 48,363,802
-----------------------------------------------------------------------------
Hong Kong - 6.7%
Hang Seng Bank Ltd. 193,220 3,498,037
Next Media Ltd. 730,000 285,140
Oriental Press Group Ltd. 1,146 159
-----------
Total Hong Kong 3,783,336
-----------------------------------------------------------------------------
New Zealand - 5.1%
Fisher & Paykel Appliances Holdings Ltd. 87,832 162,276
Fisher & Paykel Healthcare Corp. 104,175 239,974
Fletcher Building Ltd. 63,247 417,191
Freightways Ltd. 19,310 52,376
New Zealand Refining Co., Ltd. (The) 62,814 345,197
Nuplex Industries Ltd. 11,812 57,113
PGG Wrightson Ltd. 27,565 45,077
Sky City Entertainment Group Ltd. 100,236 290,792
Telecom Corp. of New Zealand Ltd. 375,755 1,104,865
Vector Ltd. 143,545 194,111
-----------
Total New Zealand 2,908,972
-----------------------------------------------------------------------------
Singapore - 1.7%
Creative Technology Ltd. 8,800 39,206
HTL International Holdings Ltd. 41,000 11,603
Inter-Roller Engineering Ltd. 31,000 11,022
Jaya Holdings Ltd. 206,000 221,224
Jurong Technologies Industrial Corp., Ltd. 50,000 10,884
MobileOne Ltd. 186,100 286,277
Robinson & Co., Ltd. 6,510 32,641
Singapore Food Industries Ltd 39,000 21,083
See Notes to Financial Statements.
WisdomTree International Dividend Funds 63
Schedule of Investments (concluded)
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
March 31, 2008
=================================================================================
Investments Shares U.S. $ Value
---------------------------------------------------------------------------------
SMRT Corp. Ltd. 436 $ 576
StarHub Ltd. 790 1,743
UOB-Kay Hian Holdings Ltd. 231,000 328,527
-----------
Total Singapore 964,786
---------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $61,446,545) 56,020,896
=================================================================================
RIGHTS* - 0.0%
Australia - 0.0%
Primary Health Care Ltd., expiring 4/13/08
(Cost: $0) 59,105 5,395
-----------
TOTAL LONG-TERM INVESTMENTS
(Cost: $61,446,545) 56,026,291
=================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 8.8%
MONEY MARKET FUNDS(b) - 8.8%
UBS Enhanced Yield Portfolio, 3.09% 3 3
UBS Private Money Market Fund LLC, 3.17% 5,034,565 5,034,565
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $5,034,568)(c) 5,034,568
=================================================================================
TOTAL INVESTMENTS IN SECURITIES - 107.2%
(Cost: $66,481,113) 61,060,859
Liabilities in Excess of Foreign Currency and Other
Assets - (7.2)% (4,094,392)
-----------
NET ASSETS - 100.0% $56,966,467
=================================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $4,774,998 and the total market value of the collateral held by the
Fund was $5,034,568.
See Notes to Financial Statements.
64 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree International LargeCap Dividend Fund
March 31, 2008
==============================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------
COMMON STOCKS - 99.4%
Australia - 7.0%
AMP Ltd. 40,706 $ 291,694
Australia & New Zealand Banking Group Ltd. 59,994 1,234,963
BHP Billiton Ltd. 34,495 1,127,614
Commonwealth Bank of Australia 39,762 1,517,567
Macquarie Group Ltd.(a) 5,687 274,209
National Australia Bank Ltd. 46,558 1,281,389
QBE Insurance Group Ltd. 14,328 290,492
Raiffeisen International Bank Holding AG 336 45,974
Rio Tinto Ltd. 4,095 457,920
St.George Bank Ltd. 11,285 264,852
Suncorp-Metway Ltd. 29,559 347,270
Telstra Corp. Ltd. 367,396 1,475,661
Westpac Banking Corp. 52,210 1,131,923
Woodside Petroleum Ltd. 9,589 477,056
Woolworths Ltd. 21,650 573,133
-----------
Total Australia 10,791,717
------------------------------------------------------------------------------
Austria - 0.3%
Bank Austria Creditanstalt AG 1,715 380,450
OMV AG 1,797 119,194
-----------
Total Austria 499,644
------------------------------------------------------------------------------
Belgium - 1.6%
Belgacom S.A. 10,164 451,756
Dexia N.V. 29,016 829,890
Fortis N.V. 11,277 285,189
InBev N.V. 3,624 320,082
KBC Groep N.V. 5,065 659,235
-----------
Total Belgium 2,546,152
------------------------------------------------------------------------------
Denmark - 0.3%
Danske Bank A/S 423 15,662
Novo-Nordisk A/S Class B 5,784 396,968
-----------
Total Denmark 412,630
------------------------------------------------------------------------------
Finland - 1.5%
Fortum Oyj 18,872 771,813
Nokia Oyj 45,382 1,441,077
Sampo Oyj Class A 3,611 98,129
-----------
Total Finland 2,311,019
------------------------------------------------------------------------------
France - 14.8%
Accor S.A. 3,328 243,947
Air France-KLM 3,938 111,321
AXA S.A. 52,897 1,926,974
BNP Paribas 23,922 2,421,789
Bouygues S.A. 4,369 278,577
Carrefour S.A. 7,885 610,590
Christian Dior S.A. 1,691 187,858
Cie de Saint-Gobain S.A. 5,090 416,576
CNP Assurances S.A. 1,823 225,545
Credit Agricole S.A. 55,316 1,717,959
Electricite de France 10,058 878,310
Gaz de France 10,010 606,538
Groupe Danone 5,626 504,927
Hermes International 172 21,558
Lafarge S.A. 1,843 321,703
L'Air Liquide S.A. 2,943 450,338
L'Oreal S.A. 6,492 827,478
LVMH Moet Hennessy Louis Vuitton S.A. 5,051 564,251
Peugeot S.A. 4,290 333,836
PPR S.A. 2,483 369,247
Renault S.A. 5,785 642,580
Sanofi-Aventis 12,666 953,722
Schneider Electric S.A. 4,065 527,920
Suez S.A. 27,847 1,834,275
TOTAL S.A. 51,200 3,816,305
Vallourec 388 94,539
Veolia Environnement S.A. 3,845 269,049
VINCI S.A. 7,598 551,285
Vivendi S.A. 28,785 1,128,879
-----------
Total France 22,837,876
------------------------------------------------------------------------------
Germany - 8.8%
Allianz SE 5,077 1,009,457
BASF AG 7,462 1,008,698
Bayer AG 8,602 691,874
Bayer Schering Pharma AG 2,027 335,995
Bayerische Motoren Werke AG 3,819 211,738
Commerzbank AG 6,005 188,401
DaimlerChrysler AG 12,784 1,096,910
Deutsche Bank AG 7,229 821,303
Deutsche Boerse AG 1,941 313,805
Deutsche Post AG 18,995 582,407
Deutsche Telekom AG 116,654 1,950,105
E.ON AG 10,562 1,962,465
Muenchener Rueckversicherungs-Gesellshaft AG 3,301 647,967
RWE AG 6,728 830,054
SAP AG 4,300 214,491
Siemens AG 7,900 859,357
ThyssenKrupp AG 6,504 373,486
Volkswagen AG 1,676 487,694
-----------
Total Germany 13,586,207
------------------------------------------------------------------------------
Hong Kong - 4.5%
BOC Hong Kong (Holdings) Ltd. 225,471 542,902
Cheung Kong (Holdings) Ltd. 23,786 337,711
China Mobile Ltd. 190,419 2,833,219
China Netcom Group Corp.(Hong Kong) Ltd. 4,000 11,512
China Unicom Ltd. 96,110 202,276
CLP Holdings Ltd. 51,110 420,617
CNOOC Ltd. 540,529 798,690
Hang Seng Bank Ltd. 50,395 912,346
Hong Kong & China Gas Co., Ltd. (The) 657 1,975
Hutchison Whampoa Ltd. 50,110 474,197
MTR Corp. 110 377
See Notes to Financial Statements.
WisdomTree International Dividend Funds 65
Schedule of Investments (continued)
WisdomTree International LargeCap Dividend Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
Sun Hung Kai Properties Ltd. 27,442 $ 428,051
-----------
Total Hong Kong 6,963,873
-----------------------------------------------------------------------------
Ireland - 0.5%
Allied Irish Banks PLC 6,866 146,874
Anglo Irish Bank Corp. PLC 3,395 45,457
Bank of Ireland 36,344 539,896
-----------
Total Ireland 732,227
-----------------------------------------------------------------------------
Italy - 8.0%
Assicurazioni Generali SpA 11,832 533,954
Atlantia SpA 3,624 109,967
Banca Intesa SpA 343,589 2,430,898
Banca Monte dei Paschi di Siena SpA(a) 56,865 252,746
Enel SpA 222,713 2,371,487
Eni SpA 101,727 3,481,736
Luxottica Group SpA(a) 2,353 59,543
Mediobanca SpA 26,619 547,907
Telecom Italia SpA 413,254 867,639
UniCredito Italiano SpA 204,207 1,371,963
Unione di Banche Italiane SCPA 14,362 369,351
-----------
Total Italy 12,397,191
-----------------------------------------------------------------------------
Japan - 6.2%
AEON Co., Ltd. 16,900 201,710
Asahi Glass Co., Ltd. 2,000 22,083
Astellas Pharma, Inc. 4,900 190,024
Bridgestone Corp. 8,900 151,739
Canon, Inc. 8,200 378,138
Daiichi Sankyo Co., Ltd. 7,300 215,989
DENSO Corp. 7,700 249,098
Eisai Co., Ltd. 4,300 146,883
Fanuc Ltd. 2,300 219,059
Fuji Photo Film Co., Ltd. 1,700 60,290
Fujitsu Ltd. 25,000 163,761
Hitachi Ltd. 25,000 148,440
Hoya Corp. 2,300 54,071
Japan Tobacco, Inc. 29 145,386
JFE Holdings, Inc. 3,600 159,863
Kansai Electric Power Co., Inc. (The) 5,000 124,579
Kao Corp. 4,000 113,528
KDDI Corp. 56 342,633
Komatsu Ltd. 7,700 213,900
Matsushita Electric Industrial Co., Ltd. 2,000 43,402
Mitsubishi Corp. 8,100 244,949
Mitsubishi Electric Corp. 23,000 199,186
Mitsubishi Estate Co., Ltd. 3,220 78,288
Mitsubishi Heavy Industries Ltd. 14,000 59,919
Mitsui & Co., Ltd. 7,000 142,061
Mitsui Fudosan Co., Ltd. 1,220 24,257
Mitsui O.S.K. Lines Ltd. 4,000 48,425
Mitsui Sumitomo Insurance Co., Ltd. 26,000 263,043
Mizuho Financial Group, Inc. 49 179,686
Nippon Steel Corp. 70,000 355,151
Nippon Telegraph & Telephone Corp. 165 712,815
Nomura Holdings, Inc. 25,700 384,719
NTT DoCoMo, Inc. 6 9,102
Ricoh Co., Ltd. 5,000 82,283
Seven & I Holdings Co., Ltd. 12,500 313,960
SOFTBANK CORP. 9,400 170,652
Sony Corp. 1,800 71,794
Sumitomo Corp. 10,000 131,913
Sumitomo Metal Industries Ltd. 45,000 170,895
Sumitomo Mitsui Financial Group, Inc. 1 6,591
Suzuki Motor Corp. 2,600 65,695
Takeda Pharmaceutical Co., Ltd. 9,900 496,318
Tokyo Electric Power Co., Inc. (The) 7,600 203,486
Toshiba Corp. 25,000 167,278
Toyota Motor Corp. 32,200 1,607,816
Yahoo Japan Corp. 252 131,146
-----------
Total Japan 9,666,004
-----------------------------------------------------------------------------
Netherlands - 4.8%
ABN AMRO Holding N.V. 22,513 1,360,924
AEGON N.V. 38,045 561,849
Akzo Nobel N.V. 3,774 303,908
European Aeronautic Defence & Space Co. EADS
N.V.(a) 8,530 202,878
Heineken N.V. 1,215 70,829
ING Groep N.V. 44,843 1,685,448
Koninklijke Philips Electronics N.V. 11,225 430,969
Reed Elsevier N.V. 5,836 111,709
Royal KPN N.V. 50,677 859,213
TNT N.V. 4,867 181,463
Unilever N.V. 19,404 651,521
Unilever N.V. CVA 28,191 950,132
-----------
Total Netherlands 7,370,843
-----------------------------------------------------------------------------
Norway - 1.1%
DnB NOR ASA 33,957 516,530
Norsk Hydro ASA 15,026 219,399
Statoil ASA 32,795 984,802
-----------
Total Norway 1,720,731
-----------------------------------------------------------------------------
Portugal - 0.2%
Banco Comercial Portugues, S.A. Class R(a) 16,245 53,026
EDP - Energias de Portugal, S.A. 2,977 18,114
Portugal Telecom, SGPS, S.A. 26,901 313,727
-----------
Total Portugal 384,867
-----------------------------------------------------------------------------
Singapore - 1.2%
DBS Group Holdings Ltd. 27,000 352,647
Oversea-Chinese Banking Corp. Ltd. 78,000 458,441
Singapore Telecommunications Ltd. 225,500 639,774
United Overseas Bank Ltd. 26,000 361,093
-----------
Total Singapore 1,811,955
-----------------------------------------------------------------------------
Spain - 8.5%
Abertis Infraestructuras S.A. 6,753 220,858
See Notes to Financial Statements.
66 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree International LargeCap Dividend Fund
March 31, 2008
======================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------------
ACS, Actividades Construccion y Servicios, S.A. 2,313 $ 132,199
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 62,516 1,381,883
Banco de Sabadell S.A.(a) 25,030 275,646
Banco Espanol de Credito, S.A.(a) 25,736 490,175
Banco Popular Espanol, S.A.(a) 19,744 359,782
Banco Santander Central Hispano, S.A. 157,918 3,157,890
Cia Espanola De Petroleos, S.A.(a) 2,904 322,798
Endesa S.A. 19,463 1,024,508
Gas Natural SDG, S.A. 6,778 420,796
IBERDROLA, S.A. 81,764 1,272,271
Inditex S.A. 2,759 153,843
Repsol YPF, S.A. 15,402 533,499
Telefonica, S.A. 107,809 3,109,084
Union Fenosa, S.A. 5,080 342,668
------------
Total Spain 13,197,900
--------------------------------------------------------------------------------------
Sweden - 2.5%
AB Volvo Class B 30,750 466,699
Atlas Copco AB Class A 29,620 506,991
H&M Hennes & Mauritz AB Class B 12,521 770,692
Nordea Bank AB 50,110 813,766
Sandvik AB 10,200 177,598
Skandinaviska Enskilda Banken AB 7,499 196,645
Svenska Handelsbanken AB Class A 13,221 385,709
TeliaSonera AB 62,631 503,798
------------
Total Sweden 3,821,898
--------------------------------------------------------------------------------------
Switzerland - 4.0%
Adecco S.A. 1,147 66,509
Credit Suisse Group 17,040 870,908
Holcim Ltd. 106 11,178
Julius Baer Holdings AG 560 41,446
Nestle S.A. 3,894 1,953,792
Novartis AG 25,966 1,336,302
Roche Holding AG 4,511 852,440
Swiss Reinsurance Co. 5,022 440,482
Swisscom AG 617 212,258
Zurich Financial Services AG 1,473 465,781
------------
Total Switzerland 6,251,096
--------------------------------------------------------------------------------------
United Kingdom - 23.6%
Anglo American PLC 15,810 951,469
AstraZeneca PLC 29,697 1,111,989
Aviva PLC 5,762 70,716
BAE SYSTEMS PLC 43,394 418,506
Barclays PLC 146,448 1,318,525
BG Group PLC 2,097 48,638
BHP Billiton PLC 18,518 550,227
BP PLC 334,224 3,401,061
British American Tobacco PLC 37,074 1,393,374
British Sky Broadcasting PLC 19,045 210,646
BT Group PLC 210,150 907,394
Cadbury Schweppes PLC 23,924 263,183
Centrica PLC 65,623 388,994
Compass Group PLC 43,128 276,223
Diageo PLC 51,106 1,031,983
GlaxoSmithKline PLC 95,785 2,029,371
HSBC Holdings PLC 268,660 4,431,878
Imperial Tobacco Group PLC 9,118 420,068
Legal & General Group PLC 110,868 278,522
Lloyds TSB Group PLC 199,689 1,789,936
Man Group PLC 21,077 232,283
National Grid PLC 63,044 866,449
Old Mutual PLC 210,567 462,444
Pearson PLC 20,017 271,126
Prudential PLC 33,962 449,209
Reed Elsevier PLC 16,091 204,997
Rio Tinto PLC 7,614 791,900
Royal Bank of Scotland Group (The) PLC 233,621 1,565,924
Royal Dutch Shell PLC Class A 70,164 2,422,261
Royal Dutch Shell PLC Class B 46,655 1,572,646
SABMiller PLC 15,750 345,586
Scottish & Southern Energy PLC 12,023 335,496
Shire PLC 1,145 22,154
Standard Chartered PLC 17,756 607,694
Tesco PLC 97,201 732,178
Unilever PLC 25,207 851,180
Vodafone Group PLC 1,015,996 3,047,111
WPP Group PLC 14,998 179,149
Xstrata PLC 2,854 200,063
------------
Total United Kingdom 36,452,553
--------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $153,299,168) 153,756,383
======================================================================================
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $26,059) 26,059 26,059
======================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 1.7%
MONEY MARKET FUNDS(c) - 1.7%
UBS Enhanced Yield Portfolio, 3.09% 1 1
UBS Private Money Market Fund LLC, 3.17% 2,531,469 2,531,469
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $2,531,470)(d) 2,531,470
======================================================================================
TOTAL INVESTMENTS IN SECURITIES - 101.1%
(Cost: $155,856,697) 156,313,912
Liabilities in Excess of Foreign Currency and Other
Assets - (1.1)% (1,655,532)
------------
NET ASSETS - 100.0% $154,658,380
======================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $1,673,618 and the total market value of the collateral held by the
Fund was $2,531,470.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 67
Schedule of Investments
WisdomTree International Dividend Top 100(SM) Fund
March 31, 2008
==============================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------
COMMON STOCKS - 99.3%
Australia - 15.9%
AMP Ltd. 692,327 $4,961,128
Australia & New Zealand Banking Group Ltd. 255,650 5,262,497
Commonwealth Bank of Australia 153,040 5,840,965
Macquarie Group Ltd.(a) 59,550 2,871,307
National Australia Bank Ltd. 146,046 4,019,541
QBE Insurance Group Ltd. 161,867 3,281,757
St.George Bank Ltd. 224,093 5,259,323
Suncorp-Metway Ltd. 409,596 4,812,090
Telstra Corp. Ltd. 2,153,309 8,648,853
Westpac Banking Corp. 289,251 6,271,017
Woodside Petroleum Ltd. 127,140 6,325,258
Woolworths Ltd. 172,592 4,568,969
----------
Total Australia 62,122,705
------------------------------------------------------------------------------
Belgium - 3.7%
Belgacom S.A. 136,238 6,055,319
Dexia N.V. 145,752 4,168,672
Fortis N.V. 81,705 2,066,272
KBC Groep N.V. 15,505 2,018,052
----------
Total Belgium 14,308,315
------------------------------------------------------------------------------
Denmark - 1.0%
Danske Bank A/S 102,189 3,783,572
------------------------------------------------------------------------------
Finland - 2.3%
Fortum Oyj 98,224 4,017,090
Sampo Oyj Class A 188,320 5,117,602
----------
Total Finland 9,134,692
------------------------------------------------------------------------------
France - 12.6%
AXA S.A. 101,058 3,681,422
BNP Paribas 46,464 4,703,871
Credit Agricole S.A. 154,987 4,813,459
Gaz de France S.A. 85,998 5,210,893
L'Air Liquide S.A. 16,868 2,581,141
Natixis 169,468 2,736,326
Peugeot S.A. 67,702 5,268,384
Schneider Electric S.A. 35,190 4,570,115
Suez S.A. 70,189 4,623,331
TOTAL S.A. 58,939 4,393,150
VINCI S.A. 10,092 732,241
Vivendi S.A. 154,138 6,044,924
----------
Total France 49,359,257
------------------------------------------------------------------------------
Germany - 7.2%
BASF AG 31,198 4,217,282
Bayer Schering Pharma AG 28,982 4,804,050
Deutsche Bank AG 12,532 1,423,789
Deutsche Post AG 78,456 2,405,543
Deutsche Telekom AG 330,546 5,525,738
Muenchener Rueckversicherungs-Gesellshaft AG 23,140 4,542,244
RWE AG 42,517 5,245,453
----------
Total Germany 28,164,099
------------------------------------------------------------------------------
Hong Kong - 5.5%
BOC Hong Kong (Holdings) Ltd. 2,205,132 5,309,645
CLP Holdings Ltd. 682,553 5,617,161
CNOOC Ltd. 3,301,000 4,877,583
Hang Seng Bank Ltd. 305,316 5,527,413
----------
Total Hong Kong 21,331,802
------------------------------------------------------------------------------
Ireland - 1.2%
Allied Irish Banks PLC 157,112 3,360,850
Bank of Ireland 82,812 1,230,185
----------
Total Ireland 4,591,035
------------------------------------------------------------------------------
Italy - 9.1%
Banca Intesa SpA 1,181,509 8,359,196
Banca Monte dei Paschi di Siena SpA(a) 714,803 3,177,058
Enel SpA 670,100 7,135,342
Eni SpA 157,331 5,384,855
Mediobanca SpA(a) 205,820 4,236,456
Telecom Italia SpA 2,405,033 5,049,436
UniCredito Italiano SpA 46,316 311,174
Unione di Banche Italiane SCPA 80,689 2,075,099
----------
Total Italy 35,728,616
------------------------------------------------------------------------------
Netherlands - 4.5%
ABN AMRO Holding N.V. 51,142 3,091,564
AEGON N.V. 208,242 3,075,319
ING Groep N.V. 121,199 4,555,328
Royal KPN N.V. 269,891 4,575,917
Unilever N.V. 67,788 2,276,092
----------
Total Netherlands 17,574,220
------------------------------------------------------------------------------
Norway - 1.6%
DnB NOR ASA 413,916 6,296,199
------------------------------------------------------------------------------
Portugal - 1.1%
Portugal Telecom, SGPS, S.A. 370,068 4,315,840
------------------------------------------------------------------------------
Singapore - 2.1%
DBS Group Holdings Ltd. 230,000 3,004,027
Singapore Telecommunications Ltd. 1,853,500 5,258,633
----------
Total Singapore 8,262,660
------------------------------------------------------------------------------
Spain - 4.1%
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 149,849 3,312,333
Banco Santander Central Hispano, S.A. 198,323 3,965,869
Endesa S.A. 71,156 3,745,563
Telefonica, S.A. 173,423 5,001,313
----------
Total Spain 16,025,078
------------------------------------------------------------------------------
Sweden - 4.8%
AB Volvo Class B(a) 186,224 2,826,358
Nordea Bank AB(a) 283,011 4,595,985
Svenska Handelsbanken AB Class A 154,884 4,518,576
Swedbank AB Class A 112,810 3,167,458
TeliaSonera AB(a) 428,689 3,448,337
----------
Total Sweden 18,556,714
------------------------------------------------------------------------------
Switzerland - 2.5%
Swiss Reinsurance Co. 5,742 503,633
See Notes to Financial Statements.
68 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree International Dividend Top 100(SM) Fund
March 31, 2008
==============================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------
Swisscom AG 12,227 $ 4,206,296
Zurich Financial Services AG 15,790 4,992,996
------------
Total Switzerland 9,702,925
------------------------------------------------------------------------------
United Kingdom - 20.1%
Aviva PLC 257,994 3,166,310
Barclays PLC 391,514 3,524,945
BP PLC 306,743 3,121,415
British American Tobacco PLC 122,324 4,597,376
BT Group PLC 788,709 3,405,520
Centrica PLC 485,761 2,879,453
Compass Group PLC 479,731 3,072,540
Diageo PLC 163,957 3,310,781
GlaxoSmithKline PLC 232,523 4,926,402
HSBC Holdings PLC 299,425 4,939,386
Imperial Tobacco Group PLC 86,581 3,988,806
Legal & General Group PLC 1,446,750 3,634,523
Lloyds TSB Group PLC 725,621 6,504,190
National Grid PLC 191,957 2,638,171
Old Mutual PLC 1,448,165 3,180,440
Pearson PLC 149,140 2,020,072
Royal Bank of Scotland Group (The) PLC 512,741 3,436,820
Royal Dutch Shell PLC Class A 119,803 4,135,941
Scottish & Southern Energy PLC 138,301 3,859,218
Unilever PLC 124,817 4,214,771
Vodafone Group PLC 1,320,785 3,961,213
------------
Total United Kingdom 78,518,293
------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $409,165,961) 387,776,022
==============================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 4.7%
MONEY MARKET FUNDS(b) - 4.7%
AIM Prime Portfolio, 2.73% 363 363
UBS Enhanced Yield Portfolio, 3.09% 4 4
UBS Private Money Market Fund LLC, 3.17% 18,444,640 18,444,640
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $18,445,007)(c) 18,445,007
==============================================================================
TOTAL INVESTMENTS IN SECURITIES - 104.0%
(Cost: $427,610,968) 406,221,029
Liabilities in Excess of Other Assets - (4.0)% (15,735,960)
------------
NET ASSETS - 100.0% $390,485,069
==============================================================================
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $17,535,855 and the total market value of the collateral held by the
Fund was $18,445,007.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 69
Schedule of Investments
WisdomTree International MidCap Dividend Fund
March 31, 2008
=======================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------
COMMON STOCKS - 99.3%
Australia - 13.7%
AGL Energy Ltd. 4,590 $ 46,257
Alumina Ltd. 114,501 595,777
Amcor Ltd. 119,249 778,324
Aristocrat Leisure Ltd. 50,682 444,145
Australian Stock Exchange Ltd. 23,941 817,360
AXA Asia Pacific Holdings Ltd. 114,224 573,482
Babcock & Brown Ltd. 7,437 99,932
Billabong International Ltd. 20,880 247,784
BlueScope Steel Ltd. 200,995 1,810,931
Boral Ltd. 119,979 685,613
Caltex Australia Ltd. 38,370 455,689
Coca-Cola Amatil Ltd. 120,807 937,369
Computershare Ltd. 81,935 654,451
Consolidated Media Holdings Ltd. 30,959 105,413
CSL Ltd. 30,882 1,040,517
Energy Resources of Australia Ltd. 2,481 44,616
FairFax Media Ltd. 177,226 561,379
Foster's Group Ltd. 301,766 1,410,392
Goodman Fielder Ltd. 78,067 128,274
Harvey Norman Holdings Ltd. 167,848 599,091
Incitec Pivot Ltd.(a) 2,889 372,244
Insurance Australia Group Ltd.(a) 394,166 1,316,920
Leighton Holdings Ltd.(a) 22,834 892,124
Lend Lease Corp. Ltd. 70,921 857,807
Lion Nathan Ltd. 87,477 698,717
Metcash Ltd. 38,889 144,839
Minara Resources Ltd. 124,106 687,671
Newcrest Mining Ltd. 15,952 485,927
OneSteel Ltd. 33,892 197,696
Orica Ltd. 30,950 823,002
Origin Energy Ltd. 98,025 819,656
Oxiana Ltd.(a) 104,667 303,834
Perpetual Ltd. 5,145 252,913
Qantas Airways Ltd. 332,776 1,193,833
Santos Ltd. 70,367 931,401
Sims Group Ltd. 13,525 366,685
Sonic Healthcare Ltd. 22,788 286,028
TABCORP Holdings Ltd. 102,031 1,317,916
Tatts Group Ltd. 119,587 379,894
Toll Holdings Ltd. 35,978 329,082
Transpacific Industries Group 4,962 39,860
Wesfarmers Ltd. 97,603 3,562,985
WorleyParsons Ltd. 10,217 312,161
Zinifex Ltd. 162,230 1,477,955
-----------
Total Australia 30,087,946
-----------------------------------------------------------------------
Austria - 0.8%
Andritz AG 930 51,238
BOEHLER-UDDEHOLM AG 3,353 371,910
EVN AG 186 23,723
Verbund - Oesterreichische
Elektrizitatswirtschafts AG Class A 5,824 416,109
voestalpine AG 5,767 402,076
Wiener Staedtische AG 3,102 238,538
Wienerberger AG 5,978 319,127
-----------
Total Austria 1,822,721
-----------------------------------------------------------------------
Belgium - 2.1%
Bekaert S.A. 1,261 184,167
Compagnie Maritime Belge S.A. 5,907 398,921
Delhaize Group 8,835 697,735
Groep Colruyt S.A. 1,849 477,563
KBC Ancora 6,278 648,199
Mobistar S.A. 7,996 727,262
Solvay S.A. 6,928 887,223
UCB S.A. 9,255 322,704
Umicore 5,250 274,191
-----------
Total Belgium 4,617,965
-----------------------------------------------------------------------
Denmark - 1.6%
A/S Dampskibsselskabat Torm 500 14,874
Carlsberg A/S Class B 1,650 211,761
Coloplast A/S Class B 1,500 137,530
D/S Norden 2,025 225,896
Danisco A/S 3,850 282,231
FLSmidth & Co. A/S 273 27,119
H. Lundbeck A/S 10,600 265,774
Novozymes A/S Class B 1,650 154,964
Sydbank A/S 3,250 118,606
TrygVesta A/S(a) 15,550 1,371,208
Wacker Chemie AG 3,718 764,580
-----------
Total Denmark 3,574,543
-----------------------------------------------------------------------
Finland - 4.0%
Cargotec Corp. Class B 540 26,602
Elisa Oyj(a) 14,722 369,045
Kemira Oyj 4,497 69,120
Kesko Oyj Class B(a) 2,980 154,644
Kone Oyj Class B 8,068 332,260
Metso Oyj 15,840 858,395
Neste Oil Oyj 33,050 1,159,459
Nokian Renkaat Oyj 4,205 179,902
Outokumpu Oyj 17,157 783,232
Pohjola Bank PLC Class A(a) 26,177 494,842
Ramirent Oyj 5,387 102,346
Rautaruukki Oyj 21,995 1,065,431
Sanoma-WSOY Oyj(a) 18,574 516,816
Stora Enso Oyj Class R(a) 69,040 799,695
UPM-Kymmene Oyj(a) 48,155 858,420
Uponor Oyj(a) 8,652 204,272
Wartsila Oyj Class B*(a) 6,911 468,148
YIT Oyj* 9,550 271,930
-----------
Total Finland 8,714,559
-----------------------------------------------------------------------
See Notes to Financial Statements.
70 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree International MidCap Dividend Fund
March 31, 2008
====================================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------------
France - 9.1%
Capgemini S.A. 6,145 $ 351,216
Casino Guichard Perrachon S.A. 12,750 1,534,217
Cie Generale d'Optique Essilor International S.A. 8,270 542,384
Ciments Francais 2,055 343,339
Clarins 4,842 329,529
EIFFAGE 5,285 515,860
Etablissements Maurel et Prom(a) 13,959 287,544
Euler Hermes S.A. 3,108 334,491
Fimalac 355 21,325
Iliad S.A. 337 33,658
Imerys S.A. 5,470 503,494
Ipsen 9,512 541,998
JC Decaux S.A. 1,899 56,029
Klepierre 19,138 1,178,736
Lagardere SCA 6,702 502,947
Legrand S.A. 20,569 647,615
M6, Metropole Television 34,964 781,171
Neopost S.A. 3,838 432,334
Nexans S.A. 77 9,114
Nexity 2,348 101,273
PagesJaunes Groupe(a) 80,502 1,438,870
Publicis Groupe S.A. 18,329 702,846
Rallye S.A. 2,363 150,109
Remy Cointreau S.A. 5,577 376,458
Safran S.A. 12,124 249,168
SCOR SE 16,255 389,444
Societe BIC S.A. 8,411 520,578
Societe Des Autoroutes Paris-Rhin-Rhone 19,900 2,415,393
Societe Immobiliere de Location pour
l'Industrie et le Commerce 1,370 208,552
Societe Television Francaise 1 24,790 547,184
Sodexho Alliance S.A. 17,653 1,089,231
Technip S.A. 7,698 601,721
Thales S.A. 14,636 951,082
Thomson 35,818 249,724
Valeo S.A. 11,819 470,442
Wendel Investissement 2,861 360,496
Zodiac SA 5,561 273,779
-----------
Total France 20,043,351
------------------------------------------------------------------------------------
Germany - 3.9%
ALTANA AG 20,362 431,055
AMB Generali Holding AG 2,683 459,486
Bilfinger Berger AG 1,267 109,537
Celesio AG 7,625 378,898
Deutsche Lufthansa AG(a) 54,929 1,490,956
Fielmann AG 154 9,502
Fraport AG Frankfurt Airport Services Worldwide 5,005 362,590
Fresenius AG 3,061 261,432
Hannover Rueckversicheru AG 15,851 829,354
Heidelberger Druckmaschinen AG 3,874 104,417
Henkel KGaA 10,060 428,483
Hochtief AG 3,213 295,287
Hypo Real Estate Holding AG 16,756 437,025
K+S AG 2,861 939,819
Merck KGaA(a) 1,743 215,619
MTU Aero Engines Holding AG 234 9,918
Rheinmetall AG 2,440 172,824
Salzgitter AG 2,090 364,917
Solarworld AG 273 13,051
Stada Arzneimittel AG 3,601 262,531
Sudzucker AG 32,274 718,514
United Internet AG 12,135 262,085
Wincor Nixdorf AG 501 40,249
-----------
Total Germany 8,597,549
------------------------------------------------------------------------------------
Hong Kong - 6.4%
Bank of East Asia Ltd. 182,567 913,673
Cathay Pacific Airways Ltd.(a) 456,000 896,433
China Merchants Holdings (International) Co., Ltd. 130,321 618,714
China Overseas Land & Investment Ltd. 200,636 370,190
China Resources Enterprise, Ltd. 130,162 418,105
China Resources Power Holdings Co., Ltd. 82,321 161,832
CITIC International Financial Holdings Ltd. 246,000 125,800
CITIC Pacific Ltd. 278,562 1,181,128
Denway Motors Ltd. 367,129 155,666
Guangdong Investment Ltd. 228,808 113,774
Henderson Investment Ltd. 70,348 8,587
Hong Kong & China Gas Co., Ltd. (The) 246,000 739,626
Hong Kong Exchanges and Clearing Ltd. 83,162 1,427,554
HongKong Electric Holdings Ltd. 350,020 2,210,435
Hopewell Holdings Ltd. 110,162 418,264
MTR Corp. 270,500 927,983
New World Development Co., Ltd. 210,542 510,202
PCCW Ltd. 562,202 353,956
Shanghai Industrial Holdings Ltd. 33,000 124,659
Sino Land Co. Ltd. 371,820 802,608
Television Broadcasts Ltd. 35,084 187,978
Wharf (Holdings) Ltd. (The) 172,218 810,987
Wing Hang Bank Ltd. 31,037 471,765
-----------
Total Hong Kong 13,949,919
------------------------------------------------------------------------------------
Ireland - 0.6%
C&C Group PLC 23,355 145,808
IAWS Group PLC 2,791 65,851
Independent News & Media PLC 87,867 292,034
Irish Life & Permanent PLC 33,866 655,754
Kerry Group PLC Class A 3,699 116,346
Kingspan Group PLC 3,454 46,794
-----------
Total Ireland 1,322,587
------------------------------------------------------------------------------------
Italy - 7.7%
ACEA SpA 22,420 440,518
AEM SpA(a) 255,407 941,951
Alleanza Assicurazioni SpA 130,391 1,709,706
Autogrill SpA 19,845 297,316
Banca Carige SpA(a) 118,271 467,110
See Notes to Financial Statements.
WisdomTree International Dividend Funds 71
Schedule of Investments (continued)
WisdomTree International MidCap Dividend Fund
March 31, 2008
==================================================================================
Investments Shares U.S. $ Value
----------------------------------------------------------------------------------
Banca CR Firenze SpA 65,355 $ 697,983
Banca Popolare di Milano S.c.a.r.l. 33,948 374,125
Banca Popolare di Sondrio S.c.a.r.l.(a) 22,308 327,677
Banco Popolare S.c.r.l.* 34,796 578,377
Benetton Group SpA 33,379 476,016
Bulgari SpA(a) 28,163 326,660
CIR-Compagnie Industriali Riunite SpA 107,314 288,225
Credito Emiliano SpA 17,367 231,434
ERG SpA(a) 8,057 181,670
Finmeccanica SpA 16,312 556,748
Fondiaria-Sai SpA 10,614 441,315
Geox SpA(a) 27,773 430,835
Hera SpA 93,885 380,096
Ifil Investments SpA 54,948 444,917
Indesit Co. SpA 2,730 35,731
Italcementi SpA 13,231 268,983
Mediaset SpA 161,762 1,502,035
Mediolanum SpA(a) 45,297 278,488
Milano Assicurazioni SpA 73,180 493,109
Pirelli & C Real Estate SpA 5,038 189,037
RCS MediaGroup SpA(a) 64,630 249,367
Snam Rete Gas SpA 303,429 1,936,416
Societa Cattolica di Assicurazioni S.c.a.r.l.(a) 10,787 529,356
Terna SpA 284,019 1,216,239
Unipol SpA 169,164 527,520
-----------
Total Italy 16,818,960
----------------------------------------------------------------------------------
Japan - 15.2%
Advantest Corp. 1,500 38,956
Aioi Insurance Co., Ltd. 49,000 271,251
Aisin Seiki Co., Ltd. 17,500 654,041
Ajinomoto Co., Inc. 35,000 355,151
All Nippon Airways Co., Ltd.(a) 140,000 617,471
Asahi Breweries Ltd. 38,500 794,871
Asahi Kasei Corp. 105,000 548,551
Bank of Yokohama Ltd. (The) 38,000 258,462
Casio Computer Co., Ltd. 5,700 83,552
Chiba Bank Ltd. (The) 69,000 469,312
Chugai Pharmaceutical Co., Ltd. 4,000 45,291
Chugoku Bank Ltd. (The) 5,000 71,784
Chugoku Electric Power Co., Inc. (The) 28,000 624,504
Cosmo Oil Co., Ltd. 68,000 213,834
CSK Holdings Corp. 1,900 43,904
Dai Nippon Printing Co., Ltd. 15,000 239,011
Daido Steel Co., Ltd. 26,000 134,526
Daikin Industries Ltd. 17,300 745,637
Dainippon Sumitomo Pharma Co., Ltd. 6,000 54,915
Daito Trust Construction Co., Ltd. 2,100 108,444
Daiwa House Industry Co., Ltd. 35,000 347,064
Dowa Mining Co., Ltd 4,000 23,750
Electric Power Development Co. 14,000 504,948
Fast Retailing Co., Ltd. 11,000 971,417
Fuji Heavy Industries Ltd. 85,000 356,106
Gunma Bank Ltd. (The) 19,000 136,103
Hankyu Hanshin Holdings, Inc. 102,000 441,674
Hino Motors Ltd. 81,000 535,470
Hitachi Chemical Co., Ltd. 3,800 71,545
Hokkaido Electric Power Co., Inc. 22,900 532,612
Hokuriku Electric Power Co. 26,000 613,854
IBIDEN Co., Ltd. 10,300 405,646
Iyo Bank Ltd. (The) 14,000 149,656
JGC Corp. 1,000 15,291
JS Group Corp. 28,000 421,118
Kajima Corp. 8,000 22,665
Kaneka Corp. 53,000 331,733
Keio Corp. 18,000 100,367
Kobe Steel Ltd. 311,000 887,366
Konami Corp. 2,000 75,350
Kubota Corp. 33,000 205,224
Kyushu Electric Power Co., Inc. 9,900 242,191
Lawson, Inc. 6,900 305,712
Marubeni Corp. 105,000 765,861
Marui Co., Ltd. 15,500 165,223
Matsushita Electric Works Ltd. 35,000 360,426
Mitsubishi Gas Chemical Co., Inc. 12,000 85,477
Mitsubishi Rayon Co., Ltd. 14,000 44,869
Mitsui Mining & Smelting Co., Ltd. 26,000 81,499
Mizuho Investors Securities Co., Ltd. 36,000 42,317
NEC Corp. 24,000 91,626
NGK Spark Plug Co., Ltd. 3,000 39,062
Nikon Corp. 21,000 560,155
Nippon Electric Glass Co., Ltd. 39,500 611,539
Nippon Mining Holdings, Inc. 70,000 371,327
Nippon Oil Corp. 70,000 437,434
Nippon Sheet Glass Co., Ltd. 29,000 128,487
Nippon Television Network Corp. 160 21,878
Nippon Yusen K.K. 70,000 658,261
Nishi-Nippon City Bank Ltd. (The) 44,000 115,819
Nisshin Seifun Group, Inc. 12,000 128,276
Nitto Denko Corp. 2,800 118,431
NOK Corp. 21,000 430,401
Obayashi Corp. 19,000 79,791
OJI Paper Co., Ltd. 105,000 473,652
Olympus Corp. 21,000 637,163
Oracle Corp. Japan 21,500 997,941
Osaka Gas Co., Ltd. 175,000 699,754
Sankyo Co., Ltd. 8,700 517,446
SBI Holdings, Inc. 925 222,851
Sega Sammy Holdings, Inc. 18,900 200,327
Seiko Epson Corp. 1,800 48,556
Sekisui Chemical Co., Ltd. 15,000 90,873
Sekisui House, Ltd. 35,000 324,208
Shikoku Electric Power Co., Inc. 2,400 71,492
Shinko Securities Co., Ltd. 39,000 113,628
Shinsei Bank Ltd. 38,000 125,604
Shiseido Co., Ltd. 35,000 926,559
See Notes to Financial Statements.
72 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree International MidCap Dividend Fund
March 31, 2008
===============================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Shizuoka Bank Ltd. (The) 35,000 $ 413,875
Showa Shell Sekiyu K.K. 15,000 151,906
Sompo Japan Insurance, Inc. 8,000 70,729
SUMCO Corp.(a) 10,000 218,516
Sumitomo Chemical Co., Ltd. 25,000 160,245
Sumitomo Metal Mining Co., Ltd. 37,000 689,556
Sumitomo Titanium Corp. 800 49,591
Taisei Corp. 15,000 38,278
Taisho Pharmaceutical Co., Ltd. 33,000 655,458
TDK Corp. 2,600 153,855
Teijin Ltd. 12,000 50,635
Terumo Corp. 9,000 470,186
TOHO Gas Co., Ltd. 17,000 81,981
Tohoku Electric Power Co., Inc. 26,800 655,629
Tokuyama Corp. 9,000 65,374
Tokyo Broadcasting System, Inc. 900 21,520
Tokyo Electron Ltd. 400 24,353
Tokyu Corp. 105,000 535,892
TonenGeneral Sekiyu K.K. 68,000 582,750
Toppan Printing Co., Ltd. 32,000 371,648
Toray Industries, Inc. 41,000 266,509
Toyo Seikan Kaisha Ltd. 20,100 382,271
Toyota Tsusho Corp. 24,500 520,596
Trend Micro, Inc. 4,500 176,772
Yamada Denki Co., Ltd. 6,080 525,323
Yamaguchi Financial Group, Inc. 17,000 192,827
Yamaha Motor Co., Ltd. 21,000 386,939
Yamato Holdings Co., Ltd. 35,000 513,387
-----------
Total Japan 33,285,144
-------------------------------------------------------------------------------
Netherlands - 2.0%
Aalberts Industries N.V. 1,059 22,721
Boskalis Westminster - CVA 5,014 289,831
Fugro N.V. 3,213 250,434
Heineken Holding N.V. 11,416 576,142
Koninklijke BAM Groep N.V. 21,532 509,390
Koninklijke DSM N.V. 9,989 483,548
Koninklijke Vopak N.V. 3,524 222,521
Randstad Holding N.V. 1,612 75,786
SBM Offshore N.V. 14,045 454,670
SNS Reaal 14,720 299,721
USG People N.V. 5,287 125,830
Vedior N.V. 10,037 292,636
Wolters Kluwer N.V. 25,328 673,039
-----------
Total Netherlands 4,276,269
-------------------------------------------------------------------------------
New Zealand - 1.3%
Contact Energy Ltd. 60,135 377,752
Fletcher Building Ltd. 74,060 488,516
Telecom Corp. of New Zealand Ltd. 679,421 1,997,762
-----------
Total New Zealand 2,864,030
-------------------------------------------------------------------------------
Norway - 1.2%
Aker ASA Class A 12,365 717,799
Aker Kvaerner ASA 6,498 148,328
Storebrand ASA 41,589 328,178
Tandberg ASA 1,900 28,453
Yara International ASA 23,997 1,390,686
-----------
Total Norway 2,613,444
-------------------------------------------------------------------------------
Portugal - 1.2%
Banco BPI, S.A. 39,341 208,832
Banco Espirito Santo, S.A. 45,990 802,337
Brisa-Auto-estradas de Portugal S.A. 49,102 704,131
Jeronimo Martins, SGPS, S.A. 12,808 103,301
PT Multimedia, SGPS, S.A. 55,411 659,389
Sonae SGPS, S.A. 97,710 180,373
-----------
Total Portugal 2,658,363
-------------------------------------------------------------------------------
Singapore - 1.9%
City Developments Ltd. 30,802 246,300
ComfortDelgro Corp., Ltd. 29,000 38,298
Cosco Corp. (Singapore) Ltd. 15,000 40,163
Fraser and Neave Ltd. 104,402 367,413
Jardine Cycle & Carriage Ltd. 7,904 112,066
Keppel Corp. Ltd. 70,000 502,848
Neptune Orient Lines Ltd. 10,000 23,582
Olam International Ltd 57,000 88,924
SembCorp Industries Ltd. 103,000 304,183
SembCorp Marine Ltd. 164,800 456,798
SIA Engineering Co., Ltd. 43,000 123,245
Singapore Exchange Ltd. 104,000 565,976
Singapore Press Holdings Ltd. 172,000 574,103
Singapore Technologies Engineering Ltd. 105,000 257,519
StarHub Ltd. 195,810 431,929
Venture Corp., Ltd. 13,000 99,423
-----------
Total Singapore 4,232,770
-------------------------------------------------------------------------------
Spain - 4.9%
Abengoa S.A. 408 14,643
Acerinox S.A.(a) 12,864 357,937
Banco de Valencia S.A.(a) 4,428 252,660
Banco Guipuzcoano S.A. 1,722 29,469
Banco Pastor S.A.(a) 9,524 147,442
Bankinter, S.A.(a) 22,426 357,128
Bolsas y Mercados Espanoles 10,633 521,293
Cementos Portland Valderrivas, S.A. 445 43,365
Cintra, Concesiones de Infraestructuras de
Transporte, S.A.(a) 13,618 202,190
Ebro Puleva S.A.*(a) 25,735 528,488
Enagas 24,915 747,339
Fomento de Construcciones y Contratas S.A.(a) 15,745 1,040,362
Gamesa Corp Tecnologica S.A. 8,855 405,501
See Notes to Financial Statements.
WisdomTree International Dividend Funds 73
Schedule of Investments (continued)
WisdomTree International MidCap Dividend Fund
March 31, 2008
============================================================================
Investments Shares U.S. $ Value
----------------------------------------------------------------------------
Gestevision Telecinco, S.A.(a) 67,947 $ 1,387,807
Grupo Catalana Occidente S.A. 2,435 94,222
Iberia Lineas Aereas de Espana 60,237 263,438
Indra Sistemas S.A. 23,118 668,161
Mapfre S.A. 156,481 788,487
Metrovacesa S.A.(a) 8,980 1,186,719
Promotora de Informaciones S.A. 10,794 163,169
Red Electrica de Espana, S.A. 8,015 492,513
Sociedad General de Aguas de Barcelona S.A.
Class A 7,028 266,601
Vocento S.A.(a) 13,270 294,167
Zardoya-Otis S.A.(a) 19,668 548,503
-----------
Total Spain 10,801,604
----------------------------------------------------------------------------
Sweden - 4.0%
AB SKF Class B(a) 35,084 707,011
Alfa Laval AB 7,016 427,116
Assa Abloy AB Class B(a) 33,647 611,382
Atlas Copco AB Class B 12,862 202,258
Boliden AB 21,350 227,723
Electrolux AB Series B(a) 28,064 461,427
Fabege AB(a) 39,480 422,766
Hexagon AB Class B 16,948 345,822
Holmen AB Class B(a) 16,316 565,424
Investment AB Kinnevik Class B 14,031 266,781
JM AB 1,600 37,639
OMX AB 5,273 231,640
Ratos AB Class B 1,541 51,973
Scania AB Class A 13,884 313,739
Scania AB Class B 26,684 561,359
Securitas AB Class B 50,447 667,812
Skanska AB Class B 42,095 844,747
SSAB Svenskt Stal AB Series A(a) 13,516 380,639
Svenska Cellulosa Aktiebolaget SCA Class B 53,311 973,181
Swedish Match AB 14,031 306,413
Tele2 AB Class B 9,547 180,718
-----------
Total Sweden 8,787,570
----------------------------------------------------------------------------
Switzerland - 2.1%
Baloise Holding AG 3,916 390,788
Ciba Specialty Chemicals Holding Inc. 14,413 527,818
Geberit AG 1,718 257,079
Givaudan S.A. 420 417,219
Kuehne + Nagel International AG 5,207 523,043
Lonza Group AG 1,984 264,186
Nobel Biocare Holding AG 735 171,665
Panalpina Welttransport (Holding) AG 1,015 124,688
Partners Group 177 25,824
Sonova Holding AG 1,450 133,557
Schindler Holding AG 2,545 189,128
SGS S.A. 587 847,516
Straumann Holding AG 315 90,291
Sulzer AG 84 111,513
Swatch Group AG (The) 2,826 145,722
Swatch Group AG (The) Class B 710 190,592
Vontobel Holding AG 5,575 194,467
-----------
Total Switzerland 4,605,096
----------------------------------------------------------------------------
United Kingdom - 15.5%
Admiral Group PLC 26,888 429,122
Alliance & Leicester PLC 51,932 535,169
Amec PLC 12,242 176,034
Amlin PLC 132,374 714,956
Antofagasta PLC 67,401 939,055
ARM Holdings PLC 18,606 32,542
Arriva PLC 25,994 354,408
Ashmore Group PLC 17,595 98,091
Barratt Developments PLC 19,326 158,827
Bellway PLC 4,250 75,431
Bradford & Bingley PLC(a) 59,308 220,131
Bunzl PLC 51,555 726,993
Cable & Wireless PLC* 317,879 940,726
Capita Group PLC 73,355 989,205
Carnival PLC 24,771 985,139
Carphone Warehouse Group PLC(a) 15,259 86,433
Close Brothers Group PLC 40,000 490,515
Drax Group PLC 21,909 234,267
DSG International PLC 274,530 346,474
Enterprise Inns PLC 76,025 606,287
FirstGroup PLC 17,915 200,640
Friends Provident PLC 61,742 151,672
GKN PLC 130,118 786,819
Hays PLC 44,900 101,955
Henderson Group Plc 35,665 74,960
Home Retail Group PLC 6,030 31,310
ICAP PLC 28,865 326,430
IMI PLC 67,157 606,975
Inchcape PLC 6,154 49,169
Informa PLC 13,150 81,870
Inmarsat PLC 29,457 260,089
Intercontinental Hotels Group PLC 35,666 538,735
International Power PLC 18,980 150,136
Investec PLC 24,404 164,182
ITV PLC 525,896 661,623
John Wood Group PLC 8,489 68,415
Johnson Matthey PLC 2,724 108,550
Kazakhmys PLC 20,371 646,583
Kesa Electricals PLC 34,867 142,581
Kingfisher PLC 455,293 1,194,459
Ladbrokes PLC 28,790 178,098
LogicaCMG PLC 205,809 432,565
Lonmin PLC 4,384 267,582
Marston's PLC 3,402 13,895
Meggitt PLC 58,808 322,299
Michael Page International PLC 20,040 120,385
Mitchells & Butlers Plc 6,613 45,082
National Express Group PLC 10,095 201,641
See Notes to Financial Statements.
74 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree International MidCap Dividend Fund
March 31, 2008
======================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------------
NEW Star Asset Management Group Ltd. 21,296 $ 48,675
Next PLC 29,801 674,623
Northumbrian Water Group PLC 21,590 149,864
Pennon Group PLC 44,607 574,050
Persimmon PLC 62,230 946,168
Premier Foods PLC 103,995 232,009
Provident Financial PLC 15,893 267,387
Rentokil Initial PLC 169,176 326,991
Resolution PLC 42,374 576,474
Rexam PLC 68,270 578,703
Royal & Sun Alliance Insurance Group 262,566 671,620
Sage Group (The) PLC 54,942 205,400
Schroders PLC 8,876 165,473
Scottish & Newcastle PLC 140,799 2,210,719
Severn Trent PLC 26,916 759,101
Signet Group PLC 82,106 100,767
Smith & Nephew PLC 47,098 623,892
Smiths Group PLC 57,292 1,070,357
St. James's Place PLC 65,925 339,357
Tate & Lyle PLC 35,240 378,213
Taylor Wimpey PLC 107,378 400,151
Tomkins PLC 182,618 648,779
Travis Perkins PLC 2,480 52,839
Trinity Mirror PLC 61,536 360,793
Tullow Oil PLC 27,778 364,654
United Utilities PLC 205,566 2,821,122
Vedanta Resources PLC 7,446 310,185
Whitbread PLC 28,626 663,955
Yell Group PLC 119,378 365,386
------------
Total United Kingdom 33,956,212
--------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $243,741,852) 217,630,602
======================================================================================
SHORT-TERM INVESTMENT - 0.1%
MONEY MARKET FUND - 0.1%
United States - 0.1%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $126,303) 126,303 126,303
======================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 11.7%
MONEY MARKET FUNDS(c) - 11.7%
UBS Enhanced Yield Portfolio, 3.09% 6 6
UBS Private Money Market Fund LLC, 3.17% 25,658,991 25,658,991
------------
TOTAL IVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $25,658,997)(d) 25,658,997
======================================================================================
TOTAL INVESTMENTS IN SECURITIES - 111.1%
(Cost: $269,527,152) 243,415,902
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (11.1)% (24,311,928)
------------
NET ASSETS - 100.0% $219,103,974
======================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $23,460,698 and the total market value of the collateral held by the
Fund was $25,656,997.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 75
Schedule of Investments
WisdomTree International SmallCap Dividend Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
COMMON STOCKS - 98.9%
Australia - 17.3%
A.B.C. Learning Centres Ltd.(a) 101,928 $ 130,263
ABB Grain Ltd. 199,265 1,600,712
Adelaide Brighton Ltd. 582,934 1,814,568
Ansell Ltd. 153,717 1,631,929
APN News & Media Ltd. 398,200 1,668,451
APN/UKA European Retail(a) 751,746 253,906
Austereo Group Ltd.(a) 893,222 1,386,142
Australian Agricultural Co., Ltd. 569,353 1,361,703
Australian Wealth Management Ltd. 487,383 751,894
AWB Ltd. 731,825 1,837,128
Bank of Queensland Ltd. 108,989 1,636,621
Bendigo Bank Ltd.(a) 233,410 2,535,513
Bradken Ltd. 59,217 362,717
Cabcharge Australia Ltd.(a) 161,727 1,442,370
Candle Australia Ltd. 157,362 242,047
Centennial Coal Co., Ltd.(a) 163,869 608,823
Commander Communications Ltd.(a) 435,735 51,709
Consolidated Rutile Ltd. 1,880,510 669,483
Corporate Express Australia Ltd.(a) 237,982 1,194,831
Crane Group Ltd. 139,947 1,954,585
CSR Ltd. 1,077,548 3,147,648
David Jones Ltd. 600,512 1,995,366
Devine Ltd. 306,674 319,140
Downer EDI Ltd. 256,768 1,467,286
Energy Developments Ltd. 17,801 38,187
Equigold NL 168,482 712,089
Everest Babcock & Brown Ltd. 347,313 158,522
Felix Resources Ltd. 14,887 168,375
Flight Centre Ltd. 92,664 1,791,581
Funtastic Ltd. 918,382 331,146
Futuris Corp., Ltd. 944,017 1,633,009
Gloucester Coal Ltd. 54,473 483,334
GrainCorp Ltd. 48,112 529,225
Great Southern Plantations Ltd. 429,969 661,358
GUD Holdings Ltd. 86,226 759,565
Gunns Ltd.(a) 513,876 1,468,257
GWA International Ltd. 578,873 1,696,242
Healthscope Ltd.(a) 91,796 435,739
Hills Industries Ltd.(a) 315,541 1,350,915
Iluka Resources Ltd.(a) 172,956 734,156
Independence Group NL 33,420 243,755
Infomedia Ltd. 1,286,095 399,164
Iress Market Technology Ltd.(a) 229,927 1,448,233
JB Hi-Fi Ltd. 99,818 820,070
Just Group Ltd. 421,936 1,525,251
MacArthur Coal Ltd. 225,417 2,691,496
Macmahon Holdings Ltd. 263,591 358,522
Mariner Financial Ltd. 526,610 76,915
McPherson's Ltd. 49,852 127,876
Mincor Resources NL 296,326 827,734
Monadelphous Group Ltd. 93,314 1,187,433
Navitas Ltd. 261,236 434,014
New Hope Corp. Ltd. 474,170 1,155,699
Nufarm Ltd. 142,201 2,223,615
Octaviar Ltd.+ 495,891 448,147
Over Fifty Group Ltd. 272,936 298,980
Pacific Brands Ltd. 798,397 1,472,210
PaperlinX Ltd. 465,219 1,167,857
Peet & Co., Ltd. 296,802 707,142
Perilya Ltd.(a) 270,840 259,598
Port Bouvard Ltd.(a) 1,028,636 826,312
Primary Health Care Ltd.(a) 73,863 407,926
Ramsay Health Care Ltd.(a) 147,319 1,445,662
Ridley Corp., Ltd. 485,669 498,761
Salmat Ltd. 172,883 511,325
Sedgman Ltd. 551,046 1,096,589
Seek Ltd.(a) 247,047 1,192,984
Seven Network Ltd. 174,972 1,517,371
Sigma Pharmaceuticals Ltd.(a) 1,112,377 1,269,292
Specialty Fashion Group Ltd. 259,285 287,576
Spotless Group Ltd.(a) 299,838 905,971
Straits Resources Ltd. 59,529 333,111
STW Communications Group Ltd.(a) 500,471 1,014,218
Sunland Group Ltd. 241,034 543,469
Symbion Health Ltd.(a)+ 567,523 2,108,518
Ten Network Holdings Ltd.(a) 614,671 1,206,370
Timbercorp Ltd. 344,409 392,992
Transfield Services Ltd.(a) 150,468 1,509,529
United Group Ltd. 150,421 1,657,354
Washington H. Soul Pattinson & Co., Ltd. 231,525 1,595,674
West Australian Newspapers Holdings Ltd.(a) 233,406 2,339,452
-----------
Total Australia 83,550,702
-----------------------------------------------------------------------------
Austria - 0.5%
AT&S Austria Technologie & Systemtechnik AG 7,370 120,168
Flughafen Wien AG 11,595 1,402,400
Schoeller-Bleckmann Oilfield Equipment AG 4,907 438,843
Semperit AG Holding * 9,665 381,335
-----------
Total Austria 2,342,746
-----------------------------------------------------------------------------
Belgium - 2.0%
Barco N.V. 11,058 794,796
Cofinimmo 7,750 1,681,659
Cumerio N.V.(a) 14,397 675,258
Econocom Group S.A./N.V.(a) 45,267 557,325
Euronav N.V. 85,967 3,277,430
EVS Broadcast Equipment S.A. 6,090 656,676
Exmar N.V. 13,467 351,242
Melexis N.V. 28,337 471,016
Omega Pharma S.A. 3,391 157,757
Tessenderlo Chemie N.V. 21,868 997,601
-----------
Total Belgium 9,620,760
-----------------------------------------------------------------------------
See Notes to Financial Statements.
76 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree International SmallCap Dividend Fund
March 31, 2008
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Denmark - 0.6%
Amagerbanken A/S* 2,921 $ 123,512
Auriga Industries A/S Class B(a) 7,902 241,782
Bang & Olufsen A/ S Class B 4,420 277,057
Harboes Bryggeri A/S(a) 12,800 335,894
NKT Holding A/S 9,777 706,333
Rella Holding A/S 26,300 391,182
SimCorp A/S 1,390 289,150
Sjaelso Gruppen 7,507 213,745
Spar Nord Bank A/S 15,557 318,991
-----------
Total Denmark 2,897,646
--------------------------------------------------------------------------------
Finland - 2.9%
Ahlstrom Oyj 6,256 182,398
Alma Media Corp.(a) 24,066 324,137
Amer Sports Oyj(a) 32,724 661,123
Aspo Oyj+(a) 61,441 637,684
Citycon Oyj* 82,055 504,479
Elektrobit Corp.(a) 251,179 569,148
Finnair Oyj 32,724 376,451
HK Scan Oyj Class A 20,474 308,849
KCI Konecranes Oyj(a) 24,551 949,216
Kemira GrowHow Oyj(a) 72,782 1,397,760
Lassila & Tikanoja Oyj 16,360 466,618
M-real Oyj Class B(a) 146,358 491,653
Orion Oyj Class B(a) 127,786 2,778,072
Poyry Oyj 40,983 1,022,150
Stockmann Oyj Abp Class B*(a) 16,360 777,697
Talentum Oyj 278,091 1,299,915
Technopolis PLC(a) 49,265 441,055
TietoEnator Oyj 37,172 921,210
-----------
Total Finland 14,109,615
--------------------------------------------------------------------------------
France - 1.6%
April Group 7,184 359,716
Canal Plus S.A.(a) 135,949 1,458,380
Carbone Lorraine 3,853 233,954
GFI Informatique 5,066 32,591
Groupe Steria SCA 5,242 172,769
Haulotte Group(a) 10,717 244,705
Havas S.A. 185,230 780,726
IMS-International Metal Service 11,931 475,278
Kaufman & Broad S.A.(a) 8,639 355,228
Manitou BF S.A. 15,854 600,403
NRJ Group(a) 46,910 392,469
Sechilienne-Sidec 8,673 672,710
Sequana Capital S.A. 25,534 672,444
Sperian Protection S.A. 2,443 283,361
Ste Industrielle d'Aviation Latecoere S.A. 41,523 861,918
TRIGANO S.A. 5,400 208,695
-----------
Total France 7,805,347
--------------------------------------------------------------------------------
Germany - 4.1%
AWD Holding AG(a) 47,203 2,189,265
Beate Uhse AG(a) 97,904 209,431
Bechtle AG 13,327 421,712
Comdirect Bank AG 136,557 1,741,870
DAB Bank AG(a) 35,728 317,598
Demag Cranes AG 7,963 364,906
Douglas Holding AG(a) 17,235 941,366
ElringKlinger AG 6,248 700,444
Gerry Weber International AG 14,590 523,636
Grammer AG 8,696 229,424
HCI Capital AG(a) 28,522 639,051
Hugo Boss AG 3,825 192,737
IDS Scheer AG 15,614 246,175
Indus Holding AG 12,224 430,004
Krones AG 7,842 642,426
Leoni AG 9,191 441,568
Lloyd Fonds AG 26,166 597,458
MLP AG(a) 53,762 768,401
MPC Muenchmeyer Petersen Capital AG(a) 18,559 1,313,346
MVV Energie AG 32,356 1,594,488
Norddeutsche Affinerie AG(a) 29,136 1,157,880
Praktiker Bau-und Heimwerkermaerkte AG 24,541 658,347
Sixt AG 6,169 276,244
Software AG 8,597 662,047
Takkt AG 19,663 354,878
Techem AG*(a) 20,105 1,905,708
Vivacon AG 5,391 114,296
-----------
Total Germany 19,634,706
--------------------------------------------------------------------------------
Hong Kong - 3.7%
Beijing Enterprises Holdings Ltd. 180,074 687,177
China Power International Development Ltd.*(a) 2,494,622 801,320
Chong Hing Bank Ltd. 237,110 563,616
Cross-Harbour Holdings Ltd. 237,189 231,007
Dah Sing Banking Group Ltd. 838,903 1,424,966
Dah Sing Financial Holdings Ltd. 193,610 1,269,945
Fountain Set (Holdings) Ltd. 790,364 124,909
Fubon Bank Ltd. 948,432 700,705
Guangzhou Investment Co., Ltd.(a) 2,852,585 590,100
Hong Kong Aircraft Engineering Co., Ltd. 88,429 1,458,885
Hongkong & Shanghai Hotels Ltd. (The) 68,142 111,894
Industrial & Commercial Bank of China Ltd. 416,364 1,031,434
Next Media Ltd.(a) 4,386,000 1,713,182
Oriental Press Group Ltd. 4,403,017 610,992
Shaw Brothers (Hong Kong) Ltd. 237,110 475,265
Singamas Container Holdings Ltd.(a) 316,142 87,740
Sun Hung Kai & Co., Ltd.(a) 863,189 818,509
Techtronic Industries Co(a) 331,500 327,971
Tianjin Development Holdings Ltd. 328,074 224,256
Vitasoy International Holdings Ltd. 790,364 344,261
Wing Lung Bank Ltd. 234,766 4,093,326
-----------
Total Hong Kong 17,691,460
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Funds 77
Schedule of Investments (continued)
WisdomTree International SmallCap Dividend Fund
March 31, 2008
=================================================================================
Investments Shares U.S. $ Value
---------------------------------------------------------------------------------
Ireland - 1.0%
Abbey PLC 15,033 $ 135,796
FBD Holdings PLC 13,309 620,010
Fyffes PLC 375,020 534,814
Glanbia PLC 115,352 923,044
Greencore Group PLC 117,438 706,198
McInerney Holdings PLC 51,761 96,702
Paddy Power PLC 42,398 1,545,852
United Drug PLC 51,050 302,863
-----------
Total Ireland 4,865,279
---------------------------------------------------------------------------------
Italy - 4.0%
AcegasAps SpA 54,322 474,278
Amplifon SpA(a) 55,457 188,930
Anima SGRpA 38,052 103,708
Arnoldo Mondadori Editore SpA(a) 203,507 1,725,199
Astaldi SpA 67,985 525,701
Autostrada Torino-Milano SpA 49,346 950,023
Azimut Holding SpA 41,145 428,340
Banca Intermobiliare SpA(a) 72,484 597,244
Banca Popolare dell'Etruria e del Lazio 22,907 267,511
Banco di Desio e della Brianza SpA 51,600 521,238
Biesse SpA 4,902 105,171
Brembo SpA 40,825 592,554
Caltagirone SpA 41,204 311,432
Carraro SpA 13,053 116,032
Cembre SpA 18,369 157,467
Cementir - Cementerie del Tirreno SpA 62,325 580,692
COFIDE - Compagnia Finanziaria De Benedetti SpA 312,005 360,656
Credito Artigiano SpA(a) 128,506 570,148
Credito Artigiano SpA* 32,126 123,191
Cremonini SpA 330,449 1,549,894
ERGO Previdenza SpA 111,271 636,936
Gewiss SpA(a) 52,009 304,714
GranitiFiandre SpA 16,264 181,686
Gruppo Editoriale L'Espresso SpA(a) 309,601 1,270,598
I.M.A. - Industria Macchine Automatiche SpA 11,639 246,946
Intek SpA 472,674 460,245
MARR SpA 18,672 210,953
Navigazione Montanari SpA 105,513 422,992
Panariagroup Industrie Ceramiche SpA 57,688 324,275
Piccolo Credito Valtellinese S.c.r.l. 52,254 685,162
Premafin Finanziaria SpA 159,774 425,579
Premuda SpA 345,837 697,599
Recordati SpA 140,403 1,053,978
Risanamento SpA*(a) 148,511 439,348
Societa Iniziative Autostradali e Servizi SpA 78,864 1,034,702
Sogefi SpA 63,120 544,091
-----------
Total Italy 19,189,213
---------------------------------------------------------------------------------
Japan - 22.6%
ABC-Mart, Inc. 47,900 1,135,721
ADEKA Corp. 39,500 399,226
Aica Kogyo Co., Ltd. 6,400 54,461
Aichi Steel Corp.(a) 79,000 380,178
Air Water, Inc. 125,000 1,196,815
Alpen Co., Ltd. 33,700 582,686
Alpine Electronics, Inc. 31,600 348,589
AOC Holdings, Inc. 31,600 286,046
Ardepro Co., Ltd.(a) 3,154 159,070
Arisawa Manufacturing Co., Ltd.(a) 119,100 927,337
Arnest One Corp.(a) 101,000 328,769
Asatsu-DK, Inc. 15,800 563,520
Awa Bank Ltd. (The) 79,000 454,785
Bank of Nagoya Ltd. (The) 83,000 506,998
Best Denki Co., Ltd. 63,000 508,886
Bosch Corp. 220,000 895,163
Calsonic Kansei Corp. 160,000 580,298
Canon Electronics, Inc. 15,100 342,854
Cawachi Ltd. 2,900 75,024
Central Glass Co., Ltd. 79,000 308,746
Chuetsu Pulp & Paper Co., Ltd. 555,000 970,211
Chukyo Bank Ltd. (The) 171,000 486,191
Circle K Sunkus Co., Ltd. 23,700 403,115
Coca-Cola West Japan Co., Ltd. 23,700 571,457
COMSYS Holdings Corp. 79,000 685,749
Daifuku Co., Ltd. 86,500 1,108,027
Daiichi Chuo Kisen Kaisha 18,000 128,759
Daikoku Denki Co., Ltd. 48,500 425,870
Daio Paper Corp.(a) 114,000 769,659
Daisan Bank Ltd. (The) 162,000 600,573
Daishi Bank Ltd. (The) 79,000 306,365
Disco Corp. 7,900 340,493
Ehime Bank Ltd. (The) 160,000 617,270
Eighteenth Bank Ltd. (The) 134,000 491,385
Exedy Corp. 15,800 450,816
Ezaki Glico Co., Ltd.(a) 79,000 980,208
FCC Co., Ltd. 16,500 203,898
Fuji Electronics Co., Ltd. 27,000 219,722
Fuji Fire & Marine Insurance Co., Ltd. (The) 224,000 596,373
Futaba Industrial Co., Ltd. 23,700 534,551
Godo Steel Ltd. 61,000 202,240
Gun-Ei Chemical Industry Co., Ltd.(a) 190,000 410,408
Gunze Ltd. 79,000 333,350
Hankyu Department Stores, Inc. 79,000 530,185
Hanwa Co., Ltd. 72,000 305,259
Heiwa Corp. 31,600 301,602
Higo Bank Ltd. (The) 79,000 455,578
Hikari Tsushin, Inc. 21,600 638,007
Hitachi Cable Ltd. 79,000 294,459
Hitachi Koki Co., Ltd. 90,100 1,149,616
Hitachi Kokusai Electric, Inc. 65,000 671,975
Hitachi Maxell Ltd. 39,500 407,560
Hitachi Software Engineering Co., Ltd. 30,400 705,521
Hitachi Transport System Ltd. 47,400 719,084
Hokkoku Bank Ltd. (The) 79,000 354,780
Hokuetsu Paper Mills Ltd. 82,000 370,724
See Notes to Financial Statements.
78 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree International SmallCap Dividend Fund
March 31, 2008
========================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------
HORIBA Ltd.(a) 15,800 $ 522,248
House Foods Corp. 33,200 494,656
Hyakugo Bank Ltd. (The) 79,000 467,484
Hyakujushi Bank Ltd. (The) 79,000 419,069
Iida Home Max Co., Ltd.(a) 26,500 132,054
Iino Kaiun Kaisha Ltd. 47,000 476,918
Itochu Enex Co., Ltd. 25,200 143,552
Iwai Securities Co., Ltd. 11,800 136,927
Izumiya Co., Ltd. 72,000 394,957
Japan Airport Terminal Co., Ltd.(a) 38,500 845,155
Joint Corp. 17,800 114,989
Juki Corp. 50,000 185,361
K's Holdings Corp. 15,800 315,730
Kagome Co., Ltd.(a) 38,900 694,873
Kagoshima Bank Ltd. (The) 79,000 584,156
Kamei Corp. 75,000 319,486
Kandenko Co., Ltd. 79,000 430,974
Kansai Paint Co., Ltd. 108,000 703,109
Kanto Natural Gas Development Ltd. 74,000 446,074
Kasumi Co., Ltd. 100,000 520,420
Kato Sangyo Co., Ltd. 40,700 434,253
Kayaba Industry Co., Ltd. 89,000 344,251
Keihin Corp. 23,700 342,874
Keisei Electric Railway Co., Ltd. 79,000 424,625
Keiyo Bank Ltd. (The) 79,000 501,613
Kintetsu World Express, Inc. 16,800 391,581
Kobayashi Pharmaceutical Co., Ltd. 15,800 609,554
Koei Co., Ltd.(a) 70,300 1,127,936
Koito Manufacturing Co., Ltd. 81,000 1,114,070
Kojima Co., Ltd.(a) 58,700 304,307
Kokuyo Co., Ltd. 49,900 428,638
Komeri Co., Ltd. 15,800 382,559
Komori Corp. 13,800 286,995
Konaka Co., Ltd. 57,600 287,031
Kyodo Printing Co., Ltd.(a) 143,000 386,467
Kyowa Exeo Corp. 79,000 609,554
Lion Corp. 82,000 395,439
Maeda Corp. 113,000 330,366
Makino Milling Machine Co., Ltd. 79,000 564,314
Maruzen Showa Unyu Co., Ltd. 150,000 465,665
Matsui Securities Co., Ltd. 149,900 849,386
Matsumotokiyoshi Holdings Co., Ltd.* 22,805 496,035
Meiji Dairies Corp. 79,000 476,214
Meiji Seika Kaisha Ltd.(a) 79,000 402,401
Meitec Corp.(a) 15,800 479,389
Michinoku Bank Ltd. (The) 154,000 461,064
Mie Bank Ltd. (The) 101,000 530,698
Minebea Co., Ltd. 164,000 955,644
MISUMI Group, Inc. 31,600 560,663
Mitsuuroko Co., Ltd. 80,000 479,831
Miyazaki Bank Ltd. (The) 114,000 477,601
Mochida Pharmaceutical Co., Ltd. 74,000 673,572
Morinaga Milk Industry Co., Ltd. 146,000 447,380
Musashino Bank Ltd. (The) 7,900 323,032
Nabtesco Corp. 79,000 1,071,482
Nachi-Fujikoshi Corp. 79,000 299,221
Nagase & Co., Ltd. 79,000 807,977
NEC Fielding Ltd. 25,200 305,838
Nichiha Corp.(a) 12,800 120,625
Nichirei Corp. 79,000 380,178
Nidec Sankyo Corp. 37,000 301,100
Nifco, Inc. 22,600 521,093
Nihon Kohden Corp. 8,100 185,543
Nihon Yamamura Glass Co., Ltd. 189,000 385,462
Nippon Chemical Industrial Co., Ltd. 180,000 426,785
Nippon Kayaku Co., Ltd. 170,000 1,033,305
Nippon Light Metal Co., Ltd.* 158,000 238,107
Nippon Paint Co., Ltd. 79,000 284,935
Nippon Parking Development Co., Ltd.(a) 8,910 378,654
Nippon Shinyaku Co., Ltd. 61,000 633,074
Nippon Suisan Kaisha Ltd. 94,800 355,256
Nipro Corp. 8,000 139,690
Nishimatsuya Chain Co., Ltd. 31,600 380,972
Nishi-Nippon Railroad Co., Ltd. 158,000 566,695
Nissan Shatai Co., Ltd. 145,000 1,129,000
Nissha Printing Co., Ltd. 10,600 520,762
Nissin Kogyo Co., Ltd. 23,200 410,927
NS Solutions Corp. 16,000 397,046
Obic Co., Ltd. 2,370 420,974
Ogaki Kyoritsu Bank Ltd. (The) 79,000 426,212
Oita Bank Ltd. (The) 78,000 558,738
Okamura Corp. 73,000 505,320
Okasan Holdings, Inc. 165,000 813,935
Okinawa Electric Power Co., Inc. (The) 3,300 129,964
OKUMA Holdings Corp. 61,000 654,524
Okumura Corp.(a) 79,000 403,195
Onward Kashiyama Co., Ltd. 76,000 777,294
OSG Corp.(a) 31,600 366,368
PanaHome Corp.(a) 79,000 507,168
Paramount Bed Co., Ltd.(a) 9,700 132,244
Paris Miki, Inc.(a) 23,700 347,398
Point, Inc. 7,900 371,447
QP Corp. 55,300 571,695
Rengo Co., Ltd.(a) 168,000 928,317
Riken Corp. 109,000 505,933
Ryobi Ltd. 81,000 306,797
Ryoden Trading Co., Ltd. 69,000 434,651
Ryosan Co., Ltd. 26,100 617,527
Ryoyo Electro Corp. 39,800 389,463
Sagami Railway Co., Ltd.(a) 158,000 642,889
Saibu Gas Co., Ltd. 157,000 388,024
Sakata INX Corp. 90,000 357,161
Sanei-International Co., Ltd. 10,200 144,082
San-In Godo Bank Ltd. (The) 79,000 632,571
Sanken Electric Co., Ltd.(a) 30,000 176,621
Sankyo Seiko Co., Ltd.(a) 111,600 321,788
See Notes to Financial Statements.
WisdomTree International Dividend Funds 79
Schedule of Investments (continued)
WisdomTree International SmallCap Dividend Fund
March 31, 2008
==============================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------
Sankyu, Inc. 79,000 $ 430,180
Sanwa Shutter Corp. 79,000 343,668
Sanyo Chemical Industries Ltd.(a) 49,000 240,729
Sanyo Denki Co., Ltd. 24,000 104,164
Sanyo Shokai Ltd. 131,000 839,685
Sanyo Special Steel Co., Ltd. 155,000 700,759
Sato Shoji Corp. 60,100 416,627
Seikagaku Corp. 45,700 516,527
Seiko Holdings Corp. 55,000 265,233
Sekisui Plastics Co., Ltd. 150,000 384,287
Shiga Bank Ltd. (The) 79,000 536,535
Shimachu Co., Ltd. 15,800 475,421
Shindengen Electric Manufacturing Co., Ltd. 18,000 35,264
Shinkawa Ltd. 24,300 294,427
Shinko Electric Industries 8,100 91,551
Shonai Bank Ltd. (The) 173,000 418,878
Showa Corp. 31,600 281,284
Sohgo Security Services Co., Ltd. 23,700 330,969
SSP Co., Ltd.(a) 158,000 739,720
Starzen Co., Ltd. 211,000 491,807
Sumida Corp. 33,800 422,097
Sumitomo Osaka Cement Co., Ltd.(a) 158,000 366,685
Sumitomo Real Estate Sales Co., Ltd. 5,710 193,900
Sumitomo Warehouse Co., Ltd. (The) 79,000 372,241
Sundrug Co., Ltd.(a) 23,700 669,081
Suruga Corp. 17,600 50,571
Sysmex Corp. 15,800 571,457
Tadano Ltd. 74,000 743,457
Taiyo Yuden Co., Ltd. 14,000 136,716
Takagi Securities Co., Ltd. 36,000 79,570
Takara Holdings, Inc. 79,000 543,678
TIS, Inc.(a) 23,800 483,006
TOA Corp. 67,000 537,831
Tocalo Co., Ltd. 12,300 196,237
Toda Corp.(a) 155,000 638,469
Toho Pharmaceutical Co., Ltd. 31,500 805,420
Toho Zinc Co., Ltd. 27,000 145,125
Tokai Carbon Co., Ltd. 79,000 800,040
Tokai Rubber Industries, Inc. 31,600 455,578
Tokai Tokyo Securities Co., Ltd. 246,000 815,593
Token Corp. 5,860 198,405
Tokyo Seimitsu Co., Ltd.(a) 9,100 167,308
Tokyo Steel Manufacturing Co., Ltd. 9,500 129,040
Tokyo Style Co., Ltd. 79,000 785,754
Tokyo Tomin Bank Ltd. (The) 15,800 329,382
Tokyu Store Chain Co., Ltd. 94,000 474,084
Toppan Forms Co., Ltd. 38,600 390,518
Toshiba Machine Co., Ltd. 79,000 482,564
Toshiba TEC Corp. 79,000 480,183
Touei Housing Corp. 40,600 260,238
Toyo Ink Manufacturing Co., Ltd. 79,000 273,823
Toyo Suisan Kaisha Ltd. 66,000 994,625
Toyobo Co., Ltd. 158,000 330,175
Toyota Auto Body Co., Ltd. 31,600 633,048
Trans Cosmos, Inc.(a) 45,300 546,595
Tsubakimoto Chain Co. 79,000 469,865
ULVAC, Inc.(a) 15,800 633,365
Uniden Corp. 74,000 454,252
Union Tool Co. 7,900 296,840
Valor Co., Ltd. 24,200 257,962
Xebio Co., Ltd. 15,800 405,576
Yamatake Corp. 23,700 665,510
Yamato Kogyo Co., Ltd. 23,700 957,191
Yamazaki Baking Co., Ltd.(a) 79,000 749,244
Yokohama Reito Co., Ltd.(a) 72,000 508,525
Yokohama Rubber Co., Ltd. (The) 151,000 723,635
Yurtec Corp. 96,000 508,284
Zensho Co., Ltd. 24,400 144,142
ZERIA Pharmaceutical Co., Ltd.(a) 59,000 617,652
-----------
Total Japan 109,407,685
------------------------------------------------------------------------------
Netherlands - 2.5%
Arcadis N.V. 8,676 525,157
Ballast Nedam N.V. 6,130 243,804
Beter Bed Holding N.V. 12,768 290,120
Corporate Express(a) 73,482 858,133
CSM N.V. 25,087 859,827
Draka Holding 9,122 295,156
Exact Holding N.V. 15,926 542,312
Heijmans N.V.(a) 13,909 538,646
ICT Automatisering N.V. 9,788 136,019
Imtech N.V. 35,144 936,106
Innoconcepts 4,114 74,967
Koninklijke Wessanen N.V. 73,942 1,039,252
Macintosh Retail Group N.V. 12,267 367,372
Nutreco Holding N.V. 23,279 1,796,384
OCE N.V. 65,176 1,113,301
Sligro Food Group NV 5,352 209,214
Smit Internationale N.V. 10,651 1,088,569
Ten Cate N.V. 10,221 378,169
Wegener N.V.(a) 33,702 701,709
-----------
Total Netherlands 11,994,217
------------------------------------------------------------------------------
New Zealand - 3.5%
Air New Zealand Ltd. 988,161 1,002,191
Auckland International Airport Ltd. 1,134,445 2,033,533
Blue Chip Financial Solutions Ltd.+ 716,267 58,846
Fisher & Paykel Appliances Holdings Ltd. 430,738 795,819
Fisher & Paykel Healthcare Corp. 301,368 694,221
Freightways Ltd. 159,004 431,281
Hallenstein Glasson Holdings Ltd. 98,794 291,269
Infratil Ltd. 293,037 490,722
Mainfreight Ltd. 109,384 511,686
New Zealand Refining Co., Ltd. (The) 437,719 2,405,501
Nuplex Industries Ltd. 91,561 442,709
PGG Wrightson Ltd. 285,093 466,211
Port of Tauranga Ltd. 118,446 564,321
See Notes to Financial Statements.
80 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree International SmallCap Dividend Fund
March 31, 2008
====================================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------------
Pumpkin Patch Ltd. 144,788 $ 208,313
Sanford Ltd. 116,241 379,263
Sky City Entertainment Group Ltd. 487,374 1,413,910
TrustPower Ltd. 105,102 623,865
Vector Ltd. 1,296,786 1,753,597
Warehouse Group Ltd. (The) 483,055 2,225,499
-----------
Total New Zealand 16,792,757
------------------------------------------------------------------------------------
Norway - 2.1%
ABG Sundal Collier ASA 879,222 1,600,394
Acta Holding ASA(a) 532,463 1,781,251
BW Gas ASA 116,077 1,014,182
Camillo Eitzen & Co. ASA*(a) 23,859 291,092
EDB Business Partner ASA 31,600 233,187
Ekornes ASA(a) 39,265 714,717
Hafslund ASA Class B 15,807 304,056
Scana Industrier* 37,000 110,671
Sparebank 1 SR Bank* 82,163 852,875
Sparebanken Midt-Norge 77,024 773,006
Sparebanken Nord-Norge 28,339 563,239
Tomra Systems ASA(a) 29,010 219,784
Veidekke ASA 168,590 1,667,073
-----------
Total Norway 10,125,527
------------------------------------------------------------------------------------
Portugal - 0.8%
Banif SGPS, S.A. 137,943 616,389
Corticeira Amorim-Industria S.A. 56,557 144,284
Finibanco Holding SGPS S.A. 45,302 223,246
Mota-Engil, SGPS, S.A. 85,693 653,125
SAG Gest-Solucoes Automovel Globais, SGPS, S.A. 221,963 794,868
Semapa-Sociedade de Investimento
e Gestao, SGPS, S.A. 109,362 1,403,645
-----------
Total Portugal 3,835,557
------------------------------------------------------------------------------------
Singapore - 5.3%
Ascott Group Ltd. (The)+(a) 166,000 207,176
Beyonics Technology Ltd. 527,171 97,543
Cerebos Pacific Ltd. 220,000 605,014
China Merchants Holdings Pacific Ltd. 565,000 323,876
Creative Technology Ltd.(a) 153,750 684,994
CSE Global Ltd. 107,000 72,205
Guocoland Ltd.(a) 431,102 1,248,120
Hong Leong Asia Ltd. 114,000 211,762
Hotel Properties Ltd. 304,000 599,993
HTL International Holdings Ltd. 979,000 277,045
Inter-Roller Engineering Ltd.(a) 456,000 162,130
Jaya Holdings Ltd. 1,803,000 1,936,248
Jurong Technologies Industrial Corp. Ltd.(a) 967,000 210,500
Keppel Telecommunications & Transportation Ltd.(a) 250,538 725,354
MobileOne Ltd. 1,314,800 2,022,549
Parkway Holdings Ltd.(a) 703,000 1,632,333
Raffles Education Corp., Ltd. 1,344,000 1,004,477
Robinson & Co., Ltd. 30,000 150,419
Sing Holdings Ltd. 905,000 295,505
Singapore Airport Terminal Services Ltd.(a) 980,000 1,635,526
Singapore Petroleum Co., Ltd. 542,000 2,658,579
Singapore Post Ltd. 2,478,000 2,067,772
Singapore Reinsurance Corp., Ltd. 787,000 194,159
SMRT Corp. Ltd. 1,921,000 2,536,894
Straits Trading Co., Ltd. 309,000 1,504,473
UOB Kay Hian Holdings Ltd. 938,000 1,334,020
WBL Corp., Ltd.(a) 237,000 920,038
XP Power Ltd. 29,196 131,141
-----------
Total Singapore 25,449,845
------------------------------------------------------------------------------------
Spain - 0.9%
Adolfo Dominguez S.A. 4,328 132,701
Campofrio Alimentacion S.A.*(a) 37,457 583,435
Cie Automotive S.A. 25,977 254,380
Duro Felguera S.A. 36,949 418,615
Grupo Empresarial Ence S.A. 63,968 594,986
Itinere Infraestructure S.A.(a) 48,760 592,605
Montebalito S.A. 12,727 161,333
Prosegur Cia de Seguridad S.A. 19,119 804,938
Tavex Algodonera S.A.* 50,409 123,807
Tubacex S.A.(a) 17,318 192,363
Tubos Reunidos, S.A. 47,843 348,724
Uralita S.A.(a) 42,055 370,509
-----------
Total Spain 4,578,396
------------------------------------------------------------------------------------
Sweden - 5.3%
Aangpanneforeningen AB Class B 5,300 130,267
AarhusKarlshamn AB 26,677 737,785
Axfood AB 60,066 2,142,339
Bilia AB Class A 19,700 328,890
Billerud AB 12,917 147,033
Brostrom AB Class B 94,300 682,210
Cardo AB 15,807 437,162
Clas Ohlson AB Class B(a) 31,610 578,367
Connecta AB 17,200 200,137
D. Carnegie & Co. AB(a) 144,731 2,440,677
Eniro AB 182,632 1,330,484
Hakon Invest AB 75,900 1,775,921
Haldex AB(a) 34,800 614,727
HIQ International AB 27,600 149,870
Hoganas AB Class B 23,709 564,743
HQ AB 8,450 222,295
Intrum Justitia AB 62,229 1,109,742
KappAhl Holding AB* 35,664 333,789
Kungsleden Fastighets AB 302,750 3,765,261
L E Lundbergforetagen AB Class B 11,857 679,834
NCC AB Class B 64,710 1,887,846
Nibe Industrier AB Class B(a) 63,229 589,112
Nobia AB 71,127 614,720
Rederi AB Transatlantic 22,800 168,406
Seco Tools Class B 33,959 641,390
SkiStar AB 11,600 187,792
SSAB Svenskt Stal AB Series B 38,222 982,952
See Notes to Financial Statements.
WisdomTree International Dividend Funds 81
Schedule of Investments (continued)
WisdomTree International SmallCap Dividend Fund
March 31, 2008
======================================================================
Investments Shares U.S. $ Value
----------------------------------------------------------------------
Svolder AB Class B 23,400 $ 222,953
Trelleborg AB Class B 78,622 1,571,127
Wihlborgs Fastigheter AB 20,900 478,448
-----------
Total Sweden 25,716,279
----------------------------------------------------------------------
Switzerland - 0.6%
Bellevue Group AG 14,796 1,024,747
Bucher Industries AG 1,153 313,591
Kudelski S.A.(a) 8,610 126,924
Rieter Holding AG 2,385 916,334
Schmolz & Bickenbach 4,202 349,016
-----------
Total Switzerland 2,730,612
----------------------------------------------------------------------
United Kingdom - 17.6%
Aberdeen Asset Management PLC 516,401 1,421,490
Accident Exchange Group PLC 171,158 119,062
Aero Inventory PLC 23,144 275,992
Alexon Group PLC 43,195 82,416
ATH Resources PLC 144,904 559,808
Atkins WS PLC 70,649 1,475,759
Avon Rubber PLC 137,070 251,994
Babcock International Group PLC 144,452 1,640,766
BBA Aviation PLC 78,942 236,130
Blacks Leisure Group PLC(a) 139,393 407,254
Bloomsbury Publishing PLC 139,304 456,830
Bodycote International PLC 270,915 1,006,889
Bovis Homes Group PLC 40,591 488,888
Brit Insurance Holdings PLC 455,537 2,193,281
Britvic PLC 87,320 553,185
Business Post Group PLC 18,627 105,510
Capital & Regional PLC 20,623 225,435
Carillion PLC 224,624 1,764,554
Carpetright PLC(a) 95,950 1,454,091
Centaur Media PLC 191,094 298,142
Charles Taylor Consulting PLC 72,622 399,811
Communisis PLC 66,986 84,208
Computacenter PLC 32,470 110,676
Cranswick PLC 72,791 745,061
Croda International PLC 145,540 1,917,797
Dairy Crest Group PLC 123,397 1,150,229
Davis Service Group PLC 148,653 1,459,511
Dawson Holdings PLC 275,445 514,600
De La Rue PLC 117,359 2,067,769
Debenhams PLC(a) 135,710 153,068
Devro PLC 267,581 426,783
DS Smith PLC 504,993 1,570,748
DTZ Holdings PLC 9,673 41,526
Electrocomponents PLC 728,591 2,631,874
Euromoney Institutional Investor PLC 115,147 908,552
Expro International Group PLC 9,101 211,632
F&C Asset Management PLC(a) 638,623 2,313,230
Filtrona PLC 224,230 766,530
Findel PLC 120,254 1,183,073
FKI PLC 606,329 840,542
Forth Ports PLC 39,429 1,611,186
GCAP Media PLC 205,186 800,321
Go-Ahead Group PLC 38,685 1,200,196
Greggs PLC 16,081 1,443,996
Halfords Group PLC 226,617 1,276,887
Halma PLC 365,809 1,408,649
Highway Insurance Holdings PLC 165,195 213,411
HMV Group PLC(a) 797,174 2,055,737
Homeserve PLC 45,002 1,719,958
IG Group Holdings PLC 278,430 1,810,934
Intermediate Capital Group PLC 10,244 318,226
Interserve PLC 77,583 744,382
J D Wetherspoon PLC 40,471 219,590
Jardine Lloyd Thompson Group PLC 322,838 2,375,671
JJB Sports PLC 122,962 266,382
Laird Group PLC 120,152 1,205,950
Laura Ashley Holdings PLC 159,464 82,403
Lupus Capital PLC 39,693 48,123
McKay Securities PLC 21,509 119,698
Melrose PLC 26,796 76,690
Metalrax Group PLC 315,678 172,538
Misys PLC 483,015 1,329,588
Mitie Group PLC 314,730 1,513,772
MJ Gleeson Group PLC 66,204 311,845
Morse PLC 63,113 79,025
N. Brown Group PLC 284,195 1,375,379
Northgate PLC 67,557 763,322
Pendragon PLC 898,901 602,966
Premier Farnell PLC 516,250 1,828,927
PZ Cussons PLC 397,331 1,460,935
Redrow PLC 151,023 972,512
Renishaw PLC 76,008 1,029,513
Restaurant Group PLC 230,391 705,169
Rotork PLC 91,280 1,957,510
Savills PLC 124,945 875,356
Spectris PLC 108,011 1,598,231
Spirax-Sarco Engineering PLC 78,627 1,604,904
SSL International PLC 189,202 1,705,336
St. Ives Group PLC 100,323 484,522
Stagecoach Group PLC 673,162 3,237,739
T. Clarke PLC 119,177 409,775
Taylor Nelson Sofres PLC 288,950 908,810
Terrace Hill Group PLC 34,106 35,757
Topps Tiles PLC 229,383 517,445
Ultra Electronics Holdings PLC 69,681 1,790,687
UTV Media PLC 69,875 329,137
Vantis PLC 120,440 213,043
Victrex PLC 89,236 1,331,947
VT Group PLC 141,366 1,845,938
Wagon PLC 146,160 50,110
Warner Estate Holdings PLC 37,503 238,519
Woolworths Group PLC(a) 1,743,268 381,122
-----------
Total United Kingdom 85,174,465
----------------------------------------------------------------------
See Notes to Financial Statements.
82 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree International SmallCap Dividend Fund
March 31, 2008
==========================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $547,263,858) $477,512,814
==========================================================================
RIGHTS* - 0.0%
Australia - 0.0%
Primary Health Care Ltd.,
expiring 4/13/08 (Cost: $0) 118,180 10,788
==========================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $547,263,858) 477,523,602
==========================================================================
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 2.78%(b)
(Cost: $41,495) 41,495 41,495
==========================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 15.8%
MONEY MARKET FUNDS(c) - 15.8%
UBS Enhanced Yield Portfolio, 3.09% 13 13
UBS Private Money Market Fund LLC, 3.17% 76,207,728 76,207,728
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $76,207,741)(d) 76,207,741
==========================================================================
TOTAL INVESTMENTS IN SECURITIES - 114.7%
(Cost: $623,513,094) 553,772,838
Liabilities in Excess Foreign Currency and
Other Assets - (14.7)% (71,012,296)
------------
NET ASSETS - 100.0% $482,760,542
==========================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2008.
(c) Interest rates shown reflect yields as of March 31, 2008.
(d) At March 31, 2008, the total market value of the Fund's securities on loan
was $68,272,193 and the total market value of the collateral held by the
Fund was $76,207,741.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 83
Schedule of Investments
WisdomTree International Real Estate Fund
March 31, 2008
====================================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------------
COMMON STOCKS - 99.4%
Australia - 30.5%
Abacus Property Group 228,542 $ 276,428
ALE Property Group 41,911 102,533
APN/UKA European Retail Trust 363,874 122,900
Aspen Group 97,870 150,539
Australand Property Group 542,061 895,625
Babcock & Brown Japan Property Trust 265,720 261,968
Bunnings Warehouse Property Trust 100,738 179,319
CFS Retail Property Trust 776,568 1,538,292
Charter Hall Group 89,578 114,480
Commonwealth Property Office Fund 822,550 998,650
DB RREEF Trust 1,327,111 2,041,299
FKP Property Group(a) 81,007 210,750
Goodman Group 571,927 2,250,181
GPT Group 893,197 2,649,904
ING Industrial Fund 579,957 1,127,651
ING Office Fund 646,547 782,016
ING Real Estate Community Living Group 254,421 155,606
Lend Lease Corp. Ltd. 104,128 1,259,456
Macquarie CountryWide Trust 651,004 695,295
Macquarie DDR Trust 597,923 231,971
Macquarie Leisure Trust Group 73,350 168,063
Macquarie Office Trust 1,056,964 878,013
Mirvac Group 478,044 1,754,258
Mirvac Industrial Trust 327,568 118,113
Reckson New York Property Trust 207,789 73,027
Rubicon America Trust(a) 350,534 39,998
Rubicon Europe Trust Group(a) 369,471 33,390
Stockland 519,363 3,313,962
Sunland Group Ltd. 106,648 240,464
Tishman Speyer Office Fund 186,322 233,866
Valad Property Group 336,076 297,583
Westfield Group 690,288 11,216,305
-----------
Total Australia 34,411,905
------------------------------------------------------------------------------------
Belgium - 0.6%
Cofinimmo 3,352 727,345
------------------------------------------------------------------------------------
Denmark - 0.1%
Nordicom A/S 504 64,790
------------------------------------------------------------------------------------
Finland - 0.6%
Citycon Oyj* 35,912 220,789
Sponda Oyj(a) 28,357 371,597
Technopolis PLC 7,801 69,840
-----------
Total Finland 662,226
------------------------------------------------------------------------------------
France - 6.4%
Acanthe Developpement S.A. 114,308 429,270
Gecina S.A. 14,145 2,118,072
Klepierre 25,788 1,588,321
Mercialys 6,947 318,237
Societe de la Tour Eiffel 2,242 334,793
Societe Immobiliere De Location pour l'Industrie et
le Commerce 3,753 571,311
Unibail-Rodamco 7,408 1,913,468
-----------
Total France 7,273,472
------------------------------------------------------------------------------------
Germany - 0.7%
Deutsche Euroshop AG 8,966 377,198
DIC Asset AG 4,253 141,993
IVG Immobilien AG 10,198 286,342
----------
Total Germany 805,533
------------------------------------------------------------------------------------
Hong Kong - 26.7%
Cheung Kong (Holdings) Ltd. 390,769 5,548,093
GZI Real Estate Investment Trust 130,357 50,750
Hang Lung Group Ltd. 208,898 986,400
Hang Lung Properties Ltd. 769,209 2,722,872
Henderson Investment Ltd. 439,769 53,680
Henderson Land Development Co., Ltd. 459,610 3,265,697
Hysan Development Co., Ltd. 199,988 560,172
Kowloon Development Co., Ltd. 345,257 664,532
Link REIT (The) 404,421 896,883
New World Development Co., Ltd. 575,723 1,395,136
Shun TAK Holdings Ltd. 166,285 220,065
Sino Land Co. Ltd. 902,085 1,947,234
Sun Hung Kai Properties Ltd. 498,311 7,772,854
Swire Pacific Ltd. Class A 55,306 623,919
Swire Pacific Ltd. Class B 188,075 419,027
Wharf Holdings Ltd. 579,723 2,729,957
Wheelock & Co., Ltd. 110,838 310,461
-----------
Total Hong Kong 30,167,732
------------------------------------------------------------------------------------
Italy - 1.3%
Aedes SpA 20,091 61,060
Beni Stabili SpA 541,229 681,367
Immobiliare Grande Distribuzione 33,743 121,906
Pirelli & C Real Estate SpA 13,229 496,380
Risanamento SpA* 33,439 98,924
-----------
Total Italy 1,459,637
------------------------------------------------------------------------------------
Japan - 9.7%
Advance Residence Investment Corp. 27 93,585
Ardepro Co., Ltd. 539 27,184
Creed Office Investment Corp. 52 172,402
DA Office Investment Corp. 28 123,776
Frontier Real Estate Investment Corp. 15 127,794
Fukuoka REIT Corp. 27 164,656
Global One Real Estate Investment Corp. 25 281,308
Hankyu REIT, Inc. 22 131,733
Heiwa Real Estate Co., Ltd. 16,000 76,194
Japan Excellent, Inc. 20 122,369
Japan Logistics Fund, Inc. 12 80,293
Japan Prime Realty Investment Corp. 149 492,500
Japan Real Estate Investment Corp. 81 943,990
Japan Retail Fund Investment Corp. 102 644,577
Japan Single-Residence REIT, Inc. 27 65,374
Joint Corp. 2,619 16,919
Joint REIT Investment Corp. 12 33,878
Kenedix Realty Investment Corp. 52 315,025
See Notes to Financial Statements.
84 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree International Real Estate Fund
March 31, 2008
===================================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------------
Kenedix, Inc. 49 $ 54,152
LCP Investment Corp. 27 75,139
Leopalace21 Corp. 15,959 258,301
Meiwa Estate Co., Ltd. 10,850 77,831
MID REIT, Inc. 27 105,792
Mitsubishi Estate Co., Ltd. 33,128 805,443
Mitsui Fudosan Co., Ltd. 29,128 579,136
Mori Hills REIT Investment Corp. 5 31,848
Mori Trust Sogo REIT, Inc. 46 395,137
New City Residence Investment Corp. 55 171,297
Nippon Accommodations Fund, Inc. 22 106,093
Nippon Building Fund, Inc. 85 1,076,003
Nippon Commercial Investment Corp. 27 104,436
Nippon Residential Investment Corp. 58 202,783
Nomura Real Estate Holdings, Inc. 10,382 173,146
Nomura Real Estate Office Fund, Inc. 54 438,358
NTT Urban Development Corp. 83 119,244
Orix JREIT, Inc. 45 262,219
Premier Investment Co. 27 162,486
re-plus residential investment, Inc. 27 78,123
Shoei Co., Ltd. 313 3,906
Sumitomo Real Estate Sales Co., Ltd. 1,790 60,785
Sumitomo Realty & Development Co., Ltd. 6,770 119,505
Suncity Co., Ltd. 203 28,899
Suruga Corp. 4,950 14,223
TOC Co., Ltd. 12,559 94,380
Toho Real Estate Co., Ltd. 10,760 70,807
Tokyo Tatemono Co., Ltd. 23,000 151,585
Tokyu Land Corp. 27,128 170,342
Tokyu Livable, Inc. 2,387 20,216
Tokyu REIT, Inc. 49 369,217
Top REIT, Inc. 54 233,285
United Urban Investment Corp. 54 336,364
Urban Corp. 20,405 86,921
-----------
Total Japan 10,950,959
-----------------------------------------------------------------------------------
Netherlands - 1.5%
Eurocommercial Properties N.V. Class A 10,382 582,194
VastNed Offices/Industrial N.V.* 10,067 358,434
VastNed Retail N.V. 7,346 784,077
-----------
Total Netherlands 1,724,705
-----------------------------------------------------------------------------------
New Zealand - 0.9%
AMP NZ Office Trust 165,845 148,642
Goodman Property Trust 279,441 292,196
ING Property Trust 356,961 266,611
Kiwi Income Property Trust 292,356 278,119
-----------
Total New Zealand 985,568
-----------------------------------------------------------------------------------
Singapore - 7.6%
Allgreen Properties Ltd. 2,183,032 1,948,358
Ascendas Real Estate Investment Trust 515,503 890,249
CapitaCommercial Trust(a) 284,190 457,789
CapitaLand Ltd. 160,507 739,556
CapitaMall Trust 383,805 960,801
CDL Hospitality Trusts 13,000 19,526
City Developments Ltd. 126,540 1,011,843
Fortune Real Estate Investment Trust(a) 413,402 271,428
GuocoLand Ltd.(a) 82,768 239,629
Keppel Land Ltd. 27,128 109,248
Macquarie MEAG Prime Real Estate Investment Trust 387,300 345,666
Mapletree Logistics Trust 268,911 194,149
Singapore Land Ltd. 129,756 640,236
Suntec Real Estate Investment Trust(a) 313,212 329,541
United Industrial Corp., Ltd. 102,414 205,103
Wheelock Properties S Ltd.(a) 49,271 70,788
Wing Tai Holdings Ltd. 101,402 161,137
----------
Total Singapore 8,595,047
-----------------------------------------------------------------------------------
Spain - 2.2%
Afirma Grupo Inmobiliario S.A.* 13,402 55,426
Metrovacesa S.A.(a) 17,544 2,318,465
Renta Corp Real Estate S.A. 3,838 67,809
-----------
Total Spain 2,441,700
-----------------------------------------------------------------------------------
Sweden - 3.2%
Castellum AB(a) 36,977 452,083
Fabege AB(a) 69,122 740,183
Hufvudstaden AB Class A(a) 29,390 309,762
Klovern AB 50,232 204,996
Kungsleden Fastighet AB 116,149 1,444,530
Wallenstam Byggnads AB Class B 8,141 165,430
Wihlborgs Fastigheter AB 14,139 323,674
-----------
Total Sweden 3,640,658
-----------------------------------------------------------------------------------
Switzerland - 0.5%
Allreal Holding AG 2,696 381,346
Intershop Holdings 715 234,948
-----------
Total Switzerland 616,294
-----------------------------------------------------------------------------------
United Kingdom - 6.9%
Big Yellow Group PLC 10,948 94,598
British Land Co. PLC 70,755 1,290,239
Brixton PLC 59,436 389,826
Capital & Regional PLC 68 743
Daejan Holdings PLC 2,169 133,637
DTZ Holdings PLC 9,109 39,105
Grainger PLC 12,024 98,339
Great Portland Estates PLC 25,168 264,863
Hammerson PLC 34,243 758,165
Helical Bar PLC 9,616 71,860
Land Securities Group PLC 93,563 2,806,081
Liberty International PLC(a) 34,615 671,117
Quintain Estates & Development PLC 15,736 140,973
Savills PLC 47 329
Segro Plc 53,783 543,020
Shaftesbury PLC 10,396 119,323
St. Modwen Properties PLC 18,390 179,187
UNITE Group PLC 8,089 52,732
Warner Estate (Holdings) PLC 85 541
Workspace Group PLC 15,635 85,300
-----------
Total United Kingdom 7,739,978
-----------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Funds 85
Schedule of Investments (concluded)
WisdomTree International Real Estate Fund
March 31, 2008
===================================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $128,896,430) $112,267,549
===================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 4.3%
MONEY MARKET FUNDS(b) - 4.3%
AIM Liquid Assets Portfolio, 3.14% 1 1
UBS Private Money Market Fund LLC, 3.17% 4,824,158 4,824,158
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $4,824,159)(c) 4,824,159
===================================================================================
TOTAL INVESTMENTS IN SECURITIES - 103.7%
(Cost: $133,720,589) 117,091,708
Liabilities in Excess of Foreign Currency and Other
Assets - (3.7)% (4,129,493)
------------
NET ASSETS - 100.0% $112,962,215
===================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $3,985,373, and the total market value of the collateral held by the
Fund was $4,824,159.
See Notes to Financial Statements.
86 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree Emerging Markets High-Yielding Equity Fund
March 31, 2008
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 98.6%
Brazil - 14.0%
AES Tiete S.A. 12,508,000 $ 486,013
Brasil Telecom Participacoes S.A. 16,124 453,704
Cia de Concessoes Rodoviarias 41,598 618,558
Cia Energetica de Minas Gerais 19,798 311,378
CPFL Energia S.A. 120,598 2,434,721
Gerdau S.A. 26,798 691,215
Grendene S.A. 14,498 149,250
Localiza Rent A Car S.A. 33,098 316,120
Petroleo Brasileiro S.A. 254,796 13,055,288
Souza Cruz S.A. 52,398 1,357,523
Telecomunicacoes de Sao Paulo S.A. 61,898 1,378,146
Tractebel Energia S.A. 149,998 1,895,886
-----------
Total Brazil 23,147,802
--------------------------------------------------------------------------------
Chile - 2.0%
Banco de Chile 9,140,695 802,649
Banco Santander Chile S.A. 21,178,041 1,066,537
CorpBanca S.A. 33,255,450 232,183
Empresa Nacional de Telecomunicaciones S.A. 23,197 413,123
Empresas Iansa S.A. 180,555 12,193
Inversiones Aguas Metropolitanas S.A. 247,109 321,862
Lan Airlines S.A.* 33,342 471,680
-----------
Total Chile 3,320,227
--------------------------------------------------------------------------------
China - 2.5%
Angang Steel Co., Ltd. Class H 193,996 442,687
Anhui Expressway Co. Class H 143,984 103,416
Chongqing Iron & Steel Co., Ltd. Class H 131,984 45,787
Huaneng Power International, Inc. Class H 591,992 449,536
PetroChina Co. Ltd. Class H 2,485,968 3,104,725
Shenzhen Expressway Co., Ltd. Class H 103,984 79,496
-----------
Total China 4,225,647
--------------------------------------------------------------------------------
Czech Republic - 1.8%
Komercni Banka A.S. 5,489 1,317,945
Telefonica O2 Czech Republic A.S. 53,702 1,727,553
-----------
Total Czech Republic 3,045,498
--------------------------------------------------------------------------------
Hungary - 0.6%
Magyar Telekom Telecommunications PLC 202,590 998,828
--------------------------------------------------------------------------------
Indonesia - 1.5%
Gudang Garam Tbk PT 268,496 223,139
International Nickel Indonesia Tbk PT 2,286,960 1,739,133
Tempo Scan Pacific Tbk PT 556,442 36,270
Unilever Indonesia Tbk PT 770,904 577,864
-----------
Total Indonesia 2,576,406
--------------------------------------------------------------------------------
Isreal - 6.1%
Bank Hapoalim BM 223,212 859,565
Bank Leumi Le-Israel BM 460,655 1,969,587
Bezeq Israeli Telecommunication Corp. Ltd. 1,079,417 2,017,231
Blue Square-Israel Ltd. 1,852 19,398
Clal Industries and Investments Ltd. 27,452 141,860
Delek Automotive Systems Ltd. 19,997 280,280
Discount Investment Corp. 17,951 460,968
IDB Development Corp., Ltd. 31,164 960,955
IDB Holding Corp., Ltd. 17,319 542,376
Israel Chemicals Ltd. 142,822 1,993,721
Migdal Insurance & Financial Holding Ltd. 173,668 250,742
Mizrahi Tefahot Bank Ltd. 34,064 266,019
Partner Communications Co. 16,719 369,256
-----------
Total Israel 10,131,958
--------------------------------------------------------------------------------
Malaysia - 6.7%
Batu Kawan Bhd 48,500 153,150
Berjaya Sports Toto Bhd 441,500 710,872
British American Tobacco (Malaysia) Bhd* 64,500 857,042
Fraser & Neave Holdings Bhd+ 55,300 135,721
Gamuda Bhd 227,900 235,132
Hong Leong Bank Bhd 164,500 298,296
Malayan Banking Bhd 846,500 2,236,337
Malaysian Bulk Carriers Bhd 223,400 298,938
Padiberas Nasional Bhd 58,400 32,683
Petronas Gas Bhd 227,500 711,271
PLUS Expressways Bhd 680,200 680,519
Public Bank Bhd 615,000 2,018,915
Shell Refining Co. Federation of Malaya Bhd 67,000 228,326
SP Setia Bhd 105,500 122,701
Star Publications Malaysia Bhd 115,900 123,927
Telekom Malaysia Bhd 352,400 1,167,872
Uchi Technologies Bhd 85,700 49,569
UMW Holdings Bhd 117,200 221,685
Unisem M Bhd 102,800 40,175
YTL Power International Bhd 975,064 740,786
----------
Total Malaysia 11,063,917
--------------------------------------------------------------------------------
Mexico - 3.8%
Consorcio ARA SAB de C.V. 146,500 149,156
Embotelladoras Arca SAB de C.V. 123,898 477,398
Grupo Carso SAB de C.V. Series A1 368,194 1,547,115
Grupo Continental SAB de C.V.* 292,196 705,384
Grupo Mexico SAB de C.V. Series B 342,694 2,271,112
Grupo Modelo SAB de C.V. Series C 73,898 322,913
Kimberly-Clark de Mexico SAB de C.V. Series A* 173,996 770,753
----------
Total Mexico 6,243,831
--------------------------------------------------------------------------------
Philippines - 1.5%
Bank of the Philippine Islands 339,894 431,276
Globe Telecom, Inc. 18,968 683,429
Philippine Long Distance Telephone Co. 20,618 1,389,506
----------
Total Philippines 2,504,211
--------------------------------------------------------------------------------
Poland - 2.6%
Bank Millennium S.A. 108,327 404,710
KGHM Polska Miedz S.A. 47,825 2,207,026
Telekomunikacja Polska S.A. 167,213 1,665,386
-----------
Total Poland 4,277,122
--------------------------------------------------------------------------------
Russia - 1.0%
Mechel ADR* 15,074 1,715,270
--------------------------------------------------------------------------------
South Africa - 7.1%
Afgri Ltd. 101,763 93,918
See Notes to Financial Statements.
WisdomTree International Dividend Funds 87
Schedule of Investments (continued)
WisdomTree Emerging Markets High-Yielding Equity Fund
March 31, 2008
==============================================================================
Investments Shares U.S. $ Value
------------------------------------------------------------------------------
African Bank Investments Ltd. 86,649 $ 284,156
African Oxygen Ltd. 45,445 152,947
Anglo Platinum Ltd. 30,404 4,452,194
Astral Foods Ltd. 6,370 75,877
Highveld Steel and Vanadium Corp. Ltd.* 20,887 429,203
Hulamin Ltd. 12,118 35,758
Illovo Sugar Ltd. 36,141 131,818
JD Group Ltd. 13,143 59,048
Lewis Group Ltd. 15,952 82,248
Liberty Group Ltd. 32,408 292,756
Metropolitan Holdings Ltd. 175,461 289,322
Nampak Ltd. 77,907 157,223
Northam Platinum Ltd.(a) 49,800 435,769
Pick'n Pay Holdings Ltd. 64,325 97,598
Pick'n Pay Stores Ltd. 48,940 171,635
Pretoria Portland Cement Co., Ltd. 71,910 354,396
Remgro Ltd. 57,784 1,393,173
Reunert Ltd. 33,738 234,566
Telkom S.A. Ltd. 146,170 2,359,873
Tongaat-Hulett 12,007 131,809
-----------
Total South Africa 11,715,287
------------------------------------------------------------------------------
South Korea - 7.9%
Daegu Bank 10,110 135,773
GS Home Shopping, Inc. 167 10,624
Kolon Engineering & Construction Co., Ltd. 265 2,890
Kookmin Bank 44,016 2,462,246
Korea Exchange Bank 128,720 1,715,660
KT Corp. 39,650 1,879,707
KT&G Corp. 15,612 1,223,296
SK Telecom Co., Ltd. 1,156 217,695
SK Telecom Co., Ltd. ADR* 72,703 1,571,112
S-Oil Corp. 61,318 3,906,867
-----------
Total South Korea 13,125,870
------------------------------------------------------------------------------
Taiwan - 29.6%
Acer, Inc. 331,485 593,584
Advantech Co., Ltd 67,851 160,361
Altek Corp. 42,600 65,906
Cheng Loong Corp. 133,000 52,973
China Motor Corp. 232,360 224,868
China Steel Corp. 3,242,280 5,122,845
Chung HWA Pulp 136,000 104,531
Chunghwa Telecom Co., Ltd. 1,974,363 5,192,698
Compal Communications, Inc. 73,950 131,934
Compal Electronics, Inc. 551,890 529,553
Eastern Media International Corp. 229,000 80,656
Evergreen Marine Corp. (Taiwan) Ltd. 729,000 719,893
Far EasTone Telecommunications Co., Ltd. 651,209 1,114,662
Feng Hsin Iron & Steel Co. 129,000 312,102
First Financial Holding Co., Ltd. 964,360 1,011,039
Formosa Chemicals & Fibre Corp. 1,342,000 3,480,953
Formosa International Hotels Corp. 9,000 144,867
Formosa Petrochemical Corp. 1,751,000 5,204,671
Formosa Plastics Corp. 1,068,000 3,230,771
Fubon Financial Holding Co., Ltd. 932,000 1,058,411
Gigabyte Technology Co., Ltd. 157,000 124,031
Hotai Motor Co., Ltd. 120,000 351,552
Inventec Appliances Corp. 103,450 206,018
Kinpo Electronics, Inc. 260,200 90,789
LEE Chang Yung Chem IND Corp. 80,960 94,606
LITE-ON IT Corp. 120,045 102,344
Lite-On Technology Corp. 362,869 422,239
Mega Financial Holding Co., Ltd. 2,447,000 1,921,065
Nan Ya Plastics Corp. 1,340,000 3,330,206
Novatek Microelectronics Corp. Ltd. 75,159 274,614
POU Chen Corp. 320,715 311,959
President Chain Store Corp. 107,000 366,299
Quanta Computer, Inc. 541,440 747,656
Shihlin Electric & Engineering Corp. 76,000 103,695
Sincere Navigation Corp. 95,000 194,506
SinoPac Financial Holdings Co., Ltd 1,098,000 520,456
Sunplus Technology Co., Ltd. 65,000 80,342
Taiwan Cement Corp. 426,040 826,010
Taiwan Fertilizer Co., Ltd. 106,000 462,319
Taiwan Mobile Co., Ltd. 714,880 1,376,602
Taiwan Secom Co., Ltd. 65,000 133,939
Taiwan Semiconductor Manufacturing Co., Ltd. 2,754,000 5,720,220
Teco Electric and Machinery Co., Ltd. 254,000 156,349
Tung Ho Steel Enterprise Corp. 168,000 315,213
U-Ming Marine Transport Corp. 214,000 645,955
Wan Hai Lines Ltd. 514,000 478,816
Wintek Corp. 228,000 205,639
Yang Ming Marine Transport Corp. 806,075 635,478
Yuen Foong Yu Paper Manufacturing Co., Ltd. 167,560 75,287
Yulon Motor Co., Ltd. 193,848 282,035
-----------
Total Taiwan 49,093,517
------------------------------------------------------------------------------
Thailand - 8.1%
Advanced Info Service PCL 693,990 2,204,192
Airports of Thailand PCL 199,196 360,622
Asia Plus Securities PCL 638,452 67,728
Bangkok Expressway PCL 114,588 73,881
Banpu PCL 27,798 367,285
CalComp Electronics (Thailand) PCL 1,044,378 174,146
Charoen Pokphand Foods PCL 967,694 140,152
Delta Electronics Thai PCL 349,962 234,531
Electricity Generating PCL 57,498 175,315
Hana Microelectronics PCL 180,084 105,814
Kiatnakin Bank PCL 134,798 123,089
Kim Eng Securities Thailand PCL 124,190 93,877
Krung Thai Bank PCL 1,602,214 513,971
Major Cineplex Group PCL 102,986 59,531
MCOT PCL 120,086 106,794
Phatra Securities PCL 18,100 20,408
Precious Shipping PCL 250,996 193,718
PTT Aromatics & Refining PCL* 450,391 540,011
PTT Chemical PCL 205,996 686,980
PTT PCL 376,294 3,776,684
See Notes to Financial Statements.
88 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree Emerging Markets High-Yielding Equity Fund
March 31, 2008
=============================================================================
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
Ratchaburi Electricity Generating Holding PCL 182,496 $ 268,078
Regional Container Lines PCL 35,700 27,667
Samart Corp. PCL 297,186 72,680
Siam Cement PCL 217,096 1,475,576
Siam City Bank PCL* 65,300 35,673
Siam City Cement PCL 35,898 259,957
Thai Airways International PCL 176,996 163,026
Thai Oil PCL 320,894 713,438
Thai Union Frozen Products PCL 128,584 82,088
Thoresen Thai Agencies PCL 89,098 120,269
Tisco Bank PCL 164,882 153,178
------------
Total Thailand 13,390,359
-----------------------------------------------------------------------------
Turkey - 1.8%
Adana Cimento Class A 12,112 57,115
Akcansa Cimento A.S. 35,890 143,721
Aksigorta A.S.* 44,291 161,118
Arcelik A.S. 58,951 233,863
Cimsa Cimento Sanayi VE Tica 17,078 85,007
Dogan Sirketler Grubu Holdings* 42,868 42,996
Dogus Otomotiv Servis ve Ticaret A.S. 32,297 124,498
Ford Otomotiv Sanayi A.S. 110,149 857,447
Mardin Cimento Sanayii 28,462 109,715
Mardin Cimento Sanayii 5,688 18,052
Trakya Cam Sanayi A.S. 106,015 133,312
Tupras Turkiye Petrol Rafine 44,369 979,705
------------
Total Turkey 2,946,549
-----------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $164,711,998) 163,522,299
=============================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.2%
MONEY MARKET FUND(b) - 0.2%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $323,750)(c) 323,750 323,750
=============================================================================
TOTAL INVESTMENTS IN SECURITIES - 98.8%
(Cost: $165,035,748) 163,846,049
Cash, Foreign Currency and Other Assets in Excess
of Liabilities - 1.2% 1,967,243
------------
NET ASSETS - 100.0% $165,813,292
=============================================================================
ADR - American Depositary Receipt
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $307,022 and the total market value of the collateral held by the Fund
was $323,750.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 89
Schedule of Investments
WisdomTree Emerging Markets SmallCap Dividend Fund
March 31, 2008
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 90.6%
Argentina - 0.1%
Banco Macro S.A. ADR 2,453 $ 62,184
--------------------------------------------------------------------------------
Brazil - 2.0%
Cia de Saneamento de Minas Gerais-COPASA 11,600 175,808
Grendene S.A. 19,200 197,655
Localiza Rent A Car S.A. 39,900 381,087
Lojas Renner S.A. 9,000 168,007
Obrascon Huarte Lain Brasil S.A. 5,800 58,713
Totvs S.A.* 2,200 67,680
----------
Total Brazil 1,048,950
--------------------------------------------------------------------------------
Chile - 2.4%
Almendral S.A. 663,938 77,511
Cia Cervecerias Unidas S.A. 36,681 261,977
Cia de Telecomunicaciones de Chile S.A. Class A 71,834 152,926
CorpBanca S.A. 36,323,507 253,604
Empresas Iansa S.A. 738,011 49,837
Inversiones Aguas Metropolitanas S.A. 293,885 382,787
La Polar S.A. 5,297 31,829
Vina Concha y Toro S.A. 36,033 66,812
----------
Total Chile 1,277,283
--------------------------------------------------------------------------------
China - 0.7%
Anhui Expressway Co. Class H 216,030 155,163
Chongqing Iron & Steel Co., Ltd. Class H 192,026 66,617
Harbin Power Equipment Class H 16,802 29,835
Shenzhen Expressway Co., Ltd. Class H 168,024 128,455
----------
Total China 380,070
--------------------------------------------------------------------------------
Indonesia - 3.4%
Bank Internasional Indonesia Tbk PT 6,465,270 326,599
Gudang Garam Tbk PT 418,256 347,600
Indocement Tunggal Prakarsa Tbk PT 150,020 114,899
Medco Energi Internasional Tbk PT 432,058 156,067
Ramayana Lestari Sentosa Tbk PT 995,536 87,603
Tambang Batubara Bukit Asam Tbk PT 304,242 332,171
Tempo Scan Pacific Tbk PT 967,932 63,092
United Tractors Tbk PT 255,034 347,711
----------
Total Indonesia 1,775,742
--------------------------------------------------------------------------------
Israel - 9.9%
Blue Square-Israel Ltd. 7,490 78,449
Clal Industries and Investments Ltd. 41,540 214,660
Clal Insurance Enterprise Holdings 3,792 73,045
Delek Automotive Systems Ltd. 31,551 442,222
Discount Investment Corp. 25,435 653,151
Elbit Imaging Ltd. 4,084 172,651
Elbit Systems Ltd. 3,364 184,219
Gazit Globe Ltd. 10,379 99,333
Harel Insurance Investments & Finances Ltd. 2,128 105,025
IDB Development Corp., Ltd. 46,749 1,441,525
IDB Holding Corp., Ltd. 25,265 791,218
Industrial Buildings Corp. 30,900 71,658
Migdal Insurance & Financial Holding Ltd. 241,918 349,281
Mizrahi Tefahot Bank Ltd. 37,266 291,024
Ormat Industries Ltd. 7,410 91,837
Strauss Group Ltd. 11,721 169,261
----------
Total Israel 5,228,559
--------------------------------------------------------------------------------
Malaysia - 9.4%
Affin Holdings Bhd 115,800 72,047
AMMB Holdings Bhd 113,800 122,392
Batu Kawan Bhd 65,000 205,252
Berjaya Sports Toto Bhd 568,200 914,876
EON Capital Bhd 65,000 93,075
Fraser & Neave Holdings Bhd+ 79,500 195,115
Gamuda Bhd 289,400 298,584
Hong Leong Financial Group Bhd 129,900 180,321
IGB Corp. Bhd 19,100 9,375
IJM Corp. Bhd 76,500 145,897
Lafarge Malayan Cement Bhd 69,490 92,117
Magnum Corp. Bhd 206,500 216,927
Malaysian Bulk Carriers Bhd 300,500 402,107
Petronas Dagangan Bhd 120,800 302,142
POS Malaysia Bhd 125,000 73,472
PPB Group Bhd 112,800 359,719
Proton Holdings Bhd* 11,100 13,396
Sarawak Energy Bhd 134,900 88,991
Shell Refining Co. Federation of Malaya Bhd 86,800 295,801
SP Setia Bhd 154,000 179,109
Star Publications Malaysia Bhd 158,900 169,905
Titan Chemicals Corp. Bhd 298,400 123,148
Uchi Technologies Bhd 107,100 61,946
UMW Holdings Bhd 153,000 289,400
Unisem M Bhd 153,800 60,106
----------
Total Malaysia 4,965,220
--------------------------------------------------------------------------------
Mexico - 3.4%
Consorcio ARA SAB de C.V. 307,602 313,179
Gruma SAB de C.V. Class B 49,208 117,270
Grupo Aeroportuario del Sureste SAB de C.V.
Class B 16,802 95,457
Grupo Continental SAB de C.V.* 417,656 1,008,253
Mexichem SAB de C.V. 31,204 160,312
Vitro SAB de C.V. Series A(a) 40,806 72,801
----------
Total Mexico 1,767,272
--------------------------------------------------------------------------------
Philippines - 1.0%
Banco de Oro-EPCI, Inc. 48,006 59,763
First Gen Corp. 105,374 100,909
Jollibee Foods Corp. 74,410 85,508
Metropolitan Bank & Trust 68,410 65,511
Petron Corp. 631,286 86,146
Universal Robina Corp. 380,932 127,677
----------
Total Philippines 525,514
--------------------------------------------------------------------------------
Poland - 0.5%
Asseco Poland S.A. 1,612 52,742
See Notes to Financial Statements.
90 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Emerging Markets SmallCap Dividend Fund
March 31, 2008
============================================================================
Investments Shares U.S. $ Value
----------------------------------------------------------------------------
Kredyt Bank S.A. 13,087 $ 129,752
Pfleiderer Grajewo S.A. 5,085 66,915
----------
Total Poland 249,409
----------------------------------------------------------------------------
South Africa - 11.6%
Aeci Ltd. 12,404 97,687
Afgri Ltd. 106,314 98,118
African Bank Investments Ltd. 188,019 616,589
African Oxygen Ltd. 63,841 214,859
Astral Foods Ltd. 9,340 111,255
AVI Ltd. 37,276 72,474
Caxton and CTP Publishers and Printers Ltd. 68,278 121,827
City Lodge Hotels Ltd. 5,042 46,533
DataTec Ltd. 54,748 184,593
Discovery Holdings Ltd. 57,515 171,982
ElementOne Ltd. 3,977 23,735
Foschini Ltd. 58,676 278,055
Grindrod Ltd. 71,741 194,658
Highveld Steel and Vanadium Corp. Ltd. 30,422 625,137
Illovo Sugar Ltd. 52,941 193,093
Lewis Group Ltd. 18,316 94,437
Medi-Clinic Corp. Ltd. 39,525 95,815
Metropolitan Holdings Ltd. 269,968 445,158
Mr. Price Group Ltd. 29,801 66,742
Nampak Ltd. 111,322 224,658
New Clicks Holdings Ltd. 43,179 75,131
Northam Platinum Ltd.(a) 82,469 721,636
Pick'n Pay Holdings Ltd. 81,249 123,276
Pick'n Pay Stores Ltd. 70,236 246,321
PSG Group Ltd. 19,182 41,543
Shoprite Holdings Ltd. 55,336 257,393
Spar Group Ltd (The) 17,530 104,621
Tongaat-Hulett 23,588 258,941
Truworths International Ltd. 81,388 255,386
Wilson Bayly Holmes-Ovcon Ltd. 2,078 33,498
----------
Total South Africa 6,095,151
----------------------------------------------------------------------------
South Korea - 8.4%
Asiana Airlines 14,562 98,663
Bukwang Pharmaceutical Co., Ltd. 3,916 128,526
Cheil Communications, Inc. 520 125,228
Cheil Industries, Inc. 3,883 188,788
CJ Home Shopping 1,155 73,707
Daeduck Electronics Co. 13,140 70,321
Daegu Bank 17,690 237,570
Dongbu Corp. 3,230 51,857
Dongbu Insurance Co., Ltd. 4,400 168,829
Glovis Co., Ltd. 878 49,470
GS Home Shopping, Inc. 1,058 67,303
Halla Climate Control 14,740 119,367
Hankook Tire Co., Ltd. 8,580 136,019
Hanwha Chem Corp. 8,290 140,211
Hotel Shilla Co., Ltd. 2,890 79,228
Hyosung Corp. 1,699 114,771
Hyundai Marine & Fire Insurance Co., Ltd. 5,800 122,401
Kolon Engineering & Construction Co., Ltd. 5,480 59,761
Korea Kumho Petrochemical Co. 1,570 90,838
Korean Reinsurance Co.(a) 9,629 98,199
Kumho Industrial Co., Ltd. 2,447 112,547
Kumho Tire Co., Inc. 7,650 81,108
LG Dacom Corp. 8,360 157,855
LG Household & Health Care Ltd. 550 94,689
LS Cable Ltd. 2,880 260,272
LS Industrial Systems Co., Ltd. 2,223 136,924
Nong Shim Co., Ltd. 545 99,331
Poongsan Corp. 4,280 74,549
Pusan Bank 16,290 203,964
S1 Corp. 3,300 171,273
Samsung Fine Chemicals Co., Ltd. 2,011 109,449
Samsung SDI Co., Ltd. 2,132 167,701
Seoul Securities Co., Ltd. 30,840 49,202
SFA Engineering Corp. 1,188 78,572
SKC Co., Ltd. 2,380 49,746
STX Engine Co., Ltd. 4 186
Taihan Electric Wire Co., Ltd. 3,300 177,937
Woongjin Coway Co., Ltd. 3,800 114,727
Woongjin Holdings Co., Ltd. 3,600 73,792
----------
Total South Korea 4,434,881
----------------------------------------------------------------------------
Taiwan - 22.1%
Advantech Co., Ltd 76,000 179,621
Altek Corp. 43,000 66,525
Asia Optical Co., Inc. 37,000 99,383
Cheng Loong Corp. 191,000 76,074
Cheng Shin Rubber Industry Co., Ltd. 90,000 182,788
China Motor Corp. 270,000 261,295
Chung HWA Pulp 137,000 105,300
Compal Communications, Inc. 71,000 126,671
D-Link Corp. 40,000 65,966
Eastern Media International Corp. 279,000 98,267
Epistar Corp. 30,000 84,037
Eternal Chemical Co., Ltd. 64,000 74,577
Eva Airways Corp. 230,000 137,790
Evergreen Marine Corp. (Taiwan) Ltd. 855,000 844,320
Everlight Electronics Co., Ltd. 40,000 135,618
Feng Hsin Iron & Steel Co. 132,000 319,360
Forhouse Corp. 75,000 46,413
Formosa Taffeta Co., Ltd. 190,000 215,145
Gigabyte Technology Co., Ltd. 171,000 135,091
Hotai Motor Co., Ltd. 131,000 383,779
Inventec Appliances Corp. 117,000 233,003
Inventec Co., Ltd. 290,000 177,554
King Yuan Electronics Co., Ltd. 170,000 87,855
Kinpo Electronics, Inc. 266,000 92,813
Largan Precision Co., Ltd. 10,000 104,182
LEE Chang Yung Chem IND Corp. 100,000 116,855
LITE-ON IT Corp. 300,000 255,764
Micro-Star International Co., Ltd. 77,000 66,026
See Notes to Financial Statements.
WisdomTree International Dividend Funds 91
Schedule of Investments (concluded)
WisdomTree Emerging Markets SmallCap Dividend Fund
March 31, 2008
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Mitac International 160,000 $ 144,835
Mosel Vitelic, Inc. 71,000 58,661
Phoenix Precision Technology Corp. 96,000 67,625
POU Chen Corp. 360,000 350,170
Powertech Technology, Inc. 41,000 147,106
President Chain Store Corp. 130,000 445,037
Realtek Semiconductor Corp. 40,000 119,291
Shihlin Electric & Engineering Corp. 81,000 110,517
Sincere Navigation Corp. 90,000 184,269
Sunplus Technology Co., Ltd. 116,000 143,380
Synnex Technology International Corp. 120,000 326,272
Ta Chong Bank Co., Ltd. 220,000 76,038
Taiwan Fertilizer Co., Ltd. 133,000 580,079
Taiwan Glass Industrial Corp. 90,000 110,206
Taiwan Secom Co., Ltd. 80,000 164,848
Teco Electric and Machinery Co., Ltd. 262,000 161,273
Transcend Information, Inc. 31,000 91,940
Tripod Technology Corp. 20,000 67,480
Tung Ho Steel Enterprise Corp. 200,000 375,253
U-Ming Marine Transport Corp. 264,000 796,880
Unimicron Technology Corp. 97,000 134,104
Wan Hai Lines Ltd. 600,000 558,930
Wintek Corp. 260,000 234,500
Wistron Corp. 140,000 223,045
Yang Ming Marine Transport Corp. 938,000 739,482
Yuen Foong Yu Paper Manufacturing Co., Ltd. 232,000 104,241
Yulon Motor Co., Ltd. 210,000 305,534
Zyxel Communications Corp. 60,000 70,311
-----------
Total Taiwan 11,663,379
--------------------------------------------------------------------------------
Thailand - 12.8%
Airports of Thailand PCL(a) 260,796 472,141
Bangkok Dusit Medical Service PCL 88,932 89,680
Bangkok Expressway PCL 160,702 103,613
Banpu PCL 39,726 524,885
BEC World PCL 130,578 118,198
CalComp Electronics (Thailand) PCL 1,506,804 251,254
Charoen Pokphand Foods PCL 1,345,862 194,922
CP ALL PCL 660,690 218,236
Delta Electronics Thai PCL 503,108 337,162
Electricity Generating PCL 85,212 259,817
Glow Energy PCL 120,976 122,955
Hana Microelectronics PCL 224,190 131,730
Kiatnakin Bank PCL 187,106 170,853
Kim Eng Securities Thailand PCL 154,702 116,942
Land and Houses PCL 795,708 246,408
Major Cineplex Group PCL 194,306 112,319
MCOT PCL 175,104 155,723
Minor International PCL(a) 189,506 101,720
Phatra Securities PCL 116,176 130,991
Precious Shipping PCL 344,326 265,749
PTT Aromatics & Refining PCL* 606,955 727,729
Ratchaburi Electricity Generating Holding PCL 265,596 390,149
Regional Container Lines PCL 177,504 137,561
Siam City Bank PCL(a) 391,494 213,870
Siam City Cement PCL 52,448 379,804
Thai Airways International PCL 251,194 231,368
Thai Union Frozen Products PCL 213,510 136,305
Thoresen Thai Agencies PCL(a) 108,976 147,101
Tisco Bank PCL 229,352 213,071
TPI Polene PCL 245,794 51,524
-----------
Total Thailand 6,753,780
--------------------------------------------------------------------------------
Turkey - 2.9%
Adana Cimento Class A 18,116 85,427
Akcansa Cimento A.S. 51,539 206,387
Aksigorta A.S.* 65,885 239,671
Cimsa Cimento Sanayi VE Tica 20,429 101,686
Dogus Otomotiv Servis ve Ticaret A.S. 30,546 117,748
Hurriyet Gazetecilik A.S. 44,436 67,851
Mardin Cimento Sanayii 33,333 128,492
Petrol Ofisi A.S.* 55,420 226,077
Tofas Turk Otomobil Fabrikasi A.S. 34,331 110,496
Trakya Cam Sanayi A.S. 122,151 153,603
Ulker Biskuvi Sanayi A.S. 8,593 17,109
Yazicilar Holding A.S. Class A 14,164 74,743
-----------
Total Turkey 1,529,290
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $50,831,898) 47,756,684
================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 2.4%
MONEY MARKET FUND(b) - 2.4%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $1,268,650)(c) 1,268,650 1,268,650
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 93.0%
(Cost: $52,100,548) 49,025,334
Foreign Currency and Other Assets in Excess of
Liabilities - 7.0% 3,716,180
-----------
NET ASSETS - 100.0% $52,741,514
================================================================================
ADR - American Depositary Receipt.
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $1,183,244 and the total market value of the collateral held by the
Fund was $1,268,650.
See Notes to Financial Statements.
92 WisdomTree International Dividend Funds
Statements of Assets and Liabilities
WisdomTree International Dividend Funds
March 31, 2008
=============================================================================================================
WisdomTree
DEFA
WisdomTree High-Yielding
DEFA Fund Equity Fund
------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $ 454,703,196 $ 258,968,412
Foreign currency, at cost 506,179 316,809
------------------------------------------------------------------------------------------------------------
Investments in securities, at value (including securities on loan) (Note 2) 431,736,422 244,996,896
Cash 101,706 -
Foreign currency, at value 507,033 319,024
Receivables:
Investment securities sold 675,945 399,127
Dividends and interest 1,957,406 1,455,088
Foreign tax reclaims 108,064 57,310
------------------------------------------------------------------------------------------------------------
Total Assets 435,086,576 247,227,445
============================================================================================================
LIABILITIES:
Due to foreign custodian - -
Payables:
Investment securities purchased - -
Collateral for securities on loan (Note 2) 9,539,155 6,702,976
Advisory fees (Note 3) 159,779 115,983
Service fees (Note 2) 1,465 880
------------------------------------------------------------------------------------------------------------
Total Liabilities 9,700,399 6,819,839
============================================================================================================
NET ASSETS $ 425,386,177 $ 240,407,606
============================================================================================================
NET ASSETS:
Paid-in capital $ 449,123,670 $ 253,839,389
Undistributed net investment income 2,853,100 1,744,192
Accumulated net realized loss on investments and foreign currency
related transactions (3,635,170) (1,228,272)
Net unrealized depreciation on investments and translation of assets
and liabilities denominated in foreign currencies (22,955,423) (13,947,703)
------------------------------------------------------------------------------------------------------------
NET ASSETS $ 425,386,177 $ 240,407,606
============================================================================================================
Outstanding beneficial interest shares of $0.001 par value (unlimited
number of shares authorized) 6,750,000 4,000,000
------------------------------------------------------------------------------------------------------------
Net asset value per share $ 63.02 $ 60.10
============================================================================================================
WisdomTree WisdomTree
WisdomTree Europe Europe
Europe Total High-Yielding SmallCap
Dividend Fund Equity Fund Dividend Fund
---------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $43,722,327 $ 49,688,546 $ 60,574,567
Foreign currency, at cost 63,102 17,054 -
---------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value (including securities on loan) (Note 2) 43,381,644 47,135,773 52,177,232
Cash - - -
Foreign currency, at value 63,672 17,192 -
Receivables:
Investment securities sold 56,498 - 813,498
Dividends and interest 171,422 297,616 199,986
Foreign tax reclaims 31,230 17,452 31,917
---------------------------------------------------------------------------------------------------------------------------
Total Assets 43,704,466 47,468,033 53,222,633
===========================================================================================================================
LIABILITIES:
Due to foreign custodian - - 194,331
Payables:
Investment securities purchased - - 589,121
Collateral for securities on loan (Note 2) 287,665 323,350 5,637,129
Advisory fees (Note 3) 17,315 22,652 24,205
Service fees (Note 2) 159 172 184
---------------------------------------------------------------------------------------------------------------------------
Total Liabilities 305,139 346,174 6,444,970
===========================================================================================================================
NET ASSETS $43,399,327 $ 47,121,859 $ 46,777,663
===========================================================================================================================
NET ASSETS:
Paid-in capital $44,153,301 $ 49,881,149 $ 57,493,552
Undistributed net investment income 250,223 301,476 154,107
Accumulated net realized loss on investments and foreign currency
related transactions (668,898) (510,313) (2,507,505)
Net unrealized depreciation on investments and translation of assets
and liabilities denominated in foreign currencies (335,299) (2,550,453) (8,362,491)
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS $43,399,327 $ 47,121,859 $ 46,777,663
===========================================================================================================================
Outstanding beneficial interest shares of $0.001 par value (unlimited
number of shares authorized) 700,000 800,000 800,000
---------------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 62.00 $ 58.90 $ 58.47
===========================================================================================================================
See Notes to Financial Statements.
WisdomTree International Dividend Funds 93
Statements of Assets and Liabilities (continued)
WisdomTree International Dividend Funds
March 31, 2008
=============================================================================================================
WisdomTree
WisdomTree Japan
Japan Total High-Yielding
Dividend Fund Equity Fund
-------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $ 33,726,926 $ 36,573,796
Foreign currency, at cost 46,106 71,009
-------------------------------------------------------------------------------------------------------------
Investments in securities, at value (including securities on loan) (Note 2) 28,879,320 29,405,748
Foreign currency, at value 47,332 73,404
Receivables:
Investment securities sold - -
Foreign currency spot contracts - -
Dividends and interest 377,243 368,053
Foreign tax reclaims - -
-------------------------------------------------------------------------------------------------------------
Total Assets 29,303,895 29,847,205
=============================================================================================================
LIABILITIES:
Due to foreign custodian 84,831 -
Payables:
Investment securities purchased - -
Foreign currency spot contracts - -
Collateral for securities on loan (Note 2) 199,755 78,841
Advisory fees (Note 3) 15,183 14,535
Service fees (Note 2) 139 110
-------------------------------------------------------------------------------------------------------------
Total Liabilities 299,908 93,486
=============================================================================================================
NET ASSETS $ 29,003,987 $ 29,753,719
=============================================================================================================
NET ASSETS:
Paid-in capital $ 33,724,475 $ 37,548,119
Undistributed net investment income 337,759 336,155
Accumulated net realized loss on investments and foreign currency
related transactions (211,472) (964,158)
Net unrealized depreciation on investments and translation of assets
and liabilities denominated in foreign currencies (4,846,775) (7,166,397)
-------------------------------------------------------------------------------------------------------------
NET ASSETS $ 29,003,987 $ 29,753,719
=============================================================================================================
Outstanding beneficial interest shares of $0.001 par value (unlimited
number of shares authorized) 600,000 600,000
-------------------------------------------------------------------------------------------------------------
Net asset value per share $ 48.34 $ 49.59
=============================================================================================================
WisdomTree
Japan WisdomTree
SmallCap Pacific ex-Japan
Dividend Fund Total Dividend Fund
--------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $ 93,691,255 $161,359,456
Foreign currency, at cost 240,801 420,991
--------------------------------------------------------------------------------------------------------------------
Investments in securities, at value (including securities on loan) (Note 2) 81,418,092 154,990,528
Foreign currency, at value 250,130 420,208
Receivables:
Investment securities sold - 81,446
Foreign currency spot contracts - 29,000
Dividends and interest 866,007 926,326
Foreign tax reclaims - 118
--------------------------------------------------------------------------------------------------------------------
Total Assets 82,534,229 156,447,626
====================================================================================================================
LIABILITIES:
Due to foreign custodian - 19,022
Payables:
Investment securities purchased - -
Foreign currency spot contracts - 28,711
Collateral for securities on loan (Note 2) 7,197,800 10,332,455
Advisory fees (Note 3) 36,027 59,017
Service fees (Note 2) 274 541
--------------------------------------------------------------------------------------------------------------------
Total Liabilities 7,234,101 10,439,746
====================================================================================================================
NET ASSETS $ 75,300,128 $146,007,880
====================================================================================================================
NET ASSETS:
Paid-in capital $ 87,755,467 $152,802,972
Undistributed net investment income 809,016 1,296,973
Accumulated net realized loss on investments and foreign currency
related transactions (1,003,891) (1,707,886)
Net unrealized depreciation on investments and translation of assets
and liabilities denominated in foreign currencies (12,260,464) (6,384,179)
--------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 75,300,128 $146,007,880
====================================================================================================================
Outstanding beneficial interest shares of $0.001 par value (unlimited
number of shares authorized) 1,700,000 2,000,000
--------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 44.29 $ 73.00
====================================================================================================================
WisdomTree
Pacific ex-Japan
High-Yielding
Equity Fund
-----------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $ 66,481,113
Foreign currency, at cost 286,631
-----------------------------------------------------------------------------------------------
Investments in securities, at value (including securities on loan) (Note 2) 61,060,859
Foreign currency, at value 286,004
Receivables:
Investment securities sold 147,600
Foreign currency spot contracts -
Dividends and interest 843,482
Foreign tax reclaims -
-----------------------------------------------------------------------------------------------
Total Assets 62,337,945
===============================================================================================
LIABILITIES:
Due to foreign custodian 155,703
Payables:
Investment securities purchased 147,649
Foreign currency spot contracts -
Collateral for securities on loan (Note 2) 5,034,568
Advisory fees (Note 3) 33,306
Service fees (Note 2) 252
-----------------------------------------------------------------------------------------------
Total Liabilities 5,371,478
===============================================================================================
NET ASSETS $ 56,966,467
===============================================================================================
NET ASSETS:
Paid-in capital $ 61,574,394
Undistributed net investment income 1,127,104
Accumulated net realized loss on investments and foreign currency
related transactions (299,539)
Net unrealized depreciation on investments and translation of assets
and liabilities denominated in foreign currencies (5,435,492)
-----------------------------------------------------------------------------------------------
NET ASSETS $ 56,966,467
===============================================================================================
Outstanding beneficial interest shares of $0.001 par value (unlimited
number of shares authorized) 900,000
-----------------------------------------------------------------------------------------------
Net asset value per share $ 63.30
===============================================================================================
See Notes to Financial Statements.
94 WisdomTree International Dividend Funds
Statements of Assets and Liabilities (continued)
WisdomTree International Dividend Funds
March 31, 2008
==============================================================================================================
WisdomTree WisdomTree
International International
LargeCap Dividend
Dividend Fund Top 100(SM) Fund
--------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $155,856,697 $ 427,610,968
Foreign currency, at cost 155,898 -
--------------------------------------------------------------------------------------------------------------
Investments in securities, at value (including securities on loan) (Note 2) 156,313,912 406,221,029
Cash - -
Foreign currency, at value 156,267 -
Receivables:
Investment securities sold - 3,271,054
Foreign currency spot contracts - 100,000
Dividends and interest 715,861 2,469,337
Foreign tax reclaims 66,215 150,757
--------------------------------------------------------------------------------------------------------------
Total Assets 157,252,255 412,212,177
==============================================================================================================
LIABILITIES:
Due to foreign custodian - 2,986,904
Payables:
Investment securities purchased - -
Foreign currency spot contracts - 99,776
Collateral for securities on loan (Note 2) 2,531,470 18,445,007
Advisory fees (Note 3) 61,838 193,950
Service fees (Note 2) 567 1,471
--------------------------------------------------------------------------------------------------------------
Total Liabilities 2,593,875 21,727,108
==============================================================================================================
NET ASSETS $154,658,380 $ 390,485,069
==============================================================================================================
NET ASSETS:
Paid-in capital $156,117,938 $ 415,202,294
Undistributed (Distributions in excess of) net investment income 911,152 3,054,886
Accumulated net realized loss on investments and foreign currency
related transactions (2,835,942) (6,353,472)
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities denominated in foreign currencies 465,232 (21,418,639)
--------------------------------------------------------------------------------------------------------------
NET ASSETS $154,658,380 $ 390,485,069
==============================================================================================================
Outstanding beneficial interest shares of $0.001 par value (unlimited
number of shares authorized) 2,500,000 6,100,000
--------------------------------------------------------------------------------------------------------------
Net asset value per share $ 61.86 $ 64.01
==============================================================================================================
WisdomTree WisdomTree
International International WisdomTree
MidCap SmallCap International
Dividend Fund Dividend Fund Real Estate Fund
-------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $ 269,527,152 $ 623,513,094 $ 133,720,589
Foreign currency, at cost 1,770,466 1,191,438 51,739
-------------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value (including securities on loan) (Note 2) 243,415,902 553,772,838 117,091,708
Cash 6 - -
Foreign currency, at value 1,803,112 1,200,626 51,696
Receivables:
Investment securities sold 393,938 3,005,495 298,749
Foreign currency spot contracts - 1,935,362 100,000
Dividends and interest 1,079,042 2,618,191 481,950
Foreign tax reclaims 71,970 92,062 5,611
-------------------------------------------------------------------------------------------------------------------------------
Total Assets 246,763,970 562,624,574 118,029,714
===============================================================================================================================
LIABILITIES:
Due to foreign custodian - 39,000 89,783
Payables:
Investment securities purchased 1,894,410 1,448,478 -
Foreign currency spot contracts - 1,934,406 100,440
Collateral for securities on loan (Note 2) 25,658,997 76,207,741 4,824,159
Advisory fees (Note 3) 105,786 232,642 52,717
Service fees (Note 2) 803 1,765 400
-------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 27,659,996 79,864,032 5,067,499
===============================================================================================================================
NET ASSETS $ 219,103,974 $ 482,760,542 $ 112,962,215
===============================================================================================================================
NET ASSETS:
Paid-in capital $ 246,089,938 $ 553,027,055 $ 134,198,241
Undistributed (Distributions in excess of) net investment income 1,371,967 3,783,074 (1,821,375)
Accumulated net realized loss on investments and foreign currency
related transactions (2,283,113) (4,468,268) (2,790,691)
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities denominated in foreign currencies (26,074,818) (69,581,319) (16,623,960)
-------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 219,103,974 $ 482,760,542 $ 112,962,215
===============================================================================================================================
Outstanding beneficial interest shares of $0.001 par value (unlimited
number of shares authorized) 3,500,000 7,900,000 2,700,002
-------------------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 62.60 $ 61.11 $ 41.84
===============================================================================================================================
See Notes to Financial Statements.
WisdomTree International Dividend Funds 95
Statements of Assets and Liabilities (concluded)
WisdomTree International Dividend Funds
March 31, 2008
=============================================================================================================================
WisdomTree WisdomTree
Emerging Markets Emerging Markets
High-Yielding SmallCap
Equity Fund Dividend Fund
-----------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $165,035,748 $ 52,100,548
Foreign currency, at cost 594,141 365,631
-----------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value (including securities on loan) (Note 2) 163,846,049 49,025,334
Cash 888,216 -
Foreign currency, at value 592,286 374,422
Receivables:
Foreign currency spot contracts - 2,472,088
Dividends and interest 919,645 189,347
Capital shares sold - 8,791,551
-----------------------------------------------------------------------------------------------------------------------------
Total Assets 166,246,196 60,852,742
=============================================================================================================================
LIABILITIES:
Due to foreign custodian - 317,060
Payables:
Investment securities purchased - 4,021,822
Foreign currency spot contracts - 2,479,966
Collateral for securities on loan (Note 2) 323,750 1,268,650
Advisory fees (Note 3) 83,963 23,427
Service fees (Note 2) 25,191 303
-----------------------------------------------------------------------------------------------------------------------------
Total Liabilities 432,904 8,111,228
=============================================================================================================================
NET ASSETS $165,813,292 $ 52,741,514
=============================================================================================================================
NET ASSETS:
Paid-in capital $166,185,016 $ 56,378,780
Undistributed net investment income 1,228,203 159,265
Accumulated net realized loss on investments and foreign currency related transactions (391,585) (720,201)
Net unrealized depreciation on investments and translation of assets and liabilities (1,208,342) (3,076,330)
denominated in foreign currencies
-----------------------------------------------------------------------------------------------------------------------------
NET ASSETS $165,813,292 $ 52,741,514
=============================================================================================================================
Outstanding beneficial interest shares of $0.001 par value (unlimited number of shares 3,200,002 1,200,002
authorized)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 51.82 $ 43.95
=============================================================================================================================
See Notes to Financial Statements.
96 WisdomTree International Dividend Funds
Statements of Operations
WisdomTree International Dividend Funds
For the Year Ended March 31, 2008
==============================================================================================================
WisdomTree
DEFA
WisdomTree High-Yielding
DEFA Fund Equity Fund
--------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 8,768,406 $ 9,475,265
Interest 1,360 8,065
Securities lending income (Note 2) 173,994 234,949
--------------------------------------------------------------------------------------------------------------
Total investment income 8,943,760 9,718,279
--------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 1,415,559 1,445,109
Service fees (Note 2) 10,167 7,521
--------------------------------------------------------------------------------------------------------------
Total expenses 1,425,726 1,452,630
--------------------------------------------------------------------------------------------------------------
Net investment income 7,518,034 8,265,649
==============================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (3,633,221) (1,157,937)
In-kind redemptions 1,154,009 6,518,024
Foreign currency related transactions 211,841 138,209
--------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (2,267,371) 5,498,296
--------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (32,241,598) (24,932,215)
Translation of assets and liabilities denominated in foreign currencies 4,947 11,588
--------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (32,236,651) (24,920,627)
--------------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (34,504,022) (19,422,331)
==============================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (26,985,988) $ (11,156,682)
==============================================================================================================
WisdomTree WisdomTree
WisdomTree Europe Europe
Europe Total High-Yielding SmallCap
Dividend Fund Equity Fund Dividend Fund
---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 1,466,930 $ 2,057,454 $ 3,888,857
Interest 1,094 3,854 8,208
Securities lending income (Note 2) 30,748 45,395 113,586
---------------------------------------------------------------------------------------------------------------------------
Total investment income 1,498,772 2,106,703 4,010,651
---------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 237,566 312,747 595,194
Service fees (Note 2) 1,509 1,584 2,251
---------------------------------------------------------------------------------------------------------------------------
Total expenses 239,075 314,331 597,445
---------------------------------------------------------------------------------------------------------------------------
Net investment income 1,259,697 1,792,372 3,413,206
===========================================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (552,127) (510,148) (2,501,548)
In-kind redemptions 1,326,181 2,962,540 12,032,838
Foreign currency related transactions 52 4,069 (6,573)
---------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 774,106 2,456,461 9,524,717
---------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (3,183,919) (7,053,741) (20,753,760)
Translation of assets and liabilities denominated in foreign currencies 3,839 (1,305) 32,297
---------------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (3,180,080) (7,055,046) (20,721,463)
---------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (2,405,974) (4,598,585) (11,196,746)
===========================================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (1,146,277) $ (2,806,213) $ (7,783,540)
===========================================================================================================================
(1) Net of foreign withholding tax of $683,221, $738,758, $154,344, $200,306
and $376,621, respectively.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 97
Statements of Operations (continued)
WisdomTree International Dividend Funds
For the Year Ended March 31, 2008
==========================================================================================================
WisdomTree
WisdomTree Japan
Japan Total High-Yielding
Dividend Fund Equity Fund
-----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 732,432 $ 897,256
Interest 479 11,849
Securities lending income (Note 2) 5,861 15,308
-----------------------------------------------------------------------------------------------------------
Total investment income 738,772 924,413
-----------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 214,941 304,862
Service fees (Note 2) 1,229 1,156
-----------------------------------------------------------------------------------------------------------
Total expenses 216,170 306,018
-----------------------------------------------------------------------------------------------------------
Net investment income 522,602 618,395
==========================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (33,671) (807,676)
In-kind redemptions 997,184 1,813,208
Foreign currency related transactions 4,737 (18,869)
-----------------------------------------------------------------------------------------------------------
Net realized gain 968,250 986,663
-----------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (8,205,124) (10,281,477)
Translation of assets and liabilities denominated in foreign currencies 991 3,670
-----------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (8,204,133) (10,277,807)
-----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (7,235,883) (9,291,144)
==========================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $ (6,713,281) $ (8,672,749)
==========================================================================================================
WisdomTree
Japan WisdomTree
SmallCap Pacific ex-Japan
Dividend Fund Total Dividend Fund
------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 1,441,059 $ 6,164,459
Interest 3,286 13,800
Securities lending income (Note 2) 175,381 113,909
------------------------------------------------------------------------------------------------------------------
Total investment income 1,619,726 6,292,168
------------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 465,970 774,010
Service fees (Note 2) 2,174 5,529
------------------------------------------------------------------------------------------------------------------
Total expenses 468,144 779,539
------------------------------------------------------------------------------------------------------------------
Net investment income 1,151,582 5,512,629
==================================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (909,080) (1,631,187)
In-kind redemptions 2,102,086 19,022,370
Foreign currency related transactions 61 98,039
------------------------------------------------------------------------------------------------------------------
Net realized gain 1,193,067 17,489,222
------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (14,379,428) (12,570,212)
Translation of assets and liabilities denominated in foreign currencies 13,473 (22,658)
------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (14,365,955) (12,592,870)
------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (13,172,888) 4,896,352
==================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $ (12,021,306) $ 10,408,981
==================================================================================================================
WisdomTree
Pacific ex-Japan
High-Yielding
Equity Fund
-------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 4,960,876
Interest 7,333
Securities lending income (Note 2) 80,345
-------------------------------------------------------------------------------------------
Total investment income 5,048,554
-------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 584,781
Service fees (Note 2) 2,727
-------------------------------------------------------------------------------------------
Total expenses 587,508
-------------------------------------------------------------------------------------------
Net investment income 4,461,046
===========================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (297,956)
In-kind redemptions 6,513,977
Foreign currency related transactions 161,820
-------------------------------------------------------------------------------------------
Net realized gain 6,377,841
-------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (12,044,612)
Translation of assets and liabilities denominated in foreign currencies (29,803)
-------------------------------------------------------------------------------------------
Net change in unrealized depreciation (12,074,415)
-------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (5,696,574)
===========================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $ (1,235,528)
===========================================================================================
(1) Net of foreign withholding tax of $55,048, $67,519, $108,401, $60,735 and
$66,670, respectively.
See Notes to Financial Statements.
98 WisdomTree International Dividend Funds
Statements of Operations (continued)
WisdomTree International Dividend Funds
For the Year Ended March 31, 2008
============================================================================================================
WisdomTree WisdomTree
International International
LargeCap Dividend
Dividend Fund Top 100(SM) Fund
------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 4,447,169 $ 15,491,005
Interest 11,394 379
Securities lending income (Note 2) 89,609 432,074
------------------------------------------------------------------------------------------------------------
Total investment income 4,548,172 15,923,458
------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 688,454 2,391,354
Service fees (Note 2) 4,580 12,746
------------------------------------------------------------------------------------------------------------
Total expenses 693,034 2,404,100
------------------------------------------------------------------------------------------------------------
Net investment income 3,855,138 13,519,358
============================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (2,794,802) (6,301,472)
In-kind redemptions 797,533 18,073,853
Foreign currency related transactions 63,518 336,865
------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (1,933,751) 12,109,246
------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (6,769,333) (44,572,502)
Translation of assets and liabilities denominated in foreign currencies 2,467 (42,703)
------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (6,766,866) (44,615,205)
------------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (8,700,617) (32,505,959)
============================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (4,845,479) $ (18,986,601)
============================================================================================================
WisdomTree WisdomTree
International International WisdomTree
MidCap SmallCap International
Dividend Fund Dividend Fund Real Estate Fund*
---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 8,203,413 $ 16,198,502 $ 2,140,077
Interest 10,146 34,407 -
Securities lending income (Note 2) 323,167 897,450 40,601
---------------------------------------------------------------------------------------------------------------------------------
Total investment income 8,536,726 17,130,359 2,180,678
---------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 1,481,831 3,016,342 336,686
Service fees (Note 2) 7,290 15,814 2,360
---------------------------------------------------------------------------------------------------------------------------------
Total expenses 1,489,121 3,032,156 339,046
---------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,047,605 14,098,203 1,841,632
=================================================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (2,268,396) (4,373,937) (2,790,691)
In-kind redemptions 16,755,518 18,084,197 -
Foreign currency related transactions (20,662) 103,851 49,838
---------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 14,466,460 13,814,111 (2,740,853)
---------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (38,304,511) (91,494,964) (16,628,881)
Translation of assets and liabilities denominated in foreign currencies 32,439 153,902 4,921
---------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (38,272,072) (91,341,062) (16,623,960)
---------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (23,805,612) (77,526,951) (19,364,813)
=================================================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (16,758,007) $ (63,428,748) $ (17,523,181)
=================================================================================================================================
* Commencement of investment operations for the International Real Estate
Fund is June 5, 2007.
(1) Net of foreign withholding tax of $391,844, $1,091,796, $630,911,
$1,052,794, and $253,468, respectively.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 99
Statements of Operations (concluded)
WisdomTree International Dividend Funds
For the Year Ended March 31, 2008
===============================================================================================================
WisdomTree WisdomTree
Emerging Markets Emerging Markets
High-Yielding SmallCap
Equity Fund* Dividend Fund*
---------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 2,784,208 $ 374,879
Interest(2) 89,045 -
Securities lending income (Note 2) 90 1,544
---------------------------------------------------------------------------------------------------------------
Total investment income 2,873,343 376,423
---------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 474,220 90,419
Service fees (Note 2) 3,254 631
---------------------------------------------------------------------------------------------------------------
Total expenses 477,474 91,050
---------------------------------------------------------------------------------------------------------------
Net investment income 2,395,869 285,373
===============================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (391,585) (720,201)
In-kind redemptions 40 -
Foreign currency related transactions 101,253 (93,221)
---------------------------------------------------------------------------------------------------------------
Net realized loss (290,292) (813,422)
---------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation from:
Investment transactions (1,189,699) (3,075,214)
Translation of assets and liabilities denominated in foreign currencies (18,643) (1,116)
---------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (1,208,342) (3,076,330)
---------------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (1,498,634) (3,889,752)
===============================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 897,235 $ (3,604,379)
===============================================================================================================
* Commencement of investment operations for the Emerging Markets
High-Yielding Equity Fund and Emerging Markets SmallCap Dividend Fund are
July 13, 2007 and October 10, 2007, respectively.
(1) Net of foreign withholding tax of $367,169 and $61,080, respectively.
(2) Net of foreign withholding tax of $10,236 and $0, respectively.
See Notes to Financial Statements.
100 WisdomTree International Dividend Funds
Statements of Changes in Net Assets
WisdomTree International Dividend Funds
=======================================================================================
WisdomTree
DEFA Fund
--------------------------------------------------------------------------------------
For the Period
For the June 16, 2006*
Year Ended through
March 31, 2008 March 31, 2007
--------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 7,518,034 $ 818,784
Net realized gain (loss) on investments and
foreign currency related transactions (2,267,371) 1,216,145
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (32,236,651) 9,281,228
--------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations (26,985,988) 11,316,157
=======================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (5,488,381) (214,691)
Capital gains (240) (17,022)
----------------------------------------------------- ------------- -------------
Total dividends and distributions to shareholders (5,488,621) (231,713)
=======================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 346,852,750 146,204,390
Cost of shares redeemed (17,295,234) (28,990,564)
--------------------------------------------------------------------------------------
Net increase in net assets resulting from capital
share transactions 329,557,516 117,213,826
=======================================================================================
Net Increase in Net Assets 297,082,907 128,298,270
=======================================================================================
NET ASSETS:
Beginning of period $ 128,303,270 $ 5,000
End of period $ 425,386,177 $ 128,303,270
=======================================================================================
Undistributed net investment income included in
net assets at end of period $ 2,853,100 $ 611,611
=======================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 2,000,000 -
Shares created 5,000,000 2,500,100
Shares redeemed (250,000) (500,100)
--------------------------------------------------------------------------------------
Shares outstanding, end of period 6,750,000 2,000,000
=======================================================================================
WisdomTree WisdomTree
DEFA High-Yielding Equity Fund Europe Total Dividend Fund
-------------------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the June 16, 2006* For the Year June 16, 2006*
Year Ended through Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
-------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 8,265,649 $ 1,482,819 $ 1,259,697 $ 241,910
Net realized gain (loss) on investments and
foreign currency related transactions 5,498,296 911,821 774,106 823,921
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (24,920,627) 10,972,924 (3,180,080) 2,844,781
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations (11,156,682) 13,367,564 (1,146,277) 3,910,612
=========================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (7,747,821) (416,338) (1,174,072) (82,853)
Capital gains - - - (936)
-------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (7,747,821) (416,338) (1,174,072) (83,789)
=========================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 115,852,135 188,423,781 20,408,449 51,326,114
Cost of shares redeemed (41,038,331) (16,881,702) (12,874,231) (16,972,479)
-------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from capital
share transactions 74,813,804 171,542,079 7,534,218 34,353,635
=========================================================================================================================
Net Increase in Net Assets 55,909,301 184,493,305 5,213,869 38,180,458
=========================================================================================================================
NET ASSETS:
Beginning of period $ 184,498,305 $ 5,000 $ 38,185,458 $ 5,000
End of period $ 240,407,606 $ 184,498,305 $ 43,399,327 $ 38,185,458
=========================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 1,744,192 $ 1,084,472 $ 250,223 $ 164,491
=========================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 2,900,000 - 600,000 -
Shares created 1,700,000 3,200,100 300,000 900,100
Shares redeemed (600,000) (300,100) (200,000) (300,100)
-------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 4,000,000 2,900,000 700,000 600,000
=========================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 101
Statements of Changes in Net Assets (continued)
WisdomTree International Dividend Funds
========================================================================================
WisdomTree
Europe High-Yielding Equity Fund
----------------------------------------------------------------------------------------
For the Period
For the June 16, 2006*
Year Ended through
March 31, 2008 March 31, 2007
----------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 1,792,372 $ 513,916
Net realized gain (loss) on investments and
foreign currency related transactions 2,456,461 908,921
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (7,055,046) 4,504,593
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations (2,806,213) 5,927,430
========================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (1,825,335) (191,720)
Capital gains (3,186) -
----------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (1,828,521) (191,720)
========================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 20,573,785 61,698,085
Cost of shares redeemed (19,337,315) (16,918,672)
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
capital share transactions 1,236,470 44,779,413
========================================================================================
Net Increase (Decrease) in Net Assets (3,398,264) 50,515,123
========================================================================================
NET ASSETS:
Beginning of period $ 50,520,123 $ 5,000
End of period $ 47,121,859 $ 50,520,123
========================================================================================
Undistributed net investment income included in
net assets at end of period $ 301,476 $ 330,369
========================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 800,000 -
Shares created 300,000 1,100,100
Shares redeemed (300,000) (300,100)
----------------------------------------------------------------------------------------
Shares outstanding, end of period 800,000 800,000
========================================================================================
WisdomTree WisdomTree
Europe SmallCap Dividend Fund Japan Total Dividend Fund
-------------------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the June 16, 2006* For the June 16, 2006*
Year Ended through Year Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
-------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 3,413,206 $ 1,138,113 $ 522,602 $ 302,220
Net realized gain (loss) on investments and
foreign currency related transactions 9,524,717 872,823 968,250 (150,432)
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (20,721,463) 12,358,972 (8,204,133) 3,357,358
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations (7,783,540) 14,369,908 (6,713,281) 3,509,146
=========================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (4,161,022) (234,397) (383,514) (104,591)
Capital gains (477,202) - - -
-------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (4,638,224) (234,397) (383,514) (104,591)
=========================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 37,322,160 139,943,738 5,571,115 53,497,409
Cost of shares redeemed (125,438,276) (6,768,706) (20,771,061) (5,606,236)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
capital share transactions (88,116,116) 133,175,032 (15,199,946) 47,891,173
=========================================================================================================================
Net Increase (Decrease) in Net Assets (100,537,880) 147,310,543 (22,296,741) 51,295,728
=========================================================================================================================
NET ASSETS:
Beginning of period $ 147,315,543 $ 5,000 $ 51,300,728 $ 5,000
End of period $ 46,777,663 $147,315,543 $ 29,003,987 $ 51,300,728
=========================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 154,107 $ 908,497 $ 337,759 $ 193,934
=========================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 2,100,000 - 900,000 -
Shares created 500,000 2,200,100 100,000 1,000,100
Shares redeemed (1,800,000) (100,100) (400,000) (100,100)
-------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 800,000 2,100,000 600,000 900,000
=========================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
102 WisdomTree International Dividend Funds
Statements of Changes in Net Assets (continued)
WisdomTree International Dividend Funds
=======================================================================================
WisdomTree
Japan High-Yielding Equity Fund
---------------------------------------------------------------------------------------
For the Period
For the June 16, 2006*
Year Ended through
March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 618,395 $ 693,416
Net realized gain (loss) on investments and
foreign currency related transactions 986,663 (163,710)
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (10,277,807) 3,111,410
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations (8,672,749) 3,641,116
=======================================================================================
DIVIDENDS:
Net investment income (784,915) (169,864)
---------------------------------------------------------------------------------------
Total dividends to shareholders (784,915) (169,864)
=======================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 40,032,961 91,598,296
Cost of shares redeemed (95,890,444) (5,682)
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
capital share transactions (55,857,483) 91,592,614
=======================================================================================
Net Increase (Decrease) in Net Assets (65,315,147) 95,063,866
=======================================================================================
NET ASSETS:
Beginning of period $ 95,068,866 $ 5,000
End of period $ 29,753,719 $95,068,866
=======================================================================================
Undistributed net investment income included in
net assets at end of period $ 336,155 $ 521,544
=======================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 1,600,000 -
Shares created 700,000 1,600,100
Shares redeemed (1,700,000) (100)
---------------------------------------------------------------------------------------
Shares outstanding, end of period 600,000 1,600,000
=======================================================================================
WisdomTree
WisdomTree Pacific ex-Japan Total Dividend
Japan SmallCap Dividend Fund Fund
-------------------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the June 16, 2006* For the June 16, 2006*
Year Ended through Year Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
-------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 1,151,582 $ 610,192 $ 5,512,629 $ 727,166
Net realized gain (loss) on investments and
foreign currency related transactions 1,193,067 28,052 17,489,222 1,109,136
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (14,365,955) 2,105,491 (12,592,870) 6,208,691
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations (12,021,306) 2,743,735 10,408,981 8,044,993
=========================================================================================================================
DIVIDENDS:
Net investment income (918,313) (30,965) (4,868,243) (196,159)
-------------------------------------------------------------------------------------------------------------------------
Total dividends to shareholders (918,313) (30,965) (4,868,243) (196,159)
=========================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 23,907,075 106,770,558 153,646,234 88,664,106
Cost of shares redeemed (35,086,783) (10,068,873) (87,508,588) (22,188,444)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
capital share transactions (11,179,708) 96,701,685 66,137,646 66,475,662
=========================================================================================================================
Net Increase (Decrease) in Net Assets (24,119,327) 99,414,455 71,678,384 74,324,496
=========================================================================================================================
NET ASSETS:
Beginning of period $ 99,419,455 $ 5,000 $ 74,329,496 $ 5,000
End of period $ 75,300,128 $ 99,419,455 $ 146,007,880 $ 74,329,496
=========================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 809,016 $ 571,691 $ 1,296,973 $ 539,217
=========================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 1,900,000 - 1,100,000 -
Shares created 500,000 2,100,100 2,000,000 1,500,100
Shares redeemed (700,000) (200,100) (1,100,000) (400,100)
-------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 1,700,000 1,900,000 2,000,000 1,100,000
=========================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 103
Statements of Changes in Net Assets (continued)
WisdomTree International Dividend Funds
=======================================================================================
WisdomTree
Pacific ex-Japan High-Yielding
Equity Fund
---------------------------------------------------------------------------------------
For the Period
For the June 16, 2006*
Year Ended through
March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 4,461,046 $ 1,417,669
Net realized gain (loss) on investments and
foreign currency related transactions 6,377,841 3,570,830
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (12,074,415) 6,638,923
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations (1,235,528) 11,627,422
=======================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (4,520,878) (416,060)
Capital gains (180,947) -
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (4,701,825) (416,060)
=======================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 50,632,968 110,443,500
Cost of shares redeemed (74,934,514) (34,454,496)
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
capital share transactions (24,301,546) 75,989,004
=======================================================================================
Net Increase (Decrease) in Net Assets (30,238,899) 87,200,366
=======================================================================================
NET ASSETS:
Beginning of period $ 87,205,366 $ 5,000
End of period $ 56,966,467 $ 87,205,366
=======================================================================================
Undistributed net investment income included in
net assets at end of period $ 1,127,104 $ 1,023,918
=======================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 1,300,000 -
Shares created 700,000 1,900,100
Shares redeemed (1,100,000) (600,100)
---------------------------------------------------------------------------------------
Shares outstanding, end of period 900,000 1,300,000
=======================================================================================
WisdomTree WisdomTree
International LargeCap Dividend International Dividend Top 100(SM)
Fund Fund
-------------------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the June 16, 2006* For the June 16, 2006*
Year Ended through Year Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
-------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 3,855,138 $ 646,798 $ 13,519,358 $ 1,859,417
Net realized gain (loss) on investments and
foreign currency related transactions (1,933,751) (37,126) 12,109,246 (161,801)
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (6,766,866) 7,232,098 (44,615,205) 23,196,566
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations (4,845,479) 7,841,770 (18,986,601) 24,894,182
=========================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (3,447,145) (211,171) (12,188,598) (485,914)
Capital gains - - - (12,277)
-------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (3,447,145) (211,171) (12,188,598) (498,191)
=========================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 82,132,069 79,939,217 278,483,343 254,348,710
Cost of shares redeemed (6,749,879) (6,002) (135,566,511) (6,265)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
capital share transactions 75,382,190 79,933,215 142,916,832 254,342,445
=========================================================================================================================
Net Increase (Decrease) in Net Assets 67,089,566 87,563,814 111,741,633 278,738,436
=========================================================================================================================
NET ASSETS:
Beginning of period $ 87,568,814 $ 5,000 $ 278,743,436 $ 5,000
End of period $154,658,380 $87,568,814 $ 390,485,069 $278,743,436
=========================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 911,152 $ 439,641 $ 3,054,886 $ 1,387,261
=========================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 1,400,000 - 4,200,000 -
Shares created 1,200,000 1,400,100 3,900,000 4,200,100
Shares redeemed (100,000) (100) (2,000,000) (100)
-------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 2,500,000 1,400,000 6,100,000 4,200,000
=========================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
104 WisdomTree International Dividend Funds
Statements of Changes in Net Assets (continued)
WisdomTree International Dividend Funds
========================================================================================
WisdomTree
International
MidCap Dividend Fund
----------------------------------------------------------------------------------------
For the Period
For the June 16, 2006*
Year Ended through
March 31, 2008 March 31, 2007
----------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 7,047,605 $ 1,005,567
Net realized gain (loss) on investments and
foreign currency related transactions 14,466,460 586,134
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (38,272,072) 12,197,254
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations (16,758,007) 13,788,955
========================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (6,337,642) (338,186)
Capital gains (427,245) -
----------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (6,764,887) (338,186)
========================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 206,685,452 161,955,739
Cost of shares redeemed (132,947,933) (6,522,159)
----------------------------------------------------------------------------------------
Net increase in net assets resulting from capital
share transactions 73,737,519 155,433,580
========================================================================================
Net Increase in Net Assets 50,214,625 168,884,349
========================================================================================
NET ASSETS:
Beginning of period $ 168,889,349 $ 5,000
End of period $ 219,103,974 $168,889,349
========================================================================================
Undistributed (Distributions in excess of) net
investment income included in net assets at end
of period $ 1,371,967 $ 682,673
========================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 2,500,000 -
Shares created 2,900,000 2,600,100
Shares redeemed (1,900,000) (100,100)
----------------------------------------------------------------------------------------
Shares outstanding, end of period 3,500,000 2,500,000
========================================================================================
WisdomTree WisdomTree
WisdomTree International Emerging Markets
International Real Estate High-Yielding
SmallCap Dividend Fund Fund Equity Fund
---------------------------------------------------------------------------------------------------------------------------
For the Period For the Period For the Period
For the June 16, 2006* June 5, 2007* July 13, 2007*
Year Ended through through through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2008
---------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 14,098,203 $ 2,285,134 $ 1,841,632 $ 2,395,869
Net realized gain (loss) on investments and
foreign currency related transactions 13,814,111 1,288,176 (2,740,853) (290,292)
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (91,341,062) 21,759,743 (16,623,960) (1,208,342)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations (63,428,748) 25,333,053 (17,523,181) 897,235
===========================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (12,285,036) (409,690) (3,712,845) (1,268,919)
Capital gains (516,519) - - -
---------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (12,801,555) (409,690) (3,712,845) (1,268,919)
===========================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 363,319,045 286,349,327 134,198,141 166,184,876
Cost of shares redeemed (102,643,696) (12,962,194) - -
---------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from capital
share transactions 260,675,349 273,387,133 134,198,141 166,184,876
===========================================================================================================================
Net Increase in Net Assets 184,445,046 298,310,496 112,962,115 165,813,192
===========================================================================================================================
NET ASSETS:
Beginning of period $ 298,315,496 $ 5,000 $ 100 $ 100
End of period $ 482,760,542 $ 298,315,496 $ 112,962,215 $165,813,292
===========================================================================================================================
Undistributed (Distributions in excess of) net
investment income included in net assets at end
of period $ 3,783,074 $ 1,866,017 $ (1,821,375) $ 1,228,203
===========================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 4,400,000 - - -
Shares created 5,100,000 4,600,100 2,700,002 3,200,002
Shares redeemed (1,600,000) (200,100) - -
---------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 7,900,000 4,400,000 2,700,002 3,200,002
===========================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 105
Statements of Changes in Net Assets (concluded)
WisdomTree International Dividend Funds
=======================================================================================================
WisdomTree
Emerging Markets
SmallCap
Dividend Fund
-------------------------------------------------------------------------------------------------------
For the Period
October 30, 2007*
through
March 31, 2008
-------------------------------------------------------------------------------------------------------
INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 285,373
Net realized loss on investments and foreign currency related transactions (813,422)
Net change in unrealized depreciation on investments and translation of assets and
liabilities denominated in foreign currencies (3,076,330)
-------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (3,604,379)
=======================================================================================================
DIVIDENDS:
Net investment income (33,677)
-------------------------------------------------------------------------------------------------------
Total dividends to shareholders (33,677)
=======================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 56,379,470
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from capital share transactions 56,379,470
=======================================================================================================
Net Increase in Net Assets 52,741,414
=======================================================================================================
NET ASSETS:
Beginning of period $ 100
End of period $ 52,741,514
=======================================================================================================
Undistributed net investment income included in net assets at end of period $ 159,265
=======================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period -
Shares created 1,200,002
Shares redeemed -
-------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 1,200,002
=======================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
106 WisdomTree International Dividend Funds
Financial Highlights
WisdomTree International Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree DEFA Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 64.15 $ 49.94
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.70 0.86
Net realized and unrealized gain (loss) (1.92) 13.58
---------------------------------------------------------------------------------------
Total from investment operations (0.22) 14.44
---------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.91) (0.21)
Capital gains (0.00)(3) (0.02)
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.91) (0.23)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 63.02 $ 64.15
=======================================================================================
TOTAL RETURN(4) (0.44)% 28.94%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $425,386 $128,303
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.48% 0.48%(5)
Expenses, prior to expense reimbursements/waivers 0.48% 0.51%(5)
Net investment income 2.54% 1.97%(5)
---------------------------------------------------------------------------------------
Portfolio turnover rate(6) 10% 11%
=======================================================================================
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree DEFA High-Yielding Equity Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 63.62 $ 49.77
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(1) 2.20 1.19
Net realized and unrealized gain (loss) (3.78) 12.94
---------------------------------------------------------------------------------------
Total from investment operations (1.58) 14.13
---------------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (1.94) (0.28)
---------------------------------------------------------------------------------------
Total dividends to shareholders (1.94) (0.28)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 60.10 $ 63.62
=======================================================================================
TOTAL RETURN(4) (2.72)% 28.41%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $240,408 $184,498
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58% 0.58%(5)
Expenses, prior to expense reimbursements/waivers 0.58% 0.61%(5)
Net investment income 3.32% 2.71%(5)
---------------------------------------------------------------------------------------
Portfolio turnover rate(6) 16% 19%
======================================================================================
(1) Commencement of investment operations.
(2) Based on average shares outstanding.
(3) Amount is 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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment adviser
(Note 2).
(5) Annualized.
(6) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 107
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree Europe Total Dividend Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 63.64 $ 49.95
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.71 0.73
Net realized and unrealized gain (loss) (1.88) 13.17
---------------------------------------------------------------------------------------
Total from investment operations (0.17) 13.90
---------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (1.47) (0.21)
Capital gains - (0.00)(3)
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (1.47) (0.21)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 62.00 $ 63.64
=======================================================================================
TOTAL RETURN(4) (0.43)% 27.84%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $43,399 $38,185
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.48% 0.48%(5)
Expenses, prior to expense reimbursements/waivers 0.48% 0.58%(5)
Net investment income 2.55% 1.71%(5)
---------------------------------------------------------------------------------------
Portfolio turnover rate(6) 15% 24%
=======================================================================================
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree Europe High-Yielding Equity Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 63.15 $ 49.83
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 2.16 1.09
Net realized and unrealized gain (loss) (4.38) 12.55
---------------------------------------------------------------------------------------
Total from investment operations (2.22) 13.64
---------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (2.03) (0.32)
Capital gains (0.00)(3) -
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (2.03) (0.32)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 58.90 $ 63.15
=======================================================================================
TOTAL RETURN(4) (3.76)% 27.39%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 47,122 $ 50,520
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58% 0.58%(5)
Expenses, prior to expense reimbursements/waivers 0.58% 0.65%(5)
Net investment income 3.32% 2.44%(5)
---------------------------------------------------------------------------------------
Portfolio turnover rate(6) 21% 24%
=======================================================================================
(1) Commencement of investment operations.
(2) Based on average shares outstanding.
(3) Amount is 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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment adviser
(Note 2).
(5) Annualized.
(6) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
108 WisdomTree International Dividend Funds
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree Europe SmallCap Dividend Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 70.15 $ 50.42
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 2.32 1.31
Net realized and unrealized gain (loss) (9.78) 18.89
---------------------------------------------------------------------------------------
Total from investment operations (7.46) 20.20
---------------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (4.22) (0.47)
---------------------------------------------------------------------------------------
Total dividends to shareholders (4.22) (0.47)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 58.47 $ 70.15
=======================================================================================
TOTAL RETURN(3) (10.72)% 40.14%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 46,778 $147,316
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58% 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.58% 0.62%(4)
Net investment income 3.33% 2.99%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 22% 47%
=======================================================================================
===============================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree Japan Total Dividend Fund March 31, 2008 March 31, 2007
-------------------------------------------------------------------------------
Net asset value, beginning of period $ 57.00 $ 50.32
-------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.64 0.56
Net realized and unrealized gain (loss) (8.82) 6.33
-------------------------------------------------------------------------------
Total from investment operations (8.18) 6.89
-------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.48) (0.21)
-------------------------------------------------------------------------------
Total dividends to shareholders (0.48) (0.21)
-------------------------------------------------------------------------------
Net asset value, end of period $ 48.34 $ 57.00
===============================================================================
TOTAL RETURN(3) (14.39)% 13.71%
-------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 29,004 $ 51,301
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.48% 0.48%(4)
Expenses, prior to expense reimbursements 0.48% 0.54%(4)
Net investment income 1.17% 1.40%(4)
-------------------------------------------------------------------------------
Portfolio turnover rate(5) 1% 6%
===============================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment adviser
(Note 2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 109
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
===============================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree Japan High-Yielding Equity Fund March 31, 2008 March 31, 2007
-------------------------------------------------------------------------------
Net asset value, beginning of period $ 59.42 $ 50.14
-------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.65 1.18
Net realized and unrealized gain (loss) (9.50) 8.44
-------------------------------------------------------------------------------
Total from investment operations (8.85) 9.62
-------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.98) (0.34)
-------------------------------------------------------------------------------
Total dividends to shareholders (0.98) (0.34)
-------------------------------------------------------------------------------
Net asset value, end of period $ 49.59 $ 59.42
===============================================================================
TOTAL RETURN(3) (14.96)% 19.22%
-------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 29,754 $ 95,069
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(4)
Expenses, prior to expense reimbursements 0.58% 0.64%(4)
Net investment income 1.18% 3.00%(4)
-------------------------------------------------------------------------------
Portfolio turnover rate(5) 1% 6%
===============================================================================
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree Japan SmallCap Dividend Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 52.33 $ 50.69
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.69 0.95
Net realized and unrealized gain (loss) (8.12) 0.74
---------------------------------------------------------------------------------------
Total from investment operations (7.43) 1.69
---------------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.61) (0.05)
---------------------------------------------------------------------------------------
Total dividends to shareholders (0.61) (0.05)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 44.29 $ 52.33
=======================================================================================
TOTAL RETURN(3) (14.23)% 3.34%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 75,300 $ 99,419
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58% 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.58% 0.64%(4)
Net investment income 1.44% 2.75%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 3% 25%
=======================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment adviser
(Note 2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
110 WisdomTree International Dividend Funds
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
====================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree Pacific ex-Japan Total Dividend Fund March 31, 2008 March 31, 2007
------------------------------------------------------------------------------------
Net asset value, beginning of period $ 67.57 $ 49.71
------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 2.69 1.40
Net realized and unrealized gain 4.61 16.85
------------------------------------------------------------------------------------
Total from investment operations 7.30 18.25
------------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (1.87) (0.39)
------------------------------------------------------------------------------------
Total dividends to shareholders (1.87) (0.39)
------------------------------------------------------------------------------------
Net asset value, end of period $ 73.00 $ 67.57
====================================================================================
TOTAL RETURN(3) 10.58% 36.80%
------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $146,008 $ 74,329
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.48% 0.48%(4)
Expenses, prior to expense reimbursements 0.48% 0.54%(4)
Net investment income 3.42% 3.31%(4)
------------------------------------------------------------------------------------
Portfolio turnover rate(5) 12% 21%
====================================================================================
==========================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree Pacific ex-Japan High-Yielding Equity Fund March 31, 2008 March 31, 2007
------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 67.08 $ 49.02
------------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 3.24 2.18
Net realized and unrealized gain (loss) (3.40) 16.40
------------------------------------------------------------------------------------------
Total from investment operations (0.16) 18.58
------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (3.48) (0.52)
Capital gains (0.14) -
------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (3.62) (0.52)
------------------------------------------------------------------------------------------
Net asset value, end of period $ 63.30 $ 67.08
==========================================================================================
TOTAL RETURN(3) (0.69)% 38.02%
------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $56,966 $ 87,205
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58% 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.58% 0.63%(4)
Net investment income 4.42% 5.11%(4)
------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 16% 7%
==========================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment adviser
(Note 2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 111
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree International LargeCap Dividend Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 62.55 $ 49.86
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.80 0.85
Net realized and unrealized gain (loss) (1.11) 12.14
---------------------------------------------------------------------------------------
Total from investment operations 0.69 12.99
---------------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (1.38) (0.30)
---------------------------------------------------------------------------------------
Total dividends to shareholders (1.38) (0.30)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 61.86 $ 62.55
=======================================================================================
TOTAL RETURN(3) 0.93% 26.08%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $154,658 $ 87,569
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.48% 0.48%(4)
Expenses, prior to expense reimbursements/waivers 0.48% 0.52%(4)
Net investment income 2.69% 1.99%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 15% 8%
=======================================================================================
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree International Dividend Top 100(SM) Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 66.37 $ 49.77
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 2.29 1.03
Net realized and unrealized gain (loss) (2.86) 15.80
---------------------------------------------------------------------------------------
Total from investment operations (0.57) 16.83
---------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (1.79) (0.22)
Capital gains - (0.01)
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (1.79) (0.23)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 64.01 $ 66.37
=======================================================================================
TOTAL RETURN(3) (1.05)% 33.83%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $390,485 $278,743
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58% 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.58% 0.60%(4)
Net investment income 3.28% 2.30%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 24% 8%
=======================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment adviser
(Note 2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
112 WisdomTree International Dividend Funds
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree International MidCap Dividend Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 67.56 $ 50.13
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.92 1.08
Net realized and unrealized gain (loss) (4.95) 16.73
---------------------------------------------------------------------------------------
Total from investment operations (3.03) 17.81
---------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (1.81) (0.38)
Capital gains (0.12) -
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (1.93) (0.38)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 62.60 $ 67.56
=======================================================================================
TOTAL RETURN(3) (4.61)% 35.57%
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $219,104 $168,889
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58% 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.58% 0.61%(4)
Net investment income 2.76% 2.53%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 18% 44%
=======================================================================================
=======================================================================================
For the Period
For the June 16, 2006(1)
Year Ended through
WisdomTree International SmallCap Dividend Fund March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 67.80 $ 50.35
---------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.86 1.43
Net realized and unrealized gain (loss) (7.08) 16.28
---------------------------------------------------------------------------------------
Total from investment operations (5.22) 17.71
---------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (1.41) (0.26)
Capital gains (0.06) -
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (1.47) (0.26)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 61.11 $ 67.80
=======================================================================================
TOTAL RETURN(3) (7.79)% 35.21 %
---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $482,761 $298,315
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58% 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.58% 0.60%(4)
Net investment income 2.71% 3.33%(4)
---------------------------------------------------------------------------------------
Portfolio turnover rate(5) 17% 39%
=======================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment adviser
(Note 2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 113
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
=========================================================================
For the Period
June 5, 2007(1)
through
WisdomTree International Real Estate Fund March 31, 2008
-------------------------------------------------------------------------
Net asset value, beginning of period $ 51.89
-------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.22
Net realized and unrealized loss (9.32)
-------------------------------------------------------------------------
Total from investment operations (8.10)
-------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (1.95)
-------------------------------------------------------------------------
Total dividends to shareholders (1.95)
-------------------------------------------------------------------------
Net asset value, end of period $ 41.84
=========================================================================
TOTAL RETURN(3) (15.90)%
-------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $112,962
Ratio to average net assets of:
Net expenses 0.58%(4)
Net investment income 3.17%(4)
-------------------------------------------------------------------------
Portfolio turnover rate(5) 15%
=========================================================================
=========================================================================
For the Period
July 13, 2007(1)
through
WisdomTree Emerging Markets High-Yielding Equity Fund March 31, 2008
-------------------------------------------------------------------------
Net asset value, beginning of period $ 50.68
-------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.12
Net realized and unrealized gain 0.51
-------------------------------------------------------------------------
Total from investment operations 1.63
-------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.49)
-------------------------------------------------------------------------
Total dividends to shareholders (0.49)
-------------------------------------------------------------------------
Net asset value, end of period $ 51.82
=========================================================================
TOTAL RETURN(3) 3.23%
-------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $165,813
Ratio to average net assets of:
Net expenses 0.63%(4)
Net investment income 3.18%(4)
-------------------------------------------------------------------------
Portfolio turnover rate(5) 3%
=========================================================================
(1) Commencement of investment operations.
(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) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
114 WisdomTree International Dividend Funds
Financial Highlights (concluded)
WisdomTree International Dividend Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
=========================================================================
For the Period
October 30, 2007(1)
through
WisdomTree Emerging Markets SmallCap Dividend Fund March 31, 2008
-------------------------------------------------------------------------
Net asset value, beginning of period $ 51.50
-------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.37
Net realized and unrealized loss (7.87)
-------------------------------------------------------------------------
Total from investment operations (7.50)
-------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.05)
-------------------------------------------------------------------------
Total dividends to shareholders (0.05)
-------------------------------------------------------------------------
Net asset value, end of period $ 43.95
=========================================================================
TOTAL RETURN(3) (14.57)%
-------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 52,742
Ratio to average net assets of:
Net expenses 0.63%(4)
Net investment income 1.99%(4)
-------------------------------------------------------------------------
Portfolio turnover rate(5) 6%
=========================================================================
(1) Commencement of investment operations.
(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) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 115
Notes to Financial Statements
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 pursuant to a
Trust Instrument dated December 15, 2005. As of March 31, 2008, the Trust
offered 40 investment funds (each a "Fund", collectively, the "Funds"). Each
Fund is considered to be non-diversified. The Funds described herein, commenced
operations on June 16, 2006, with the exception of the International Real
Estate Fund, Emerging Markets High-Yielding Equity Fund and Emerging Markets
SmallCap Dividend Fund which commenced operations on June 5, 2007, July 13,
2007 and October 30, 2007, respectively.
These financial statements relate only to the WisdomTree DEFA Fund ("DEFA
Fund"), WisdomTree DEFA High-Yielding Equity Fund ("DEFA High-Yielding Equity
Fund"), WisdomTree Europe Total Dividend Fund ("Europe Total Dividend Fund"),
WisdomTree Europe High-Yielding Equity Fund ("Europe High-Yielding Equity
Fund"), WisdomTree Europe SmallCap Dividend Fund ("Europe SmallCap Dividend
Fund"), WisdomTree Japan Total Dividend Fund ("Japan Total Dividend Fund"),
WisdomTree Japan High-Yielding Equity Fund ("Japan High-Yielding Equity Fund"),
WisdomTree Japan SmallCap Dividend Fund ("Japan SmallCap Dividend Fund"),
WisdomTree Pacific ex-Japan Total Dividend Fund ("Pacific ex-Japan Total
Dividend Fund"), WisdomTree Pacific ex-Japan High-Yielding Equity Fund
("Pacific ex-Japan High-Yielding Equity Fund"), WisdomTree International
LargeCap Dividend Fund ("International LargeCap Dividend Fund"), WisdomTree
International Dividend Top 100(SM) Fund ("International Dividend Top 100(SM)
Fund"), WisdomTree International MidCap Dividend Fund ("International MidCap
Dividend Fund"), WisdomTree International SmallCap Dividend Fund
("International SmallCap Dividend Fund"), WisdomTree International Real Estate
Fund ("International Real Estate Fund"), WisdomTree Emerging Markets
High-Yielding Equity Fund ("Emerging Markets High-Yielding Equity Fund") and
WisdomTree Emerging Markets SmallCap Dividend Fund ("Emerging Markets SmallCap
Dividend Fund"), together the "International Dividend Funds".
Each Fund seeks investment returns that closely correspond to the price and
yield performance, before fees and expenses, of a particular index ("Index")
developed by WisdomTree Investments, Inc. ("WisdomTree Investments"). Each
Index consists of dividend paying securities in the market suggested by its
name that meet specific criteria developed by WisdomTree Investments.
"WisdomTree", "WisdomTree Investments", "WisdomTree DEFA", and "International
Dividend Top 100" are service marks of WisdomTree Investments licensed for use
by the Trust. WisdomTree Investments has patent applications pending on the
methodology and operation of its Indexes and the Funds.
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 expect the risk of loss to be remote.
The preparation of financial statements in conformity with U.S. Generally
Accepted Accounting Principles ("U.S. 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.
2. SIGNIFICANT ACCOUNTING POLICIES
(a) Investment Valuation - The Net Asset Value ("NAV") of each Fund's shares is
calculated each day the national securities exchanges are open for trading as
of the close of regular trading on the New York Stock Exchange, generally 4:00
p.m. New York time. NAV per share is calculated by dividing a Fund's net assets
by the number of Fund shares outstanding. Securities 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 or system on which they are principally traded. Events
occurring after the close of trading on non-U.S. exchanges may result in
adjustments to the valuation of foreign securities to more accurately reflect
their fair value as of the close of regular trading on the New York Stock
Exchange. The Fund may rely on an independent fair valuation service in
adjusting the valuations of foreign securities. Unlisted equity securities are
valued at the last quoted sale price or, if no sale price is available, at the
mean between the most recently quoted bid and asked prices. Securities for
which market quotations are not readily available are valued at fair value as
determined by management and in accordance with procedures approved by the
Board of Trustees. Short-term securities with 60 days or less remaining to
maturity are valued using the amortized cost method, which approximates current
market value.
(b) Investment Transactions - 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.
(c) 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 deemed appropriate by the
investment adviser. Realized and unrealized foreign exchange gains or losses on
investments are included as a component of net realized and unrealized gain or
loss on foreign currency transactions in the
116 WisdomTree International Dividend Funds
Notes to Financial Statements (continued)
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.
(d) Investment Income - Dividend income is recognized on the ex-dividend date,
net of any foreign taxes withheld. Interest income is accrued daily. The value
of additional securities received as dividend payments is recorded as income
and as an increase to the cost basis of such securities.
(e) Expenses/Reimbursements - WisdomTree Asset Management, Inc. ("WTAM") has
agreed to pay all expenses of the Funds, 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 each Independent
Trustee; (iv) compensation and expenses of counsel to the Independent Trustees;
(v) compensation and expenses of the Trust's chief compliance officer; (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. Pursuant to a separate contractual
arrangement, WTAM has paid the expenses described in (iii), (iv) and (v)
through July 31, 2007.
Pursuant to a separate contractual arrangement, effective August 1, 2007, WTAM
has arranged for the provision of chief compliance officer ("CCO") services to
the Funds, 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 service fee paid by each Fund of up to 0.0044% of the Fund's
average daily net assets. Trustees fees, which are included in Service Fees on
the Statements of Operation of $152,482 have been paid on behalf of the Funds
of the Trust to the Independent Trustees.
(f) Security Lending - Each Fund may lend portfolio securities to certain
creditworthy borrowers, including the Funds' securities lending agent. The
loans are collateralized at all times by cash and/or high grade debt
obligations in an amount at least equal to 102% of the market value of domestic
securities loaned (105% in the case of foreign securities loaned) as determined
at the close of business on the preceding business day. Each Fund receives
compensation for lending its securities from interest or dividends earned on
the cash or U.S. government securities held as collateral, net of fee rebates
paid to the borrower plus reasonable administrative and custody fees. The
dividend and interest income earned on the securities loaned is accounted for
in the same manner as other dividend and interest income. The borrower pays to
the Funds an amount equal to any dividends or interest received on loaned
securities. The Funds retain all or a portion of the interest received on
investment of cash collateral or receives a fee from the borrower. Lending
portfolio securities could result in a loss or delay in recovering each Fund's
securities if the borrower defaults.
The securities lending income earned by the Funds is disclosed on the
Statements of Operations.
(g) 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"). Each Fund intends to qualify for and to elect treatment as a
separate Regulated Investment Company ("RIC") under Subchapter M of the Code.
It is the policy of each Fund to pay out dividends, if any, to investors at
least annually. 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 are determined in
accordance with Federal income tax regulations which may differ from U.S. GAAP.
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, which exceed earnings and profit for tax purposes,
are reported as a tax return of capital.
The Funds adopted the provisions of Financial Accounting Standards Board
("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes
("FIN 48"). This interpretation prescribes 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 taxes are provided for based on each Fund's
understanding of the tax rules and rates that exist in the foreign markets in
which it invests. Taxes are accrued and applied to net investment income, net
realized capital gains and net unrealized appreciation, as applicable, as the
income is earned or capital gains are recorded. If applicable, the Funds will
recognize interest accrued related to unrecognized tax benefits in interest
expense and penalties in "Other" expenses on the Statements of Operations.
Management has evaluated the application of FIN 48 to the Funds, and has
determined that there is no impact resulting from the adoption of this
interpretation on the Funds' financial statements.
WisdomTree International Dividend Funds 117
Notes to Financial Statements (continued)
(h) 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 in which a Fund may invest include
short-term obligations issued by the U.S. Government, 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.
3. ADVISER FEES
Adviser Fees - WTAM provides investment management services to each Fund
pursuant to an Investment Advisory Agreement. As compensation for services
rendered, facilities furnished, and expenses borne by WTAM, each Fund pays WTAM
a fee, as listed below, which is accrued daily and paid monthly, based on the
average daily net assets of the Fund. Included in the expenses borne by WTAM
are fees paid to the Sub-Adviser, BNY Investment Advisors, all accounting,
administration, custody, transfer agent fees to The Bank of New York, tax and
audit services, as well as printing and postage.
===============================================================================
Fund Fee Rate
-------------------------------------------------------------------------------
DEFA Fund 0.48%
-------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 0.58%
-------------------------------------------------------------------------------
Europe Total Dividend Fund 0.48%
-------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 0.58%
-------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 0.58%
-------------------------------------------------------------------------------
Japan Total Dividend Fund 0.48%
-------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 0.58%
-------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 0.58%
-------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 0.48%
-------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 0.58%
-------------------------------------------------------------------------------
International LargeCap Dividend Fund 0.48%
-------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund 0.58%
-------------------------------------------------------------------------------
International MidCap Dividend Fund 0.58%
-------------------------------------------------------------------------------
International SmallCap Dividend Fund 0.58%
-------------------------------------------------------------------------------
International Real Estate Fund 0.58%
-------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund 0.63%
-------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund 0.63%
-------------------------------------------------------------------------------
Each Fund may purchase shares of an affiliated ETF in secondary market
transactions. For the period ended March 31, 2008, there were no transactions
in affiliated ETFs.
4. CAPITAL SHARE TRANSACTIONS
As of March 31, 2008, there was 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. Except when
aggregated in Creation Units, 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 consist of the in-kind contribution of a designated
portfolio of equity securities constituting a portfolio sampling representation
of the securities included in the relevant Fund's underlying index and an
amount of cash. Investors 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.
118 WisdomTree International Dividend Funds
Notes to Financial Statements (continued)
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments (excluding in-kind purchases and redemptions
and short-term investments) for the fiscal year ended March 31, 2008 were as
follows:
===============================================================================
Fund Purchases Sales
-------------------------------------------------------------------------------
DEFA Fund $ 30,310,780 $ 28,482,937
-------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 39,613,763 40,337,126
-------------------------------------------------------------------------------
Europe Total Dividend Fund 7,832,438 7,549,544
-------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 14,237,623 11,498,173
-------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 22,783,751 23,517,866
-------------------------------------------------------------------------------
Japan Total Dividend Fund 584,255 1,026,325
-------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 618,039 14,034,363
-------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 2,559,208 3,915,498
-------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 22,186,299 19,140,262
-------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 17,520,043 15,844,478
-------------------------------------------------------------------------------
International LargeCap Dividend Fund 23,021,480 21,766,772
-------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund 99,594,889 97,530,796
-------------------------------------------------------------------------------
International MidCap Dividend Fund 54,139,110 44,206,375
-------------------------------------------------------------------------------
International SmallCap Dividend Fund 93,805,887 85,212,303
-------------------------------------------------------------------------------
International Real Estate Fund 10,370,318 13,324,633
-------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund 104,442,440 3,148,324
-------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund 26,576,119 2,051,905
-------------------------------------------------------------------------------
For the fiscal year ended March 31, 2008, the cost of in-kind purchases and the
proceeds from in-kind redemptions were as follows:
===============================================================================
Fund Purchases Redemptions
-------------------------------------------------------------------------------
DEFA Fund $ 338,378,068 $ 11,148,495
-------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 111,346,774 35,858,515
-------------------------------------------------------------------------------
Europe Total Dividend Fund 16,107,878 8,873,249
-------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 19,244,714 20,710,873
-------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 54,123,827 142,003,609
-------------------------------------------------------------------------------
Japan Total Dividend Fund 3,204,809 17,891,071
-------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 35,478,933 77,806,256
-------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 22,236,807 32,143,413
-------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 147,344,844 84,215,300
-------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 44,237,895 70,155,969
-------------------------------------------------------------------------------
International LargeCap Dividend Fund 80,343,464 6,224,767
-------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund 273,050,373 131,780,009
-------------------------------------------------------------------------------
International MidCap Dividend Fund 204,483,157 140,948,486
-------------------------------------------------------------------------------
International SmallCap Dividend Fund 414,163,121 162,202,737
-------------------------------------------------------------------------------
International Real Estate Fund 134,641,435 -
-------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund 63,816,302 6,875
-------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund 27,027,886 -
-------------------------------------------------------------------------------
Gains and losses on in-kind redemptions are not recognized at the Fund level
for tax purposes.
WisdomTree International Dividend Funds 119
Notes to Financial Statements (continued)
6. FEDERAL INCOME TAXES
At March 31, 2008, the cost of investments (including securities on loan) for
Federal income tax purposes were as follows:
=========================================================================================================================
Net Unrealized
Gross Unrealized Gross Unrealized Appreciation/
Fund Tax Cost Appreciation Depreciation (Depreciation)
-------------------------------------------------------------------------------------------------------------------------
DEFA Fund $ 455,161,604 $ 17,083,199 $ (40,508,381) $ (23,425,182)
-------------------------------------------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 259,104,889 14,073,144 (28,181,137) (14,107,993)
-------------------------------------------------------------------------------------------------------------------------
Europe Total Dividend Fund 43,732,707 3,366,121 (3,717,184) (351,063)
-------------------------------------------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 49,692,371 2,341,136 (4,897,734) (2,556,598)
-------------------------------------------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 60,584,072 2,175,152 (10,581,992) (8,406,840)
-------------------------------------------------------------------------------------------------------------------------
Japan Total Dividend Fund 33,729,401 1,081,483 (5,931,564) (4,850,081)
-------------------------------------------------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 36,574,293 563,930 (7,732,475) (7,168,545)
-------------------------------------------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 93,776,794 2,776,901 (15,135,603) (12,358,702)
-------------------------------------------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 161,362,436 7,451,073 (13,822,981) (6,371,908)
-------------------------------------------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 66,488,006 2,775,505 (8,202,652) (5,427,147)
-------------------------------------------------------------------------------------------------------------------------
International LargeCap Dividend Fund 155,886,497 11,950,470 (11,523,055) 427,415
-------------------------------------------------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund 428,052,643 17,869,956 (39,701,570) (21,831,614)
-------------------------------------------------------------------------------------------------------------------------
International MidCap Dividend Fund 269,609,912 11,898,972 (38,092,982) (26,194,010)
-------------------------------------------------------------------------------------------------------------------------
International SmallCap Dividend Fund 623,904,962 24,327,362 (94,459,486) (70,132,124)
-------------------------------------------------------------------------------------------------------------------------
International Real Estate Fund 135,430,436 844,377 (19,183,105) (18,338,728)
-------------------------------------------------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund 165,131,766 10,159,976 (11,445,693) (1,285,717)
-------------------------------------------------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund 52,122,655 2,187,569 (5,284,890) (3,097,321)
-------------------------------------------------------------------------------------------------------------------------
At March 31, 2008, the components of accumulated earnings/loss on a tax-basis
were as follows:
=====================================================================================
Undistributed
Undistributed Capital and Other
Fund Ordinary Income Gains/(Losses)
-------------------------------------------------------------------------------------
DEFA Fund $2,873,110 $ (3,196,772)
-------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 1,744,192 (1,091,795)
-------------------------------------------------------------------------------------
Europe Total Dividend Fund 259,218 (667,513)
-------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 307,721 (512,733)
-------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 210,019 (2,553,912)
-------------------------------------------------------------------------------------
Japan Total Dividend Fund 337,759 (208,997)
-------------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 336,155 (963,661)
-------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 815,536 (924,872)
-------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 1,361,043 (1,768,688)
-------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 1,172,905 (338,447)
-------------------------------------------------------------------------------------
International LargeCap Dividend Fund 911,152 (2,806,142)
-------------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund 3,055,110 (5,911,797)
-------------------------------------------------------------------------------------
International MidCap Dividend Fund 1,447,246 (2,275,632)
-------------------------------------------------------------------------------------
International SmallCap Dividend Fund 4,017,168 (4,309,734)
-------------------------------------------------------------------------------------
International Real Estate Fund 817,261 (3,719,480)
-------------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund 1,228,203 (295,567)
-------------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund 240,150 (778,979)
-------------------------------------------------------------------------------------
====================================================================================================
Currency
Net Unrealized Unrealized
Appreciation/ Appreciation/ Total Accumulated
Fund (Depreciation) (Depreciation) Earnings/(Loss)
----------------------------------------------------------------------------------------------------
DEFA Fund $ (23,425,182) $ 11,351 $ (23,737,493)
----------------------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund (14,107,993) 23,813 (13,431,783)
----------------------------------------------------------------------------------------------------
Europe Total Dividend Fund (351,063) 5,384 (753,974)
----------------------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund (2,556,598) 2,320 (2,759,290)
----------------------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund (8,406,840) 34,844 (10,715,889)
----------------------------------------------------------------------------------------------------
Japan Total Dividend Fund (4,850,081) 831 (4,720,488)
----------------------------------------------------------------------------------------------------
Japan High-Yielding Equity Fund (7,168,545) 1,651 (7,794,400)
----------------------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund (12,358,702) 12,699 (12,455,339)
----------------------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund (6,371,908) (15,539) (6,795,092)
----------------------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund (5,427,147) (15,238) (4,607,927)
----------------------------------------------------------------------------------------------------
International LargeCap Dividend Fund 427,415 8,017 (1,459,558)
----------------------------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund (21,831,614) (28,924) (24,717,225)
----------------------------------------------------------------------------------------------------
International MidCap Dividend Fund (26,194,010) 36,432 (26,985,964)
----------------------------------------------------------------------------------------------------
International SmallCap Dividend Fund (70,132,124) 158,177 (70,266,513)
----------------------------------------------------------------------------------------------------
International Real Estate Fund (18,338,728) 4,921 (21,236,026)
----------------------------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund (1,285,717) (18,643) (371,724)
----------------------------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund (3,097,321) (1,116) (3,637,266)
----------------------------------------------------------------------------------------------------
120 WisdomTree International Dividend Funds
Notes to Financial Statements (continued)
The tax character of distributions paid during the fiscal year ended March 31,
2008 and period ended March 31, 2007, were as follows:
========================================================================================
Year Ended Period Ended
3/31/08 3/31/07
----------------------------------------------------------------------------------------
Distributions Paid Distributions Paid
from Ordinary from Ordinary
Fund Income* Income*
----------------------------------------------------------------------------------------
DEFA Fund $ 5,488,621 $231,713
----------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 7,747,821 416,338
----------------------------------------------------------------------------------------
Europe Total Dividend Fund 1,174,072 83,789
----------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 1,828,521 191,720
----------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 4,638,224 234,397
----------------------------------------------------------------------------------------
Japan Total Dividend Fund 383,514 104,591
----------------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 784,915 169,864
----------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 918,313 30,965
----------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 4,868,243 196,159
----------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 4,701,825 416,060
----------------------------------------------------------------------------------------
International LargeCap Dividend Fund 3,447,145 211,171
----------------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund 12,188,598 498,191
----------------------------------------------------------------------------------------
International MidCap Dividend Fund 6,764,887 338,186
----------------------------------------------------------------------------------------
International SmallCap Dividend Fund 12,801,555 409,690
----------------------------------------------------------------------------------------
International Real Estate Fund 3,712,845 -
----------------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund 1,268,919 -
----------------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund 33,677 -
----------------------------------------------------------------------------------------
* Includes short-term capital gains.
At March 31, 2008, for Federal income tax purposes, the Funds have capital loss
carryforwards available to offset future capital gains through the years
indicated. To the extent that these loss carryforwards are utilized, capital
gains so offset will not be distributed to shareholders.
==============================================================================================
Capital Loss Capital Loss
Available Available Capital Loss
Fund Through 2015 Through 2016 Available Total
----------------------------------------------------------------------------------------------
DEFA Fund $ - $ 1,113,913 $ 1,113,913
----------------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 3,223 1,088,572 1,091,795
----------------------------------------------------------------------------------------------
Europe Total Dividend Fund - 369,509 369,509
----------------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund - 251,233 251,233
----------------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund - 1,116,689 1,116,689
----------------------------------------------------------------------------------------------
Japan Total Dividend Fund 61,971 147,026 208,997
----------------------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 60,955 723,789 784,744
----------------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 6,631 450,744 457,375
----------------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 2,486 434,717 437,203
----------------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund - 292,646 292,646
----------------------------------------------------------------------------------------------
International LargeCap Dividend Fund 12,856 911,666 924,522
----------------------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund - 1,247,174 1,247,174
----------------------------------------------------------------------------------------------
International MidCap Dividend Fund - 2,200,353 2,200,353
----------------------------------------------------------------------------------------------
International SmallCap Dividend Fund - 2,417,649 2,417,649
----------------------------------------------------------------------------------------------
International Real Estate Fund - 261,244 261,244
----------------------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund - 166,963 166,963
----------------------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund - - -
----------------------------------------------------------------------------------------------
WisdomTree International Dividend Funds 121
Notes to Financial Statements (continued)
Capital losses and currency losses and passive foreign investment company
(PFIC) losses incurred after October 31 ("post-October capital losses") within
the taxable year are deemed to arise on the first business day of each Fund's
next taxable year.
During the fiscal year ended March 31, 2008, the following Funds incurred and
elected to defer net post-October losses as follows:
================================================================================================
Post-October Post-October Post-October
Fund PFIC Losses Currency Losses Capital Losses
------------------------------------------------------------------------------------------------
DEFA Fund $ 16,463 $ - $ 2,066,396
------------------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund - - -
------------------------------------------------------------------------------------------------
Europe Total Dividend Fund 405 7,209 290,390
------------------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund - 6,245 255,255
------------------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 1,885 48,834 1,386,504
------------------------------------------------------------------------------------------------
Japan Total Dividend Fund - - -
------------------------------------------------------------------------------------------------
Japan High-Yielding Equity Fund - - 178,917
------------------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 2,814 - 464,683
------------------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund - 63,782 1,267,703
------------------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 14,460 31,341 -
------------------------------------------------------------------------------------------------
International LargeCap Dividend Fund - - 1,881,620
------------------------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund - - 4,664,623
------------------------------------------------------------------------------------------------
International MidCap Dividend Fund - 75,279 -
------------------------------------------------------------------------------------------------
International SmallCap Dividend Fund 172,286 - 1,719,799
------------------------------------------------------------------------------------------------
International Real Estate Fund 1,578,457 - 1,879,779
------------------------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund - - 128,604
------------------------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund - 71,846 707,133
------------------------------------------------------------------------------------------------
At March 31, 2008, the effect of permanent "book/tax" reclassifications
resulted in increases (decreases) to the components of net assets as follows:
=====================================================================================================
Undistributed Net Accumulated Net
Investment Realized
Fund Income/(Loss) Gain/(Loss) Paid-in Capital
-----------------------------------------------------------------------------------------------------
DEFA Fund $ 211,836 $ (1,365,845) $ 1,154,009
-----------------------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 141,892 (6,659,271) 6,517,379
-----------------------------------------------------------------------------------------------------
Europe Total Dividend Fund 107 (1,325,561) 1,325,454
-----------------------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 4,070 (2,966,110) 2,962,040
-----------------------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund (6,574) (11,997,425) 12,003,999
-----------------------------------------------------------------------------------------------------
Japan Total Dividend Fund 4,737 (1,000,768) 996,031
-----------------------------------------------------------------------------------------------------
Japan High-Yielding Equity Fund (18,869) (1,789,119) 1,807,988
-----------------------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 4,056 (2,052,989) 2,048,933
-----------------------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 113,370 (19,118,639) 19,005,269
-----------------------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 163,018 (6,673,179) 6,510,161
-----------------------------------------------------------------------------------------------------
International LargeCap Dividend Fund 63,518 (861,051) 797,533
-----------------------------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund 336,865 (18,274,882) 17,938,017
-----------------------------------------------------------------------------------------------------
International MidCap Dividend Fund (20,669) (16,723,275) 16,743,944
-----------------------------------------------------------------------------------------------------
International SmallCap Dividend Fund 103,890 (18,160,311) 18,056,421
-----------------------------------------------------------------------------------------------------
International Real Estate Fund 49,838 (49,838) -
-----------------------------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund 101,253 (101,293) 40
-----------------------------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund (92,431) 93,221 (790)
-----------------------------------------------------------------------------------------------------
These differences are primarily due to redemptions-in-kind and currency
gain/loss.
122 WisdomTree International Dividend Funds
Notes to Financial Statements (concluded)
7. FAS 157
On September 15, 2006, the FASB released Statement of Financial Accounting
Standards No. 157, Fair Value Measurements ("FAS 157") which provides enhanced
guidance for measuring fair value. The standard requires companies to provide
expanded information about the assets and liabilities measured at fair value
and the potential effect of these fair valuations on an entity's financial
performance. The standard does not expand the use of fair value in any new
circumstances, but provides clarification on acceptable fair valuation methods
and applications. Adoption of FAS 157 is required for fiscal years beginning
after November 15, 2007 and interim periods within those fiscal years. At this
time, management does not believe the adoption of FAS 157 will impact the
amounts reported in the financial statements; however, additional disclosures
will be required about the inputs used to develop the measurements of fair
value and the effect of certain measurements reported in the Statements of
Operations for the fiscal period.
WisdomTree International Dividend Funds 123
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders of WisdomTree Trust:
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of WisdomTree DEFA Fund, WisdomTree DEFA
High-Yielding Equity Fund, WisdomTree Europe Total Dividend Fund, WisdomTree
Europe High-Yielding Equity Fund, WisdomTree Europe SmallCap Dividend Fund,
WisdomTree Japan Total Dividend Fund, WisdomTree Japan High-Yielding Equity
Fund, WisdomTree Japan SmallCap Dividend Fund, WisdomTree Pacific ex-Japan Total
Dividend Fund, WisdomTree Pacific ex-Japan High-Yielding Equity Fund, WisdomTree
International LargeCap Dividend Fund, WisdomTree International Dividend Top
100(SM) Fund, WisdomTree International MidCap Dividend Fund, WisdomTree
International SmallCap Dividend Fund, WisdomTree International Real Estate Fund,
WisdomTree Emerging Markets High-Yielding Equity Fund and WisdomTree Emerging
Markets SmallCap Dividend Fund (seventeen of the investment funds constituting
the WisdomTree Trust (the "Trust")) as of March 31, 2008, and the related
statements of operations, and the changes in net assets and financial highlights
for the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2008, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
WisdomTree DEFA Fund, WisdomTree DEFA High-Yielding Equity Fund, WisdomTree
Europe Total Dividend Fund, WisdomTree Europe High-Yielding Equity Fund,
WisdomTree Europe SmallCap Dividend Fund, WisdomTree Japan Total Dividend Fund,
WisdomTree Japan High-Yielding Equity Fund, WisdomTree Japan SmallCap Dividend
Fund, WisdomTree Pacific ex-Japan Total Dividend Fund, WisdomTree Pacific
ex-Japan High-Yielding Equity Fund, WisdomTree International LargeCap Dividend
Fund, WisdomTree International Dividend Top 100(SM) Fund, WisdomTree
International MidCap Dividend Fund and WisdomTree International SmallCap
Dividend Fund, WisdomTree International Real Estate Fund, WisdomTree Emerging
Markets High-Yielding Equity Fund and WisdomTree Emerging Markets SmallCap
Dividend Fund of WisdomTree Trust at March 31, 2008, the results of their
operations, the changes in their net assets and the financial highlights for the
indicated periods, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
New York, New York
May 27, 2008
124 WisdomTree International Dividend Funds
Approval of Investment Advisory Agreement and Sub-Advisory Agreement (unaudited)
The Board of Trustees of the Trust, including a majority of the Independent
Trustees, has the responsibility under the 1940 Act to approve each Fund's
Investment Advisory Agreement and Sub-Advisory Agreement (collectively, the
"Investment Advisory Agreements"). In addition, the Trust's Board of Trustees
will receive, review and evaluate information concerning the services and
personnel of the Investment Adviser and the Sub-Adviser at each quarterly
meeting of the Board of Trustees. While particular emphasis will be placed on
information concerning profitability, comparability of fees and total expenses,
and the Trust's investment performance at any future meeting at which a renewal
of the Investment Advisory Agreements is considered, the process of evaluating
the Investment Adviser and the Sub-Adviser and the Trust's investment
arrangements is an ongoing one. In this regard, the Board's consideration of
the nature, extent and quality of the services to be provided by the Investment
Adviser and the Sub-Adviser under the Investment Advisory Agreements will
include deliberations at future quarterly meetings.
Approval of Investment Advisory Agreement. The Trust and the Investment Adviser
have entered into an investment advisory agreement covering each Fund discussed
herein. At a meeting held on February 25, 2008, the Board of Trustees
reapproved the Investment Advisory Agreement for the Funds. The Board reviewed
and analyzed the factors it deemed relevant, including: (i) the nature, quality
and extent of the services to be provided to the Funds by WTAM; (ii) the
investment performance of the Funds; (iii) the costs of services to be provided
and the profits to be realized by WTAM from its relationship with the Funds;
(iv) the extent to which economies of scale would be realized as the Funds
grow; and (v) whether the fee levels reflect these economies of scale for the
benefit of investors.
The Board also considered the nature and quality of the services to be provided
by WTAM to the Funds, recognizing WTAM's operational capabilities and
resources. The Board also noted the extensive responsibilities that WTAM has as
investment adviser to the Funds, including the selection of the Funds'
sub-adviser and oversight of the sub-adviser's compliance with Fund policies
and objectives, oversight of general Fund compliance with federal and state
laws, and the implementation of Board directives as they relate to the Funds.
The Board gave substantial consideration to the fees payable under the Advisory
Agreement. In this connection, the Board evaluated WTAM's anticipated costs and
profitability in serving as investment adviser to the Funds, including the
costs associated with the personnel, systems and equipment necessary to manage
the Funds and the costs associated with compensating the sub-adviser. The Board
also examined the fees to be paid by each Fund in light of fees paid to other
investment managers by comparable funds and the method of computing each Fund's
fee. After comparing the fees with those of comparable funds and in light of
the quality and extent of services to be provided and the costs anticipated to
be incurred by WTAM, the Board concluded that the level of the fees paid to
WTAM with respect to each Fund is fair and reasonable.
The Board also approved the Sub-Advisory Agreement with the sub-adviser to the
Funds, BNY Investment Advisors ("BNYIA"), using essentially the same criteria
it used for WTAM. The Board considered BNYIA's operational capabilities and
resources and BNYIA's experience in serving as an adviser to ETFs, noting that
BNYIA currently provides investment advisory and management services to other
ETFs. The Board considered the investment performance of the Funds, and the
expertise and performance of the BNYIA personnel. The Board also noted that
Bank of New York ("BNY"), an affiliate of BNYIA, serves as the Funds'
administrator, accountant, custodian and transfer agent and receives
compensation for acting in these capacities and is responsible for, among other
things, coordinating the Funds' audits, financial statements and tax returns,
managing expenses and budgeting for the Funds, processing trades on behalf of
each Fund and custodying Fund assets. As such, the Board concluded that the
benefits accruing to BNYIA and its affiliates by virtue of their relationship
to the Trust are reasonable and fair in comparison with the anticipated costs
of providing the relevant services. The Board noted that WTAM, not the Funds,
pays the fees to BNYIA under the Sub-Advisory Agreement.
Based on these considerations and the overall high quality of the personnel,
operations, financial condition, investment advisory capabilities,
methodologies, and performance of WTAM and BNYIA, the Board determined that the
approval of the Advisory Agreement and the Sub-Advisory Agreement was in the
best interests of each Fund. After full consideration of these and other
factors, the Board, including a majority of the Independent Trustees, with the
assistance of independent counsel, approved the Advisory Agreement and
Sub-Advisory Agreement.
WisdomTree International Dividend Funds 125
Frequency Distribution of Discounts & Premiums (unaudited)
The chart below presents information about differences between the per share
net asset value ("NAV") of each Fund and the market trading price of shares of
each Fund. For these purposes, the "market price" is the mid-point of the
highest bid and lowest offer for Fund shares as of the close of trading on the
exchange where Fund shares are listed. The term "premium" is sometimes used to
describe a market price in excess of NAV and the term "discount" is sometimes
used to describe a market price below NAV. The chart presents information about
the size and frequency of premiums or discounts. As with other exchange traded
funds, the market price of Fund shares is typically slightly higher or lower
than the Fund's per share NAV. Factors that contribute to the differences
between market price and NAV include the supply and demand for Fund shares and
investors' assessments of the underlying value of a Fund's portfolio
securities.
Differences between the closing times of U.S. and non-U.S. markets may
contribute to differences between the NAV and market price of Fund shares. Many
non-U.S. markets close prior to the close of the U.S. securities exchanges.
Developments after the close of such markets as a result of ongoing price
discovery may be reflected in a Fund's market price but not in its NAV (or vice
versa).
===============================================================================================================
Market Price Above or Market Price Below
Equal to Net Asset Value Net Asset Value
---------------------------------------------------------------------------------------------------------------
Basis Point Number Percentage of Number Percentage
Differential of Days Total Days of Days of Total Days
---------------------------------------------------------------------------------------------------------------
WisdomTree DEFA Fund
April 1, 2007 - March 31, 2008 0 - 24.9 27 10.76% 18 7.17%
---------------------------------------------------------------
25 - 49.9 55 21.91% 16 6.37%
---------------------------------------------------------------
50 - 74.9 41 16.33% 13 5.18%
---------------------------------------------------------------
75 - 100.0 25 9.96% 6 2.39%
---------------------------------------------------------------
>100.0 35 13.93% 15 5.98%
---------------------------------------------------------------
Total 183 72.91% 68 27.09%
===============================================================================================================
WisdomTree DEFA High-Yielding Equity Fund
April 1, 2007 - March 31, 2008 0 - 24.9 40 15.94% 24 9.57%
---------------------------------------------------------------
25 - 49.9 43 17.13% 19 7.57%
---------------------------------------------------------------
50 - 74.9 37 14.74% 10 3.98%
---------------------------------------------------------------
75 - 100.0 16 6.37% 17 6.77%
---------------------------------------------------------------
>100.0 28 11.16% 17 6.77%
---------------------------------------------------------------
Total 164 65.34% 87 34.66%
===============================================================================================================
WisdomTree Europe Total Dividend Fund
April 1, 2007 - March 31, 2008 0 - 24.9 50 19.93% 32 12.75%
---------------------------------------------------------------
25 - 49.9 43 17.13% 20 7.97%
---------------------------------------------------------------
50 - 74.9 26 10.36% 13 5.18%
---------------------------------------------------------------
75 - 100.0 16 6.37% 10 3.98%
---------------------------------------------------------------
>100.0 29 11.55% 12 4.78%
---------------------------------------------------------------
Total 164 65.34% 87 34.66%
===============================================================================================================
WisdomTree Europe High-Yielding Equity Fund
April 1, 2007 - March 31, 2008 0 - 24.9 40 15.94% 36 14.34%
---------------------------------------------------------------
25 - 49.9 48 19.12% 18 7.17%
---------------------------------------------------------------
50 - 74.9 21 8.37% 12 4.78%
---------------------------------------------------------------
75 - 100.0 28 11.16% 10 3.98%
---------------------------------------------------------------
>100.0 31 12.35% 7 2.79%
---------------------------------------------------------------
Total 168 66.94% 83 33.06%
===============================================================================================================
WisdomTree Europe SmallCap Dividend Fund
April 1, 2007 - March 31, 2008 0-24.9 31 12.35% 29 11.55%
---------------------------------------------------------------
25 - 49.9 21 8.37% 29 11.55%
---------------------------------------------------------------
50 - 74.9 11 4.38% 20 7.97%
---------------------------------------------------------------
75 - 100.0 5 1.99% 27 10.76%
---------------------------------------------------------------
>100.0 5 1.99% 73 29.09%
---------------------------------------------------------------
Total 73 29.08% 178 70.92%
===============================================================================================================
WisdomTree Japan Total Dividend Fund
April 1, 2007 - March 31, 2008 0 - 24.9 29 11.55% 28 11.16%
---------------------------------------------------------------
25 - 49.9 19 7.58% 21 8.37%
---------------------------------------------------------------
50 - 74.9 16 6.37% 18 7.17%
---------------------------------------------------------------
75 - 100.0 13 5.18% 22 8.76%
---------------------------------------------------------------
>100.0 18 7.17% 67 26.69%
---------------------------------------------------------------
Total 95 37.85% 156 62.15%
===============================================================================================================
126 WisdomTree International Dividend Funds
Frequency Distribution of Discounts & Premiums (unaudited) (continued)
=========================================================================================================================
Market Price Above or Market Price Below
Equal to Net Asset Value Net Asset Value
-------------------------------------------------------------------------------------------------------------------------
Basis Point Number Percentage of Number Percentage
Differential of Days Total Days of Days of Total Days
-------------------------------------------------------------------------------------------------------------------------
WisdomTree Japan High-Yielding Equity Fund
April 1, 2007 - March 31, 2008 0 - 24.9 30 11.95% 23 9.16%
---------------------------------------------------------------
25 - 49.9 21 8.37% 24 9.56%
---------------------------------------------------------------
50 - 74.9 14 5.58% 20 7.97%
---------------------------------------------------------------
75 - 100.0 6 2.39% 21 8.37%
---------------------------------------------------------------
>100.0 25 9.96% 67 26.69%
---------------------------------------------------------------
Total 96 38.25% 155 61.75%
=========================================================================================================================
WisdomTree Japan SmallCap Dividend Fund
April 1, 2007 - March 31, 2008 0 - 24.9 35 13.94% 18 7.17%
---------------------------------------------------------------
25 - 49.9 18 7.17% 25 9.96%
---------------------------------------------------------------
50 - 74.9 21 8.37% 20 7.97%
---------------------------------------------------------------
75 - 100.0 7 2.79% 16 6.37%
---------------------------------------------------------------
>100.0 33 13.15% 58 23.11%
---------------------------------------------------------------
Total 114 45.42% 137 54.58%
=========================================================================================================================
WisdomTree Pacific ex-Japan Total Dividend Fund
April 1, 2007 - March 31, 2008 0 - 24.9 31 12.35% 18 7.17%
---------------------------------------------------------------
25 - 49.9 23 9.16% 17 6.77%
---------------------------------------------------------------
50 - 74.9 21 8.37% 10 3.98%
---------------------------------------------------------------
75 - 100.0 20 7.97% 10 3.98%
---------------------------------------------------------------
>100.0 46 18.33% 55 21.92%
---------------------------------------------------------------
Total 141 56.18% 110 43.82%
=========================================================================================================================
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
April 1, 2007 - March 31, 2008 0 - 24.9 21 8.37% 17 6.77%
---------------------------------------------------------------
25 - 49.9 29 11.55% 22 8.76%
---------------------------------------------------------------
50 - 74.9 24 9.56% 15 5.98%
---------------------------------------------------------------
75 - 100.0 26 10.36% 14 5.58%
---------------------------------------------------------------
>100.0 25 9.96% 58 23.11%
---------------------------------------------------------------
Total 125 49.80% 126 50.20%
=========================================================================================================================
WisdomTree International LargeCap Dividend Fund
April 1, 2007 - March 31, 2008 0 - 24.9 33 13.15% 27 10.75%
---------------------------------------------------------------
25 - 49.9 58 23.10% 15 5.98%
---------------------------------------------------------------
50 - 74.9 26 10.36% 14 5.58%
---------------------------------------------------------------
75 - 100.0 27 10.76% 6 2.39%
---------------------------------------------------------------
>100.0 26 10.36% 19 7.57%
---------------------------------------------------------------
Total 170 67.73% 81 32.27%
=========================================================================================================================
WisdomTree International Dividend Top 100(SM) Fund
April 1, 2007 - March 31, 2008 0 - 24.9 32 12.75% 23 9.16%
---------------------------------------------------------------
25 - 49.9 45 17.93% 17 6.77%
---------------------------------------------------------------
50 - 74.9 35 13.94% 10 3.98%
---------------------------------------------------------------
75 - 100.0 21 8.37% 6 2.39%
---------------------------------------------------------------
>100.0 33 13.15% 29 11.56%
---------------------------------------------------------------
Total 166 66.14% 85 33.86%
=========================================================================================================================
WisdomTree International MidCap Dividend Fund
April 1, 2007 - March 31, 2008 0 - 24.9 34 13.55% 26 10.36%
---------------------------------------------------------------
25 - 49.9 50 19.92% 23 9.16%
---------------------------------------------------------------
50 - 74.9 26 10.36% 13 5.18%
---------------------------------------------------------------
75 - 100.0 16 6.37% 13 5.18%
---------------------------------------------------------------
>100.0 27 10.76% 23 9.16%
---------------------------------------------------------------
Total 153 60.96% 98 39.04%
=========================================================================================================================
WisdomTree International Dividend Funds 127
Frequency Distribution of Discounts & Premiums (unaudited) (concluded)
=========================================================================================================================
Market Price Above or Market Price Below
Equal to Net Asset Value Net Asset Value
-------------------------------------------------------------------------------------------------------------------------
Basis Point Number Percentage of Number Percentage
Differential of Days Total Days of Days of Total Days
-------------------------------------------------------------------------------------------------------------------------
WisdomTree International SmallCap Dividend Fund
April 1, 2007 - March 31, 2008 0-24.9 27 10.76% 12 4.79%
--------------------------------------------------------------
25-49.9 39 15.54% 23 9.16%
--------------------------------------------------------------
50-74.9 37 14.74% 10 3.98%
--------------------------------------------------------------
75-100.0 24 9.56% 11 4.38%
--------------------------------------------------------------
>100.0 46 18.33% 22 8.76%
--------------------------------------------------------------
Total 173 68.93% 78 31.07%
=========================================================================================================================
WisdomTree International Real Estate Fund
June 5, 2007 - March 31, 2008 0-24.9 19 9.18% 15 7.25%
--------------------------------------------------------------
25-49.9 23 11.11% 11 5.31%
--------------------------------------------------------------
50-74.9 35 16.91% 8 3.86%
--------------------------------------------------------------
75-100.0 22 10.63% 4 1.93%
--------------------------------------------------------------
>100.0 51 24.64% 19 9.18%
--------------------------------------------------------------
Total 150 72.47% 57 27.53%
=========================================================================================================================
WisdomTree Emerging Markets High-Yielding Equity Fund
July 13, 2007 - March 31, 2008 0-24.9 11 6.11% 10 5.56%
--------------------------------------------------------------
25-49.9 7 3.89% 10 5.56%
--------------------------------------------------------------
50-74.9 12 6.67% 6 3.33%
--------------------------------------------------------------
75-100.0 19 10.56% 6 3.33%
--------------------------------------------------------------
>100.0 69 38.33% 30 16.66%
--------------------------------------------------------------
Total 118 65.56% 62 34.44%
=========================================================================================================================
WisdomTree Emerging Markets SmallCap Dividend Fund
October 30, 2007 - March 31, 2008 0-24.9 2 1.92% 3 2.88%
--------------------------------------------------------------
25-49.9 4 3.85% 4 3.85%
--------------------------------------------------------------
50-74.9 2 1.92% 4 3.85%
--------------------------------------------------------------
75-100.0 5 4.81% 5 4.81%
--------------------------------------------------------------
>100.0 21 20.19% 54 51.92%
--------------------------------------------------------------
Total 34 32.69% 70 67.31%
=========================================================================================================================
128 WisdomTree International Dividend Funds
Trustee and Officer Information (unaudited)
The Board of Trustees has responsibility for the overall management and
operations of the Funds, including general supervision of the duties performed
by WisdomTree Asset Management and other service providers. The Board of
Trustees elects the officers of the Trust who are responsible for administering
the Trust's day-to-day operations. Each Trustee serves until his or her
successor is duly elected or appointed and qualified.
The address of each Trustee and Officer is c/o WisdomTree Asset Management,
Inc., 380 Madison Avenue, 21st Floor, New York, NY 10017.
Interested Trustee and Officers
Number of Portfolios Other
Term of Office in Fund Complex Directorships
Name and Length of Principal Occupation(s) Overseen by Trustee Held by Trustee
(year of birth) Position Time Served During the Past 5 Years and Officer+ and Officers
--------------------- -------------- ---------------- -------------------------------------- --------------------- -----------------
Jonathan Steinberg Trustee, Trustee and Chief Executive Officer of 40 None.
(1964) President* Officer WisdomTree Investments, Inc. (for-
since 2005 merly, Index Development Partners,
Inc.) and Director of WisdomTree
Investments, Inc. (since 1989).
Amit Muni Treasurer*, Officer Chief Financial Officer and Assistant 40 None.
(1969) Assistant since 2008 Secretary of WisdomTree Investments,
Secretary* Inc. (formerly, Index Development
Partners, Inc.) (since March 2008);
International Securities Exchange
Holdings, Inc. (ISE), Controller and
Chief Accounting Officer (2003 to
2008); Instinet Group Inc., Vice Presi-
dent Finance (2000 to 2003).
Richard Morris Secretary*, Officer Deputy General Counsel of 40 None.
(1967) Chief Legal since 2005 WisdomTree Investments, Inc. (for-
Officer* merly, Index Development Partners,
Inc.) (since 2005); Senior Counsel at
Barclays Global Investors, N.A. (2002
to 2005); Counsel at Barclays Global
Investors, N.A. (2000 to 2001).
------------------------------------------------------------------------------------------------------------------------------------
* Elected by and serves at the pleasure of the Board of Trustees.
+ As of March 31, 2008.
WisdomTree International Dividend Funds 129
Trustee and Officer Information (unaudited) (concluded)
Independent Trustees
Term of Office Number of Portfolios Other
Name and Length Principal Occupation(s) in Fund Complex Directorships
(year of birth) Position of Time Served During the Past 5 Years Overseen by Trustee+ Held by Trustee
----------------- -------------- ---------------- --------------------------------------- ----------------------- ----------------
Gregory Barton Trustee Trustee General Counsel and Secretary of 40 None.
(1961)* since 2006 Martha Stewart Living Omnimedia,
Inc. (since 2007); Executive Vice
President of Licensing and Legal Af-
fairs, General Counsel and Secretary
of Ziff Davis Media Inc. (2003 to
2007); Executive Vice President of
Legal Affairs, General Counsel and
Secretary of Ziff Davis Media Inc.
(2002 to 2003); President (2001 to
2002), Chief Financial Officer (2000
to 2002), Vice President of Business
Development (1999 to 2001) and
General Counsel and Secretary (1998
to 2002) of WisdomTree Investments,
Inc. (formerly, Index Development
Partners, Inc.)
Toni Massaro Trustee Trustee Dean at University of Arizona James 40 None.
(1955)** since 2006 E. Rogers College of Law (since
1999); Professor at University of Ari-
zona James E. Rogers College of Law
(since 1990).
Victor Ugolyn Trustee, Trustee Private Investor (2005 to present); 40 Trustee on
(1947) Chairman of since 2006 President and Chief Executive Officer Board of
the Board of of William D. Witter, Inc. (2005 to Trustees of
Trustees 2006); Consultant to AXA Enterprise Naismith
in 2004; Chairman, President and Memorial
Chief Executive Officer of Enterprise Basketball
Capital Management (subsidiary of Hall of Fame;
The MONY Group, Inc.) and Enter- Member of
prise Group of Funds, Chairman of the Board of
MONY Securities Corp., and Chair- Directors of
man of the Fund Board of Enterprise William D.
Group of Funds (1991 to 2004). Witter, Inc.;
Member of
the Board of
Overseers of
the Hoover
Institution at
Stanford
University.
----------------------------------------------------------------------------------------------------------------------------------
* Chair of the Audit Committee.
** Chair of the Governance and Nominating Committee.
+ As of March 31, 2008.
130 WisdomTree International Dividend Funds
Supplemental Information (unaudited)
Federal Income Tax Information
The following Federal tax information related to the Funds fiscal year ended
March 31, 2008, is provided for information purposes only and should not be
used for reporting to federal or state revenue agencies. Federal tax
information for the calendar year will be reported to you on Form 1099-DIV in
January 2009.
Certain dividends paid by the Funds may be subject to a maximum tax rate of
15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Of the distributions paid during the fiscal year ended March 31, 2008, the
following represents the maximum amount of ordinary income distributions that
may be considered qualified dividend income:
================================================================================
Qualified
Fund Dividend Income
--------------------------------------------------------------------------------
DEFA Fund $ 5,564,268
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 7,219,711
--------------------------------------------------------------------------------
Europe Total Dividend Fund 1,318,473
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 1,987,457
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 4,449,234
--------------------------------------------------------------------------------
Japan Total Dividend Fund 635,596
--------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 1,091,322
--------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 1,084,817
--------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 3,365,589
--------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 3,916,377
--------------------------------------------------------------------------------
International LargeCap Dividend Fund 3,594,027
--------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund 10,412,420
--------------------------------------------------------------------------------
International MidCap Dividend Fund 5,435,005
--------------------------------------------------------------------------------
International SmallCap Dividend Fund 9,468,431
--------------------------------------------------------------------------------
International Real Estate Fund 1,208,072
--------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund 1,012,441
--------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund 119,669
--------------------------------------------------------------------------------
The Funds designate the following amount of ordinary income distributions paid
during the fiscal year ended March 31, 2008 from qualified short-term gains:
================================================================================
Qualified
Fund Short-Term Gains
--------------------------------------------------------------------------------
DEFA Fund $ 240
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund -
--------------------------------------------------------------------------------
Europe Total Dividend Fund -
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 3,186
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 477,202
--------------------------------------------------------------------------------
Japan Total Dividend Fund -
--------------------------------------------------------------------------------
Japan High-Yielding Equity Fund -
--------------------------------------------------------------------------------
Japan SmallCap Dividend Fund -
--------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund -
--------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 180,947
--------------------------------------------------------------------------------
International LargeCap Dividend Fund -
--------------------------------------------------------------------------------
International Dividend Top 100(SM) Fund -
--------------------------------------------------------------------------------
International MidCap Dividend Fund 427,245
--------------------------------------------------------------------------------
International SmallCap Dividend Fund 516,519
--------------------------------------------------------------------------------
International Real Estate Fund -
--------------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund -
--------------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund -
--------------------------------------------------------------------------------
WisdomTree International Dividend Funds 131
Supplemental Information (unaudited) (concluded)
The Funds intend to elect to pass through to shareholders the credit for taxes
paid during the fiscal year ended March 31, 2008 to foreign countries. The
gross foreign source income and foreign taxes paid are as follows:
===========================================================================
Gross Foreign Foreign
Fund Income Taxes Paid
---------------------------------------------------------------------------
DEFA Fund $ 7,264,290 $ 442,778
---------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 6,934,901 342,488
---------------------------------------------------------------------------
Europe Total Dividend Fund 1,215,924 104,833
---------------------------------------------------------------------------
Europe High-Yielding Equity Fund 1,530,029 100,469
---------------------------------------------------------------------------
Europe SmallCap Dividend Fund 3,112,183 248,735
---------------------------------------------------------------------------
Japan Total Dividend Fund 723,517 54,378
---------------------------------------------------------------------------
Japan High-Yielding Equity Fund 856,703 64,434
---------------------------------------------------------------------------
Japan SmallCap Dividend Fund 1,292,226 97,205
---------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 5,525,022 48,716
---------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 4,259,413 52,512
---------------------------------------------------------------------------
International LargeCap Dividend Fund 3,637,936 240,028
---------------------------------------------------------------------------
International Dividend Top 100(SM) Fund 10,981,617 427,465
---------------------------------------------------------------------------
International MidCap Dividend Fund 6,325,220 394,184
---------------------------------------------------------------------------
International SmallCap Dividend Fund 12,715,016 807,086
---------------------------------------------------------------------------
International Real Estate Fund 2,092,651 233,844
---------------------------------------------------------------------------
Emerging Markets High-Yielding Equity Fund 2,899,194 368,793
---------------------------------------------------------------------------
Emerging Markets SmallCap Dividend Fund 374,938 60,965
---------------------------------------------------------------------------
132 WisdomTree International Dividend Funds
General Information (unaudited)
Proxy Voting Policies, Procedures and Record
A description of the policies and procedures that the Trust uses to determine
how to vote proxies related to each Fund's portfolio securities, and
information on how the Trust voted proxies during the period ended June 30,
2007, is available without charge, upon request (i) by calling 1-866-909-WISE,
(ii) on the Trust's website at www.wisdomtree.com and (iii) on the Securities
and Exchange Commission's ("SEC") website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings
with the SEC for their first and third fiscal quarters on Form N-Q. Copies of
the filings are available, without charge, upon request on the SEC's website at
www.sec.gov, and are also available by calling the Trust at 1-866-909-WISE. You
can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference
Room in Washington, DC (information on the operation of the Public Reference
Room may be obtained by calling 1-800-SEC-0330), (ii) sending your request and
a duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102
or (iii) sending your request electronically to publicinfosec.gov.
Information about each Fund's portfolio holdings is available daily, without
charge, at www.wisdomtree.com.
The Fund's 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.
WisdomTree International Dividend Funds 133
The WisdomTree Trust
Investment Adviser
WisdomTree Asset Management, Inc.
380 Madison Avenue, 21st Floor
New York, NY 10017
Investment Sub-Adviser
BNY Investment Advisors
1633 Broadway
New York, NY 10019
Administrator, Custodian & Transfer Agent
The Bank of New York
101 Barclay Street
New York, NY 10286
Distributor
ALPS Distributors, Inc.
1290 Broadway
Suite 1100
Denver, CO 80203
Independent Registered Public Accounting Firm
Ernst & Young LLP
5 Times Square
New York, NY 10036
Legal Counsel
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
The WisdomTree(R) Family of Funds
The following is a list of WisdomTree Funds being offered, along with their
respective ticker symbols as of March 31, 2008:
WisdomTree Domestic Dividend Funds
WisdomTree Total Dividend Fund (DTD)
WisdomTree High-Yielding Equity Fund (DHS)
WisdomTree LargeCap Dividend Fund (DLN)
WisdomTree Dividend Top 100(SM) Fund (DTN)
WisdomTree MidCap Dividend Fund (DON)
WisdomTree SmallCap Dividend Fund (DES)
WisdomTree International Dividend Funds
WisdomTree DEFA Fund (DWM)
WisdomTree DEFA High-Yielding Equity Fund (DTH)
WisdomTree Europe Total Dividend Fund (DEB)
WisdomTree Europe High-Yielding Equity Fund (DEW)
WisdomTree Europe SmallCap Dividend Fund (DFE)
WisdomTree Japan Total Dividend Fund (DXJ)
WisdomTree Japan High-Yielding Equity Fund (DNL)
WisdomTree Japan SmallCap Dividend Fund (DFJ)
WisdomTree Pacific ex-Japan Total Dividend Fund (DND)
WisdomTree Pacific ex-Japan High-Yielding Equity Fund (DNH)
WisdomTree International LargeCap Dividend Fund (DOL)
WisdomTree International Dividend Top 100(SM) Fund (DOO)
WisdomTree International MidCap Dividend Fund (DIM)
WisdomTree International SmallCap Dividend Fund (DLS)
WisdomTree International Real Estate Fund (DRW)
WisdomTree Emerging Markets High-Yielding Equity Fund (DEM)
WisdomTree Emerging Markets SmallCap Dividend Fund (DGS)
WisdomTree International Dividend Sector Funds
WisdomTree International Basic Materials Sector Fund (DBN)
WisdomTree International Communications Sector Fund (DGG)
WisdomTree International Consumer Cyclical Sector Fund (DPC)
WisdomTree International Consumer Non-Cyclical Sector Fund (DPN)
WisdomTree International Energy Sector Fund (DKA)
WisdomTree International Financial Sector Fund (DRF)
WisdomTree International Health Care Sector Fund (DBR)
WisdomTree International Industrial Sector Fund (DDI)
WisdomTree International Technology Sector Fund (DBT)
WisdomTree International Utilities Sector Fund (DBU)
WisdomTree Earnings Funds
WisdomTree Total Earnings Fund (EXT)
WisdomTree Earnings 500 Fund (EPS)
WisdomTree MidCap Earnings Fund (EZM)
WisdomTree SmallCap Earnings Fund (EES)
WisdomTree Earnings Top 100 Fund (EEZ)
WisdomTree Low P/E Fund (EZY)
WisdomTree India Earnings Fund (EPI)
The WisdomTree Funds are exchange traded funds ("ETFs") registered with the
United States Securities and Exchange Commission ("SEC") as series of
WisdomTree Trust ("Trust"). WisdomTree Asset Management, Inc., a wholly owned
subsidiary of WisdomTree Investments, Inc., serves as the investment adviser to
the WisdomTree Trust. None of the WisdomTree entities are affiliated with ALPS
Distributors, Inc., the Funds' distributor. WisdomTree Investments, its
affiliates and their independent providers are not liable for any informational
errors, incompleteness, or delays, or for any actions taken in reliance on
information contained herein.
Investors should consider the investment objectives, risks, charges and
expenses of the funds carefully before investing. A prospectus, containing this
and other information, is available at www.wisdomtree.com, or by calling
1-866-909-WISE (9473). Investors should read the prospectus carefully before
investing. There are risks associated with investing, including possible loss
of principal. Past performance does not guarantee future results. Indexes are
unmanaged and you can not invest directly in an index.
There are risks associated with investing including possible loss of principal.
In addition to the normal risks of investing, 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 its investments in one country increase
the impact of events and developments associated with the region which can
adversely affect performance. Funds focusing on a single country, sector and/or
smaller companies generally experience greater price volatility. Investments in
emerging markets are generally less liquid and less efficient than developed
markets. Please read the funds prospectus for specific details regarding the
fund's risk profile. 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 only in large amounts of
50,000 shares or more.
[LOGO]
WISDOMTREE
Fundamental ETFs
380 Madison Avenue, 21st Floor
New York, NY 11017
1.866.909.WISE (9473)
www.wisdomtree.com
WisdomTree International Dividend ETFs
WisdomTree DEFA Fund
WisdomTree DEFA High-Yielding Equity Fund
WisdomTree Europe Total Dividend Fund
WisdomTree Europe High-Yielding Equity Fund
WisdomTree Europe SmallCap Dividend Fund
WisdomTree Japan Total Dividend Fund
WisdomTree Japan High-Yielding Equity Fund
WisdomTree Japan SmallCap Dividend Fund
WisdomTree Pacific ex-Japan Total Dividend Fund
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
WisdomTree International LargeCap Dividend Fund
WisdomTree International Dividend Top 100(SM) Fund
WisdomTree International MidCap Dividend Fund
WisdomTree International SmallCap Dividend Fund
WisdomTree International Real Estate Fund
WisdomTree Emerging Markets High-Yielding Equity Fund
WisdomTree Emerging Markets SmallCap Dividend Fund
WisdomTree Fund shares are distributed by
ALPS Distributors, Inc.
WIS001177 (05/2009)
[LOGO]
WISDOMTREE
Fundamental ETFs
WisdomTree Trust
International Dividend Sector Funds
--------------------------------------------------------------------------------
Annual Report
March 31, 2008
WisdomTree International Basic Materials Sector Fund
WisdomTree International Communications Sector Fund
WisdomTree International Consumer Cyclical Sector Fund
WisdomTree International Consumer Non-Cyclical Sector Fund
WisdomTree International Energy Sector Fund
WisdomTree International Financial Sector Fund
WisdomTree International Health Care Sector Fund
WisdomTree International Industrial Sector Fund
WisdomTree International Technology Sector Fund
WisdomTree International Utilities Sector Fund
Table of Contents
Letter to Shareholders ..................................................... 1
Management's Discussion of Funds' Performance .............................. 2
Performance Summaries (unaudited) .......................................... 3
Shareholder Expense Examples (unaudited) ................................... 13
Schedules of Investments
WisdomTree International Basic Materials Sector Fund ...................... 15
WisdomTree International Communications Sector Fund ....................... 17
WisdomTree International Consumer Cyclical Sector Fund .................... 19
WisdomTree International Consumer Non-Cyclical Sector Fund ................ 23
WisdomTree International Energy Sector Fund ............................... 26
WisdomTree International Financial Sector Fund ............................ 27
WisdomTree International Health Care Sector Fund .......................... 30
WisdomTree International Industrial Sector Fund ........................... 32
WisdomTree International Technology Sector Fund ........................... 37
WisdomTree International Utilities Sector Fund ............................ 38
Statements of Assets and Liabilities ....................................... 39
Statements of Operations ................................................... 41
Statements of Changes in Net Assets ........................................ 43
Financial Highlights ....................................................... 47
Notes to the Financial Statements .......................................... 52
Report of Independent Registered Public Accounting Firm .................... 58
Approval of Investment Advisory and Sub-Advisory Agreement (unaudited) ..... 59
Frequency Distribution of Discounts & Premiums (unaudited) ................. 60
Trustees and Officers Information (unaudited) .............................. 62
Supplemental Information (unaudited) ....................................... 64
General Information (unaudited) ............................................ 65
"WisdomTree", "WisdomTree Investments" and "Dividend Top 100" are marks of
WisdomTree Investments, Inc. and are licensed for use by the Trust.
[This page intentionally left blank.]
Letter to Shareholders
Dear Shareholders:
It is a pleasure to report highlights for the funds of the WisdomTree
Trust for the fiscal year that ended March 31, 2008.
Over this period, many U.S. and international stock markets declined
between 5% and 15%, disappointing equity investors. With toxic sub-prime loans
causing huge write-downs in the value of assets held at large banks and
brokerage firms, financial stocks dramatically underperformed the broader
market. For the first time since 1999, value stocks underperformed growth stocks
in 2007, both domestically and internationally. WisdomTree's smaller
capitalization U.S. funds, with greater exposure to real estate and financial
stocks, generated sub-par returns for the period. Nevertheless, despite the
challenging environment, 21 of WisdomTree's 36 funds with one-year track records
outperformed their comparable capitalization weighted benchmark over the 12
months ended March 31, 2008.
Some of WisdomTree's strongest relative performance occurred in the
developing world. Within the past year, the Trust added the WisdomTree Emerging
Markets High-Yielding Equity Fund (DEM) and the WisdomTree Emerging Markets
SmallCap Dividend Fund (DGS), the first ETF to offer investors access to the
small-cap segment of emerging equity markets. Since the inception of the funds
(July 13, 2007 and October 30, 2007, respectively) through March 31, 2008, both
DEM and DGS outperformed the capitalization-weighted barometer for the emerging
markets: the MSCI Emerging Markets Index. In February, WisdomTree launched the
industry's first India ETF, the WisdomTree India Earnings Fund (EPI), which
gives U.S. investors exposure to local shares trading in India. By March 31,
2008, overall assets under management in the WisdomTree Trust stood at
approximately $4.3 billion, up from approximately $3 billion a year earlier.
The past fiscal year was also punctuated by an initiative that has the
potential to significantly expand WisdomTree's reach: a platform that allows
plan sponsors to use ETFs within employee 401(k) programs. This program gives
clients the ability to use traditional index funds, actively managed mutual
funds or ETFs within their retirement plans. Increasingly, investors view
WisdomTree products as alternatives to both types of investments. Like
traditional index funds, WisdomTree ETFs provide broad exposure to equity
markets in 42 countries. But unlike traditional capitalization- weighted
indexes, which set weights based on a company's market value, WisdomTree sets
component weights based on income streams, such as earnings or dividends.
WisdomTree is presenting advisors, plan sponsors, and self-directed investors a
new way to understand and invest in equity markets. This report contains another
full year of real-time performance data that will, I hope, provide greater
clarity as to whether we are meeting our goal of delivering market-beating
returns in a passive structure.
Thank you for your continued support.
Best regards,
/s/ Jonathan Steinberg
Jonathan Steinberg
President, WisdomTree Trust
CEO, WisdomTree Asset Management, Inc.
Mr. Steinberg is a registered representative of ALPS Distributors, Inc.
This information is subject to change at any time based on market and other
conditions and should not be construed as a recommendation of any specific
security. Fund returns are quoted at NAV. Please see Performance Summaries on
the subsequent pages for more complete performance information.
The MSCI Emerging Markets Index is a market cap weighted index that is designed
to measure equity market performance consisting of 25 emerging market country
indexes. MSCI Index performance information assumes the reinvestment of net
dividends and excludes management fees, transaction costs and expenses. You
cannot invest directly in an index.
WisdomTree International Dividend Sector Funds 1
Management's Discussion of Funds' Performance
The 10 international sector ETFs developed by the WisdomTree Trust give
investors alternatives to market capitalization-weighted index funds in major
economic sectors of the industrialized world outside of the U.S. equity market.
All of the WisdomTree international sector ETFs track specific indexes that are
derived from the WisdomTree Dividend Index of Europe, Far East Asia and
Australasia (WisdomTree DEFA). The WisdomTree DEFA Index measures the
performance of dividend-paying companies in developed countries outside of the
U.S. and Canada. Unlike ETFs that track traditional market
capitalization-weighted indexes, WisdomTree's international sector ETFs are
designed to track indexes that are weighted based on the dividends that
companies pay. For ease of comparison, this report provides index performance
data on each ETF's underlying WisdomTree Index and a comparable capitalization
weighted benchmark index.
The MSCI EAFE Index, which measures stock performance in the developed world
outside the U.S. and Canada, declined by 2.68% in the year that ended March 31,
2008. International sectors with exposure to energy and commodities performed
well over this period, whereas sectors with exposure to bad loans emanating
from the U.S. and a weakening consumer performed poorly. For the period that
ended March 31, 2008, 5 of the 10 WisdomTree international sector funds
outperformed their comparable capitalization-weighted benchmark.
The highest returns for the Trust's sector funds were generated by the
WisdomTree International Energy Sector Fund (DKA), which returned 13.84% at NAV
for the period, followed closely by the WisdomTree International Basic
Materials Sector Fund (DBN), which advanced 13.04% at NAV.
The lowest returns for the Trust's sector funds were generated by the
WisdomTree International Consumer Cyclical Sector Fund (DPC), which declined by
10.82%, followed closely by the WisdomTree International Financial Sector Fund
(DRF), which lost 10.29% of its value at NAV.
The views expressed in this report reflect those of the portfolio managers only
through the end of the period of the report as stated on the cover. The
portfolio managers' views are subject to change at any time based on market and
other conditions and should not be construed as a recommendation. Past
performance is no guarantee of future results.
Fund returns are shown at NAV. Please see Performance Summaries on the
subsequent pages for more complete performance information.
Fund performance assumes reinvestment of dividends and capital gain
distributions. 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. 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 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.
The MSCI EAFE Index is a market capitalization-weighted index composed of
companies representative of the developed market structure of 21 developed
countries in Europe, Australasia and Japan. Performance information for the
MSCI indexes assumes the reinvestment of net dividends and excludes management
fees, transaction costs and expenses. You cannot invest directly in an index.
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 of 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.
2 WisdomTree International Dividend Sector Funds
Performance Summary (unaudited)
WisdomTree International Basic Materials Sector Fund
Industry Breakdown+ as of 3/31/08
------------------------------------
[PIE CHART]
Mining 42.8%
Chemicals 32.6%
Iron/Steel 17.1%
Forest Products & Paper 6.2%
Other 1.3%
------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
--------------------------------------
Description % of Net Assets
--------------------------------------
BHP Billiton Ltd. 9.1%
--------------------------------------
BASF AG 8.4%
--------------------------------------
Rio Tinto PLC 6.8%
--------------------------------------
Anglo American PLC 6.3%
--------------------------------------
Bayer AG 4.6%
--------------------------------------
BHP Billiton PLC 4.2%
--------------------------------------
Rio Tinto Ltd. 4.0%
--------------------------------------
ThyssenKrupp AG 2.7%
--------------------------------------
L'Air Liquide S.A. 2.4%
--------------------------------------
JFE Holdings, Inc. 2.1%
--------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Basic Materials Sector Fund seeks investment
results that closely correspond to the price and yield performance, before fees
and expenses, of the WisdomTree International Basic Materials Sector Index.
The WisdomTree International Basic Materials Sector Fund (DBN) returned 13.09%
at net asset value ("NAV") for the fiscal year ended March 31, 2008 (for more
complete performance information, please see below). United Kingdom contributed
most significantly to this performance, comprising on average 22.49% of the
Fund and returned 35.97% over the period. Rio Tinto Plc was the top performing
security in the Fund. Japan contributed the least to the Fund returning -21.31%
over the period and comprising on average 15.05% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Average Annual Total Return
-------------------------------------------------------------------------------------------
WisdomTree S&P
International Global 1200
Basic Materials Materials
Net Asset Value Market Price Sector Index Sector Index
-------------------------------------------------------------------------------------------
One Year 13.09% 12.37% 14.24% 23.08%
-------------------------------------------------------------------------------------------
Since Inception(1) 27.25% 27.27% 28.70% 32.58%
-------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 13, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
International S&P Global
Basic Materials 1200 Materials
Date Sector Fund Sector Index
------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,467 $10,406
11/30/2006 $10,738 $10,783
12/31/2006 $11,233 $11,112
1/31/2007 $11,308 $11,369
2/28/2007 $11,681 $11,701
3/31/2007 $12,581 $12,269
4/30/2007 $13,108 $12,618
5/31/2007 $13,854 $13,551
6/30/2007 $14,413 $13,971
7/31/2007 $14,489 $14,173
8/31/2007 $13,981 $13,988
9/30/2007 $15,533 $15,695
10/31/2007 $15,882 $16,280
11/30/2007 $15,294 $15,492
12/31/2007 $14,751 $15,395
1/31/2008 $13,551 $14,564
2/29/2008 $14,639 $15,608
3/31/2008 $14,127 $15,119
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Sector Funds 3
Performance Summary (unaudited)
WisdomTree International Communications Sector Fund
Industry Breakdown+ as of 3/31/08
-----------------------------------
[PIE CHART]
Telecommunications 74.5%
Media 22.0%
Internet 1.8%
Advertising 1.1%
Other 0.6%
-----------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
----------------------------------------------------
Description % of Net Assets
----------------------------------------------------
Vodafone Group PLC 8.9%
----------------------------------------------------
Telefonica, S.A. 8.7%
----------------------------------------------------
China Mobile Ltd. 8.0%
----------------------------------------------------
Deutsche Telekom AG 7.0%
----------------------------------------------------
Telstra Corp. Ltd. 6.9%
----------------------------------------------------
Nokia Oyj 4.5%
----------------------------------------------------
Vivendi 4.2%
----------------------------------------------------
Singapore Telecommunications Ltd. 3.5%
----------------------------------------------------
Telecom Italia SpA 3.2%
----------------------------------------------------
BT Group PLC 2.8%
----------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Communications Sector Fund seeks investment
results that closely correspond to the price and yield performance, before fees
and expenses, of the WisdomTree International Communications Sector Index.
The WisdomTree International Communications Sector Fund (DGG) returned 7.62% at
net asset value ("NAV") for the fiscal year ended March 31, 2008 (for more
complete performance information, please see below). China contributed most
significantly to this performance, comprising on average 9.60% of the Fund and
returned 61.31% over the period. China Mobile Ltd. was the top performing
security in the Fund. Italy contributed the least to the Fund returning -20.07%
over the period and comprising on average 5.54% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Average Annual Total Return
------------------------------------------------------------------------------------------------
S&P
WisdomTree Global 1200
International Telecommunications
Communications Services Sector
Net Asset Value Market Price Sector Index Index
------------------------------------------------------------------------------------------------
One Year 7.62% 6.70% 7.54% 5.13%
------------------------------------------------------------------------------------------------
Since Inception(1) 15.60% 14.81% 16.37% 13.65%
------------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 13, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
International S&P Global 1200
Communications Telecommunications
Date Sector Fund Sector Index
---------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,591 $10,390
11/30/2006 $10,914 $10,556
12/31/2006 $11,333 $10,991
1/31/2007 $11,487 $11,279
2/28/2007 $11,467 $11,268
3/31/2007 $11,487 $11,471
4/30/2007 $12,168 $11,903
5/31/2007 $12,569 $12,655
6/30/2007 $12,669 $12,655
7/31/2007 $12,425 $12,349
8/31/2007 $12,837 $12,711
9/30/2007 $13,888 $13,639
10/31/2007 $15,032 $14,511
11/30/2007 $14,644 $13,923
12/31/2007 $14,110 $13,946
1/31/2008 $12,934 $12,841
2/29/2008 $12,752 $12,297
3/31/2008 $12,084 $12,062
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
4 WisdomTree International Dividend Sector Funds
Performance Summary (unaudited)
WisdomTree International Consumer Cyclical Sector Fund
Industry Breakdown+ as of 3/31/08
----------------------------------
[PIE CHART]
Auto Manufacturers 34.9%
Retail 22.2%
Distribution/Wholesale 8.7%
Auto Parts & Equipment 6.5%
Airlines 4.7%
Entertainment 4.2%
Home Furnishings 3.4%
Apparel 3.3%
Home Builders 2.8%
Lodging 2.5%
Food Service 2.2%
Other 4.6%
----------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
--------------------------------------------------
Description % of Net Assets
--------------------------------------------------
Toyota Motor Corp. 8.7%
--------------------------------------------------
DaimlerChrysler AG 6.6%
--------------------------------------------------
H&M Hennes & Mauritz AB Class B 4.2%
--------------------------------------------------
Renault S.A. 4.1%
--------------------------------------------------
Honda Motor Co., Ltd. 3.2%
--------------------------------------------------
Volkswagen AG 3.1%
--------------------------------------------------
Nissan Motor Co., Ltd. 3.1%
--------------------------------------------------
Mitsubishi Corp. 2.5%
--------------------------------------------------
Peugeot S.A. 1.9%
--------------------------------------------------
PPR S.A. 1.9%
--------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Consumer Cyclical Sector Fund seeks investment
results that closely correspond to the price and yield performance, before fees
and expenses, of the WisdomTree International Consumer Cyclical Sector Index.
The WisdomTree International Consumer Cyclical Sector Fund (DPC) returned
-10.82% at net asset value ("NAV") for the fiscal year ended March 31, 2008
(for more complete performance information, please see below). Germany
contributed most significantly to this performance, comprising on average
13.56% of the Fund and returned 14.92% over the period. Volkswagen AG was the
top performing security in the Fund. United Kingdom contributed the least to
the Fund returning -35.22% over the period and comprising on average 16.74% of
the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Average Annual Total Return
------------------------------------------------------------------------------------------------
WisdomTree S&P Global 1200
International Consumer
Consumer Cyclical Discretionary
Net Asset Value Market Price Sector Index Sector Index
------------------------------------------------------------------------------------------------
One Year (10.82)% (10.66)% (10.58)% (13.18)%
------------------------------------------------------------------------------------------------
Since Inception(1) 5.12% 5.06% 4.58% (3.22)%
------------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 13, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree S&P Global
International 1200 Consumer
Consumer Cyclical Discretionary
Date Sector Fund Sector Index
----------------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,400 $10,241
11/30/2006 $10,768 $10,401
12/31/2006 $11,223 $10,739
1/31/2007 $11,334 $10,950
2/28/2007 $11,544 $10,861
3/31/2007 $12,063 $10,987
4/30/2007 $12,601 $11,295
5/31/2007 $12,879 $11,619
6/30/2007 $12,780 $11,515
7/31/2007 $12,638 $11,093
8/31/2007 $12,105 $10,921
9/30/2007 $12,553 $11,153
10/31/2007 $13,329 $11,447
11/30/2007 $12,258 $10,752
12/31/2007 $11,537 $10,399
1/31/2008 $10,395 $ 9,789
2/29/2008 $10,602 $ 9,643
3/31/2008 $10,509 $ 9,532
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Sector Funds 5
Performance Summary (unaudited)
WisdomTree International Consumer Non-Cyclical Sector Fund
Industry Breakdown+ as of 3/31/08
------------------------------------
[PIE CHART]
Pharmaceuticals 31.2%
Food 31.1%
Beverages 10.9%
Agriculture 8.0%
Commercial Services 7.8%
Cosmetics/Personal Care 4.6%
Household Products/Wares 2.0%
Healthcare-Products 2.0%
Healthcare-Services 1.1%
Biotechnology 0.4%
Real Estate 0.2%
Other 0.7%
------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
-------------------------------------------------
Description % of Net Assets
-------------------------------------------------
GlaxoSmithKline PLC 8.5%
-------------------------------------------------
Nestle S.A. 5.9%
-------------------------------------------------
Sanofi-Aventis 5.1%
-------------------------------------------------
British American Tobacco PLC 4.9%
-------------------------------------------------
Unilever N.V. 4.2%
-------------------------------------------------
Novartis AG 3.8%
-------------------------------------------------
AstraZeneca PLC 3.3%
-------------------------------------------------
Unilever N.V. CVA 3.1%
-------------------------------------------------
Diageo PLC 3.0%
-------------------------------------------------
Roche Holdings AG 2.8%
-------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Consumer Non-Cyclical Sector Fund seeks investment
results that closely correspond to the price and yield performance, before fees
and expenses, of the WisdomTree International Consumer Non-Cyclical Sector
Index.
The WisdomTree International Consumer Non-Cyclical Sector Fund (DPN) returned
1.12% at net asset value ("NAV") for the fiscal year ended March 31, 2008 (for
more complete performance information, please see below). Switzerland
contributed most significantly to this performance, comprising on average
12.60% of the Fund and returned 12.36% over the period. Nestle S.A. was the top
performing security in the Fund. United Kingdom contributed the least to the
Fund returning -6.33% over the period and comprising on average 37.69% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Average Annual Total Return
---------------------------------------------------------------------------------------------
WisdomTree
International S&P
Consumer Global 1200
Non-Cyclical Consumer Staples
Net Asset Value Market Price Sector Index Sector Index
---------------------------------------------------------------------------------------------
One Year 1.12% (0.32)% 0.91% 10.06%
---------------------------------------------------------------------------------------------
Since Inception(1) 9.87% 9.00% 8.99% 15.09%
---------------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 13, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
International S&P Global
Consumer Non- 1200 Consumer
Cyclical Sector Staples Sector
Date Fund Index
---------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,173 $10,207
11/30/2006 $10,522 $10,357
12/31/2006 $10,714 $10,625
1/31/2007 $10,782 $10,795
2/28/2007 $10,935 $10,759
3/31/2007 $11,349 $11,160
4/30/2007 $11,898 $11,577
5/31/2007 $11,810 $11,667
6/30/2007 $11,709 $11,537
7/31/2007 $11,513 $11,336
8/31/2007 $11,591 $11,627
9/30/2007 $11,965 $12,122
10/31/2007 $12,355 $12,541
11/30/2007 $12,562 $12,775
12/31/2007 $12,089 $12,660
1/31/2008 $11,135 $11,840
2/29/2008 $11,150 $11,945
3/31/2008 $11,287 $12,288
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
6 WisdomTree International Dividend Sector Funds
Performance Summary (unaudited)
WisdomTree International Energy Sector Fund
Industry Breakdown+ as of 3/31/08
------------------------------------
[PIE CHART]
Oil & Gas 86.8%
Oil & Gas Services 9.5%
Metal Fabricate/Hardware 2.3%
Coal 0.7%
Other 0.7%
------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
--------------------------------------------------
Description % of Net Assets
--------------------------------------------------
Statoil ASA 6.0%
--------------------------------------------------
Eni SpA 5.7%
--------------------------------------------------
TOTAL S.A. 5.7%
--------------------------------------------------
CNOOC Ltd. 5.6%
--------------------------------------------------
Woodside Petroleum Ltd. 5.2%
--------------------------------------------------
BP PLC 5.1%
--------------------------------------------------
Royal Dutch Shell PLC Class A 5.0%
--------------------------------------------------
Royal Dutch Shell PLC Class B 4.9%
--------------------------------------------------
BG Group PLC 4.3%
--------------------------------------------------
Repsol YPF, S.A. 4.0%
--------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Energy Sector Fund seeks investment results that
closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree International Energy Sector Index.
The WisdomTree International Energy Sector Fund (DKA) returned 13.84% at net
asset value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Australia contributed most
significantly to this performance, comprising on average 12.75% of the Fund and
returned 30.36% over the period. CNOOC Ltd. was the top performing security in
the Fund. Japan contributed the least to the Fund returning -24.99% over the
period and comprising on average 8.90% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Average Annual Total Return
-----------------------------------------------------------------------------------------
WisdomTree S&P
International Global 1200
Energy Energy
Net Asset Value Market Price Sector Index Sector Index
-----------------------------------------------------------------------------------------
One Year 13.84% 12.67% 13.26% 19.03%
-----------------------------------------------------------------------------------------
Since Inception(1) 18.33% 17.34% 18.51% 20.42%
-----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 13, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree S&P Global
International Energy 1200 Energy
Date Sector Fund Sector Index
--------------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,369 $10,377
11/30/2006 $10,825 $11,046
12/31/2006 $10,953 $10,954
1/31/2007 $10,540 $10,627
2/28/2007 $10,571 $10,426
3/31/2007 $11,236 $11,020
4/30/2007 $11,682 $11,552
5/31/2007 $12,198 $12,317
6/30/2007 $13,127 $12,840
7/31/2007 $12,946 $12,759
8/31/2007 $12,558 $12,631
9/30/2007 $13,813 $13,714
10/31/2007 $14,404 $14,326
11/30/2007 $13,725 $13,599
12/31/2007 $13,522 $14,357
1/31/2008 $11,829 $12,722
2/29/2008 $13,015 $13,633
3/31/2008 $12,586 $13,130
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Sector Funds 7
Performance Summary (unaudited)
WisdomTree International Financial Sector Fund
Industry Breakdown+ as of 3/31/08
------------------------------------------
[PIE CHART]
Banks 68.4%
Insurance 19.1%
Diversified Financial Services 7.3%
Real Estate 3.3%
Investment Companies 0.4%
REITS 0.4%
Venture Capital 0.1%
Other 1.0%
------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
--------------------------------------------------
Description % of Net Assets
--------------------------------------------------
HSBC Holdings PLC 6.9%
--------------------------------------------------
Banco Santander Central
Hispano S.A. 4.7%
--------------------------------------------------
Banca Intesa SpA 4.2%
--------------------------------------------------
BNP Paribas 3.3%
--------------------------------------------------
Banco Bilbao Vizcaya Argentaria,
Chile, S.A. 2.8%
--------------------------------------------------
AXA S.A. 2.6%
--------------------------------------------------
Lloyds TSB Group PLC 2.6%
--------------------------------------------------
ABN AMRO Holding N.V. 2.6%
--------------------------------------------------
ING Groep N.V. 2.6%
--------------------------------------------------
Commonwealth Bank of
Australia 2.3%
--------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Financial Sector Fund seeks investment results
that closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree International Financial Sector Index.
The WisdomTree International Financial Sector Fund (DRF) returned -10.29% at
net asset value ("NAV") for the fiscal year ended March 31, 2008 (for more
complete performance information, please see below). Hong Kong contributed most
significantly to this performance, comprising on average 4.60% of the Fund and
returned 22.23% over the period. ABN AMRO Holding N.V. was the top performing
security in the Fund. United Kingdom contributed the least to the Fund
returning -20.27% over the period and comprising on average 22.57% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Average Annual Total Return
-----------------------------------------------------------------------------------------
WisdomTree S&P
International Global 1200
Financial Financials
Net Asset Value Market Price Sector Index Sector Index
-----------------------------------------------------------------------------------------
One Year (10.29)% (12.18)% (9.94)% (18.62)%
-----------------------------------------------------------------------------------------
Since Inception(1) (0.71)% (1.82)% (0.09)% (9.74)%
-----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 13, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
International S&P Global
Financial Sector 1200 Financials
Date Fund Sector Index
---------------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,130 $10,073
11/30/2006 $10,371 $10,213
12/31/2006 $10,779 $10,569
1/31/2007 $10,870 $10,674
2/28/2007 $10,791 $10,515
3/31/2007 $11,032 $10,585
4/30/2007 $11,766 $11,086
5/31/2007 $11,726 $11,294
6/30/2007 $11,464 $10,951
7/31/2007 $11,304 $10,467
8/31/2007 $10,909 $10,321
9/30/2007 $11,426 $10,718
10/31/2007 $11,973 $10,986
11/30/2007 $11,256 $10,202
12/31/2007 $10,615 $9,752
1/31/2008 $9,465 $9,142
2/29/2008 $9,348 $8,671
3/31/2008 $9,605 $8,605
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
8 WisdomTree International Dividend Sector Funds
Performance Summary (unaudited)
WisdomTree International Health Care Sector Fund
Industry Breakdown+ as of 3/31/08
------------------------------------
[PIE CHART]
Pharmaceuticals 73.4%
Healthcare-Products 14.3%
Healthcare-Services 7.8%
Biotechnology 2.7%
Retail 0.8%
Other 1.0%
------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
--------------------------------------------------
Description % of Net Assets
--------------------------------------------------
GlaxoSmithKline PLC 9.1%
--------------------------------------------------
Sanofi-Aventis 7.3%
--------------------------------------------------
Roche Holding AG 7.3%
--------------------------------------------------
Novartis AG 7.0%
--------------------------------------------------
AstraZeneca PLC 5.8%
--------------------------------------------------
Bayer Schering Pharma AG 5.1%
--------------------------------------------------
Takeda Pharmaceutical Co., Ltd. 3.1%
--------------------------------------------------
Novo-Nordisk A/S Class B 3.0%
--------------------------------------------------
Cie Generale D'Optique Essilor
International S.A. 1.9%
--------------------------------------------------
CSL Ltd. 1.8%
--------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Health Care Sector Fund seeks investment results
that closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree International Health Care Sector Index.
The WisdomTree International Health Care Sector Fund (DBR) returned -4.66% at
net asset value ("NAV") for the fiscal year ended March 31, 2008 (for more
complete performance information, please see below). Germany contributed most
significantly to this performance, comprising on average 10.54% of the Fund and
returned 11.18% over the period. Novo Nordisk A/S-B was the top performing
security in the Fund. United Kingdom contributed the least to the Fund
returning -18.16% over the period and comprising on average 20.36% of the
portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Average Annual Total Return
-----------------------------------------------------------------------------------------
WisdomTree S&P
International Global 1200
Health Care Health Care
Net Asset Value Market Price Sector Index Sector Index
-----------------------------------------------------------------------------------------
One Year (4.66)% (5.73)% (4.59)% (6.51)%
-----------------------------------------------------------------------------------------
Since Inception(1) 2.04% 1.27% 2.36% (2.81)%
-----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 13, 2006.
[LINE CHART]
Growth of $10,000 Investment
S&P Global
WisdomTree 1200 Health
International Health Care Sector
Date Care Sector Fund Index
------------------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,152 $10,068
11/30/2006 $10,357 $10,064
12/31/2006 $10,551 $10,151
1/31/2007 $10,591 $10,360
2/28/2007 $10,643 $10,230
3/31/2007 $10,803 $10,262
4/30/2007 $11,331 $10,885
5/31/2007 $11,095 $10,900
6/30/2007 $10,887 $10,586
7/31/2007 $10,800 $10,223
8/31/2007 $10,710 $10,384
9/30/2007 $11,186 $10,734
10/31/2007 $11,136 $10,779
11/30/2007 $11,297 $11,006
12/31/2007 $10,689 $10,603
1/31/2008 $10,235 $10,122
2/29/2008 $10,185 $9,964
3/31/2008 $10,084 $9,591
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Sector Funds 9
Performance Summary (unaudited)
WisdomTree International Industrial Sector Fund
Industry Breakdown+ as of 3/31/08
---------------------------------------
Engineering & Construction 19.1%
Transportation 14.6%
Miscellaneous Manufacturers 13.8%
Building Materials 12.4%
Electrical Components &
Equipment 7.8%
Electronics 7.3%
Machinery-Diversified 7.1%
Aerospace/Defense 6.1%
Metal Fabricate/Hardware 3.6%
Hand/Machine Tools 2.7%
Machinery-Construction & Mining 1.9%
Other 3.6%
---------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
-------------------------------------------------------
Description % of Net Assets
-------------------------------------------------------
Siemens AG 4.2%
-------------------------------------------------------
Wesfarmers Ltd. 3.7%
-------------------------------------------------------
Deutsche Post AG 3.5%
-------------------------------------------------------
Schneider Electric S.A. 3.1%
-------------------------------------------------------
VINCI S.A. 3.1%
-------------------------------------------------------
BAE SYSTEMS PLC 2.7%
-------------------------------------------------------
Koninklijke Philips Electronics N.V. 2.4%
-------------------------------------------------------
AB Volvo Class B 2.3%
-------------------------------------------------------
Lafarge S.A. 2.2%
-------------------------------------------------------
Cie de Saint-Gobain S.A. 2.0%
-------------------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Industrial Sector Fund seeks investment results
that closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree International Industrial Sector Index.
The WisdomTree International Industrial Sector Fund (DDI) returned -1.38% at
net asset value ("NAV") for the fiscal year ended March 31, 2008 (for more
complete performance information, please see below). Australia contributed most
significantly to this performance, comprising on average 9.35% of the Fund and
returned 18.65% over the period. Wesfarmers Ltd. was the top performing
security in the Fund. Japan contributed the least to the Fund returning -12.37%
over the period and comprising on average 16.63% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Average Annual Total Return
-----------------------------------------------------------------------------------------
WisdomTree S&P
International Global 1200
Industrial Industrials
Net Asset Value Market Price Sector Index Sector Index
-----------------------------------------------------------------------------------------
One Year (1.38)% (2.62)% (1.24)% 3.96%
-----------------------------------------------------------------------------------------
Since Inception(1) 13.95% 13.12% 13.20% 10.66%
-----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 13, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree
International S&P Global
Industrial Sector 1200 Industrials
Date Fund Sector Index
--------------------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,252 $10,070
11/30/2006 $10,701 $10,380
12/31/2006 $11,183 $10,633
1/31/2007 $11,565 $10,903
2/28/2007 $11,727 $10,935
3/31/2007 $12,275 $11,157
4/30/2007 $13,179 $11,746
5/31/2007 $13,596 $12,205
6/30/2007 $13,680 $12,333
7/31/2007 $13,427 $12,419
8/31/2007 $12,996 $12,250
9/30/2007 $13,468 $12,887
10/31/2007 $14,005 $13,105
11/30/2007 $13,411 $12,572
12/31/2007 $12,839 $12,370
1/31/2008 $11,466 $11,456
2/29/2008 $11,992 $11,548
3/31/2008 $11,926 $11,601
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
10 WisdomTree International Dividend Sector Funds
Performance Summary (unaudited)
WisdomTree International Technology Sector Fund
Industry Breakdown+ as of 3/31/08
-------------------------------------
[PIE CHART]
Software 41.7%
Office/Business Equipment 24.5%
Computers 23.1%
Semiconductors 9.1%
Other 1.6%
-------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
--------------------------------------------
Description % of Net Assets
--------------------------------------------
SAP AG 19.1%
--------------------------------------------
Canon Inc. 17.0%
--------------------------------------------
STMicroelectronics N.V. 4.8%
--------------------------------------------
Oracle Corp. Japan 4.1%
--------------------------------------------
CapGemini S.A. 3.4%
--------------------------------------------
Indra Sistemas S.A. 3.0%
--------------------------------------------
LogicaCMG PLC 3.0%
--------------------------------------------
Konami Corp. 2.6%
--------------------------------------------
Ricoh Co., Ltd. 2.5%
--------------------------------------------
Tokyo Electron Ltd. 2.4%
--------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Technology Sector Fund seeks investment results
that closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree International Technology Sector Index.
The WisdomTree International Technology Sector Fund (DBT) returned -9.85% at
net asset value ("NAV") for the fiscal year ended March 31, 2008 (for more
complete performance information, please see below). Germany contributed most
significantly to this performance, comprising on average 19.19% of the Fund and
returned 10.81% over the period. SAP AG was the top performing security in the
Fund. France contributed the least to the Fund returning -27.93% over the
period and comprising on average 14.08% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Average Annual Total Return
-----------------------------------------------------------------------------------------
S&P
WisdomTree Global 1200
International Information
Technology Technology
Net Asset Value Market Price Sector Index Sector Index
-----------------------------------------------------------------------------------------
One Year (9.85)% (10.79)% (9.56)% 0.06%
-----------------------------------------------------------------------------------------
Since Inception(1) (3.99)% (4.68)% (3.51)% 1.10%
-----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 13, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree S&P Global
International 1200 Information
Technology Sector Technology
Date Fund Sector Index
-------------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,000 $9,962
11/30/2006 $10,279 $10,314
12/31/2006 $10,602 $10,281
1/31/2007 $10,204 $10,335
2/28/2007 $10,327 $10,101
3/31/2007 $10,451 $10,156
4/30/2007 $10,835 $10,671
5/31/2007 $10,944 $11,053
6/30/2007 $11,148 $11,281
7/31/2007 $10,970 $11,254
8/31/2007 $11,037 $11,519
9/30/2007 $11,075 $11,998
10/31/2007 $10,853 $12,586
11/30/2007 $10,254 $11,703
12/31/2007 $9,863 $11,736
1/31/2008 $9,042 $10,400
2/29/2008 $9,331 $10,203
3/31/2008 $9,341 $10,162
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
WisdomTree International Dividend Sector Funds 11
Performance Summary (unaudited)
WisdomTree International Utilities Sector Fund
Industry Breakdown+ as of 3/31/08
---------------------------------
[PIE CHART]
Electric 76.5%
Gas 16.1%
Water 7.3%
Other 0.1%
---------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
Top Ten Holdings* as of 3/31/08
------------------------------------------
Description % of Net Assets
------------------------------------------
Suez S.A. 6.6%
------------------------------------------
E.ON AG 6.5%
------------------------------------------
RWE AG 6.3%
------------------------------------------
Enel SpA 6.1%
------------------------------------------
Gaz de France S.A. 6.1%
------------------------------------------
IBERDROLA S.A. 5.8%
------------------------------------------
Endesa S.A. 5.8%
------------------------------------------
Electricite de France 5.6%
------------------------------------------
National Grid PLC 3.9%
------------------------------------------
Fortum Oyj 3.1%
------------------------------------------
* The ten largest holdings are subject to change, and there are no
guarantees the Fund will remain invested in any particular company.
The WisdomTree International Utilities Sector Fund seeks investment results
that closely correspond to the price and yield performance, before fees and
expenses, of the WisdomTree International Utilities Sector Index.
The WisdomTree International Utilities Sector Fund (DBU) returned 11.05% at net
asset value ("NAV") for the fiscal year ended March 31, 2008 (for more complete
performance information, please see below). Germany contributed most
significantly to this performance, comprising on average 13.15% of the Fund and
returned 34.75% over the period. E.ON AG was the top performing security in the
Fund. Japan contributed the least to the Fund returning -11.17% over the period
and comprising on average 9.52% of the portfolio.
The following performance chart is provided for comparative purposes and
represents the period noted. The 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 return is based on the market price per share of
the Fund. The price used to calculate market price returns is the mid-point of
the highest bid and lowest offer for Fund shares as of the close of trading on
the exchange where Fund shares are listed. NAV and market 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.
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 are not available for direct investment. In comparison,
the Fund's performance is negatively impacted by these deductions. Fund returns
do not reflect brokerage commissions or taxes on transactions in Fund shares or
that a shareholder would pay on Fund distributions. The annual expense ratio of
the Fund is 0.58%.
Performance as of 3/31/08
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Average Annual Total Return
-----------------------------------------------------------------------------------------
WisdomTree S&P
International Global 1200
Utilities Utilities
Net Asset Value Market Price Sector Index Sector Index
-----------------------------------------------------------------------------------------
One Year 11.05% 9.82% 12.67% 6.59%
-----------------------------------------------------------------------------------------
Since Inception(1) 21.12% 20.63% 22.64% 17.27%
-----------------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE on October 13, 2006.
[LINE CHART]
Growth of $10,000 Investment
WisdomTree S&P Global
International Utilities 1200 Utilities
Date Sector Fund Sector Index
---------------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,304 $10,288
11/30/2006 $11,034 $10,812
12/31/2006 $11,401 $11,134
1/31/2007 $11,397 $11,112
2/28/2007 $11,429 $11,347
3/31/2007 $11,918 $11,845
4/30/2007 $12,434 $12,362
5/31/2007 $12,793 $12,678
6/30/2007 $12,625 $12,374
7/31/2007 $12,222 $11,908
8/31/2007 $12,465 $12,186
9/30/2007 $13,145 $12,829
10/31/2007 $13,912 $13,601
11/30/2007 $14,305 $13,848
12/31/2007 $14,047 $13,758
1/31/2008 $13,044 $12,771
2/29/2008 $13,218 $12,630
3/31/2008 $13,131 $12,630
Performance quoted represents past performance and past performance does not
guarantee future results. Current performance may be higher or lower than the
performance quoted. For the most recent month-end performance information visit
www.wisdomtree.com. Investment in the Fund poses investment risk including the
possible loss of principal. The investment return and principal value of an
investment will fluctuate, so that shares, when sold or redeemed, may be worth
more or less than their original cost. 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 less than one year have
not been annualized. Index returns do not reflect expenses paid by the Fund.
12 WisdomTree International Dividend Sector Funds
Shareholder Expense Examples (unaudited)
As a shareholder of a WisdomTree Fund, you incur two types of costs: (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 following example is 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 example is based on an investment of $1,000 invested at the beginning of
the period and held for the entire period from October 1, 2007 to March 31,
2008.
Actual expenses
The first line under each Fund in the table on the next page 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 Period 10/01/07 to 3/31/08" to estimate
the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table on the next page provides
information about hypothetical account values and hypothetical expenses based
on each 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 under each Fund 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 International Dividend Sector Funds 13
Shareholder Expense Examples (unaudited) (concluded)
--------------------------------------------------------------------------------------------------------------------
Annualized
Expense Ratio Expenses Paid
Based on the During the
Beginning Ending Period Period+
Account Value Account Value 10/01/07 to 10/01/07 to
10/01/07 3/31/08 3/31/08 3/31/08
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Basic Materials Sector Fund
Actual $ 1,000.00 $ 916.13 0.58% $ 2.80
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Communications Sector Fund
Actual $ 1,000.00 $ 890.31 0.58% $ 2.76
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Consumer Cyclical Sector Fund
Actual $ 1,000.00 $ 856.85 0.58% $ 2.71
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Consumer Non-Cyclical Sector Fund
Actual $ 1,000.00 $ 959.20 0.58% $ 2.86
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Energy Sector Fund
Actual $ 1,000.00 $ 925.97 0.58% $ 2.81
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Financial Sector Fund
Actual $ 1,000.00 $ 866.02 0.58% $ 2.73
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Health Care Sector Fund
Actual $ 1,000.00 $ 920.86 0.58% $ 2.81
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Industrial Sector Fund
Actual $ 1,000.00 $ 898.97 0.58% $ 2.77
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Technology Sector Fund
Actual $ 1,000.00 $ 850.60 0.58% $ 2.70
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Utilities Sector Fund
Actual $ 1,000.00 $ 1,006.79 0.58% $ 2.93
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.08 0.58% $ 2.95
--------------------------------------------------------------------------------------------------------------------
+ Expenses are calculated using each Fund's annualized expense ratio,
multiplied by the average account value for the period, multiplied by
183/366 (to reflect one-half year period).
14 WisdomTree International Dividend Sector Funds
Schedule of Investments
WisdomTree International Basic Materials Sector Fund
March 31, 2008
-----------------------------------------------------------------------------
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
COMMON STOCKS - 98.7%
Australia - 23.8%
Alumina Ltd. 166,821 $ 868,011
Ausdrill Ltd. 20,990 38,896
BHP Billiton Ltd. 259,533 8,483,916
BlueScope Steel Ltd. 171,219 1,542,654
Consolidated Rutile Ltd. 126,279 44,957
Dominion Mining Ltd. 9,403 29,012
Energy Resources of Australia Ltd. 5,893 105,975
Equigold NL 29,393 124,229
Forest Enterprises Australia Ltd. 257,131 122,055
GRD Ltd. 23,153 22,615
Great Southern Plantations Ltd. 79,788 122,726
Gunns Ltd. 90,493 258,559
Iluka Resources Ltd.(a) 34,899 148,138
Incitec Pivot Ltd.(a) 3,914 504,314
Independence Group NL 13,516 98,581
Minara Resources Ltd. 159,683 884,804
Mincor Resources NL 40,704 113,699
Newcrest Mining Ltd. 3,141 95,681
Nufarm Ltd. 21,585 337,527
OneSteel Ltd. 185,942 1,084,621
Orica Ltd. 31,198 829,596
Oxiana Ltd.(a) 145,278 421,722
PaperlinX Ltd. 76,765 192,706
Perilya Ltd. 13,808 13,235
Rio Tinto Ltd.(a) 33,749 3,773,953
Straits Resources Ltd. 15,026 84,082
Wattyl Ltd. 12,627 21,094
Zinifex Ltd. 201,204 1,833,018
-----------
Total Australia 22,200,376
-----------------------------------------------------------------------------
Austria - 1.0%
BOEHLER-UDDEHOLM AG 4,735 525,199
voestalpine AG 5,335 371,957
-----------
Total Austria 897,156
-----------------------------------------------------------------------------
Belgium - 1.7%
Cumerio 2,017 94,603
Solvay S.A. 7,715 988,009
Tessenderlo Chemie N.V. 3,333 152,049
Umicore 7,522 392,850
-----------
Total Belgium 1,627,511
-----------------------------------------------------------------------------
Finland - 4.9%
Kemira Oyj(a) 11,321 174,005
M-real Oyj Class B 8,251 27,717
Outokumpu Oyj 26,414 1,205,822
Rautaruukki Oyj 16,481 798,335
Stora Enso Oyj Class R(a) 78,942 914,390
UPM-Kymmene Oyj(a) 79,945 1,425,115
-----------
Total Finland 4,545,384
-----------------------------------------------------------------------------
France - 2.4%
L'Air Liquide S.A. 14,880 2,276,938
-----------------------------------------------------------------------------
Germany - 18.7%
ALTANA AG 34,620 732,891
BASF AG 58,323 7,883,985
Bayer AG 53,239 4,282,107
K+S AG 3,475 1,141,513
Salzgitter AG 1,455 254,045
ThyssenKrupp AG 44,334 2,545,841
Wacker Chemie AG 3,276 673,686
-----------
Total Germany 17,514,068
-----------------------------------------------------------------------------
Italy - 0.0%
Sol SpA 2,253 16,065
-----------------------------------------------------------------------------
Japan - 13.7%
ADEKA Corp. 3,900 39,417
Aica Kogyo Co., Ltd. 3,900 33,187
Aichi Steel Corp. 23,000 110,685
Air Water, Inc. 13,000 124,469
Arisawa Manufacturing Co., Ltd. 7,900 61,511
Asahi Kasei Corp. 65,000 339,579
Chuetsu Pulp & Paper Co., Ltd. 13,000 22,726
Daicel Chemical Industries Ltd. 13,000 66,871
Daido Steel Co., Ltd. 23,000 119,003
Dainippon Ink & Chemicals, Inc. 41,000 127,694
Daio Paper Corp.(a) 11,000 74,265
Denki Kagaku Kogyo K.K. 26,000 82,021
DOWA HOLDINGS Co., Ltd. 13,000 77,189
Earth Chemical Co., Ltd. 1,300 34,023
Fujimi, Inc. 2,100 30,592
Gun-Ei Chemical Industry Co., Ltd. 6,000 12,960
Hitachi Chemical Co., Ltd. 8,600 161,917
Hitachi Metals Ltd. 13,000 191,732
Hokuetsu Paper Mills Ltd. 13,000 58,773
JFE Holdings, Inc. 44,600 1,980,530
JSR Corp. 6,900 156,322
Kaneka Corp. 13,000 81,368
Kansai Paint Co., Ltd. 13,000 84,634
Kobe Steel Ltd. 244,000 696,197
Lintec Corp. 1,300 18,612
Mitsubishi Chemical Holdings Corp. 89,000 589,250
Mitsubishi Gas Chemical Co., Inc. 23,000 163,832
Mitsubishi Materials Corp. 45,000 195,760
Mitsubishi Steel Manufacturing Co., Ltd.(a) 24,000 71,854
Mitsui Chemicals, Inc. 26,000 172,402
Mitsui Mining & Smelting Co., Ltd. 21,000 65,826
Nihon Parkerizing Co., Ltd. 4,000 53,368
Nippon Kayaku Co., Ltd. 13,000 79,017
Nippon Metal Industry Co., Ltd.(a) 13,000 41,794
Nippon Paint Co., Ltd. 13,000 46,888
Nippon Shokubai Co., Ltd. 16,000 106,254
Nippon Steel Corp. 376,000 1,907,672
Nissan Chemical Industies Ltd. 10,000 105,491
Nisshin Steel Co., Ltd. 52,000 180,238
Nitto Denko Corp. 6,600 279,158
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 15
Schedule of Investments (concluded)
WisdomTree International Basic Materials Sector Fund
March 31, 2008
-------------------------------------------------------------------------------------
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------------
NOF Corp. 13,000 $ 53,549
OJI Paper Co., Ltd. 65,000 293,213
Pacific Metals Co., Ltd. 1,000 9,725
Rengo Co., Ltd. 13,000 71,834
Sanyo Special Steel Co., Ltd. 16,000 72,336
Shin-Etsu Chemical Co., Ltd. 7,500 388,054
Showa Denko K.K. 42,000 141,779
Sumitomo Bakelite Co., Ltd. 13,000 65,957
Sumitomo Chemical Co., Ltd. 85,000 544,833
Sumitomo Metal Industries Ltd. 226,000 858,271
Sumitomo Metal Mining Co., Ltd. 23,000 428,643
Taiyo Nippon Sanso Corp. 13,000 104,225
Toagosei Co., Ltd. 13,000 53,418
Toho Titanium Co., Ltd. 2,500 64,299
Tokai Carbon Co., Ltd. 7,000 70,890
Tokuyama Corp. 10,000 72,638
Tokyo Ohka Kogyo Co., Ltd. 1,300 28,603
Tokyo Steel Manufacturing Co., Ltd. 5,200 70,632
Topy Industries Ltd. 13,000 36,831
Tosoh Corp. 39,000 134,395
Toyo Ink Manufacturing Co., Ltd. 13,000 45,060
Ube Industries Ltd. 26,000 84,372
Yamato Kogyo Co., Ltd. 3,900 157,512
Yodogawa Steel Works Ltd. 13,000 63,083
Yushiro Chemical Industry Co., Ltd. 1,300 22,399
Zeon Corp. 11,000 49,289
-----------
Total Japan 12,830,921
-------------------------------------------------------------------------------------
Netherlands - 3.0%
Akzo Nobel N.V. 21,975 1,769,577
Koninklijke DSM N.V. 20,855 1,009,549
-----------
Total Netherlands 2,779,126
-------------------------------------------------------------------------------------
New Zealand - 0.1%
Nuplex Industries Ltd. 21,455 103,738
-------------------------------------------------------------------------------------
Norway - 0.9%
Yara International ASA 14,750 854,799
-------------------------------------------------------------------------------------
Portugal - 0.3%
Corticeira Amorim S.A. 6,051 15,437
Portucel-Empresa Produtora De Pasta E Papel,
S.A.(a) 66,142 233,716
-----------
Total Portugal 249,153
-------------------------------------------------------------------------------------
Singapore - 0.0%
Midas Holdings Ltd. 11,000 7,982
-------------------------------------------------------------------------------------
Spain - 0.7%
Acerinox S.A.(a) 18,682 519,821
Grupo Empresarial Ence S.A. 8,279 77,006
Tubos Reunidos S.A. 11,469 83,597
-----------
Total Spain 680,424
-------------------------------------------------------------------------------------
Sweden - 2.6%
Billerud AB 6,500 73,989
Boliden AB 29,209 311,549
Holmen AB Class B(a) 7,804 270,444
SSAB Svenskt Staal AB Series A(a) 14,300 402,718
Svenska Cellulosa Aktiebolaget SCA Class B 73,267 1,337,474
-----------
Total Sweden 2,396,174
-------------------------------------------------------------------------------------
Switzerland - 1.7%
Ciba Specialty Chemicals AG 10,229 374,596
Givaudan 441 438,079
Lonza Group AG 1,487 198,006
Schmolz + Bickenbach AG 985 81,814
Syngenta AG 1,772 521,361
-----------
Total Switzerland 1,613,856
-------------------------------------------------------------------------------------
United Kingdom - 23.2%
Anglo American PLC 97,841 5,888,214
Antofagasta PLC 35,855 499,545
BHP Billiton PLC 132,954 3,950,476
Croda International PLC 8,260 108,843
DS Smith PLC 81,221 252,633
Elementis PLC 27,276 36,050
Filtrona PLC 17,527 59,916
Foseco PLC 9,347 54,710
Johnson Matthey PLC 18,084 720,636
Kazakhmys PLC 28,050 890,317
Lonmin PLC 8,742 533,577
Rio Tinto PLC 61,510 6,397,397
Vedanta Resources PLC 11,636 484,732
Victrex PLC 4,300 64,182
Xstrata PLC 24,393 1,709,927
Yule Catto & Co. PLC 21,515 66,921
-----------
Total United Kingdom 21,718,076
-------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $94,079,783) 92,311,747
=====================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 8.0%
MONEY MARKET FUNDS(b) - 8.0%
UBS Enhanced Yield Portfolio, 3.09% 3 3
UBS Private Money Market Fund LLC, 3.17% 7,478,336 7,478,336
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $7,478,339)(c) 7,478,339
=====================================================================================
TOTAL INVESTMENTS IN SECURITIES - 106.7%
(Cost: $101,558,122) 99,790,086
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (6.7)% (6,283,126)
-----------
NET ASSETS - 100.0% $93,506,960
=====================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $6,330,700 and the total market value of the collateral held by the
Fund was $7,478,339.
See Notes to Financial Statements.
16 WisdomTree International Dividend Sector Funds
Schedule of Investments
WisdomTree International Communications Sector Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares U.S. $ Value
--------------------------------------------------------------------------
COMMON STOCKS - 99.4%
Australia - 9.1%
APN News & Media Ltd. 8,457 $ 35,435
Austereo Group Ltd. 12,110 18,793
Consolidated Media Holdings Ltd. 26,340 89,686
Fairfax Media Ltd. 53,938 170,853
Iress Market Technology Ltd. 2,522 15,885
Melbourne IT Ltd. 1,101 2,844
Oakton Ltd. 2,249 7,473
Photon Group Ltd. 1,377 4,651
SAI Global Ltd. 9,997 25,552
Seek Ltd. 5,118 24,715
Service Stream Ltd. 4,457 6,510
Seven Network Ltd. 9,268 80,373
SMS Management & Technology Ltd. 3,117 14,369
STW Communications Group Ltd. 6,535 13,243
Telstra Corp. Ltd. 518,848 2,083,974
Ten Network Holdings Ltd. 34,734 68,170
West Australian Newspapers Holdings Ltd. 10,782 108,069
Wotif.com Holdings Ltd. 2,057 8,450
-----------
Total Australia 2,779,045
--------------------------------------------------------------------------
Belgium - 2.1%
Belgacom S.A. 10,641 472,957
Mobistar S.A. 1,860 169,173
-----------
Total Belgium 642,130
--------------------------------------------------------------------------
Denmark - 0.0%
Rella Holding A/S 550 8,181
--------------------------------------------------------------------------
Finland - 5.8%
Alma Media Corp. 6,068 81,728
Elektrobit Corp.(a) 12,934 29,307
Elisa Oyj(a) 4,492 112,604
Nokia Oyj 43,300 1,374,965
PKC Group Oyj 501 5,589
Sanoma-WSOY Oyj 5,074 141,183
Talentum Oyj 2,001 9,354
-----------
Total Finland 1,754,730
--------------------------------------------------------------------------
France - 7.8%
Canal Plus S.A. 7,021 75,317
Havas S.A. 5,214 21,977
Iliad S.A. 83 8,290
IPSOS 281 8,758
JC Decaux S.A. 3,945 116,395
Lagardere SCA 2,426 182,057
M6, Metropole Television 5,556 124,133
NRJ Group 1,742 14,574
PagesJaunes Groupe S.A.(a) 16,175 289,108
Publicis Groupe 2,739 105,030
Teleperformance 357 13,328
Television Francaise 1 S.A. 7,123 157,224
Vivendi 32,108 1,259,198
-----------
Total France 2,375,389
--------------------------------------------------------------------------
Germany - 7.5%
Comdirect Bank AG 6,383 $ 81,419
Deutsche Telekom AG 127,817 2,136,716
United Internet AG 3,621 78,204
-----------
Total Germany 2,296,339
--------------------------------------------------------------------------
Hong Kong - 10.6%
China Mobile Ltd. 165,500 2,462,452
China Netcom Group Corp. (Hong Kong) Ltd. 95,000 273,422
China Unicom Ltd. 82,000 172,579
Next Media Ltd. 250,000 97,651
Oriental Press Group Ltd. 14,000 1,943
PCCW Ltd. 212,000 133,473
Television Broadcasts Ltd. 16,000 85,727
Tradelink Electronic Commerce Ltd. 32,000 4,112
-----------
Total Hong Kong 3,231,359
--------------------------------------------------------------------------
Ireland - 0.3%
Independent News & Media PLC 26,452 87,916
--------------------------------------------------------------------------
Italy - 5.1%
Arnoldo Mondadori Editore SpA(a) 11,545 97,871
CIR-Compagnie Industriali Riunite SpA 8,248 22,153
Gruppo Editoriale L'Espresso SpA 21,097 86,582
Mediaset SpA 38,014 352,977
RCS MediaGroup SpA 3,509 13,539
Seat Pagine Gialle SpA 72,096 12,521
Telecom Italia SpA 458,973 963,627
-----------
Total Italy 1,549,270
--------------------------------------------------------------------------
Japan - 6.2%
Asatsu-DK, Inc. 200 7,133
Denki Kogyo Co., Ltd. 1,000 6,129
Hakuhodo DY Holdings, Inc. 250 14,894
Hikari Tsushin, Inc. 200 5,907
KDDI Corp. 28 171,317
Matsui Securities Co., Ltd. 3,800 21,532
Moshi Moshi Hotline, Inc. 100 3,034
Nippon Telegraph & Telephone Corp. 127 548,651
Nippon Television Network Corp. 150 20,510
NTT DoCoMo, Inc. 523 793,419
SBI Holdings, Inc. 368 88,659
SOFTBANK CORP. 800 14,524
Tokyo Broadcasting System, Inc. 800 19,129
Trend Micro, Inc. 2,500 98,206
Uniden Corp. 1,000 6,139
Yahoo Japan Corp. 144 74,940
-----------
Total Japan 1,894,123
--------------------------------------------------------------------------
Netherlands - 3.8%
Reed Elsevier N.V. 12,522 239,688
Royal KPN N.V. 44,073 747,244
Wegener N.V. 224 4,664
Wolters Kluwer N.V. 5,943 157,923
-----------
Total Netherlands 1,149,519
--------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 17
Schedule of Investments (concluded)
WisdomTree International Communications Sector Fund
March 31, 2008
-------------------------------------------------------------------------------------
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------------
New Zealand - 1.1%
Sky Network Television Ltd. 3,989 $ 15,054
Telecom Corp. of New Zealand Ltd. 113,001 332,267
-----------
Total New Zealand 347,321
-------------------------------------------------------------------------------------
Norway - 0.1%
Schibsted ASA 750 22,433
Tandberg ASA 1,480 22,163
-----------
Total Norway 44,596
-------------------------------------------------------------------------------------
Portugal - 1.7%
Portugal Telecom, SGPS, S.A. 30,251 352,796
PT Multimedia Servicos de Telecomunicacoes
e Multimedia, SGPS, S.A. 12,988 154,557
-----------
Total Portugal 507,353
-------------------------------------------------------------------------------------
Singapore - 4.8%
Keppel Telecommunications & Transportation Ltd. 7,000 20,266
MobileOne Ltd. 60,600 93,221
Singapore Press Holdings Ltd. 44,000 146,864
Singapore Telecommunications Ltd. 376,000 1,066,763
StarHub Ltd. 57,330 126,462
Yellow Pages (Singapore) Ltd. 9,000 5,420
-----------
Total Singapore 1,458,996
-------------------------------------------------------------------------------------
Spain - 9.7%
Gestevision Telecinco, S.A. 12,686 259,110
Promotora de Informaciones, S.A. 1,300 19,652
Telefonica, S.A. 91,602 2,641,692
Vocento, S.A.(a) 917 20,328
-----------
Total Spain 2,940,782
-------------------------------------------------------------------------------------
Sweden - 4.0%
Eniro AB 10,809 78,744
Tele2 AB Class B 5,773 109,279
Telefonaktiebolaget LM Ericsson Class B 168,000 330,337
TeliaSonera AB 86,301 694,198
-----------
Total Sweden 1,212,558
-------------------------------------------------------------------------------------
Switzerland - 1.2%
Swisscom AG 1,089 374,635
-------------------------------------------------------------------------------------
United Kingdom - 18.5%
Aegis Group PLC 8,756 21,623
Bloomsbury Publishing PLC 357 1,171
British Sky Broadcasting Group PLC 24,693 273,114
BT Group PLC 199,146 859,881
Cable & Wireless PLC * 48,688 144,087
Centaur Media PLC 1,407 2,195
Daily Mail & General Trust N.V. Class A 8,691 74,664
Euromoney Institutional Investor PLC 2,021 15,946
Future PLC 7,858 4,451
GCAP Media PLC 5,349 20,864
Huntsworth PLC 1,458 2,057
Informa PLC 12,553 78,153
Inmarsat PLC 14,347 126,676
ITV PLC 93,122 117,156
Johnston Press PLC 3,170 7,812
Kcom Group PLC 3,224 2,787
Pearson PLC 19,517 264,353
Reed Elsevier PLC 19,558 249,166
Reuters Group PLC * 17,268 199,057
Rightmove PLC 196 1,906
Smiths News PLC 4,421 8,765
Taylor Nelson Sofres PLC 3,838 12,071
Trinity Mirror PLC 14,576 85,461
United Business Media PLC 7,570 81,095
UTV PLC 892 4,202
Vodafone Group PLC 907,980 2,723,154
Wilmington Group PLC 1,819 6,399
WPP Group PLC 13,868 165,651
Yell Group PLC 28,071 85,918
-----------
Total United Kingdom 5,639,835
-------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $31,550,456) 30,294,077
=====================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 1.4%
MONEY MARKET FUND(b) - 1.4%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $417,441)(c) 417,441 417,441
=====================================================================================
TOTAL INVESTMENTS IN SECURITIES - 100.8%
(Cost: $31,967,897) 30,711,518
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (0.8)% (239,843)
-----------
NET ASSETS - 100.0% $30,471,675
=====================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $397,361 and the total market value of the collateral held by the Fund
was $417,441.
See Notes to Financial Statements.
18 WisdomTree International Dividend Sector Funds
Schedule of Investments
WisdomTree International Consumer Cyclical Sector Fund
March 31, 2008
---------------------------------------------------------------------
Investments Shares U.S. $ Value
---------------------------------------------------------------------
COMMON STOCKS - 99.1%
Australia - 5.2%
Alesco Corp., Ltd. 813 $ 7,214
ARB Corp., Ltd. 519 1,843
Aristocrat Leisure Ltd. 2,488 21,803
Automotive Holdings Group 320 768
Billabong International Ltd. 1,285 15,249
Cash Converters International Ltd. 1,263 346
David Jones Ltd. 4,952 16,454
Domino's Pizza Enterprises Ltd. 205 608
Fantastic Holdings Ltd. 685 1,907
Fleetwood Corp., Ltd. 21 158
Flight Centre Ltd. 597 11,543
Harvey Norman Holdings Ltd. 4,690 16,740
Infomedia Ltd. 4,508 1,399
JB Hi-Fi Ltd. 318 2,613
Just Group Ltd. 2,066 7,468
Qantas Airways Ltd. 10,296 36,937
Reject Shop Ltd. (The) 201 1,815
Specialty Fashion Group Ltd. 2,338 2,593
Spotless Group Ltd. 2,342 7,076
Sunland Group Ltd. 2,772 6,250
Super Cheap Auto Group Ltd. 789 2,269
TABCORP Holdings Ltd. 6,551 84,618
Tattersall's Ltd. 9,316 29,594
Virgin Blue Holdings Ltd. 807 913
----------
Total Australia 278,178
---------------------------------------------------------------------
Denmark - 0.0%
Bang & Olufsen A/S Class B 25 1,567
---------------------------------------------------------------------
Finland - 0.6%
Amer Sports Oyj 480 9,697
Nokian Renkaat Oyj 303 12,963
Stockmann Oyj Abp Class B * 165 7,844
----------
Total Finland 30,504
---------------------------------------------------------------------
France - 13.2%
Accor S.A. 1,185 86,862
Air France-KLM S.A. 494 13,965
Compagnie Generale des Etablissements
Michelin Class B 532 55,738
Hermes International 247 30,957
IMS-International Metal Service 64 2,549
Kaufman & Broad S.A. 69 2,837
Peugeot S.A. 1,306 101,629
PPR S.A. 648 96,364
Rallye S.A. 286 18,168
Renault S.A. 1,946 216,157
SEB S.A. 35 6,421
Sodexho Alliance S.A. 718 44,302
Trigano S.A. 62 2,396
Valeo S.A. 503 20,021
----------
Total France 698,366
---------------------------------------------------------------------
Germany - 14.9%
adidas AG 286 19,083
Bayerische Motoren Werke AG 1,587 87,989
Beate Uhse AG 2,454 5,249
Bechtle AG 79 2,500
Continental AG 444 45,442
DaimlerChrysler AG 4,109 352,567
Deutsche Lufthansa AG 2,671 72,499
Douglas Holding AG 171 9,340
ElringKlinger AG 28 3,139
Fielmann AG 86 5,306
Gerry Weber International AG 71 2,548
Grammer AG 104 2,744
Hugo Boss AG 3 151
Praktiker Bau- und Heimwerkermaerkt AG 125 3,353
Puma AG Rudolf Dassler Sport 17 6,571
Takkt AG 141 2,545
Volkswagen AG 567 164,989
----------
Total Germany 786,015
---------------------------------------------------------------------
Hong Kong - 1.2%
Cathay Pacific Airways Ltd. 18,000 35,386
China Travel International Investment
Hong Kong Ltd. 8,000 3,228
Denway Motors Ltd. 32,000 13,568
Fountain Set (Holdings) Ltd. 2,000 316
Goldlion Holdings Ltd. 10,000 3,019
Hongkong & Shanghai Hotels Ltd. (The) 3,000 4,926
Shaw Brothers (Hong Kong) Ltd. 2,000 4,009
----------
Total Hong Kong 64,452
---------------------------------------------------------------------
Ireland - 0.1%
Abbey PLC 149 1,346
Paddy Power PLC 119 4,339
----------
Total Ireland 5,685
---------------------------------------------------------------------
Italy - 2.5%
Amplifon SpA 291 991
Autogrill SpA 684 10,248
Benetton Group SpA 547 7,801
Brembo SpA 299 4,340
Bulgari SpA 1,368 15,867
Fiat SpA 1,069 24,815
Geox SpA 1,000 15,513
Indesit Co. SpA 801 10,484
Lottomatica SpA 763 23,830
MARR SpA 234 2,644
Sogefi SpA 548 4,724
Tod's SpA 219 13,534
----------
Total Italy 134,791
---------------------------------------------------------------------
Japan - 37.0%
ABC-Mart, Inc. 400 9,484
Aeon Co., Ltd. 500 5,968
Aisan Industry Co., Ltd. 100 1,030
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 19
Schedule of Investments (continued)
WisdomTree International Consumer Cyclical Sector Fund
March 31, 2008
-----------------------------------------------------------------------
Investments Shares U.S. $ Value
-----------------------------------------------------------------------
Aisin Seiki Co., Ltd. 300 $ 11,212
All Nippon Airways Co., Ltd. 2,000 8,821
Alpen Co., Ltd. 300 5,187
Alpine Electronics, Inc. 200 2,206
AOKI Holdings, Inc. 100 1,676
Arcs Co., Ltd. 210 2,627
Avex Group Holdings, Inc. 300 3,222
Belluna Co., Ltd. 150 1,258
Best Denki Co., Ltd. 500 4,039
Bosch Corp. 1,000 4,069
Bridgestone Corp. 1,300 22,164
Calsonic Kansei Corp. 1,000 3,627
Canon Electronics, Inc. 150 3,406
Canon Marketing Japan, Inc. 200 3,778
Circle K Sunkus Co., Ltd. 200 3,402
Citizen Watch Co., Ltd. 700 5,929
Culture Convenience Club Co., Ltd. 300 1,435
Daidoh Ltd. 500 5,923
Daihatsu Motor Co., Ltd. 1,000 12,026
DENSO CORP. 1,500 48,526
Don Quijote Co., Ltd. 100 1,818
Doshisha Co., Ltd. 100 1,638
Edion Corp. 500 4,632
Exedy Corp. 100 2,853
FamilyMart Co., Ltd. 200 7,173
Fast Retailing Co., Ltd. 200 17,662
France Bed Holdings Co., Ltd. 3,000 4,039
Fuji Electronics Co., Ltd. 200 1,628
Fuji Heavy Industries Ltd. 2,000 8,379
Futaba Industrial Co., Ltd. 100 2,255
Gulliver International Co., Ltd. 70 2,504
Gunze Ltd. 1,000 4,220
Hakuto Co., Ltd. 100 914
Hanwa Co., Ltd. 1,000 4,240
Heiwa Corp. 700 6,681
Heiwado Co., Ltd. 100 1,533
Hino Motors Ltd. 1,000 6,611
Hitachi Maxell Ltd. 300 3,095
Honda Motor Co., Ltd. 5,900 168,639
Inaba Denki Sangyo Co., Ltd. 100 3,084
Isetan Co., Ltd. 440 5,119
Isuzu Motors Ltd. 1,000 5,003
ITOCHU Corp. 3,000 29,658
Itochu Enex Co., Ltd. 300 1,709
J Front Retailing Co., Ltd. * 381 2,434
JTEKT Corp. 200 3,267
Kanto Auto Works Ltd. 200 2,793
Keiyo Co., Ltd. 400 2,849
Kenwood Corp. 3,000 3,315
Koito Manufacturing Co., Ltd. 1,000 13,754
Kurabo Industries Ltd. 2,000 4,501
Kuraray Co., Ltd. 500 5,968
Lawson, Inc. 400 17,722
Marubeni Corp. 2,000 14,588
Marui Co., Ltd. 2,500 26,649
Matsushita Electric Industrial Co., Ltd. 3,000 65,102
Mazda Motor Corp. 2,000 7,093
Ministop Co., Ltd. 100 1,960
Mitsubishi Corp. 4,400 133,058
Mitsui & Co., Ltd. 4,000 81,176
Mitsui Home Co., Ltd. 1,000 4,642
Mitsuuroko Co., Ltd. 200 1,200
Mizuno Corp. 1,000 6,279
MOS Food Services, Inc. 100 1,477
Namco Bandai Holdings, Inc. 600 8,138
Nidec Sankyo Corp. 1,000 8,138
Nifco, Inc. 200 4,611
Nissan Motor Co., Ltd. 19,900 164,742
Nissin Kogyo Co., Ltd. 100 1,771
Nitori Co., Ltd. 50 2,833
NOK Corp. 300 6,149
Noritake Co., Ltd. 1,000 4,019
Onward Kashiyama Co., Ltd. 1,000 10,228
Oriental Land Co., Ltd. 100 5,877
Parco Co., Ltd. 500 7,123
Plenus Co., Ltd. 100 1,289
Point, Inc. 20 940
Press Kogyo Co., Ltd. 1,000 5,023
RESORTTRUST, Inc. 120 1,493
Right On Co., Ltd. 200 2,369
Riken Corp. 1,000 4,642
Ryohin Keikaku Co., Ltd. 100 5,807
Ryoshoku Ltd. 100 1,896
Ryoyo Electro Corp. 100 979
Sanei-International Co., Ltd. 200 2,825
Sangetsu Co., Ltd. 400 8,720
Sankyo Co., Ltd. 200 11,895
Sankyo Seiko Co., Ltd. 500 1,442
Sega Sammy Holdings, Inc. 200 2,120
Seiko Holdings Corp. 1,000 4,822
Seiren Co., Ltd. 500 3,200
Sekisui Chemical Co., Ltd. 2,000 12,116
Sekisui House, Ltd. 2,000 18,526
Seven & I Holdings Co., Ltd. 2,700 67,815
Shimachu Co., Ltd. 100 3,009
Sony Corp. 700 27,920
Sumitomo Corp. 3,100 40,893
Sumitomo Rubber Industries, Inc. 700 5,373
Sundrug Co., Ltd. 100 2,823
Suzuki Motor Corp. 300 7,580
Takamatsu Corp. 300 4,822
Takashimaya Co., Ltd. 1,000 11,262
Teijin Ltd. 2,000 8,439
Toei Co., Ltd. 1,000 5,234
Toho Co., Ltd. 100 2,351
Tokai Rika Co., Ltd. 100 2,617
See Notes to Financial Statements.
20 WisdomTree International Dividend Sector Funds
Schedule of Investments (continued)
WisdomTree International Consumer Cyclical Sector Fund
March 31, 2008
--------------------------------------------------------------------------------
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Token Corp. 60 $ 2,031
TOMY Co., Ltd. 200 1,485
Topre Corp. 100 898
Toray Industries, Inc. 4,000 26,001
Toyo Tire & Rubber Co., Ltd. 1,000 3,215
Toyobo Co., Ltd. 3,000 6,269
Toyoda Gosei Co., Ltd. 100 3,768
Toyota Auto Body Co., Ltd. 400 8,013
Toyota Boshoku Corp. 200 5,998
Toyota Motor Corp. 9,200 459,377
Toyota Tsusho Corp. 300 6,375
Trusco Nakayama Corp. 100 1,539
Unitika Ltd. 3,000 2,954
UNY Co., Ltd. 1,000 9,585
USS Co., Ltd. 70 4,853
Wacoal Holdings Corp. 1,000 14,799
Xebio Co., Ltd. 100 2,567
Yamada Denki Co., Ltd. 40 3,456
Yamaha Corp. 400 7,660
Yamaha Motor Co., Ltd. 600 11,055
Yokohama Rubber Co., Ltd. (The) 1,000 4,792
Zensho Co., Ltd. 100 591
----------
Total Japan 1,957,081
--------------------------------------------------------------------------------
Netherlands - 0.2%
Beter BED Holdings N.V. 118 2,681
Corporate Express 634 7,404
Macintosh Retail Group N.V. 92 2,755
----------
Total Netherlands 12,840
--------------------------------------------------------------------------------
New Zealand - 0.8%
Air New Zealand Ltd. 7,584 7,692
Fisher & Paykel Appliances Holdings Ltd. 2,587 4,780
Hallenstein Glasson Holdings Ltd. 1,091 3,217
Sky City Entertainment Group Ltd. 4,471 12,971
Warehouse Group Ltd. (The) 2,885 13,292
----------
Total New Zealand 41,952
--------------------------------------------------------------------------------
Norway - 0.1%
Ekornes ASA 400 7,281
--------------------------------------------------------------------------------
Portugal - 0.3%
SAG GEST-Solucoes Automovel Globais, SGPS, S.A. 1,958 7,012
Sonae SGPS, S.A. 5,892 10,877
----------
Total Portugal 17,889
--------------------------------------------------------------------------------
Singapore - 1.8%
China Aviation Oil Singapore Corp., Ltd. 1,000 1,074
Hotel Plaza Ltd. 3,000 4,114
Hotel Properties Ltd. 1,000 1,974
Jardine Cycle & Carriage Ltd. 1,000 14,178
Robinson & Co., Ltd. 1,000 5,014
Singapore Airlines Ltd. 5,600 63,389
Stamford Land Corp., Ltd. 7,000 3,251
Tat Hong Holdings Ltd. 2,000 3,222
----------
Total Singapore 96,216
--------------------------------------------------------------------------------
Spain - 2.2%
Adolfo Dominguez 61 1,870
Cia de Distribucion Integral Logista S.A. 136 11,324
Cie Automotive, S.A. 190 1,861
IBERIA, Lineas Aereas de Espana, S.A. 2,509 10,973
Inditex S.A. 1,518 84,644
Tavex Algodonera S.A. * 1,553 3,814
----------
Total Spain 114,486
--------------------------------------------------------------------------------
Sweden - 5.7%
Bilia AB Class A 300 5,008
Clas Ohlson AB Class B 100 1,830
Electrolux AB Series B 1,526 25,090
H&M Hennes & Mauritz AB Class B 3,605 221,894
KappAhl Holding AB * 200 1,871
New Wave Group AB 200 1,464
Nobia AB 12 104
Scania AB Class A 100 2,260
Scania AB Class B 1,800 37,867
SkiStar AB 200 3,238
----------
Total Sweden 300,626
--------------------------------------------------------------------------------
Switzerland - 0.4%
Swatch Group AG (The) 181 9,333
Swatch Group AG (The) Class B 45 12,080
----------
Total Switzerland 21,413
--------------------------------------------------------------------------------
United Kingdom - 12.9%
Alexon Group PLC 332 633
Bellway PLC 771 13,684
BOOT (HENRY) PLC 591 1,627
Bovis Homes Group PLC 424 5,107
Brammer PLC 1,239 6,920
BSS Group PLC 1,021 7,924
Burberry Group PLC 1,318 11,801
Carnival PLC 822 32,692
Carpetright PLC 826 12,518
Carphone Warehouse Group PLC 1,926 10,910
Clinton Cards PLC 3,796 4,414
Compass Group PLC 11,575 74,135
Diploma PLC 535 1,616
Domino's Pizza UK & IRL PLC 444 1,765
Enterprise Inns PLC 2,180 17,385
Fiberweb PLC 691 831
Findel PLC 723 7,113
Game Group PLC 1,479 6,239
GKN PLC 5,048 30,525
Halfords Group PLC 2,249 12,672
Headlam Group PLC 811 6,125
HMV Group PLC 6,601 17,023
Holidaybreak PLC 318 3,463
Home Retail Group PLC 2,455 12,747
IG Group Holdings PLC 385 2,504
Inchcape PLC 2,552 20,390
Intercontinental Hotels Group PLC 1,128 17,038
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 21
Schedule of Investments (concluded)
WisdomTree International Consumer Cyclical Sector Fund
March 31, 2008
--------------------------------------------------------------------------
Investments Shares U.S. $ Value
--------------------------------------------------------------------------
JJB Sports PLC 3,446 $ 7,465
John Menzies PLC 720 8,014
Kesa Electricals PLC 4,447 18,185
Kier Group PLC 242 6,637
Ladbrokes PLC 3,311 20,482
Laura Ashley Holdings PLC 10,507 5,429
Lookers PLC 1,641 2,943
Luminar Group Holdings PLC 351 2,100
Majestic Wine PLC 222 980
Marks & Spencer Group PLC 8,066 62,081
Mitchells & Butlers PLC 765 5,215
Mothercare PLC 629 5,113
N. Brown Group PLC 1,852 8,963
Next PLC 1,050 23,769
Pendragon PLC 8,791 5,897
Persimmon PLC 2,490 37,860
Punch Taverns PLC 591 6,331
Raymarine PLC 269 1,244
Redrow PLC 786 5,061
Restaurant Group PLC 167 511
Taylor Wimpey PLC 6,785 25,285
Ted Baker PLC 344 2,865
Topps Tiles PLC 2,873 6,481
Wetherspoon (J.D.) PLC 26 141
WH Smith PLC 906 6,681
Whitbread PLC 858 19,901
William Hill PLC 1,917 14,316
Wincanton PLC 71 488
Wolseley PLC 2,595 27,335
Woolworths Group PLC 37,132 8,118
----------
Total United Kingdom 685,692
--------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES - 99.1%
(Cost: $5,109,842) 5,255,034
Cash, Foreign Currency and Other Assets in Excess
of Liabilities - 0.9% 49,199
----------
NET ASSETS - 100.0% $5,304,233
==========================================================================
* Non-income producing security.
See Notes to Financial Statements.
22 WisdomTree International Dividend Sector Funds
Schedule of Investments
WisdomTree International Consumer Non-Cyclical Sector Fund
March 31, 2008
Investments Shares U.S. $ Value
----------------------------------------------------------------------------------
COMMON STOCKS - 99.3%
Australia - 5.7%
ABB Grain Ltd. 1,231 $ 9,889
AWB Ltd. 19,636 49,293
Chandler Macleod Ltd. 5,382 3,243
Coca-Cola Amatil Ltd. 27,075 210,081
Cochlear Ltd. 725 36,201
Corporate Express Australia Ltd. 4,468 22,432
CSL Ltd. 3,243 109,267
Foster's Group Ltd. 61,201 286,041
Goodman Fielder Ltd. 15,641 25,700
GrainCorp Ltd. 2,313 25,443
Healthscope Ltd. 5,571 26,445
Invocare Ltd. 2,814 16,748
Lion Nathan Ltd. 16,425 131,194
Metcash Ltd. 5,268 19,620
Navitas Ltd. 4,247 7,056
Pacific Brands Ltd. 27,612 50,915
Programmed Maintenance Services Ltd. 3,173 15,062
Ramsay Health Care Ltd. 2,975 29,194
Sigma Pharmaceuticals Ltd. 10,041 11,457
Sonic Healthcare Ltd. 6,391 80,218
Symbion Health Ltd.+ 16,165 60,058
Woolworths Ltd. 26,532 702,373
----------
Total Australia 1,927,930
----------------------------------------------------------------------------------
Belgium - 1.6%
Colruyt S.A. 131 33,835
Delhaize Group 1,142 90,188
InBev N.V. 4,481 395,775
----------
Total Belgium 519,798
----------------------------------------------------------------------------------
Denmark - 1.3%
Carlsberg A/S Class B 200 25,668
Coloplast A/S Class B 300 27,506
Danisco A/S 300 21,992
H. Lundbeck A/S 2,400 60,175
Harboes Bryggeri A/S 494 12,963
Novo-Nordisk A/S Class B(a) 3,875 265,950
Novozymes A/S Class B 300 28,175
----------
Total Denmark 442,429
----------------------------------------------------------------------------------
Finland - 0.6%
Kemira GrowHow Oyj 1,815 34,857
Kesko OYJ Class B 1,208 62,688
Orion Oyj Class B 2,737 59,502
Poyry Oyj 1,208 30,129
----------
Total Finland 187,176
----------------------------------------------------------------------------------
France - 15.2%
Assystem 527 6,998
Carrefour S.A. 10,809 837,016
Casino Guichard Perrachon S.A. 2,153 259,072
Christian Dior S.A. 2,061 228,962
Cie Generale D'Optique Essilor International S.A. 1,877 123,101
Clarins 407 27,699
Groupe Danone 4,836 434,026
Ipsen 262 14,929
L'Oreal S.A. 6,465 824,037
Pernod-Ricard S.A. 1,626 167,883
Remy Cointreau S.A. 843 56,904
Sanofi-Aventis 22,706 1,709,712
Societe BIC SA 341 21,105
Societe Des Autoroutes Paris-Rhin-Rhone 3,008 365,100
Stallergenes 498 36,757
----------
Total France 5,113,301
----------------------------------------------------------------------------------
Germany - 5.1%
Bayer Schering Pharma AG 4,367 723,873
Beiersdorf AG 2,072 174,961
Celesio AG 1,743 86,612
Fresenius AG 503 42,960
Fresenius Medical Care AG & Co. KGaA 2,317 116,934
Henkel KGaA 2,263 96,387
Merck KGaA 287 35,504
Metro AG 3,840 311,414
Rhoen-Klinikum AG 622 18,500
Sixt AG 280 12,538
Stada Arzneimittel AG 317 23,111
Suedzucker AG 3,005 66,900
----------
Total Germany 1,709,694
----------------------------------------------------------------------------------
Hong Kong - 0.0%
Cross-Harbour (Holdings) Ltd. 6,000 5,844
----------------------------------------------------------------------------------
Ireland - 0.5%
C&C Group PLC 4,834 30,179
Fyffes PLC 15,882 22,649
Glanbia PLC 3,466 27,735
Greencore Group PLC 3,584 21,552
Iaws Group PLC 634 14,959
Kerry Group PLC Class A 831 26,138
United Drug PLC 1,797 10,661
----------
Total Ireland 153,873
----------------------------------------------------------------------------------
Italy - 1.1%
Autostrada Torino-Milano SpA 1,731 33,326
Autostrade SpA 6,526 198,026
Davide Campari-Milano SpA 2,204 21,460
Luxottica Group SPA 2,772 70,146
Recordati SpA 2,426 18,212
Societa Iniziative Autostradali e Servizi SpA 2,736 35,897
----------
Total Italy 377,067
----------------------------------------------------------------------------------
Japan - 7.6%
Ajinomoto Co., Inc. 2,000 20,294
Alfresa Holdings Corp. 500 39,333
Asahi Breweries, Ltd. 3,000 61,938
Astellas Pharma, Inc. 5,900 228,804
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 23
Schedule of Investments (continued)
WisdomTree International Consumer Non-Cyclical Sector Fund
March 31, 2008
Investments Shares U.S. $ Value
-------------------------------------------------------------------------
Chugai Pharmaceutical Co., Ltd. 3,800 $ 43,026
Coca-Cola West Holdings Co., Ltd. 600 14,467
Dai Nippon Printing Co., Ltd. 6,000 95,605
Daiichi Sankyo Co., Ltd 6,100 180,484
Fancl Corp. 600 8,283
Fuji Oil Co., Ltd. 600 5,600
Hisamitsu Pharmaceutical Co., Inc. 600 21,882
Hokuto Corp. 600 10,646
House Foods Corp. 600 8,940
Japan Tobacco, Inc. 36 180,479
Kagome Co., Ltd. 600 10,718
Kao Corp. 5,000 141,910
Kikkoman Corp. 1,000 12,307
Kirin Brewery Co., Ltd. 6,000 113,628
Kyodo Printing Co., Ltd. 6,000 16,215
Kyowa Hakko Kogyo Co., Ltd. 6,000 57,387
Maruha Nichiro Holdings, Inc. 7,000 10,901
Meitec Corp. 600 18,205
Mercian Corp. 5,000 10,248
Mikuni Coca-Cola Bottling Co., Ltd. 600 6,908
Mitsui Sugar Co., Ltd. 6,000 20,495
Nichii Gakkan Co. 600 8,656
Nihon Kohden Corp. 600 13,744
Nippon Meat Packers, Inc. 4,000 59,155
Nippon Parking Development Co., Ltd. 60 2,550
Nissha Printing Co., Ltd. 600 29,477
Nisshin Oillio Group Ltd. (The) 1,000 3,888
Nisshin Seifun Group, Inc. 3,000 32,069
Nissin Food Products Co., Ltd. 600 20,254
Nomura Co., Ltd. 4,000 13,342
Nosan Corp. 6,000 14,528
Paramount Bed Co., Ltd. 600 8,180
QP Corp. 1,200 12,406
Sakata Seed Corp. 600 8,741
Sawai Pharmaceutical Co., Ltd. 200 9,725
Secom Co., Ltd. 1,200 58,351
Seikagaku Corp. 600 6,782
Shimadzu Corp. 2,000 18,506
Shionogi & Co., Ltd. 1,000 17,100
Shiseido Co., Ltd. 4,000 105,892
Starzen Co., Ltd. 1,000 2,331
Suzuken Co., Ltd. 600 24,715
T. Hasegawa Co., Ltd. 600 10,603
Taisho Pharmaceutical Co., Ltd. 1,000 19,862
Takeda Pharmaceutical Co., Ltd. 8,700 436,158
Tanabe Seiyaku Co., Ltd. 1,000 11,664
Terumo Corp. 2,000 104,486
TIS, Inc. 100 2,029
Toho Pharmaceutical Co., Ltd. 600 15,341
Toppan Printing Co., Ltd. 6,000 69,684
Uni-Charm Corp. 600 43,944
Yakult Honsha Co., Ltd. 600 18,627
Zenrin Co., Ltd. 600 12,418
----------
Total Japan 2,553,911
-------------------------------------------------------------------------
Netherlands - 8.8%
CSM N.V. 1,489 51,034
Heineken Holding N.V. 1,971 99,472
Heineken N.V. 3,430 199,954
Koninklijke Wessanen N.V. 2,258 31,736
Nutreco Holding N.V. 239 18,443
OPG Groep N.V. 63 1,788
Unilever N.V. 42,268 1,419,216
Unilever N.V. CVA 30,661 1,033,379
USG People N.V. 3,340 79,492
Vedior N.V. 1,471 42,888
----------
Total Netherlands 2,977,402
-------------------------------------------------------------------------
New Zealand - 0.2%
Fisher & Paykel Healthcare Corp. 10,335 23,807
PGG Wrightson Ltd. 10,043 16,423
Port of Tauranga Ltd. 4,115 19,605
Ryman Healthcare Ltd. 5,558 7,472
----------
Total New Zealand 67,307
-------------------------------------------------------------------------
Norway - 0.6%
Cermaq ASA 2,187 27,758
Orkla ASA 14,400 182,772
----------
Total Norway 210,530
-------------------------------------------------------------------------
Portugal - 0.4%
Brisa-Auto Estradas de Portugal S.A. 9,674 138,727
Jeronimo Martins SGPS SA 1,245 10,041
----------
Total Portugal 148,768
-------------------------------------------------------------------------
Singapore - 0.7%
China Merchants Holdings Pacific Ltd. 18,000 10,318
Fraser and Neave Ltd. 24,000 84,461
GMG Global Ltd. 42,000 4,419
Parkway Holdings Ltd. 18,000 41,795
Raffles Education Corp., Ltd. 24,000 17,937
SIA Engineering Co., Ltd. 12,000 34,394
Singapore Airport Terminal Services Ltd. 24,000 40,054
Singapore Food Industries Ltd. 18,000 9,730
----------
Total Singapore 243,108
-------------------------------------------------------------------------
Spain - 1.2%
Abertis Infraestructuras S.A. 8,014 262,099
Campofrio Alimentacion S.A. * 1,144 17,819
Cintra Concesiones de Infraestructuras de
Transporte, S.A. 2,042 30,318
Ebro Puleva S.A. * 1,779 36,533
FAES FARMA, S.A. 838 14,288
Intinere Infraestructura S.A. 1,677 20,381
Prosegur Cia de Seguridad S.A. 575 24,208
----------
Total Spain 405,646
-------------------------------------------------------------------------
See Notes to Financial Statements.
24 WisdomTree International Dividend Sector Funds
Schedule of Investments (concluded)
WisdomTree International Consumer Non-Cyclical Sector Fund
March 31, 2008
-----------------------------------------------------------------------------------
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------------
Sweden - 1.0%
Aarhuskarlshamn AB 878 $ 24,282
Axfood AB 1,500 53,500
Getinge AB Class B 2,400 62,328
Getinge AB* 175 4,559
Hakon Invest AB 1,302 30,464
Securitas AB Class B 5,534 73,258
Swedish Match AB 3,600 78,618
-----------
Total Sweden 327,009
-----------------------------------------------------------------------------------
Switzerland - 13.0%
Adecco S.A. 1,363 79,033
Nestle S.A. 3,958 1,985,902
Nobel Biocare Holding AG 66 15,415
Novartis AG 24,856 1,279,177
Roche Holding AG 5,041 952,594
SGS S.A. 54 77,966
Straumann Holding AG 6 1,720
-----------
Total Switzerland 4,391,807
-----------------------------------------------------------------------------------
United Kingdom - 34.7%
Aggreko PLC 3,905 50,098
Associated British Foods PLC 7,452 129,595
AstraZeneca PLC 29,578 1,107,533
Atkins WS PLC 992 20,722
Babcock International Group PLC 1,845 20,957
Bespak PLC 320 3,543
British American Tobacco PLC 44,221 1,661,983
Bunzl PLC 5,613 79,151
Cadbury Schweppes PLC 29,588 325,492
Capita Group PLC 6,114 82,448
communisis PLC 5,326 6,695
Davis Service Group PLC 4,264 41,865
Dawson Holdings PLC 8,063 15,064
De La Rue PLC 3,413 60,134
Dechra Pharmaceuticals PLC 766 5,584
Diageo PLC 50,842 1,026,653
Genus PLC 563 8,168
GlaxoSmithKline PLC 135,231 2,865,103
Hays PLC 19,219 43,641
Helphire PLC 15 54
Hikma Pharmaceuticals PLC 1,329 12,375
Homeserve PLC 503 19,224
Imperial Tobacco Group PLC 12,889 593,799
Interserve PLC 2,598 24,927
Intertek Group PLC 1,405 28,818
ITE Group PLC 4,653 13,479
J. Sainsbury PLC 20,642 140,719
Nestor Healthcare Group PLC 48,377 41,585
Reckitt Benckiser PLC 8,418 466,957
RPS Group PLC 2,810 18,011
SABMiller PLC 18,872 414,089
Scottish & Newcastle PLC 24,177 379,609
Serco Group PLC 2,724 24,566
Shire PLC 1,429 27,649
Smith & Nephew PLC 7,595 100,609
St. Ives Group PLC 4,999 24,143
Tate & Lyle PLC 3,366 36,126
Tesco PLC 100,828 759,499
Tribal Group PLC 2,158 5,704
Unilever PLC 25,446 859,250
Vantis PLC 25,050 44,310
Wm. Morrison Supermarkets PLC 19,169 104,485
-----------
Total United Kingdom 11,694,416
-----------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $33,140,475) 33,457,016
===================================================================================
RIGHTS* - 0.0%
Australia - 0.0%
Primary Health Care Ltd., expiring on 4/13/08
(Cost: $0) 4,512 412
===================================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $33,140,475) 33,457,428
===================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.6%
MONEY MARKET FUND(b)
UBS Private Money Market Fund LLC, 3.17%
(Cost: $209,400)(c) 209,400 209,400
===================================================================================
TOTAL INVESTMNETS IN SECURITIES - 99.9%
(Cost: $33,349,875) 33,666,828
Cash, Foreign Currency and Other Assets in Excess
of Liabilities - 0.1% 21,738
-----------
NET ASSETS - 100.0% $33,688,566
===================================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $199,376 and the total market value of the collateral held by the Fund
was $209,400.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 25
Schedule of Investments
WisdomTree International Energy Sector Fund
March 31, 2008
-------------------------------------------------------------------------------------
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------------
COMMON STOCKS - 99.3%
Australia - 14.4%
Beach Petroleum Ltd. 14,454 $ 16,691
Caltex Australia Ltd. 85,947 1,020,722
Centennial Coal Co., Ltd. 15,016 55,789
Felix Resources Ltd. 1,945 21,998
Gloucester Coal Ltd. 4,851 43,042
MacArthur Coal Ltd. 15,950 190,445
New Hope Corp., Ltd. 39,912 97,278
Origin Energy Ltd. 221,111 1,848,866
Santos Ltd. 149,856 1,983,543
Woodside Petroleum Ltd. 60,637 3,016,711
-----------
Total Australia 8,295,085
-------------------------------------------------------------------------------------
Austria - 2.9%
OMV AG 25,295 1,677,799
Schoeller-Bleckmann Oilfield Equipment AG 191 17,082
-----------
Total Austria 1,694,881
-------------------------------------------------------------------------------------
Finland - 2.8%
Neste Oil Oyj 46,504 1,631,450
-------------------------------------------------------------------------------------
France - 8.6%
Technip S.A. 21,467 1,677,986
TOTAL S.A. 43,810 3,265,476
-----------
Total France 4,943,462
-------------------------------------------------------------------------------------
Germany - 0.0%
Fuchs Petrolub AG 254 24,209
-------------------------------------------------------------------------------------
Greece - 2.0%
Motor Oil (Hellas) Corinth Refineries S.A. 53,259 1,127,471
-------------------------------------------------------------------------------------
Hong Kong - 5.6%
CNOOC Ltd. 2,171,318 3,208,356
-------------------------------------------------------------------------------------
Italy - 9.3%
Actelios SpA 964 9,608
Eni SpA 96,585 3,305,745
ERG SpA 3,964 89,381
Saipem SpA 47,727 1,939,046
-----------
Total Italy 5,343,780
-------------------------------------------------------------------------------------
Japan - 8.8%
Idemitsu Kosan Co., Ltd. 100 7,746
Kanto Natural Gas Development Ltd. 1,000 6,028
Nippon Mining Holdings Inc. 210,000 1,113,980
Nippon Oil Corp. 194,000 1,212,317
Showa Shell Sekiyu K.K. 133,900 1,356,017
TonenGeneral Sekiyu K.K. 157,250 1,347,609
-----------
Total Japan 5,043,697
-------------------------------------------------------------------------------------
Netherlands - 2.8%
Fugro N.V. 1,705 132,895
SBM Offshore N.V. 46,250 1,497,221
-----------
Total Netherlands 1,630,116
-------------------------------------------------------------------------------------
New Zealand - 2.8%
New Zealand Refining Co., Ltd. (The) 290,797 1,598,086
-------------------------------------------------------------------------------------
Norway - 8.4%
Norsk Hydro ASA 89,319 1,304,171
ProSafe ASA 4,028 63,411
Scana Industrier ASA * 4,876 14,585
Statoil ASA 115,693 3,474,148
-----------
Total Norway 4,856,315
-------------------------------------------------------------------------------------
Singapore - 0.2%
Singapore Petroleum Co., Ltd. 25,753 126,322
-------------------------------------------------------------------------------------
Spain - 7.8%
Cia Espanola de Petroleos S.A.(a) 19,530 2,170,880
Repsol YPF, S.A. 66,467 2,302,301
-----------
Total Spain 4,473,181
-------------------------------------------------------------------------------------
United Kingdom - 22.9%
ATH Resources PLC 3,419 13,209
BG Group PLC 107,695 2,497,890
BP PLC 287,662 2,927,247
Expro International Group PLC 1,791 41,647
Hellenic Petroleum S.A. 90,609 1,197,411
John Wood Group PLC 6,326 50,983
Royal Dutch Shell PLC Class A 82,781 2,857,836
Royal Dutch Shell PLC Class B 82,882 2,793,785
Tullow Oil PLC 58,927 773,560
-----------
Total United Kingdom 13,153,568
-------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $56,976,569) 57,149,979
=====================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 3.0%
MONEY MARKET FUND(b) - 3.0%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $1,710,056)(c) 1,710,056 1,710,056
=====================================================================================
TOTAL INVESTMENTS IN SECURITIES - 102.3%
(Cost: $58,686,625) 58,860,035
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (2.3)% (1,298,529)
-----------
NET ASSETS - 100.0% $57,561,506
=====================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $1,628,203 and the total market value of the collateral held by the
Fund was $1,710,056.
See Notes to Financial Statements.
26 WisdomTree International Dividend Sector Funds
Schedule of Investments
WisdomTree International Financial Sector Fund
March 31, 2008
--------------------------------------------------------------------------------
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.0%
Australia - 11.6%
AMP Ltd. 17,671 $ 126,628
ASX Ltd. 1,270 43,359
Australia & New Zealand Banking Group Ltd. 17,824 366,903
AXA Asia Pacific Holdings Ltd. 6,778 34,030
Babcock & Brown Ltd. 372 4,999
Bendigo and Adelaide Bank Ltd. 246 2,672
Cabcharge Australia Ltd. 723 6,448
Commonwealth Bank of Australia 11,814 450,896
Insurance Australia Group Ltd. 18,558 62,003
IOOF Holdings Ltd. 200 1,084
Lend Lease Corp. Ltd. 3,809 46,071
Macquarie Bank Ltd. 1,766 85,150
National Australia Bank Ltd. 13,315 366,461
Octaviar Ltd.+ 1,501 1,356
Peet Ltd. 1,174 2,797
Perpetual Ltd. 359 17,647
Port Bouvard Ltd. 5,020 4,033
QBE Insurance Group Ltd. 4,791 97,135
St.George Bank Ltd. 3,136 73,600
Suncorp-Metway Ltd. 7,521 88,360
Timbercorp Ltd. 1,254 1,431
Westpac Banking Corp. 17,520 379,837
-----------
Total Australia 2,262,900
--------------------------------------------------------------------------------
Austria - 0.8%
Bank Austria Creditanstalt AG 571 126,669
Raiffeisen International Bank Holdiing AG 90 12,314
Wiener Staedtische AG 188 14,457
-----------
Total Austria 153,440
--------------------------------------------------------------------------------
Belgium - 3.1%
Cofinimmo 53 11,500
Dexia N.V. 5,970 170,749
KBC Ancora 1,939 200,200
KBC Groep N.V. 1,701 221,394
-----------
Total Belgium 603,843
--------------------------------------------------------------------------------
Denmark - 1.1%
Amagerbanken A/S* 50 2,114
Danske Bank A/S 4,100 151,803
Hannover Rueckversicherung AG 331 17,319
Sydbank A/S 50 1,825
TrygVesta A/S 342 30,158
-----------
Total Denmark 203,219
--------------------------------------------------------------------------------
Finland - 0.7%
Citycon Oyj* 1,006 6,185
Pohjola Bank PLC Class A 1,250 23,630
Ruukki Group Oyj 3 11
Sampo Oyj Class A 3,521 95,683
Technopolis Oyj 486 4,351
-----------
Total Finland 129,860
--------------------------------------------------------------------------------
France - 10.7%
AXA S.A. 14,109 513,973
BNP Paribas 6,410 648,928
CNP Assurances S.A. 615 76,089
Credit Agricole S.A. 12,776 396,787
Euler Hermes S.A. 149 16,036
Fimalac 81 4,866
Klepierre 840 51,737
Natixis 6,439 103,968
SCOR 390 9,344
Societe Generale 2,623 257,772
Societe Immobiliere de Location pour l'Industrie
et le Commerce 14 2,131
-----------
Total France 2,081,631
--------------------------------------------------------------------------------
Germany - 5.5%
Allianz SE 1,581 314,349
AMB Generali Holding AG 125 21,407
AWD Holding AG 256 11,873
Baader Wertpapierhandelsbank AG 553 3,409
Commerzbank AG 1,749 54,873
DAB Bank AG 1,261 11,209
Deutsche Bank AG 2,757 313,229
Deutsche Boerse AG 265 42,843
Deutsche Postbank AG 559 53,562
MLP AG 719 10,276
MPC Munchmeyer Petersen Capital AG 108 7,643
Muenchener Ruckversicherungs Gesellschaft AG 1,144 224,560
Vivacon AG 91 1,929
-----------
Total Germany 1,071,162
--------------------------------------------------------------------------------
Hong Kong - 4.7%
Bank of East Asia Ltd. 8,800 44,040
BOC Hong Kong (Holdings) Ltd. 75,500 181,793
Cheung Kong (Holdings) Ltd. 8,000 113,583
China Overseas Land & Investment Ltd. 10,000 18,451
CITIC International Financial Holdings Ltd. 20,000 10,228
Hang Seng Bank Ltd. 14,000 253,455
Henderson Investment Ltd. 8,000 977
Hong Kong Exchanges and Clearing Ltd. 4,000 68,664
Hopewell Holdings Ltd. 4,000 15,187
New World Development Ltd. 10,000 24,233
Shun TAK Holdings Ltd. 8,000 10,587
Sino Land Co. 10,000 21,586
Sun Hung Kai Properties Ltd. 9,000 140,385
-----------
Total Hong Kong 903,169
--------------------------------------------------------------------------------
Ireland - 1.0%
Allied Irish Banks PLC 2,755 58,933
Anglo Irish Bank Corp. PLC 3,796 50,826
Bank of Ireland 2,930 43,526
FBD Holdings PLC 159 7,407
Irish Life & Permanent PLC 1,473 28,522
McInerney Holdings PLC 1,016 1,898
-----------
Total Ireland 191,112
--------------------------------------------------------------------------------
See Notes to Financial Statements
WisdomTree International Dividend Sector Funds 27
Schedule of Investments (continued)
WisdomTree International Financial Sector Fund
March 31, 2008
-----------------------------------------------------------------------------
Investments Shares U.S. $ Value
-----------------------------------------------------------------------------
Italy - 11.2%
Alleanza Assicurazioni SpA 5,030 $ 65,954
Assicurazioni Generali SpA 5,229 235,974
Banca Carige SpA 3,230 12,757
Banca CR Firenze 1,959 20,922
Banca Intermobiliare SpA 159 1,310
Banca Intesa SpA 116,107 821,458
Banca Monte dei Paschi di Siena SpA 6,998 31,104
Banca Popolare dell'Etruria e del Lazio 655 7,649
Banca Popolare di Milano S.c.r.l. 1,216 13,401
Banca Popolare di Sondrio Scarl 579 8,505
Banca Profilo SpA 661 1,477
Banche Popolari Unite S.c.r.l. 3,081 79,235
Banco di Desio e della Brianza SpA 854 8,627
Banco Popolare Scarl* 1,392 23,138
Credito Artigiano SpA* 509 1,952
Credito Artigiano SpA 2,039 9,047
Credito Emiliano SpA 963 12,833
Ergo Previdenza SpA 965 5,524
Fondiaria-SAI SpA 671 27,899
Intek SpA 9,772 9,515
Mediobanca SpA 3,749 77,167
Mediolanum SpA(a) 2,555 15,708
Meliorbanca SpA 50 218
Milano Assicurazioni SpA 3,086 20,794
Piccolo Credito Valtellinese Scarl 883 11,578
Premafin Finanziaria SpA 1,567 4,174
Societa Cattolica di Assicurazioni S.c.r.l. 252 12,367
UniCredito Italiano SpA 66,433 446,330
Unipol SpA 10,734 33,473
Vittoria Assicurazioni SpA 59 1,035
Zurich Financial Services AG 506 160,004
-----------
Total Italy 2,181,129
-----------------------------------------------------------------------------
Japan - 3.5%
Aioi Insurance Co., Ltd. 2,000 11,071
Atrium Co., Ltd. 300 3,548
Bank of Kyoto Ltd. (The) 2,000 24,353
Bank of Yokohama Ltd. (The) 2,000 13,603
Century Leasing System, Inc. 400 3,524
Daito Trust Construction Co., Ltd. 400 20,656
Eighteenth Bank Ltd. (The) 2,000 7,334
Hiroshima Bank Ltd. (The) 4,000 19,330
Hokuhoku Financial Group, Inc. 4,000 12,056
Hyakujushi Bank Ltd. (The) 3,000 15,914
Iwai Securities Co., Ltd. 700 8,123
Jafco Co., Ltd. 400 13,342
Leopalace21 Corp. 400 6,474
Millea Holdings, Inc. 1,100 40,669
Mitsubishi UFJ Financial Group, Inc. 6,760 58,408
Mitsui Sumitomo Insurance Co., Ltd. 3,000 30,351
Mizuho Investors Securities Co., Ltd. 11,000 12,930
Mizuho Trust & Banking Co., Ltd. 4,000 5,747
Nishi-Nippon City Bank Ltd. (The) 5,000 13,161
Nomura Holdings, Inc. 4,800 71,854
Oita Bank Ltd. (The) 5,000 35,817
Okasan Holdings, Inc. 3,000 14,799
Resona Holdings, Inc. 28 46,697
Shinko Securities Co., Ltd. 2,000 5,827
Shinsei Bank Ltd. 8,000 26,443
Sompo Japan Insurance, Inc. 1,000 8,841
Sumitomo Mitsui Financial Group, Inc. 6 39,544
Suruga Bank Ltd. 2,832 35,765
T&D Holdings, Inc. 450 23,600
Takagi Securities Co., Ltd. 3,000 6,631
Tokai Tokyo Securities Co., Ltd. 4,000 13,262
Tokyu Land Corp. 2,000 12,558
Toyo Securities Co., Ltd. 2,000 6,229
Yamaguchi Financial Group, Inc. 1,000 11,343
-----------
Total Japan 679,804
-----------------------------------------------------------------------------
Netherlands - 5.9%
ABN AMRO Holding N.V. 8,431 509,659
AEGON N.V. 8,647 127,699
ING Groep N.V. 13,203 496,242
SNS Reaal 647 13,174
-----------
Total Netherlands 1,146,774
-----------------------------------------------------------------------------
New Zealand - 0.0%
Infratil Ltd. 2,564 4,294
-----------------------------------------------------------------------------
Norway - 1.0%
ABG Sundal Collier ASA 7,927 14,429
Acta Holding ASA 6,049 20,236
DnB NOR ASA 9,200 139,944
Sparebanken Midt-Norge 600 6,022
Sparebanken Nord-Norge 350 6,956
Sparebanken 1 SR Bank* 800 8,304
-----------
Total Norway 195,891
-----------------------------------------------------------------------------
Portugal - 0.4%
Banco Comercial Portugues, S.A. Class R 8,580 28,007
Banco Espirito Santo, S.A. 2,421 42,237
-----------
Total Portugal 70,244
-----------------------------------------------------------------------------
Singapore - 1.8%
Ascott Group Ltd. (The)+ 8,000 9,984
DBS Group Holdings Ltd. 8,466 110,574
Guocoland Ltd. 3,000 8,686
MCL Land Ltd. 6,000 8,054
Oversea-Chinese Banking Corp. Ltd. 8,000 47,020
Singapore Exchange Ltd. 4,000 21,768
Straits Trading Co., Ltd. 3,000 14,607
United Overseas Bank Ltd. 8,139 113,036
UOB-Kay Hian Holdings Ltd. 8,000 11,378
Wing Tai Holdings Ltd. 4,000 6,356
-----------
Total Singapore 351,463
-----------------------------------------------------------------------------
Spain - 9.2%
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 24,640 544,653
See Notes to Financial Statements
28 WisdomTree International Dividend Sector Funds
Schedule of Investments (concluded)
WisdomTree International Financial Sector Fund
March 31, 2008
--------------------------------------------------------------------------------
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Banco de Sabadell S.A.(a) 4,728 $ 52,068
Banco Espanol de Credito S.A. 1,374 26,170
Banco Pastor S.A. 204 3,158
Banco Popular Espanol, S.A.(a) 6,092 111,010
Banco Santander Central Hispano S.A. 45,680 913,463
Bankinter, S.A. 1,340 21,339
Bolsas y Mercados Espanoles 58 2,844
Corporacion Mapfre S.A. 6,964 35,091
Grupo Catalana Occidente S.A. 46 1,780
Metrovacesa, S.A. 613 81,009
Montebalito S.A. 146 1,851
-----------
Total Spain 1,794,436
--------------------------------------------------------------------------------
Sweden - 3.3%
D. Carnegie & Co. AB 991 16,712
Fabege AB 1,600 17,134
HQ AB 50 1,315
Intrum Justitia AB 800 14,267
Investment AB Kinnevik Class B 400 7,605
Kungsleden AB 2,000 24,874
L E Lundbergforetagen AB Class B 88 5,046
Nordea Bank AB 16,000 259,834
OMX AB 200 8,786
Ratos AB Class B 800 26,981
Skandinaviska Enskilda Banken AB Class A 2,400 62,935
Svenska Handelsbanken AB Class A 3,600 105,026
Swedbank AB Class A 3,200 89,849
-----------
Total Sweden 640,364
--------------------------------------------------------------------------------
Switzerland - 3.0%
Baloise Holding AG 216 21,555
Bellevue Group AG 31 2,147
Converium Holding AG 337 6,065
Credit Suisse Group 4,250 217,216
EFG International 1,147 39,430
Julius Baer Holdings AG 935 69,200
Partners Group AG 285 41,580
Swiss Reinsurance Co. 1,577 138,319
Vontobel Holding AG 1,213 42,312
-----------
Total Switzerland 577,824
--------------------------------------------------------------------------------
United Kingdom - 20.5%
Aberdeen Asset Management PLC 1,877 5,167
Admiral Group PLC 703 11,220
Alliance & Leicester PLC 1,528 15,746
Amlin PLC 2,888 15,598
Ashmore Group PLC 106 591
Aviva PLC 15,397 188,964
Barclays PLC 47,585 428,425
Beazley Group PLC 2,324 7,367
Big Yellow Group PLC 76 657
Bradford & Bingley PLC 742 2,754
Brewin Dolphin Holdings PLC 919 2,521
Brit Insurance Holdings PLC 4,084 19,663
Capital & Regional PLC 577 6,307
Charles Stanley Group PLC 964 4,215
Charles Taylor Consulting PLC 354 1,949
Chesnara PLC 3,183 10,565
Close Brothers Group PLC 715 8,768
Evolution Group PLC 2,807 5,830
F&C Asset Management PLC 4,268 15,460
Friends Provident PLC 9,483 23,295
HBOS PLC 25,115 279,530
Helical Bar PLC 635 4,745
Henderson Group PLC 1,784 3,750
Highway Insurance Holdings PLC 4,146 5,356
HSBC Holdings PLC 81,768 1,348,863
ICAP PLC 1,877 21,227
Intermediate Capital Group PLC 391 12,146
Investec PLC 1,777 11,955
Jardine Lloyd Thompson Group PLC 2,080 15,306
Legal & General Group PLC 23,584 59,248
Liontrust Asset Management PLC 156 744
Lloyds TSB Group PLC 57,079 511,634
London Stock Exchange Group PLC 304 7,299
Man Group PLC 5,072 55,897
McKay Securities PLC 1,038 5,776
Numis Corp. PLC 168 618
Old Mutual PLC 37,875 83,181
PayPoint PLC 238 2,682
Provident Financial PLC 1,301 21,888
Prudential PLC 11,398 150,759
RAB Capital PLC 2,942 3,084
Resolution PLC 663 9,020
Royal & Sun Alliance Insurance Group 8,178 20,919
Royal Bank of Scotland Group (The) PLC 62,726 420,442
Schroders PLC 823 15,343
St. James's Place PLC 715 3,681
Standard Chartered PLC 3,933 134,606
Terrace Hill Group PLC 1,754 1,839
Unite Group PLC 567 3,696
-----------
Total United Kingdom 3,990,296
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $21,279,148) 19,232,855
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.8%
MONEY MARKET FUND(b) - 0.8%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $153,250)(c) 153,250 153,250
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 99.8%
(Cost: $21,432,398) 19,386,105
Foreign Currency and Other Assets in Excess of
Liabilities - 0.2% 48,053
-----------
NET ASSETS - 100.0% $19,434,158
================================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $145,727 and the total market value of the collateral held by the Fund
was $153,250.
See Notes to Financial Statements
WisdomTree International Dividend Sector Funds 29
Schedule of Investments
WisdomTree International Health Care Sector Fund
March 31, 2008
----------------------------------------------------------------------------------
Investments Shares U.S. $ Value
----------------------------------------------------------------------------------
COMMON STOCKS - 99.0%
Australia - 8.2%
Cochlear Ltd. 5,321 $ 265,693
CSL Ltd. 13,481 454,219
Healthscope Ltd. 54,398 258,218
Primary Health Care Ltd. 17,455 96,399
Ramsay Health Care Ltd.(a) 17,550 172,221
Sigma Pharmaceuticals Ltd.(a) 118,442 135,150
Sonic Healthcare Ltd. 26,430 331,741
Symbion Health Ltd.+ 96,845 359,808
-----------
Total Australia 2,073,449
----------------------------------------------------------------------------------
Belgium - 1.0%
Omega Pharma S.A. 159 7,397
UCB S.A. 6,648 231,803
-----------
Total Belgium 239,200
----------------------------------------------------------------------------------
Denmark - 5.5%
Coloplast A/S Class B 1,600 146,699
H. Lundbeck A/S 10,100 253,238
Novo-Nordisk A/S Class B(a) 10,825 742,943
Novozymes A/S Class B 2,425 227,750
-----------
Total Denmark 1,370,630
----------------------------------------------------------------------------------
Finland - 1.1%
Orion Oyj Class B(a) 12,767 277,555
----------------------------------------------------------------------------------
France - 11.0%
BioMerieux 1,692 197,567
Cie Generale D'Optique Essilor International S.A. 7,440 487,950
Ipsen 4,270 243,306
Sanofi-Aventis 24,525 1,846,679
-----------
Total France 2,775,502
----------------------------------------------------------------------------------
Germany - 11.9%
Bayer Schering Pharma AG 7,804 1,293,589
Celesio AG 4,198 208,605
Fresenius AG 4,058 346,583
Fresenius Medical Care AG & Co. KGaA 8,950 451,688
Merck KGaA(a) 2,236 276,606
Rhoen-Klinikum AG 7,169 213,220
Stada Arzneimittel AG 2,775 202,312
-----------
Total Germany 2,992,603
----------------------------------------------------------------------------------
Ireland - 0.1%
United Drug PLC 4,078 24,193
----------------------------------------------------------------------------------
Italy - 2.2%
Luxottica Group SpA(a) 11,977 303,081
Recordati SpA 32,246 242,064
-----------
Total Italy 545,145
----------------------------------------------------------------------------------
Japan - 20.1%
Alfresa Holdings Corp. 500 39,333
Astellas Pharma, Inc. 11,400 442,096
Chugai Pharmaceutical Co., Ltd. 18,400 208,337
Daiichi Sankyo Co., Ltd 16,300 482,278
Dainippon Sumitomo Pharma Co., Ltd.(a) 20,000 183,051
Eisai Co., Ltd. 9,000 307,430
Hisamitsu Pharmaceutical Co., Inc. 6,000 218,818
Hogy Medical Co., Ltd. 100 5,154
Kaken Pharmaceutical Co., Ltd. 2,000 14,809
Kobayashi Pharmaceutical Co., Ltd. 500 19,290
Kyowa Hakko Kogyo Co., Ltd. 25,000 239,112
Mediceo Paltac Holdings Co., Ltd. 15,200 275,794
Miraca Holdings, Inc. 500 13,086
Mochida Pharmaceutical Co., Ltd. 1,000 9,102
Nihon Kohden Corp. 1,000 22,907
Nipro Corp. 9,000 157,151
Paramount Bed Co., Ltd. 1,000 13,633
Paris Miki, Inc.(a) 13,500 197,885
Seikagaku Corp. 1,000 11,303
Shimadzu Corp. 4,000 37,012
Shionogi & Co., Ltd. 14,000 239,393
SSP Co., Ltd. 4,000 18,727
Suzuken Co., Ltd. 5,000 205,958
Sysmex Corp. 400 14,467
Taisho Pharmaceutical Co., Ltd. 15,000 297,935
Takeda Pharmaceutical Co., Ltd. 15,700 787,090
Tanabe Seiyaku Co., Ltd. 20,000 233,285
Terumo Corp. 6,500 339,579
Toho Pharmaceutical Co., Ltd. 500 12,784
Topcon Corp. 500 3,943
Tsumura & Co. 400 9,986
-----------
Total Japan 5,060,728
----------------------------------------------------------------------------------
Netherlands - 0.5%
OPG Groep N.V. 4,482 127,196
----------------------------------------------------------------------------------
New Zealand - 0.9%
Fisher & Paykel Healthcare Corp. 94,191 216,975
Ryman Healthcare Ltd. 13,019 17,503
-----------
Total New Zealand 234,478
----------------------------------------------------------------------------------
Singapore - 0.9%
Parkway Holdings Ltd.(a) 93,000 215,942
----------------------------------------------------------------------------------
Spain - 0.5%
FAES FARMA, S.A.(a) 7,299 124,446
----------------------------------------------------------------------------------
Sweden - 0.1%
Getinge AB * 25 651
Getinge AB Class B 300 7,791
Meda AB Class A 1,200 12,395
Q-Med AB 1,050 6,941
-----------
Total Sweden 27,778
----------------------------------------------------------------------------------
Switzerland - 16.8%
Nobel Biocare Holding AG 942 220,011
Novartis AG 34,069 1,753,311
Phonak Holding AG 1,453 133,834
See Notes to Financial Statements.
30 WisdomTree International Dividend Sector Funds
Schedule of Investments (concluded)
WisdomTree International Health Care Sector Fund
March 31, 2008
---------------------------------------------------------------------------------
Investments Shares U.S. $ Value
---------------------------------------------------------------------------------
Roche Holding AG 9,724 $ 1,837,537
Straumann Holding AG 948 271,733
-----------
Total Switzerland 4,216,426
---------------------------------------------------------------------------------
United Kingdom - 18.2%
AstraZeneca PLC 38,615 1,445,918
Dechra Pharmaceuticals PLC 1,756 12,800
GlaxoSmithKline PLC 108,064 2,289,523
Shire PLC 11,384 220,261
Smith & Nephew PLC 26,514 351,222
SSL International PLC 27,804 250,606
-----------
Total United Kingdom 4,570,330
---------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $26,770,234) 24,875,601
=================================================================================
RIGHTS* - 0.0%
Australia - 0.0%
Primary Health Care Ltd., expiring 4/13/08
(Cost: $0) 33,548 3,062
=================================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $26,770,234) 24,878,663
=================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 10.0%
MONEY MARKET FUND(b) - 10.0%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $2,513,171)(c) 2,513,171 2,513,171
=================================================================================
TOTAL INVESTMENTS IN SECURITIES - 109.0%
(Cost: $29,283,405) 27,391,834
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (9.0)% (2,263,938)
-----------
NET ASSETS - 100.0% $25,127,896
=================================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $2,386,189 and the total market value of the collateral held by the
Fund was $2,513,171.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 31
Schedule of Investments
WisdomTree International Industrial Sector Fund
March 31, 2008
--------------------------------------------------------------------------------
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Australia - 9.8%
Adelaide Brighton Ltd. 39,781 $ 123,831
Amcor Ltd. 59,273 386,867
Ansell Ltd. 3,292 34,949
Austal Ltd. 18,373 43,607
Boral Ltd. 45,557 260,333
Bradken Ltd.(a) 7,211 44,169
Brickworks Ltd. 4,027 37,055
Campbell Brothers Ltd. 875 19,969
Cardno Ltd. 3,068 14,843
Coffey International Ltd. 5,549 10,739
Crane Group Ltd. 4,941 69,009
CSR Ltd. 93,967 274,489
Devine Ltd. 13,265 13,804
Downer EDI Ltd. 15,051 86,008
Futuris Corp., Ltd. 45,237 78,253
GUD Holdings Ltd. 7,299 64,297
GWA International Ltd. 27,477 80,514
Hills Industries Ltd. 16,493 70,611
Leighton Holdings Ltd. 8,604 336,158
Macmahon Holdings Ltd. 9,058 12,320
Monadelphous Group Ltd. 4,319 54,960
RCR Tomlinson Ltd. 8,107 7,919
Sedgman Ltd. 22,491 44,757
Sims Group Ltd.(a) 11,414 309,452
Toll Holdings Ltd. 21,425 195,969
Transfield Services Ltd. 8,788 88,163
Transpacific Industries Group Ltd. 2,054 16,500
United Group Ltd. 6,462 71,199
Wesfarmers Ltd. 48,448 1,768,587
WorleyParsons Ltd. 4,788 146,288
-----------
Total Australia 4,765,619
--------------------------------------------------------------------------------
Austria - 0.7%
Andritz AG 994 54,764
AT&S Austria Technologie & Systemtechnik AG 584 9,522
Flughafen Wien AG 834 100,871
Semperit AG Holding 744 29,355
Wienerberger AG 2,810 150,008
-----------
Total Austria 344,520
--------------------------------------------------------------------------------
Belgium - 1.3%
Barco N.V. 700 50,313
Bekaert S.A. 648 94,639
Compagnie Maritime Belge S.A. 2,266 153,031
Euronav N.V. 5,207 198,513
EVS Broadcast Equipment S.A. 472 50,895
Exmar N.V. 2,266 59,101
-----------
Total Belgium 606,492
--------------------------------------------------------------------------------
Denmark - 0.8%
D/S Norden 750 83,665
Dalhoff Larsen & Horneman A/S Class B 1,100 17,413
DSV A/S 1,690 37,077
FLSmidth & Co. A/S 800 79,469
NKT Holding A/S 600 43,347
TORM Dampskibsselskabet A/S 4,800 142,789
-----------
Total Denmark 403,760
--------------------------------------------------------------------------------
Finland - 3.0%
Ahlstrom Oyj 3,367 98,167
Aspo Oyj+ 6,539 67,867
Cargotec Corp. 1,683 82,911
KCI Konecranes Oyj 1,210 46,782
Kone Oyj 3,952 162,753
Lassila & Tikanoja Oyj 1,170 33,371
Metso Oyj 8,156 441,987
Uponor Corp 3,676 86,790
Wartsila Oyj Class B*(a) 4,652 315,124
YIT Oyj * 4,029 114,723
-----------
Total Finland 1,450,475
--------------------------------------------------------------------------------
France - 16.0%
Bacou Dalloz 104 12,063
Bouygues S.A. 12,283 783,193
Carbone Lorraine 1,088 66,063
Cie de Saint-Gobain S.A. 11,946 977,684
Ciments Francais 938 156,716
EIFFAGE S.A. 1,802 175,890
Imerys S.A. 2,706 249,078
Lafarge S.A. 6,011 1,049,243
Legrand S.A. 6,764 212,965
Manitou BF S.A. 1,234 46,733
Nexans S.A. 632 74,807
Safran S.A. 5,386 110,691
Schneider Electric S.A. 11,508 1,494,541
Ste Industrielle d'Aviation Latecoere S.A. 1,302 27,026
Thales S.A. 7,259 471,707
Vallourec S.A. 1,258 306,520
VINCI S.A. 20,370 1,477,978
Zodiac S.A. 1,512 74,439
-----------
Total France 7,767,337
--------------------------------------------------------------------------------
Germany - 10.7%
Bilfinger Berger AG 978 84,551
Demag Cranes AG 878 40,235
Deutsche Post AG 54,480 1,670,414
Elexis AG 702 18,721
Fraport AG Frankfurt Airport Services Worldwide 2,648 191,836
HeidelbergCement AG 1,165 201,343
HOCHTIEF AG 1,683 154,674
Indus Holding AG 946 33,277
Koenig & Bauer AG 41 1,293
KRONES AG 504 41,288
Leoni AG 463 22,244
See Notes to Financial Statements.
32 WisdomTree International Dividend Sector Funds
Schedule of Investments (continued)
WisdomTree International Industrial Sector Fund
March 31, 2008
----------------------------------------------------------------------------
Investments Shares U.S. $ Value
----------------------------------------------------------------------------
MAN AG 3,136 $ 418,104
MTU Aero Engines Holding A.G. 310 13,140
Norddeutsche Affinerie AG 2,258 89,734
Rheinmetall AG 672 47,597
Siemens AG 18,747 2,039,286
Techem AG * 1,099 104,172
-----------
Total Germany 5,171,909
----------------------------------------------------------------------------
Hong Kong - 1.3%
Hong Kong Aircraft Engineering Co. Ltd. 4,000 65,991
MTR Corp. 150,500 516,308
Techtronic Industries Co. Ltd. 26,500 26,218
-----------
Total Hong Kong 608,517
----------------------------------------------------------------------------
Ireland - 0.9%
CRH PLC 11,756 446,325
Readymix PLC 2,802 6,327
-----------
Total Ireland 452,652
----------------------------------------------------------------------------
Italy - 1.4%
Astaldi SpA 1,836 14,197
BUZZI UNICEM SpA 4,699 117,346
Caltagirone SpA 1,276 9,644
Cembre SpA 2,154 18,465
Cementir-Cementerie del Tirreno SpA 2,844 26,498
Finmeccanica SpA 9,704 331,209
Gewiss SpA 1,828 10,710
GranitiFiandre SpA 1,334 14,902
I.M.A. Industria Macchine Automatiche SpA 1,644 34,881
Navigazione Montanari SpA 10,225 40,991
Premuda SpA 17,128 34,549
SAES Getters SpA 716 20,739
SAVE SpA 359 6,246
-----------
Total Italy 680,377
----------------------------------------------------------------------------
Japan - 15.9%
Aichi Corp. 5,400 40,201
Alps Electric Co., Ltd. 3,200 31,539
Amada Co., Ltd. 8,000 60,602
Amano Corp. 1,600 16,509
Anritsu Corp. 2,000 5,586
Asahi Glass Co., Ltd. 22,000 242,910
Asahi Organic Chemicals Industry Co., Ltd. 8,000 22,103
Asahi Pretec Corp. 800 21,379
Asunaro Aoki Construction Co., Ltd. 1,500 8,062
Casio Computer Co., Ltd. 2,900 42,509
Chofu Seisakusho Co., Ltd. 800 16,067
Cleanup Corp. 10,100 49,924
CMK Corp. 4,800 48,562
Daifuku Co., Ltd. 1,500 19,214
Daiichi Chuo Kisen Kaisha(a) 8,000 57,226
Daikin Industries, Ltd. 1,600 68,961
Disco Corp. 1,100 47,410
Fanuc Ltd. 4,600 438,118
Fuji Electric Holdings Co., Ltd. 23,000 93,586
FUJIFILM Holdings Corp. 4,000 141,860
Furukawa Co., Ltd. (The) 5,000 9,193
Hakudo Co., Ltd. 1,500 20,465
Hamamatsu Photonics K.K. 800 22,344
Hankyu Hanshin Holdings, Inc. 23,000 99,593
Hitachi Cable Ltd. 8,000 29,819
Hitachi Construction Machinery Co., Ltd. 1,600 40,107
Hitachi Koki Co., Ltd. 900 11,483
Hitachi Ltd. 41,000 243,442
Hitachi Tool Engineering Ltd. 1,000 10,690
Hoya Corp. 10,900 256,252
Ibiden Co., Ltd. 800 31,507
Idec Corp.(a) 800 9,484
Iino Kaiun Kaisha Ltd. 2,400 24,353
JGC Corp. 5,000 76,456
JS Group Corp. 7,200 108,288
Kaga Electronics Co., Ltd. 800 10,593
Kandenko Co., Ltd. 6,000 32,732
Kawasaki Kisen Kaisha Ltd. 16,000 155,764
Keihin Electric Express Railway Co., Ltd. 6,000 40,870
Keio Corp. 8,000 44,607
Kintetsu Corp. 16,000 57,226
Kitz Corp. 5,000 29,688
Koa Corp. 3,800 27,335
Komatsu Ltd. 11,700 325,015
Kubota Corp. 27,000 167,911
Kurita Water Industries Ltd. 1,600 58,994
Kyocera Corp. 2,600 218,637
Mabuchi Motor Co., Ltd. 800 38,660
Maeda Corp. 3,000 8,771
Makita Corp. 1,600 50,314
Maruzen Showa Unyu Co., Ltd. 6,000 18,627
Matsushita Electric Works Ltd. 8,000 82,383
Minebea Co., Ltd. 8,000 46,617
MISUMI Group, Inc. 800 14,194
Mitsubishi Electric Corp. 31,000 268,468
Mitsubishi Heavy Industries Ltd. 54,000 231,115
Mitsui Engineering & Shipbuilding Co., Ltd. 8,000 21,460
Mitsui O.S.K. Lines Ltd. 23,000 278,445
Mitsumi Electric Co., Ltd. 1,400 44,306
Miura Co., Ltd. 800 18,124
Nagoya Railroad Co., Ltd. 8,000 26,041
NEC Corp. 24,000 91,626
NEC Networks & System Integration Corp. 800 13,680
Neturen Co., Ltd. 300 2,909
NGK Insulators Ltd. 1,000 17,722
Nidec Copal Corp. 1,600 18,598
Nidec Copal Electronics Corp. 2,200 15,295
Nihon Yamamura Glass Co., Ltd. 8,000 16,316
Nikkiso Co., Ltd. 1,000 6,028
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 33
Schedule of Investments (continued)
WisdomTree International Industrial Sector Fund
March 31, 2008
------------------------------------------------------------------------------
Investments Shares U.S. $ Value
------------------------------------------------------------------------------
Nippon Densetsu Kogyo Co., Ltd. 8,000 $ 54,172
Nippon Koei Co., Ltd. 8,000 20,736
Nippon Sheet Glass Co., Ltd. 8,000 35,445
Nippon Signal Co., Ltd. 1,600 8,182
Nippon Valqua Industries Ltd. 8,000 23,308
Nippon Yusen K.K. 33,000 310,323
Nishimatsu Construction Co., Ltd. 8,000 17,200
Nishi-Nippon Railroad Co., Ltd. 8,000 28,693
Nitto Kogyo Corp. 800 9,990
Nitto Kohki Co., Ltd. 800 17,883
NTN Corp. 8,000 54,654
Obayashi Corp. 8,000 33,596
Odakyu Electric Railway Co., Ltd. 8,000 59,316
OKUMA Corp. 6,000 64,379
Okumura Corp. 8,000 40,830
Onoken Co., Ltd. 4,800 76,821
OSG Corp. 1,600 18,550
PanaHome Corp. 9,000 57,779
Rinnai Corp. 800 26,202
Ryosan Co., Ltd. 800 18,928
Sanshin Electronics Co., Ltd. 4,000 41,835
Sanwa Shutter Corp. 8,000 34,802
Sato Shoji Corp. 5,700 39,514
Sekisui Plastics Co., Ltd. 1,000 2,562
Sharp Corp. 18,000 306,345
Shimizu Corp. 16,000 73,622
Shinko Electric Co., Ltd.(a) 2,000 7,636
Shinwa Kaiun Kaisha Ltd. 6,000 37,916
Sodick Co Ltd. 3,900 17,044
Stanley Electric Co., Ltd. 2,400 58,592
Star Micronics Co., Ltd. 800 11,035
Sumida Corp. 1,500 18,732
Sumitomo Electric Industries Ltd. 6,400 81,145
Taihei Dengyo Kaisha Ltd. 1,000 7,394
Taikisha Ltd. 1,600 19,145
Taisei Corp. 16,000 40,830
Teikoku Tsushin Kogyo Co., Ltd. 3,000 9,132
THK Co., Ltd. 1,600 27,600
Tobu Railway Co., Ltd. 8,000 42,759
Tocalo Co., Ltd. 800 12,763
Toda Corp. 8,000 32,953
Toho Zinc Co., Ltd. 10,000 53,750
Tokai Rubber Industries, Inc. 1,600 23,067
Tokyo Kikai Seisakusho Ltd.(a) 8,000 21,540
Tokyu Corp. 8,000 40,830
Toshiba Corp. 47,000 314,482
Toshiba TEC Corp. 8,000 48,626
Toyo Seikan Kaisha Ltd. 1,600 30,430
Tsukishima Kikai Co., Ltd. 2,000 15,110
Ulvac, Inc. 500 20,043
Union Tool Co. 300 11,272
Ushio Inc. 1,600 30,092
Yamatake Corp. 800 22,464
Yamato Holdings Co., Ltd. 8,000 117,346
Yokogawa Electric Corp. 2,400 24,064
Yurtec Corp. 8,000 42,357
-----------
Total Japan 7,680,691
------------------------------------------------------------------------------
Netherlands - 5.0%
Aalberts Industries N.V. 1,780 38,190
Arcadis N.V. 320 19,370
Ballast Nedam N.V. 1,036 41,204
Boskalis Westminster 2,160 124,857
Draka Holding 367 11,875
European Aeronautic Defence and Space Co.
EADS N.V. 8,248 196,171
Heijmans N.V. 1,082 41,902
Koninklijke BAM Groep N.V. 3,613 85,474
Koninklijke Philips Electronics N.V. 29,919 1,148,701
Koninklijke Vopak N.V. 1,668 105,325
Smit Internationale N.V. 804 82,172
Ten Cate N.V. 696 25,751
TKH Group N.V. 1,392 32,799
TNT N.V. 12,880 480,224
-----------
Total Netherlands 2,434,015
------------------------------------------------------------------------------
New Zealand - 0.9%
Auckland International Airport Ltd. 87,816 157,413
Fletcher Building Ltd. 33,076 218,177
Freightways Ltd. 10,502 28,486
Mainfreight Ltd. 2,916 13,641
-----------
Total New Zealand 417,717
------------------------------------------------------------------------------
Norway - 0.8%
Aker Kvaerner ASA 4,091 93,384
BW Gas ASA 9,500 83,003
Camillo Eitzen & Co. ASA * 5,300 64,663
Tomra Systems ASA 6,000 45,457
Veidekke ASA 8,000 79,107
-----------
Total Norway 365,614
------------------------------------------------------------------------------
Portugal - 0.3%
Mota Engil, SGPS S.A. 5,854 44,617
Semapa-Sociedade de Investimento e Gestao,
SGPS, S.A. 6,305 80,924
Teixeira Duarte - Engenharia Construcoes S.A. 10,652 25,487
-----------
Total Portugal 151,028
------------------------------------------------------------------------------
Singapore - 2.9%
ComfortDelgro Corp., Ltd. 103,999 137,342
Cosco Corp (Singapore) Ltd. 24,000 64,260
Hong Leong Asia Ltd. 16,000 29,721
Jaya Holdings Ltd. 48,000 51,547
NatSteel Ltd. 71,000 78,308
Pan-United Corp., Ltd. 32,000 14,280
SBS Transit Ltd. 20,000 35,990
See Notes to Financial Statements.
34 WisdomTree International Dividend Sector Funds
Schedule of Investments (continued)
WisdomTree International Industrial Sector Fund
March 31, 2008
---------------------------------------------------------------------------
Investments Shares U.S. $ Value
---------------------------------------------------------------------------
SembCorp Industries Ltd. 71,000 $ 209,680
SembCorp Marine Ltd. 109,333 303,052
Singapore Post Ltd. 136,000 113,485
Singapore Technologies Engineering Ltd. 48,000 117,723
SMRT Corp., Ltd. 104,000 137,344
Unisteel Technology Ltd. 9,000 8,555
United Engineers Ltd. 8,000 22,987
Venture Corp., Ltd. 8,000 61,183
WBL Corp., Ltd. 8,000 31,056
-----------
Total Singapore 1,416,513
---------------------------------------------------------------------------
Spain - 5.1%
Abengoa S.A. 720 25,841
Acciona, S.A. 1,713 460,487
ACS, Actividades Cons y Servicious, S.A. 9,314 532,340
Cementos Portland Valderrivas S.A. 1,546 150,657
Duro Felguera S.A. 7,018 79,511
Fomento de Construcciones y Contratas S.A. 6,995 462,201
Gamesa Corp Tecnologica S.A. 2,794 127,947
Grupo Ferrovial S.A.(a) 2,795 203,681
Obrascon Huarte Lain, S.A. 1,178 43,865
Tubacex S.A. 2,180 24,215
Uralita S.A. 3,659 32,236
Vidrala SA 653 21,150
Zardoya Otis S.A.(a) 10,670 297,566
-----------
Total Spain 2,461,697
---------------------------------------------------------------------------
Sweden - 8.2%
AB Volvo Class B(a) 73,360 1,113,399
Alfa Laval AB 3,200 194,808
Assa Abloy AB Class B 11,200 203,509
Atlas Copco AB Class A 22,400 383,409
Gunnebo AB 282 3,186
Hexagon AB Class B 4,500 91,822
Hoganas AB Class B 1,600 38,112
JM AB 3,200 75,279
NCC AB Class B 2,400 70,017
Nolato AB Class B 3,200 31,299
Peab AB 4,800 51,198
Rederi AB Transatlantic 3,200 23,636
Saab AB Class B 3,200 80,945
Sandvik AB 44,200 769,594
Seco Tools Class B 3,200 60,439
Skanska AB Class B 19,200 385,298
SKF AB Class B 17,600 354,674
Trelleborg AB Class B 2,179 43,544
-----------
Total Sweden 3,974,168
---------------------------------------------------------------------------
Switzerland - 3.8%
ABB Ltd. 26,167 705,337
Geberit AG 518 77,513
Holcim Ltd. 4,989 526,113
Inficon Holding AG 276 44,091
Kuehne + Nagel International AG 1,900 190,855
Panalpina Welttransport Holding AG 504 61,914
Rieter Holding AG 114 43,800
Schindler Holding AG Participating Shares 1,254 93,190
Sulzer AG 56 74,342
-----------
Total Switzerland 1,817,155
---------------------------------------------------------------------------
United Kingdom - 10.7%
Aga Foodservice Group PLC 3,509 21,881
Amec PLC 13,875 199,516
Arriva PLC 9,726 132,607
BAE SYSTEMS PLC 132,516 1,278,030
Balfour Beatty PLC 12,482 116,845
BBA Aviation PLC 26,132 78,166
Business Post Group PLC 4,021 22,776
Carillion PLC 13,232 103,945
Castings PLC 2,402 13,606
Chemring Group PLC 448 21,868
Chloride Group PLC 6,692 25,404
Clarkson PLC 1,482 22,680
Cobham PLC 29,271 116,352
Delta PLC 5,622 10,503
Electrocomponents PLC 43,708 157,885
Fenner PLC 6,564 30,658
Firstgroup PLC 17,761 198,915
FKI PLC 57,442 79,631
Go-Ahead Group PLC 2,012 62,422
Halma PLC 18,303 70,481
Hill & Smith Holdings PLC 2,570 16,984
Hornby PLC 2,618 9,860
IMI PLC 15,799 142,794
James Fisher & Sons PLC 1,408 17,070
Keller Group PLC 1,812 24,309
Laird Group PLC 5,345 53,647
Low & Bonar PLC 17,857 38,507
Marshalls PLC 7,625 38,910
Meggitt PLC 14,035 76,919
Metalrax Group PLC 49,121 26,848
MJ Gleeson Group PLC 2,358 11,107
Morgan Sindall PLC 1,310 25,776
National Express Group PLC 5,431 108,481
Premier Farnell PLC 24,240 85,875
Renishaw PLC 4,276 57,918
Rexam PLC 27,981 237,186
Ricardo PLC 2,205 15,339
Rotork PLC 2,578 55,285
RPC Group PLC 4,213 17,061
Senior PLC 15,199 30,208
Shanks Group PLC 11,302 58,403
SIG PLC 2,940 51,391
Smiths Group PLC 19,063 356,144
Spectris PLC 4,069 60,209
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 35
Schedule of Investments (concluded)
WisdomTree International Industrial Sector Fund
March 31, 2008
---------------------------------------------------------------------------------
Investments Shares U.S. $ Value
---------------------------------------------------------------------------------
Spirax-Sarco Engineering PLC 2,530 $ 51,641
Stagecoach Group PLC 30,817 148,222
T. Clarke PLC 9,187 31,588
TDG PLC 7,379 34,245
Titan Europe PLC 2,996 7,086
Tomkins PLC 51,920 184,454
Ultra Electronics Holdings PLC 1,464 37,622
UMECO PLC 1,700 17,738
Vitec Group (The) PLC 1,668 14,222
VT Group PLC 5,271 68,828
Wagon PLC 64,361 22,066
Weir Group (The) PLC 8,153 123,313
Whatman PLC 3,626 19,278
White Young Green PLC 1,732 9,578
WSP Group PLC 1,334 16,041
-----------
Total United Kingdom 5,166,324
---------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $50,635,509) 48,136,580
=================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 4.7%
MONEY MARKET FUND(b) - 4.7%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $2,284,049)(c) 2,284,049 2,284,049
=================================================================================
TOTAL INVESTMENTS IN SECURITIES - 104.2%
(Cost: $52,919,558) 50,420,629
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (4.2)% (2,018,926)
-----------
NET ASSETS - 100.0% $48,401,703
=================================================================================
* Non-income producing security.
+ Security is being fair valued by a valuation committee under the direction
of the Board of Trustees.
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $2,130,315 and the total market value of the collateral held by the
Fund was $2,284,049.
See Notes to Financial Statements.
36 WisdomTree International Dividend Sector Funds
Schedule of Investments
WisdomTree International Technology Sector Fund
March 31, 2008
----------------------------------------------------------------------------------
Investments Shares U.S. $ Value
----------------------------------------------------------------------------------
COMMON STOCKS - 98.4%
Australia - 3.2%
Bravura Solutions Ltd. 8,648 $ 12,394
Computershare Ltd. 19,143 152,904
MYOB Ltd. 12,976 18,123
Salmat Ltd. 22,133 65,461
Technology One Ltd. 33,457 21,990
UXC Ltd. 26,687 26,554
----------
Total Australia 297,426
----------------------------------------------------------------------------------
Belgium - 0.9%
Econocom Group S.A./N.V. 946 11,647
Melexis N.V. 4,449 73,951
----------
Total Belgium 85,598
----------------------------------------------------------------------------------
Denmark - 0.6%
SimCorp A/S 250 52,005
----------------------------------------------------------------------------------
Finland - 1.1%
Comptel PLC* 11,196 25,724
Tekla Oyj* 1,019 15,678
TietoEnator Oyj 2,603 64,508
----------
Total Finland 105,910
----------------------------------------------------------------------------------
France - 8.2%
CapGemini S.A. 5,573 318,524
Dassault Systemes S.A. 3,356 195,587
Neopost S.A. 1,877 211,436
Oberthur Card Systems S.A. 5,741 40,390
----------
Total France 765,937
----------------------------------------------------------------------------------
Germany - 21.3%
Kontron AG 1,191 19,231
SAP AG 35,955 1,793,494
Software AG 831 63,995
Wincor Nixdorf AG 1,456 116,970
----------
Total Germany 1,993,690
----------------------------------------------------------------------------------
Japan - 43.1%
Canon Finetech, Inc. 800 11,067
Canon, Inc. 34,500 1,590,948
Capcom Co., Ltd. 1,800 61,486
CSK Holdings Corp. 2,000 46,215
FUJI SOFT, Inc. 200 3,741
Fujitsu Ltd. 34,000 222,716
Hitachi Information Systems Ltd. 1,400 30,170
Hitachi Software Engineering Co., Ltd. 1,600 37,133
Hitachi Systems & Services Ltd. 600 13,201
Information Services International-Dentsu, Ltd. 1,000 8,620
Itochu Techno-Solutions Corp. 1,200 36,289
Koei Co., Ltd. 3,000 48,134
Konami Corp. 6,400 241,121
Melco Holdings, Inc. 100 1,703
Mimasu Semiconductor Industry Co., Ltd. 1,300 26,579
NEC Fielding Ltd. 2,600 31,555
NEC Mobiling Ltd. 1,800 25,245
Nihon Unisys Ltd. 600 7,017
Nomura Research Institute Ltd. 5,500 143,944
NS Solutions Corp. 1,000 24,815
NSD Co., Ltd. 800 11,670
OBIC Business Consultants Ltd. 500 29,889
Obic Co., Ltd. 140 24,868
Oracle Corp. Japan 8,354 387,758
Otsuka Corp. 400 33,797
Ricoh Co., Ltd. 14,000 230,391
Sanken Electric Co., Ltd. 6,000 35,324
Seiko Epson Corp. 4,400 118,692
Shinkawa Ltd. 2,000 24,233
Square Enix Co., Ltd. 2,700 94,399
Sumisho Computer Systems Corp. 1,600 30,333
TDK Corp. 2,600 153,855
Tokyo Electron Ltd. 3,700 225,267
Trans Cosmos, Inc. 2,500 30,165
----------
Total Japan 4,042,340
----------------------------------------------------------------------------------
Netherlands - 7.4%
Exact Holding N.V. 2,528 86,083
ICT Automatisering N.V. 1,492 20,734
OCE N.V. 7,965 136,054
STMicroelectronics N.V. 41,896 447,443
----------
Total Netherlands 690,314
----------------------------------------------------------------------------------
Norway - 0.5%
EDB Business Partner ASA 3,200 23,614
SuperOffice ASA 4,400 26,235
----------
Total Norway 49,849
----------------------------------------------------------------------------------
Singapore - 0.5%
Creative Technology Ltd. 5,750 25,618
CSE Global Ltd. 30,000 20,245
----------
Total Singapore 45,863
----------------------------------------------------------------------------------
Spain - 3.0%
Indra Sistemas S.A. 9,827 284,022
----------------------------------------------------------------------------------
Sweden - 0.5%
Axis Communications AB 800 15,987
HIQ International AB 6,200 33,666
----------
Total Sweden 49,653
----------------------------------------------------------------------------------
United Kingdom - 8.1%
Aero Inventory PLC 3,517 41,940
Computacenter PLC 14,340 48,879
Domino Printing Sciences PLC 8,436 51,641
Fidessa Group PLC 1,357 19,945
LogicaCMG PLC 134,727 283,166
Micro Focus International PLC 8,719 32,925
Morse PLC 18,221 22,815
Phoenix IT Group Ltd. 3,580 20,563
Psion PLC 9,740 19,358
RM PLC 7,867 30,959
Sage Group PLC (The) 50,362 188,278
----------
Total United Kingdom 760,469
----------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 98.4%
(Cost: $10,633,299) 9,223,076
Cash, Foreign Currency and Other Assets in Excess
of Liabilities - 1.6% 154,645
----------
NET ASSETS - 100.0% $9,377,721
==================================================================================
* Non-income producing security.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 37
Schedule of Investments
WisdomTree International Utilities Sector Fund
March 31, 2008
--------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------------
COMMON STOCKS - 99.9%
Austria - 1.2%
EVN AG 992 $ 126,520
Verbund (Oesterreichische
Elektrizitatswirtschafts-AG) Class A 11,310 808,070
-----------
Total Austria 934,590
-------------------------------------------------------------------------------------
Finland - 3.1%
Fortum Oyj(a) 59,814 2,446,227
-------------------------------------------------------------------------------------
France - 19.9%
Electricite de France 49,939 4,360,901
Gaz de France S.A. 78,586 4,761,777
Suez S.A. 78,292 5,157,073
Veolia Environnement S.A. 19,116 1,337,618
-----------
Total France 15,617,369
-------------------------------------------------------------------------------------
Germany - 13.0%
E.ON AG 27,605 5,129,128
MVV Energie AG 3,638 179,279
RWE AG 39,859 4,917,526
-----------
Total Germany 10,225,933
-------------------------------------------------------------------------------------
Hong Kong - 5.8%
China Resources Power Holdings Co. 70,000 137,610
CLP Holdings Ltd. 241,322 1,985,992
Hong Kong & China Gas Co. 337,600 1,015,032
HongKong Electric Holdings Ltd. 222,886 1,407,562
-----------
Total Hong Kong 4,546,196
-------------------------------------------------------------------------------------
Italy - 12.4%
ACEA SpA 15,784 310,131
AcegasAps SpA 9,408 82,140
AEM SpA(a) 346,298 1,277,161
Enel SpA 453,273 4,826,531
Hera SpA 120,514 487,904
Iride SpA 37,354 118,675
Snam Rete Gas SpA 227,482 1,451,739
Terna Rete Elettrica Nazionale SpA 270,640 1,158,947
-----------
Total Italy 9,713,228
-------------------------------------------------------------------------------------
Japan - 10.0%
Chubu Electric Power Co., Inc. 41,200 1,030,673
Chugoku Electric Power Co., Inc. (The) 29,500 657,960
Kansai Electric Power Co., Inc. (The) 56,800 1,415,221
Kyushu Electric Power Co., Inc. 31,800 777,947
Osaka Gas Co., Ltd. 169,000 675,762
Shikoku Electric Power Co., Inc. 22,500 670,242
Tohoku Electric Power Co., Inc. 38,600 944,301
Tokyo Electric Power Co., Inc. (The) 38,500 1,030,818
Tokyo Gas Co., Ltd. 156,000 631,617
-----------
Total Japan 7,834,541
-------------------------------------------------------------------------------------
New Zealand - 1.2%
Contact Energy Ltd. 122,735 770,989
TrustPower Ltd. 33,908 201,271
-----------
Total New Zealand 972,260
-------------------------------------------------------------------------------------
Portugal - 1.8%
Energias de Portugal S.A. 233,066 1,418,130
-------------------------------------------------------------------------------------
Singapore - 0.1%
XP Power Ltd. 10,944 49,158
-------------------------------------------------------------------------------------
Spain - 18.2%
Enagas 24,751 742,419
Endesa S.A. 86,127 4,533,618
Gas Natural SDG S.A. 29,094 1,806,233
IBERDROLA S.A. 294,445 4,581,647
Red Electrica de Espana, S.A. 12,477 766,697
Sociedad General de Aguas de Barcelona S.A.
Class A 13,856 525,615
Union Fenosa S.A. 20,504 1,383,083
-----------
Total Spain 14,339,312
-------------------------------------------------------------------------------------
United Kingdom - 13.2%
Centrica PLC 258,690 1,533,441
National Grid PLC 222,554 3,058,683
Northumbrian Water Group PLC 81,051 562,602
Pennon Group PLC 43,828 564,025
Scottish & Southern Energy PLC 68,450 1,910,062
Severn Trent PLC 33,733 951,359
United Utilities PLC 133,085 1,826,415
-----------
Total United Kingdom 10,406,587
-------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $82,053,427) 78,503,531
=====================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 4.8%
MONEY MARKET FUND(b) - 4.8%
UBS Private Money Market Fund LLC, 3.17%
(Cost: $3,759,900)(c) 3,759,900 3,759,900
=====================================================================================
TOTAL INVESTMENTS IN SECURITIES - 104.7%
(Cost: $85,813,327) 82,263,431
Liabilities in Excess of Foreign Currency and Other
Assets - (4.7)% (3,702,046)
-----------
NET ASSETS - 100.0% $78,561,385
=====================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2008 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2008.
(c) At March 31, 2008, the total market value of the Fund's securities on loan
was $3,576,353 and the total market value of the collateral held by the
Fund was $3,759,900.
See Notes to Financial Statements.
38 WisdomTree International Dividend Sector Funds
Statements of Assets and Liabilities
WisdomTree International Dividend Sector Funds
March 31, 2008
---------------------------------------------------------------------------------------------
WisdomTree WisdomTree
International International
Basic Materials Communications
Sector Fund Sector Fund
---------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $101,558,122 $ 31,967,897
Foreign currency, at cost 500,434 27,113
---------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 99,790,086 30,711,518
Cash 109,324 11,303
Foreign currency, at value 516,299 27,189
Receivables:
Investment securities sold 24,684 2,998,764
Foreign currency spot contracts - 2,136,520
Dividends and interest 570,964 87,676
Foreign tax reclaims 18,023 15,092
Capital shares sold - -
---------------------------------------------------------------------------------------------
Total Assets 101,029,380 35,988,062
=============================================================================================
LIABILITIES:
Payables:
Investment securities purchased - 3,041,004
Foreign currency spot contracts - 2,042,807
Collateral for securities on loan (Note 2) 7,478,339 417,441
Capital shares redeemed - -
Advisory fees (Note 3) 43,749 15,021
Service fees (Note 2) 332 114
---------------------------------------------------------------------------------------------
Total Liabilities 7,522,420 5,516,387
---------------------------------------------------------------------------------------------
NET ASSETS $ 93,506,960 $ 30,471,675
=============================================================================================
NET ASSETS:
Paid-in capital $ 95,228,227 $ 32,490,989
Undistributed net investment income 663,408 136,235
Accumulated net realized loss on investments and
foreign currency related transactions (631,656) (993,751)
Net unrealized appreciation (depreciation) on investments
and translation of assets and liabilities denominated in
foreign currencies (1,753,019) (1,161,798)
---------------------------------------------------------------------------------------------
NET ASSETS $ 93,506,960 $ 30,471,675
=============================================================================================
Outstanding beneficial interest shares of $0.001 par value
(unlimited number of shares authorized) 2,600,000 1,000,000
---------------------------------------------------------------------------------------------
Net asset value per share $ 35.96 $ 30.47
=============================================================================================
--------------------------------------------------------------------------------------------------------------
WisdomTree
WisdomTree International WisdomTree
International Consumer International
Consumer Cyclical Non-Cyclical Energy
Sector Fund Sector Fund Sector Fund
--------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $5,109,842 $33,349,875 $58,686,625
Foreign currency, at cost 15,584 41,442 339,699
--------------------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 5,255,034 33,666,828 58,860,035
Cash 2,951 17,563 4,437
Foreign currency, at value 15,785 41,530 338,496
Receivables:
Investment securities sold - 5,617,076 -
Foreign currency spot contracts - - -
Dividends and interest 32,749 177,389 53,127
Foreign tax reclaims 283 33,505 5,468
Capital shares sold - - 6,376,325
--------------------------------------------------------------------------------------------------------------
Total Assets 5,306,802 39,553,891 65,637,888
==============================================================================================================
LIABILITIES:
Payables:
Investment securities purchased - - 6,341,033
Foreign currency spot contracts - - -
Collateral for securities on loan (Note 2) - 209,400 1,710,056
Capital shares redeemed - 5,636,856 -
Advisory fees (Note 3) 2,550 18,925 25,103
Service fees (Note 2) 19 144 190
--------------------------------------------------------------------------------------------------------------
Total Liabilities 2,569 5,865,325 8,076,382
--------------------------------------------------------------------------------------------------------------
NET ASSETS $5,304,233 $33,688,566 $57,561,506
==============================================================================================================
NET ASSETS:
Paid-in capital $5,264,310 $33,602,129 $57,369,850
Undistributed net investment income 29,701 261,297 317,941
Accumulated net realized loss on investments and
foreign currency related transactions (135,153) (496,327) (298,782)
Net unrealized appreciation (depreciation) on investments
and translation of assets and liabilities denominated in
foreign currencies 145,375 321,467 172,497
--------------------------------------------------------------------------------------------------------------
NET ASSETS $5,304,233 $33,688,566 $57,561,506
==============================================================================================================
Outstanding beneficial interest shares of $0.001 par value
(unlimited number of shares authorized) 200,000 1,200,000 1,800,000
--------------------------------------------------------------------------------------------------------------
Net asset value per share $ 26.52 $ 28.07 $ 31.98
==============================================================================================================
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 39
Statements of Assets and Liabilities (concluded)
WisdomTree International Dividend Sector Funds
March 31, 2008
---------------------------------------------------------------------------------------------
WisdomTree WisdomTree
International International
Financial Health Care
Sector Fund Sector Fund
---------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $ 21,432,398 $ 29,283,405
Foreign currency, at cost 15,111 122,566
---------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 19,386,105 27,391,834
Cash - 50,753
Foreign currency, at value 15,172 123,852
Receivables:
Investment securities sold 5,659 4,940,741
Foreign currency spot contracts 5,000 -
Dividends and interest 173,826 144,298
Foreign tax reclaims 16,073 40,290
---------------------------------------------------------------------------------------------
Total Assets 19,601,835 32,691,768
=============================================================================================
LIABILITIES:
Due to custodian 177 -
Payables:
Investment securities purchased - -
Foreign currency spot contracts 5,001 -
Collateral for securities on loan (Note 2) 153,250 2,513,171
Capital shares redeemed - 5,036,029
Advisory fees (Note 3) 9,179 14,561
Service fees (Note 2) 70 111
---------------------------------------------------------------------------------------------
Total Liabilities 167,677 7,563,872
=============================================================================================
NET ASSETS $ 19,434,158 $ 25,127,896
=============================================================================================
NET ASSETS:
Paid-in capital $ 21,693,835 $ 26,957,467
Undistributed net investment income 176,653 289,887
Accumulated net realized loss on investments and
foreign currency related transactions (392,140) (233,321)
Net unrealized depreciation on investments and translation of
assets and liabilities denominated in foreign currencies (2,044,190) (1,886,137)
---------------------------------------------------------------------------------------------
NET ASSETS $ 19,434,158 $ 25,127,896
=============================================================================================
Outstanding beneficial interest shares of $0.001 par value
(unlimited number of shares authorized) 800,000 1,000,000
---------------------------------------------------------------------------------------------
Net asset value per share $ 24.29 $ 25.13
=============================================================================================
-------------------------------------------------------------------------------------------------------------
WisdomTree WisdomTree WisdomTree
International International International
Industrial Technology Utilities
Sector Fund Sector Fund Sector Fund
-------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $ 52,919,558 $ 10,633,299 $ 85,813,327
Foreign currency, at cost 85,821 53,920 54,092
-------------------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 50,420,629 9,223,076 82,263,431
Cash 4,817 70,071 -
Foreign currency, at value 85,903 54,591 53,740
Receivables:
Investment securities sold 6,001,300 14,112,463 19,711,770
Foreign currency spot contracts - - 48,701
Dividends and interest 215,982 68,823 113,515
Foreign tax reclaims 17,706 1,220 2,972
-------------------------------------------------------------------------------------------------------------
Total Assets 56,746,337 23,530,244 102,194,129
=============================================================================================================
LIABILITIES:
Due to custodian - - 43,628
Payables:
Investment securities purchased - - -
Foreign currency spot contracts - - 48,528
Collateral for securities on loan (Note 2) 2,284,049 - 3,759,900
Capital shares redeemed 6,034,088 14,141,163 19,732,150
Advisory fees (Note 3) 26,297 11,274 48,172
Service fees (Note 2) 200 86 366
-------------------------------------------------------------------------------------------------------------
Total Liabilities 8,344,634 14,152,523 23,632,744
=============================================================================================================
NET ASSETS $ 48,401,703 $ 9,377,721 $ 78,561,385
=============================================================================================================
NET ASSETS:
Paid-in capital $ 51,500,211 $ 10,929,354 $ 82,573,454
Undistributed net investment income 301,184 67,966 146,699
Accumulated net realized loss on investments and
foreign currency related transactions (903,065) (209,975) (608,748)
Net unrealized depreciation on investments and translation of
assets and liabilities denominated in foreign currencies (2,496,627) (1,409,624) (3,550,020)
-------------------------------------------------------------------------------------------------------------
NET ASSETS $ 48,401,703 $ 9,377,721 $ 78,561,385
=============================================================================================================
Outstanding beneficial interest shares of $0.001 par value
(unlimited number of shares authorized) 1,600,000 400,000 2,400,000
-------------------------------------------------------------------------------------------------------------
Net asset value per share $ 30.25 $ 23.44 $ 32.73
=============================================================================================================
See Notes to Financial Statements.
40 WisdomTree International Dividend Sector Funds
Statements of Operations
WisdomTree International Dividend Sector Funds
For the Year Ended March 31, 2008
------------------------------------------------------------------------------------------------------------
WisdomTree WisdomTree
International International
Basic Materials Communications
Sector Fund Sector Fund
------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 1,781,314 $ 1,197,564
Securities lending income (Note 2) 42,878 32,699
------------------------------------------------------------------------------------------------------------
Total investment income 1,824,192 1,230,263
------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 480,261 172,291
Service fees (Note 2) 2,931 941
------------------------------------------------------------------------------------------------------------
Total expenses 483,192 173,232
------------------------------------------------------------------------------------------------------------
Net investment income 1,341,000 1,057,031
============================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (631,656) (997,586)
In-kind redemptions 3,145,821 1,395,788
Foreign currency related transactions 5,359 (728)
------------------------------------------------------------------------------------------------------------
Net realized gain 2,519,524 397,474
------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (3,106,385) (1,677,299)
Translation of assets and liabilities denominated in foreign currencies 14,434 94,174
------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (3,091,951) (1,583,125)
------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (572,427) (1,185,651)
============================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 768,573 $ (128,620)
============================================================================================================
-----------------------------------------------------------------------------------------------------------------------------
WisdomTree
WisdomTree International WisdomTree
International Consumer International
Consumer Cyclical Non-Cyclical Energy
Sector Fund Sector Fund Sector Fund
-----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 161,969 $ 755,996 $1,264,706
Securities lending income (Note 2) - 8,377 37,092
-----------------------------------------------------------------------------------------------------------------------------
Total investment income 161,969 764,373 1,301,798
-----------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 34,905 153,549 250,529
Service fees (Note 2) 171 822 1,484
-----------------------------------------------------------------------------------------------------------------------------
Total expenses 35,076 154,371 252,013
-----------------------------------------------------------------------------------------------------------------------------
Net investment income 126,893 610,002 1,049,785
=============================================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (135,153) (496,610) (298,782)
In-kind redemptions 263,281 1,115,251 1,435,497
Foreign currency related transactions 5,057 6,099 10,793
-----------------------------------------------------------------------------------------------------------------------------
Net realized gain 133,185 624,740 1,147,508
-----------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (910,670) (1,218,055) (895,214)
Translation of assets and liabilities denominated in foreign currencies (363) 2,837 (2,735)
-----------------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (911,033) (1,215,218) (897,949)
-----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (777,848) (590,478) 249,559
=============================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ (650,955) $ 19,524 $1,299,344
=============================================================================================================================
(1) Net of foreign withholding tax of $116,666, $113,640, $13,117, $53,692 and
$122,121, respectively.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 41
Statements of Operations (concluded)
WisdomTree International Dividend Sector Funds
For the Year Ended March 31, 2008
----------------------------------------------------------------------------------------------------------
WisdomTree WisdomTree
International International
Financial Health Care
Sector Fund Sector Fund
----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 829,226 $ 815,777
Securities lending income (Note 2) 11,121 44,834
----------------------------------------------------------------------------------------------------------
Total investment income 840,347 860,611
----------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 127,465 137,305
Service fees (Note 2) 623 718
----------------------------------------------------------------------------------------------------------
Total expenses 128,088 138,023
----------------------------------------------------------------------------------------------------------
Net investment income 712,259 722,588
==========================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (392,140) (233,221)
In-kind redemptions 163,402 785,197
Foreign currency related transactions 5,369 (7)
----------------------------------------------------------------------------------------------------------
Net realized gain (loss) (223,369) 551,969
----------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (2,740,281) (2,680,705)
Translation of assets and liabilities denominated in foreign currencies 1,417 3,859
----------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (2,738,864) (2,676,846)
----------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (2,962,233) (2,124,877)
==========================================================================================================
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ (2,249,974) $(1,402,289)
==========================================================================================================
--------------------------------------------------------------------------------------------------------------------------
WisdomTree WisdomTree WisdomTree
International International International
Industrial Technology Utilities
Sector Fund Sector Fund Sector Fund
--------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends(1) $ 1,062,787 $ 198,871 $ 1,105,405
Securities lending income (Note 2) 35,031 - 18,635
--------------------------------------------------------------------------------------------------------------------------
Total investment income 1,097,818 198,871 1,124,040
--------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees (Note 3) 253,102 61,828 295,876
Service fees (Note 2) 1,374 370 1,880
--------------------------------------------------------------------------------------------------------------------------
Total expenses 254,476 62,198 297,756
--------------------------------------------------------------------------------------------------------------------------
Net investment income 843,342 136,673 826,284
==========================================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (903,065) (210,074) (608,748)
In-kind redemptions 1,679,023 622,372 3,667,636
Foreign currency related transactions 5,871 2,133 13,464
--------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 781,829 414,431 3,072,352
--------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions (3,953,783) (1,639,785) (5,484,338)
Translation of assets and liabilities denominated in foreign currencies 1,781 412 (1,060)
--------------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation (3,952,002) (1,639,373) (5,485,398)
--------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (3,170,173) (1,224,942) (2,413,046)
==========================================================================================================================
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ (2,326,831) $ (1,088,269) $ (1,586,762)
==========================================================================================================================
(1) Net of foreign withholding tax of $68,645, $91,371, $97,127, $15,273 and
$124,441, respectively.
See Notes to Financial Statements.
42 WisdomTree International Dividend Sector Funds
Statements of Changes in Net Assets
WisdomTree International Dividend Sector Funds
----------------------------------------------------------------------------------------------------------------------------
WisdomTree International WisdomTree International
Basic Materials Sector Fund Communications Sector Fund
----------------------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the October 13, 2006* For the October 13, 2006*
Year Ended through Year Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 1,341,000 $ 50,006 $ 1,057,031 $ 80,088
Net realized gain on investments and foreign
currency related transactions 2,519,524 2,567 397,474 2,884
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (3,091,951) 1,338,932 (1,583,125) 421,327
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations 768,573 1,391,505 (128,620) 504,299
============================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (733,228) - (964,567) (36,267)
Capital gains (2,296) - (2,148) (58)
----------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (735,524) - (966,715) (36,325)
============================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 115,555,895 5,014,128 21,055,140 22,705,492
Cost of shares redeemed (28,487,717) - (12,661,696) -
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions 87,068,178 5,014,128 8,393,444 22,705,492
============================================================================================================================
Net Increase (Decrease) in Net Assets 87,101,227 6,405,633 7,298,109 23,173,466
============================================================================================================================
NET ASSETS:
Beginning of period $ 6,405,733 $ 100 $ 23,173,566 $ 100
End of period $ 93,506,960 $6,405,733 $ 30,471,675 $23,173,566
============================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 663,408 $ 50,275 $ 136,235 $ 44,499
============================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 200,004 - 800,004 -
Shares created 3,200,000 200,004 600,000 800,004
Shares redeemed (800,004) - (400,004) -
----------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 2,600,000 200,004 1,000,000 800,004
============================================================================================================================
---------------------------------------------------------------------------------------
WisdomTree International
Consumer Cyclical Sector Fund
---------------------------------------------------------------------------------------
For the Period
For the October 13, 2006*
Year Ended through
March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 126,893 $ 30,725
Net realized gain on investments and foreign
currency related transactions 133,185 8,623
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (911,033) 1,056,408
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations (650,955) 1,095,756
=======================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (125,695) (7,824)
Capital gains (7,952) (126)
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (133,647) (7,950)
=======================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 6,514,367 5,001,056
Cost of shares redeemed (6,514,494) -
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions (127) 5,001,056
=======================================================================================
Net Increase (Decrease) in Net Assets (784,729) 6,088,862
=======================================================================================
NET ASSETS:
Beginning of period $ 6,088,962 $ 100
End of period $ 5,304,233 $6,088,962
=======================================================================================
Undistributed net investment income included in
net assets at end of period $ 29,701 $ 23,447
=======================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 200,004 -
Shares created 200,000 200,004
Shares redeemed (200,004) -
---------------------------------------------------------------------------------------
Shares outstanding, end of period 200,000 200,004
=======================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 43
Statements of Changes in Net Assets (continued)
WisdomTree International Dividend Sector Funds
--------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
WisdomTree International WisdomTree International
Consumer Non-Cyclical Sector Fund Energy Sector Fund
----------------------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the October 13, 2006* For the October 13, 2006*
Year Ended through Year Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 610,002 $ 152,805 $ 1,049,785 $ 129,950
Net realized gain (loss) on investments and
foreign currency related transactions 624,740 7,308 1,147,508 7,724
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (1,215,218) 1,536,685 (897,949) 1,070,446
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations 19,524 1,696,798 1,299,344 1,208,120
============================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (495,845) (13,272) (844,975) (27,224)
Capital gains (5,840) (88) (8,112) -
----------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (501,685) (13,360) (853,087) (27,224)
============================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 23,039,884 20,899,179 47,397,442 21,659,004
Cost of shares redeemed (11,451,874) - (13,122,193) -
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions 11,588,010 20,899,179 34,275,249 21,659,004
============================================================================================================================
Net Increase (Decrease) in Net Assets 11,105,849 22,582,617 34,721,506 22,839,900
============================================================================================================================
NET ASSETS:
Beginning of period $ 22,582,717 $ 100 $ 22,840,000 $ 100
End of period $ 33,688,566 $22,582,717 $ 57,561,506 $22,840,000
============================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 261,297 $ 141,043 $ 317,941 $ 102,341
============================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 800,004 - 800,004 -
Shares created 800,000 800,004 1,400,000 800,004
Shares redeemed (400,004) - (400,004) -
----------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 1,200,000 800,004 1,800,000 800,004
============================================================================================================================
---------------------------------------------------------------------------------------
WisdomTree International
Financial Sector Fund
---------------------------------------------------------------------------------------
For the Period
For the October 13, 2006*
Year Ended through
March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 712,259 $ 57,944
Net realized gain (loss) on investments and
foreign currency related transactions (223,369) 65,963
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (2,738,864) 694,674
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations (2,249,974) 818,581
=======================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (588,762) (10,644)
Capital gains (48,176) (14)
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (636,938) (10,658)
=======================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 5,885,784 27,077,940
Cost of shares redeemed (5,885,903) (5,564,774)
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions (119) 21,513,166
=======================================================================================
Net Increase (Decrease) in Net Assets (2,887,031) 22,321,089
=======================================================================================
NET ASSETS:
Beginning of period $ 22,321,189 $ 100
End of period $ 19,434,158 $ 22,321,189
=======================================================================================
Undistributed net investment income included in
net assets at end of period $ 176,653 $ 47,786
=======================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 800,004 -
Shares created 200,000 1,000,004
Shares redeemed (200,004) (200,000)
---------------------------------------------------------------------------------------
Shares outstanding, end of period 800,000 800,004
=======================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
44 WisdomTree International Dividend Sector Funds
Statements of Changes in Net Assets (continued)
WisdomTree International Dividend Sector Funds
----------------------------------------------------------------------------------------------------------------------------
WisdomTree International WisdomTree International
Health Care Sector Fund Industrial Sector Fund
----------------------------------------------------------------------------------------------------------------------------
For the Period For the Period
For the October 13, 2006* For the October 13, 2006*
Year Ended through Year Ended through
March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007
----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 722,588 $ 131,016 $ 843,342 $ 90,402
Net realized gain on investments and foreign
currency related transactions 551,969 8,730 781,829 40,739
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (2,676,846) 790,709 (3,952,002) 1,455,375
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations (1,402,289) 930,455 (2,326,831) 1,586,516
============================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (552,012) (10,072) (634,622) (4,624)
Capital gains (10,660) - (39,830) (94)
----------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (562,672) (10,072) (674,452) (4,718)
============================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 16,009,333 20,615,484 39,441,811 23,327,752
Cost of shares redeemed (10,452,443) - (12,948,475) -
----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from capital
share transactions 5,556,890 20,615,484 26,493,336 23,327,752
============================================================================================================================
Net Increase in Net Assets 3,591,929 21,535,867 23,492,053 24,909,550
============================================================================================================================
NET ASSETS:
Beginning of period $ 21,535,967 $ 100 $ 24,909,650 $ 100
End of period $ 25,127,896 $21,535,967 $ 48,401,703 $24,909,650
============================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 289,887 $ 119,315 $ 301,184 $ 86,597
============================================================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 800,004 - 800,004 -
Shares created 600,000 800,004 1,200,000 800,004
Shares redeemed (400,004) - (400,004) -
----------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 1,000,000 800,004 1,600,000 800,004
============================================================================================================================
---------------------------------------------------------------------------------------
WisdomTree International
Technology Sector Fund
---------------------------------------------------------------------------------------
For the Period
For the October 13, 2006*
Year Ended through
March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 136,673 $ 21,023
Net realized gain on investments and foreign
currency related transactions 414,431 152
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (1,639,373) 229,749
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations (1,088,269) 250,924
=======================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (85,181) (6,540)
Capital gains (868) -
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (86,049) (6,540)
=======================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 24,935,291 5,001,914
Cost of shares redeemed (19,629,650) -
---------------------------------------------------------------------------------------
Net increase in net assets resulting from capital
share transactions 5,305,641 5,001,914
=======================================================================================
Net Increase in Net Assets 4,131,323 5,246,298
=======================================================================================
NET ASSETS:
Beginning of period $ 5,246,398 $ 100
End of period $ 9,377,721 $5,246,398
=======================================================================================
Undistributed net investment income included in
net assets at end of period $ 67,966 $ 14,343
=======================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 200,004 -
Shares created 1,000,000 200,004
Shares redeemed (800,004) -
---------------------------------------------------------------------------------------
Shares outstanding, end of period 400,000 200,004
=======================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 45
Statements of Changes in Net Assets (concluded)
WisdomTree International Dividend Sector Funds
---------------------------------------------------------------------------------------
WisdomTree International
Utilities Sector Fund
---------------------------------------------------------------------------------------
For the Period
For the October 13, 2006*
Year Ended through
March 31, 2008 March 31, 2007
---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income $ 826,284 $ 110,908
Net realized gain on investments and foreign
currency related transactions 3,072,352 2,515
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currencies (5,485,398) 1,935,378
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations (1,586,762) 2,048,801
=======================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (775,076) (28,568)
Capital gains (2,828) -
---------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (777,904) (28,568)
=======================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 83,117,506 21,748,118
Cost of shares redeemed (25,959,870) (36)
---------------------------------------------------------------------------------------
Net increase in net assets resulting from capital
share transactions 57,157,636 21,748,082
=======================================================================================
Net Increase in Net Assets 54,792,970 23,768,315
=======================================================================================
NET ASSETS:
Beginning of period $ 23,768,415 $ 100
End of period $ 78,561,385 $23,768,415
=======================================================================================
Undistributed net investment income included in
net assets at end of period $ 146,699 $ 82,012
=======================================================================================
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period 800,004 -
Shares created 2,400,000 800,004
Shares redeemed (800,004) -
---------------------------------------------------------------------------------------
Shares outstanding, end of period 2,400,000 800,004
=======================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
46 WisdomTree International Dividend Sector Funds
Financial Highlights
WisdomTree International Dividend Sector Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
--------------------------------------------------------------------------------------------
For the Period
For the October 13, 2006(1)
Year Ended through
WisdomTree International Basic Materials Sector Fund March 31, 2008 March 31, 2007
--------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 32.03 $ 25.46
--------------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.61 0.25
Net realized and unrealized gain 3.58 6.32
--------------------------------------------------------------------------------------------
Total from investment operations 4.19 6.57
--------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.26) -
Capital gains (0.00)(3) -
--------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.26) -
--------------------------------------------------------------------------------------------
Net asset value, end of period $ 35.96 $ 32.03
============================================================================================
TOTAL RETURN(4) 13.09% 25.81%
--------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 93,507 $ 6,406
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(5)
Expenses, prior to expense reimbursements 0.58% 0.88%(5)
Net investment income 1.62% 1.89%(5)
--------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 11% 0%(7)
============================================================================================
-------------------------------------------------------------------------------------------
For the Period
For the October 13, 2006(1)
Year Ended through
WisdomTree International Communications Sector Fund March 31, 2008 March 31, 2007
-------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 28.97 $ 25.38
-------------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.17 0.16
Net realized and unrealized gain 1.13 3.61
-------------------------------------------------------------------------------------------
Total from investment operations 2.30 3.77
-------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.80) (0.18)
Capital gains (0.00)(3) (0.00)(3)
-------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.80) (0.18)
-------------------------------------------------------------------------------------------
Net asset value, end of period $ 30.47 $ 28.97
===========================================================================================
TOTAL RETURN(4) 7.62% 14.87%
-------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 30,472 $ 23,174
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(5)
Expenses, prior to expense reimbursements 0.58% 0.72%(5)
Net investment income 3.56% 1.43%(5)
-------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 19% 0%(7)
===========================================================================================
(1) Commencement of investment operations.
(2) Based on average shares outstanding.
(3) Amount is 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. The total return would have been lower if
certain expenses had not been reimbursed by the investment adviser (Note
2).
(5) Annualized.
(6) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
(7) Amount represents less than 1%.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 47
Financial Highlights (continued)
WisdomTree International Dividend Sector Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
----------------------------------------------------------------------------------------------
For the Period
For the October 13, 2006(1)
Year Ended through
WisdomTree International Consumer Cyclical Sector Fund March 31, 2008 March 31, 2007
----------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 30.44 $ 25.27
----------------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.64 0.15
Net realized and unrealized gain (loss) (3.89) 5.06
----------------------------------------------------------------------------------------------
Total from investment operations (3.25) 5.21
----------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.63) (0.04)
Capital gains (0.04) (0.00)(3)
----------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.67) (0.04)
----------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.52 $ 30.44
==============================================================================================
TOTAL RETURN(4) (10.82)% 20.63%
----------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 5,304 $ 6,089
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(5)
Expenses, prior to expense reimbursements 0.58% 0.89%(5)
Net investment income 2.11% 1.18%(5)
----------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 21% 3%
==============================================================================================
--------------------------------------------------------------------------------------------------
For the Period
For the October 13, 2006(1)
Year Ended through
WisdomTree International Consumer Non-Cyclical Sector Fund March 31, 2008 March 31, 2007
--------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 28.23 $ 24.89
--------------------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.66 0.25
Net realized and unrealized gain (loss) (0.31) 3.11
--------------------------------------------------------------------------------------------------
Total from investment operations 0.35 3.36
--------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.50) (0.02)
Capital gains (0.01) (0.00)(3)
--------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.51) (0.02)
--------------------------------------------------------------------------------------------------
Net asset value, end of period $ 28.07 $ 28.23
==================================================================================================
TOTAL RETURN(4) 1.12% 13.49%
--------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $33,689 $ 22,583
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(5)
Expenses, prior to expense reimbursements 0.58% 0.69%(5)
Net investment income 2.30% 2.08%(5)
--------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 8% 2%
==================================================================================================
(1) Commencement of investment operations.
(2) Based on average shares outstanding.
(3) Amount is 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. The total return would have been lower if
certain expenses had not been reimbursed by the investment adviser (Note
2).
(5) Annualized.
(6) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
48 WisdomTree International Dividend Sector Funds
Financial Highlights (continued)
WisdomTree International Dividend Sector Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
-----------------------------------------------------------------------------------------
For the Period
For the October 13, 2006(1)
Year Ended through
WisdomTree International Energy Sector Fund March 31, 2008 March 31, 2007
-----------------------------------------------------------------------------------------
Net asset value, beginning of period $ 28.55 $ 25.44
-----------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.79 0.22
Net realized and unrealized gain 3.18 2.92
-----------------------------------------------------------------------------------------
Total from investment operations 3.97 3.14
-----------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.53) (0.03)
Capital gains (0.01) -
-----------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.54) (0.03)
-----------------------------------------------------------------------------------------
Net asset value, end of period $ 31.98 $ 28.55
=========================================================================================
TOTAL RETURN(3) 13.84% 12.36%
-----------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $57,562 $ 22,840
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(4)
Expenses, prior to expense reimbursements 0.58% 0.69%(4)
Net investment income 2.43% 1.82%(4)
-----------------------------------------------------------------------------------------
Portfolio turnover rate(5) 13% 1%
=========================================================================================
-----------------------------------------------------------------------------------------
For the Period
For the October 13, 2006(1)
Year Ended through
WisdomTree International Financial Sector Fund March 31, 2008 March 31, 2007
-----------------------------------------------------------------------------------------
Net asset value, beginning of period $ 27.90 $ 25.34
-----------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.89 0.19
Net realized and unrealized gain (loss) (3.70) 2.42
-----------------------------------------------------------------------------------------
Total from investment operations (2.81) 2.61
-----------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.74) (0.05)
Capital gains (0.06) (0.00)(6)
-----------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.80) (0.05)
-----------------------------------------------------------------------------------------
Net asset value, end of period $ 24.29 $ 27.90
=========================================================================================
TOTAL RETURN(3) (10.29)% 10.32%
-----------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 19,434 $ 22,321
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(4)
Expenses, prior to expense reimbursements 0.58% 0.86%(4)
Net investment income 3.24% 1.98%(4)
-----------------------------------------------------------------------------------------
Portfolio turnover rate(5) 15% 5%
=========================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed by the investment adviser (Note
2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
(6) Amount represents less than $0.005.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 49
Financial Highlights (continued)
WisdomTree International Dividend Sector Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
-----------------------------------------------------------------------------------------
For the Period
For the October 13, 2006(1)
Year Ended through
WisdomTree International Health Care Sector Fund March 31, 2008 March 31, 2007
-----------------------------------------------------------------------------------------
Net asset value, beginning of period $ 26.92 $ 24.93
-----------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.82 0.22
Net realized and unrealized gain (loss) (2.05) 1.78
-----------------------------------------------------------------------------------------
Total from investment operations (1.23) 2.00
-----------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.55) (0.01)
Capital gains (0.01) -
-----------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.56) (0.01)
-----------------------------------------------------------------------------------------
Net asset value, end of period $ 25.13 $ 26.92
=========================================================================================
TOTAL RETURN(3) (4.66)% 8.03%
-----------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $25,128 $ 21,536
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(4)
Expenses, prior to expense reimbursements 0.58% 0.69%(4)
Net investment income 3.05% 1.81%(4)
-----------------------------------------------------------------------------------------
Portfolio turnover rate(5) 4% 3%
=========================================================================================
-----------------------------------------------------------------------------------------
For the Period
For the October 13, 2006(1)
Year Ended through
WisdomTree International Industrial Sector Fund March 31, 2008 March 31, 2007
-----------------------------------------------------------------------------------------
Net asset value, beginning of period $ 31.14 $ 25.39
-----------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.64 0.23
Net realized and unrealized gain (loss) (1.05) 5.54
-----------------------------------------------------------------------------------------
Total from investment operations (0.41) 5.77
-----------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.45) (0.02)
Capital gains (0.03) (0.00)(6)
-----------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.48) (0.02)
-----------------------------------------------------------------------------------------
Net asset value, end of period $ 30.25 $ 31.14
=========================================================================================
TOTAL RETURN(3) (1.38)% 22.75%
-----------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $48,402 $24,910
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(4)
Expenses, prior to expense reimbursements 0.58% 0.76%(4)
Net investment income 1.93% 1.98%(4)
-----------------------------------------------------------------------------------------
Portfolio turnover rate(5) 11% 1%
=========================================================================================
(1) Commencement of investment operations.
(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. The total return would have been lower if
certain expenses had not been reimbursed by the investment adviser (Note
2).
(4) Annualized.
(5) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
(6) Amount is less than $0.005.
See Notes to Financial Statements.
50 WisdomTree International Dividend Sector Funds
Financial Highlights (concluded)
WisdomTree International Dividend Sector Funds
March 31, 2008
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
-----------------------------------------------------------------------------------------
For the Period
For the October 13, 2006(1)
Year Ended through
WisdomTree International Technology Sector Fund March 31, 2008 March 31, 2007
-----------------------------------------------------------------------------------------
Net asset value, beginning of period $ 26.23 $ 25.13
-----------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.36 0.11
Net realized and unrealized gain (loss) (2.94) 1.02
-----------------------------------------------------------------------------------------
Total from investment operations (2.58) 1.13
-----------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.21) (0.03)
Capital gains (0.00)(3) -
-----------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.21) (0.03)
-----------------------------------------------------------------------------------------
Net asset value, end of period $ 23.44 $ 26.23
=========================================================================================
TOTAL RETURN(4) (9.85)% 4.51%
-----------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 9,378 $ 5,246
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(5)
Expenses, prior to expense reimbursements 0.58% 0.91%(5)
Net investment income 1.28% 0.87%(5)
-----------------------------------------------------------------------------------------
Portfolio turnover rate(6) 14% 2%
=========================================================================================
-----------------------------------------------------------------------------------------
For the Period
For the October 13, 2006(1)
Year Ended through
WisdomTree International Utilities Sector Fund March 31, 2008 March 31, 2007
-----------------------------------------------------------------------------------------
Net asset value, beginning of period $ 29.71 $ 24.96
-----------------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.55 0.18
Net realized and unrealized gain 2.75 4.61
-----------------------------------------------------------------------------------------
Total from investment operations 3.30 4.79
-----------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.28) (0.04)
Capital gains (0.00)(3) -
-----------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.28) (0.04)
-----------------------------------------------------------------------------------------
Net asset value, end of period $ 32.73 $ 29.71
=========================================================================================
TOTAL RETURN(4) 11.05% 19.18%
-----------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 78,561 $ 23,768
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58% 0.58%(5)
Expenses, prior to expense reimbursements 0.58% 0.68%(5)
Net investment income 1.62% 1.38%(5)
-----------------------------------------------------------------------------------------
Portfolio turnover rate(6) 13% 1%
=========================================================================================
(1) Commencement of investment operations.
(2) Based on average shares outstanding.
(3) Amount is 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. The total return would have been lower if
certain expenses had not been reimbursed by the investment adviser (Note
2).
(5) Annualized.
(6) Portfolio turnover rate is not annualized and excludes the value of
portfolio securities received or delivered as a result of in-kind
creations or redemptions of the Fund's capital shares.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 51
Notes to Financial Statements
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 pursuant to a
Trust Instrument dated December 15, 2005. As of March 31, 2008, the Trust
offered 40 investment funds (each a "Fund", collectively, the "Funds"). Each
Fund is considered to be non-diversified. The Funds described herein, commenced
operations on October 13, 2006.
These financial statements relate only to the WisdomTree International Basic
Materials Sector Fund ("International Basic Materials Sector Fund"), WisdomTree
International Communications Sector Fund ("International Communications Sector
Fund"), WisdomTree International Consumer Cyclical Sector Fund ("International
Consumer Cyclical Sector Fund"), WisdomTree International Consumer Non-Cyclical
Sector Fund ("International Consumer Non-Cyclical Sector Fund"), WisdomTree
International Energy Sector Fund ("International Energy Sector Fund"),
WisdomTree International Financial Sector Fund ("International Financial Sector
Fund"), WisdomTree International Health Care Sector Fund ("International Health
Care Sector Fund"), WisdomTree International Industrial Sector Fund
("International Industrial Sector Fund"), WisdomTree International Technology
Sector Fund ("International Technology Sector Fund") and WisdomTree
International Utilities Sector Fund ("International Utilities Sector Fund"),
together the "International Dividend Sector Funds."
Each Fund seeks investment returns that closely correspond to the price and
yield performance, before fees and expenses, of a particular index ("Index")
developed by WisdomTree Investments, Inc. ("Wisdom Tree Investments"). Each
Index consists of dividend paying securities in the market suggested by its
name that meet specific criteria developed by WisdomTree Investments.
"WisdomTree" and "WisdomTree Investments" are service marks of WisdomTree
Investments licensed for use by the Trust. WisdomTree Investments has patent
applications pending on the methodology and operation of its Indexes and the
Funds.
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 expect the risk of loss to be remote.
The preparation of financial statements in conformity with U.S. Generally
Accepted Accounting Principles ("U.S. 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.
2. SIGNIFICANT ACCOUNTING POLICIES
(a) Investment Valuation - The Net Asset Value ("NAV") of each Fund's shares is
calculated each day the national securities exchanges are open for trading as
of the close of regular trading on the New York Stock Exchange, generally 4:00
p.m. New York time. NAV per share is calculated by dividing a Fund's net assets
by the number of Fund shares outstanding. Securities 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 or system on which they are principally traded. Events
occurring after the close of trading on non-U.S. exchanges may result in
adjustments to the valuation of foreign securities to more accurately reflect
their fair value as of the close of regular trading on the New York Stock
Exchange. The Fund may rely on an independent fair valuation service in
adjusting the valuations of foreign securities. Unlisted equity securities are
valued at the last quoted sale price or, if no sale price is available, at the
mean between the most recently quoted bid and asked prices. Securities for
which market quotations are not readily available are valued at fair value as
determined by management and in accordance with procedures approved by the
Board of Trustees. Short-term securities with 60 days or less remaining to
maturity are valued using the amortized cost method, which approximates current
market value.
(b) Investment Transactions - 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.
(c) 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 deemed appropriate by the
investment adviser. Realized and unrealized foreign exchange gains or losses on
investments are included as a component of net realized and unrealized gain or
loss on foreign currency transactions 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.
(d) Investment Income - Dividend income is recognized on the ex-dividend date,
net of any foreign taxes withheld. Interest income is accrued daily. The value
of additional securities received as dividend payments is recorded as income
and as an increase to the cost basis of such securities.
52 WisdomTree International Dividend Sector Funds
Notes to Financial Statements (continued)
(e) Expenses/Reimbursements - WisdomTree Asset Management ("WTAM") has agreed
to pay all expenses of the Funds, 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 each Independent
Trustee; (iv) compensation and expenses of counsel to the Independent Trustees;
(v) compensation and expenses of the Trust's chief compliance officer; (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. Pursuant to a separate contractual
arrangement, WTAM has paid the expenses described in (iii), (iv) and (v)
through July 31, 2007.
Pursuant to a separate contractual arrangement, effective August 1, 2007, WTAM
has arranged for the provision of chief compliance officer ("CCO") services to
the Funds, 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 service fee paid by each Fund of up to 0.0044% of the Fund's
average daily net assets. Trustees fees, which are included in Service Fees on
the Statements of Operation, of $152,482 have been paid on behalf of the Funds
of the Trust to the Independent Trustees.
(f) Security Lending - Each Fund may lend portfolio securities to certain
creditworthy borrowers, including the Funds' securities lending agent. The
loans are collateralized at all times by cash and/or high grade debt
obligations in an amount at least equal to 102% of the market value of domestic
securities loaned (105% in the case of foreign securities loaned) as determined
at the close of business on the preceding business day. Each Fund receives
compensation for lending its securities from interest or dividends earned on
the cash or U.S. government securities held as collateral, net of fee rebates
paid to the borrower plus reasonable administrative and custody fees. The
dividend and interest income earned on the securities loaned is accounted for
in the same manner as other dividend and interest income. The borrower pays to
the Funds an amount equal to any dividends or interest received on loaned
securities. The Funds retain all or a portion of the interest received on
investment of cash collateral or receives a fee from the borrower. Lending
portfolio securities could result in a loss or delay in recovering each Fund's
securities if the borrower defaults.
The securities lending income earned by the Funds is disclosed on the
Statements of Operations.
(g) 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"). Each Fund intends to qualify for and to elect
treatment as a separate Regulated Investment Company ("RIC") under Subchapter M
of the Code. It is the policy of each Fund to pay out dividends, if any, to
investors at least annually. 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 are
determined in accordance with Federal income tax regulations which may differ
from U.S. GAAP. 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, which exceed earnings and profit
for tax purposes, are reported as a tax return of capital.
The Funds adopted the provisions of Financial Accounting Standards Board
("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes
("FIN 48"). This interpretation prescribes 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 taxes are provided for based on each Fund's
understanding of the tax rules and rates that exist in the foreign markets in
which it invests. Taxes are accrued and applied to net investment income, net
realized capital gains and net unrealized appreciation, as applicable, as the
income is earned or capital gains are recorded. If applicable, the Funds will
recognize interest accrued related to unrecognized tax benefits in interest
expense and penalties in "Other"expenses on the Statements of Operations.
Management has evaluated the application of FIN 48 to the Funds, and has
determined that there is no impact resulting from the adoption of this
interpretation on the Funds' financial statements.
WisdomTree International Dividend Sector Funds 53
Notes to Financial Statements (continued)
(h) 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 in which a Fund may invest include
short-term obligations issued by the U.S. Government, 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.
3. ADVISER FEES
Adviser Fees - WTAM provides investment management services to each Fund
pursuant to an Investment Advisory Agreement. As compensation for services
rendered, facilities furnished, and expenses borne by WTAM, each Fund pays WTAM
a fee, as listed below, which is accrued daily and paid monthly, based on the
average daily net assets of the Fund. Included in the expenses borne by WTAM
are fees paid to the Sub-Adviser, Bank of New York Investment Advisors, all
accounting, administration, custody, transfer agent fees to The Bank of New
York, tax and audit services, as well as printing and postage.
--------------------------------------------------------------------------------
Fund Fee Rate
--------------------------------------------------------------------------------
International Basic Materials Sector Fund 0.58%
--------------------------------------------------------------------------------
International Communications Sector Fund 0.58%
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 0.58%
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 0.58%
--------------------------------------------------------------------------------
International Energy Sector Fund 0.58%
--------------------------------------------------------------------------------
International Financial Sector Fund 0.58%
--------------------------------------------------------------------------------
International Health Care Sector Fund 0.58%
--------------------------------------------------------------------------------
International Industrial Sector Fund 0.58%
--------------------------------------------------------------------------------
International Technology Sector Fund 0.58%
--------------------------------------------------------------------------------
International Utilities Sector Fund 0.58%
--------------------------------------------------------------------------------
Each Fund may purchase shares of an affiliated ETF in secondary market
transactions. For the fiscal year ended March 31, 2008, there were no
transactions in affiliated ETFs.
4. CAPITAL SHARE TRANSACTIONS
As of March 31, 2008, there was 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. Except when
aggregated in Creation Units, 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 designated
portfolio of equity securities constituting a portfolio sampling representation
of the securities included in the relevant Fund's underlying index and an
amount of cash. Investors 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.
54 WisdomTree International Dividend Sector Funds
Notes to Financial Statements (continued)
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments (excluding in-kind purchases and redemptions
and short-term investments) for the fiscal year ended March 31, 2008 were as
follows:
--------------------------------------------------------------------------------
Fund Purchases Sales
--------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 9,040,340 $ 9,219,854
--------------------------------------------------------------------------------
International Communications Sector Fund 6,970,858 5,517,065
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 1,256,933 1,742,745
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 2,600,654 2,117,561
--------------------------------------------------------------------------------
International Energy Sector Fund 6,384,680 5,680,459
--------------------------------------------------------------------------------
International Financial Sector Fund 3,333,456 3,923,166
--------------------------------------------------------------------------------
International Health Care Sector Fund 1,042,170 855,366
--------------------------------------------------------------------------------
International Industrial Sector Fund 4,953,587 4,874,059
--------------------------------------------------------------------------------
International Technology Sector Fund 1,400,939 1,497,123
--------------------------------------------------------------------------------
International Utilities Sector Fund 7,739,793 6,590,399
--------------------------------------------------------------------------------
For the fiscal year ended March 31, 2008, the cost of in-kind purchases and the
proceeds from in-kind redemptions were as follows:
--------------------------------------------------------------------------------
Fund Purchases Redemptions
--------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 108,133,776 $21,393,683
--------------------------------------------------------------------------------
International Communications Sector Fund 16,552,560 9,556,497
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 1,156,230 691,712
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 19,097,653 7,935,787
--------------------------------------------------------------------------------
International Energy Sector Fund 40,220,018 6,709,972
--------------------------------------------------------------------------------
International Financial Sector Fund 1,890,442 1,338,958
--------------------------------------------------------------------------------
International Health Care Sector Fund 12,994,355 7,605,180
--------------------------------------------------------------------------------
International Industrial Sector Fund 37,336,922 10,867,417
--------------------------------------------------------------------------------
International Technology Sector Fund 19,976,254 14,641,268
--------------------------------------------------------------------------------
International Utilities Sector Fund 79,952,010 23,820,206
--------------------------------------------------------------------------------
Gains and losses on in-kind redemptions are not recognized at the Fund level
for tax purposes.
6. FEDERAL INCOME TAXES
At March 31, 2008, the cost of investments (including securities on loan) for
Federal income tax purposes were as follows:
----------------------------------------------------------------------------------------------------------------------------
Net Unrealized
Gross Unrealized Gross Unrealized Appreciation/
Fund Tax Cost Appreciation Depreciation (Depreciation)
----------------------------------------------------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 101,564,245 $ 7,570,894 $ (9,345,053) $ (1,774,159)
----------------------------------------------------------------------------------------------------------------------------
International Communications Sector Fund 32,037,740 1,673,842 (3,000,064) (1,326,222)
----------------------------------------------------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 5,110,877 695,800 (551,643) 144,157
----------------------------------------------------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 33,355,413 2,370,969 (2,059,554) 311,415
----------------------------------------------------------------------------------------------------------------------------
International Energy Sector Fund 58,763,633 4,005,097 (3,908,695) 96,402
----------------------------------------------------------------------------------------------------------------------------
International Financial Sector Fund 21,442,917 716,596 (2,773,408) (2,056,812)
----------------------------------------------------------------------------------------------------------------------------
International Health Care Sector Fund 29,294,086 1,452,242 (3,354,494) (1,902,252)
----------------------------------------------------------------------------------------------------------------------------
International Industrial Sector Fund 52,926,646 1,863,340 (4,369,357) (2,506,017)
----------------------------------------------------------------------------------------------------------------------------
International Technology Sector Fund 10,634,072 148,924 (1,559,920) (1,410,996)
----------------------------------------------------------------------------------------------------------------------------
International Utilities Sector Fund 85,845,379 1,712,439 (5,294,387) (3,581,948)
----------------------------------------------------------------------------------------------------------------------------
WisdomTree International Dividend Sector Funds 55
Notes to Financial Statements (continued)
At March 31, 2008, the components of accumulated earnings/loss on a tax-basis
were as follows:
-----------------------------------------------------------------------------------------
Undistributed
Undistributed Capital and Other
Fund Ordinary Income Losses
-----------------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 671,649 $ (633,774)
-----------------------------------------------------------------------------------------
International Communications Sector Fund 229,579 (923,908)
-----------------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 30,098 (134,515)
-----------------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 261,297 (490,789)
-----------------------------------------------------------------------------------------
International Energy Sector Fund 326,076 (229,909)
-----------------------------------------------------------------------------------------
International Financial Sector Fund 189,647 (394,615)
-----------------------------------------------------------------------------------------
International Health Care Sector Fund 292,372 (225,125)
-----------------------------------------------------------------------------------------
International Industrial Sector Fund 303,888 (898,681)
-----------------------------------------------------------------------------------------
International Technology Sector Fund 67,966 (209,202)
-----------------------------------------------------------------------------------------
International Utilities Sector Fund 146,872 (576,696)
-----------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Currency
Net Unrealized Unrealized
Appreciation/ Appreciation/ Total Accumulated
Fund (Depreciation) (Depreciation) Earnings/(Loss)
---------------------------------------------------------------------------------------------------------
International Basic Materials Sector Fund $ (1,774,159) $ 15,017 $ (1,721,267)
---------------------------------------------------------------------------------------------------------
International Communications Sector Fund (1,326,222) 1,237 (2,019,314)
---------------------------------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 144,157 183 39,923
---------------------------------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 311,415 4,514 86,437
---------------------------------------------------------------------------------------------------------
International Energy Sector Fund 96,402 (913) 191,656
---------------------------------------------------------------------------------------------------------
International Financial Sector Fund (2,056,812) 2,103 (2,259,677)
---------------------------------------------------------------------------------------------------------
International Health Care Sector Fund (1,902,252) 5,434 (1,829,571)
---------------------------------------------------------------------------------------------------------
International Industrial Sector Fund (2,506,017) 2,302 (3,098,508)
---------------------------------------------------------------------------------------------------------
International Technology Sector Fund (1,410,996) 599 (1,551,633)
---------------------------------------------------------------------------------------------------------
International Utilities Sector Fund (3,581,948) (297) (4,012,069)
---------------------------------------------------------------------------------------------------------
The tax character of distributions paid during the fiscal year ended March 31,
2008 and the period ended March 31, 2007, were as follows:
---------------------------------------------------------------------------------------------
Year Ended Period Ended
3/31/08 3/31/07
---------------------------------------------------------------------------------------------
Distributions Paid Distributions Paid
from Ordinary from Ordinary
Fund Income* Income*
---------------------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 735,524 $ -
---------------------------------------------------------------------------------------------
International Communications Sector Fund 966,715 36,325
---------------------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 133,647 7,950
---------------------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 501,685 13,360
---------------------------------------------------------------------------------------------
International Energy Sector Fund 853,087 27,224
---------------------------------------------------------------------------------------------
International Financial Sector Fund 636,938 10,658
---------------------------------------------------------------------------------------------
International Health Care Sector Fund 562,672 10,072
---------------------------------------------------------------------------------------------
International Industrial Sector Fund 674,452 4,718
---------------------------------------------------------------------------------------------
International Technology Sector Fund 86,049 6,540
---------------------------------------------------------------------------------------------
International Utilities Sector Fund 777,904 28,568
---------------------------------------------------------------------------------------------
* Includes short-term capital gains.
At March 31, 2008, for Federal income tax purposes, the Funds have capital loss
carryforwards available to offset future capital gains through the years
indicated. To the extent that these loss carryforwards are utilized, that the
capital gains so offset will not be distributed to shareholders.
-----------------------------------------------------------------------
Capital Loss
Available Through
Fund 2016
-----------------------------------------------------------------------
International Basic Materials Sector Fund $ 606,109
-----------------------------------------------------------------------
International Communications Sector Fund 59,934
-----------------------------------------------------------------------
International Consumer Cyclical Sector Fund 60,275
-----------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 173,099
-----------------------------------------------------------------------
International Energy Sector Fund 45,822
-----------------------------------------------------------------------
International Financial Sector Fund 144,091
-----------------------------------------------------------------------
International Health Care Sector Fund 213,918
-----------------------------------------------------------------------
International Industrial Sector Fund 92,435
-----------------------------------------------------------------------
International Technology Sector Fund 21,276
-----------------------------------------------------------------------
International Utilities Sector Fund 13,301
-----------------------------------------------------------------------
56 WisdomTree International Dividend Sector Funds
Notes to Financial Statements (concluded)
Currency and capital losses incurred after October 31 ("post-October capital
losses") within the taxable year are deemed to arise on the first business day
of each Fund's next taxable year.
During the fiscal year ended March 31, 2008, the following Funds incurred and
elected to defer net post-October losses as follows:
--------------------------------------------------------------------------------------
Post-October Post-October
Fund Currency Losses Capital Losses
--------------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 8,241 $ 19,424
--------------------------------------------------------------------------------------
International Communications Sector Fund - 863,974
--------------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 397 73,843
--------------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund - 317,690
--------------------------------------------------------------------------------------
International Energy Sector Fund 8,135 175,952
--------------------------------------------------------------------------------------
International Financial Sector Fund 2,508 248,016
--------------------------------------------------------------------------------------
International Health Care Sector Fund 2,485 8,722
--------------------------------------------------------------------------------------
International Industrial Sector Fund - 806,246
--------------------------------------------------------------------------------------
International Technology Sector Fund - 187,926
--------------------------------------------------------------------------------------
International Utilities Sector Fund - 563,395
--------------------------------------------------------------------------------------
At March 31, 2008, the effect of permanent "book/tax" reclassfications resulted
in increases (decreases) to the components of net assets as follows:
----------------------------------------------------------------------------------------------------------
Undistributed Net Accumulated Net
Investment Realized
Fund Income/(Loss) Gain/(Loss) Paid-in Capital
----------------------------------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 5,361 $ (3,151,182) $ 3,145,821
----------------------------------------------------------------------------------------------------------
International Communications Sector Fund (728) (1,391,225) 1,391,953
----------------------------------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 5,056 (268,337) 263,281
----------------------------------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 6,097 (1,120,937) 1,114,840
----------------------------------------------------------------------------------------------------------
International Energy Sector Fund 10,790 (1,446,287) 1,435,497
----------------------------------------------------------------------------------------------------------
International Financial Sector Fund 5,370 (168,631) 163,261
----------------------------------------------------------------------------------------------------------
International Health Care Sector Fund (4) (784,989) 784,993
----------------------------------------------------------------------------------------------------------
International Industrial Sector Fund 5,867 (1,684,890) 1,679,023
----------------------------------------------------------------------------------------------------------
International Technology Sector Fund 2,131 (623,830) 621,699
----------------------------------------------------------------------------------------------------------
International Utilities Sector Fund 13,479 (3,681,115) 3,667,636
----------------------------------------------------------------------------------------------------------
These differences are primarily due to redemptions-in-kind and currency
gain/loss.
7. FAS 157
On September 15, 2006, the FASB released Statement of Financial Accounting
Standards No. 157, Fair Value Measurements ("FAS 157") which provides enhanced
guidance for measuring fair value. The standard requires companies to provide
expanded information about the assets and liabilities measured at fair value
and the potential effect of these fair valuations on an entity's financial
performance. The standard does not expand the use of fair value in any new
circumstances, but provides clarification on acceptable fair valuation methods
and applications. Adoption of FAS 157 is required for fiscal years beginning
after November 15, 2007 and interim periods within those fiscal years. At this
time, management does not believe the adoption of FAS 157 will impact the
amounts reported in the financial statements; however, additional disclosures
will be required about the inputs used to develop the measurements of fair
value and the effect of certain measurements reported in the Statements of
Operations for the fiscal period.
WisdomTree International Dividend Sector Funds 57
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders of WisdomTree Trust:
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of WisdomTree International Basic
Materials Sector Fund, WisdomTree International Communications Sector Fund,
WisdomTree International Consumer Cyclical Sector Fund, WisdomTree
International Consumer Non-Cyclical Sector Fund, WisdomTree International
Energy Sector Fund, WisdomTree International Financial Sector Fund, WisdomTree
International Health Care Sector Fund, WisdomTree International Industrial
Sector Fund, WisdomTree International Technology Sector Fund and WisdomTree
International Utilities Sector Fund (ten of the investment funds constituting
the WisdomTree Trust (the "Trust")) as of March 31, 2008, and the related
statements of operations for the year then ended and the changes in net assets
and financial highlights for the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Trust's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of March 31, 2008, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
WisdomTree International Basic Materials Sector Fund, WisdomTree International
Communications Sector Fund, WisdomTree International Consumer Cyclical Sector
Fund, WisdomTree International Consumer Non-Cyclical Sector Fund, WisdomTree
International Energy Sector Fund, WisdomTree International Financial Sector
Fund, WisdomTree International Health Care Sector Fund, WisdomTree
International Industrial Sector Fund, WisdomTree International Technology
Sector Fund and WisdomTree International Utilities Sector Fund of WisdomTree
Trust at March 31, 2008, the results of their operations for the year then
ended and the changes in their net assets and the financial highlights for the
indicated periods, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
New York, New York
May 27, 2008
58 WisdomTree International Dividend Sector Funds
Approval of Investment Advisory and Sub-Advisory Agreement (unaudited)
The Board of Trustees of the Trust, including a majority of the Independent
Trustees, has the responsibility under the 1940 Act to approve each Fund's
Investment Advisory Agreement and Sub-Advisory Agreement (collectively, the
"Investment Advisory Agreements"). In addition, the Trust's Board of Trustees
will receive, review and evaluate information concerning the services and
personnel of the Investment Adviser and the Sub-Adviser at each quarterly
meeting of the Board of Trustees. While particular emphasis will be placed on
information concerning profitability, comparability of fees and total expenses,
and the Trust's investment performance at any future meeting at which a renewal
of the Investment Advisory Agreements is considered, the process of evaluating
the Investment Adviser and the Sub-Adviser and the Trust's investment
arrangements is an ongoing one. In this regard, the Board's consideration of
the nature, extent and quality of the services to be provided by the Investment
Adviser and the Sub-Adviser under the Investment Advisory Agreements will
include deliberations at future quarterly meetings.
Approval of Investment Advisory Agreement. The Trust and the Investment Adviser
have entered into an investment advisory agreement covering each Fund discussed
herein. At a meeting held on February 25, 2008, the Board of Trustees
reapproved the Investment Advisory Agreement for the Funds. The Board reviewed
and analyzed the factors it deemed relevant, including: (i) the nature, quality
and extent of the services to be provided to the Funds by WTAM; (ii) the
investment performance of the Funds; (iii) the costs of services to be provided
and the profits to be realized by WTAM from its relationship with the Funds;
(iv) the extent to which economies of scale would be realized as the Funds
grow; and (v) whether the fee levels reflect these economies of scale for the
benefit of investors.
The Board also considered the nature and quality of the services to be provided
by WTAM to the Funds, recognizing WTAM's operational capabilities and
resources. The Board also noted the extensive responsibilities that WTAM has as
investment adviser to the Funds, including the selection of the Funds'
sub-adviser and oversight of the sub-adviser's compliance with Fund policies
and objectives, oversight of general Fund compliance with federal and state
laws, and the implementation of Board directives as they relate to the Funds.
The Board gave substantial consideration to the fees payable under the Advisory
Agreement. In this connection, the Board evaluated WTAM's anticipated costs and
profitability in serving as investment adviser to the Funds, including the
costs associated with the personnel, systems and equipment necessary to manage
the Funds and the costs associated with compensating the sub-adviser. The Board
also examined the fees to be paid by each Fund in light of fees paid to other
investment managers by comparable funds and the method of computing each Fund's
fee. After comparing the fees with those of comparable funds and in light of
the quality and extent of services to be provided and the costs anticipated to
be incurred by WTAM, the Board concluded that the level of the fees paid to
WTAM with respect to each Fund is fair and reasonable.
The Board also approved the Sub-Advisory Agreement with the sub-adviser to the
Funds, BNY Investment Advisors ("BNYIA"), using essentially the same criteria
it used for WTAM. The Board considered BNYIA's operational capabilities and
resources and BNYIA's experience in serving as an adviser to ETFs, noting that
BNYIA currently provides investment advisory and management services to other
ETFs. The Board considered the investment performance of the Funds, and the
expertise and performance of the BNYIA personnel. The Board also noted that
Bank of New York ("BNY"), an affiliate of BNYIA, serves as the Funds'
administrator, accountant, custodian and transfer agent and receives
compensation for acting in these capacities and is responsible for, among other
things, coordinating the Funds' audits, financial statements and tax returns,
managing expenses and budgeting for the Funds, processing trades on behalf of
each Fund and custodying Fund assets. As such, the Board concluded that the
benefits accruing to BNYIA and its affiliates by virtue of their relationship
to the Trust are reasonable and fair in comparison with the anticipated costs
of providing the relevant services. The Board noted that WTAM, not the Funds,
pays the fees to BNYIA under the Sub-Advisory Agreement.
Based on these considerations and the overall high quality of the personnel,
operations, financial condition, investment advisory capabilities,
methodologies, and performance of WTAM and BNYIA, the Board determined that the
approval of the Advisory Agreement and the Sub-Advisory Agreement was in the
best interests of each Fund. After full consideration of these and other
factors, the Board, including a majority of the Independent Trustees, with the
assistance of independent counsel, approved the Advisory Agreement and
Sub-Advisory Agreement.
WisdomTree International Dividend Sector Funds 59
Frequency Distribution of Discounts & Premiums (unaudited)
The chart below presents information about differences between the per share
net asset value ("NAV") of each Fund and the market trading price of shares of
each Fund. For these purposes, the "market price" is the mid-point of the
highest bid and lowest offer for Fund shares as of the close of trading on the
exchange where Fund shares are listed. The term "premium" is sometimes used to
describe a market price in excess of NAV and the term "discount" is sometimes
used to describe a market price below NAV. The chart presents information about
the size and frequency of premiums or discounts. As with other exchange traded
funds, the market price of Fund shares is typically slightly higher or lower
than the Fund's per share NAV. Factors that contribute to the differences
between market price and NAV include the supply and demand for Fund shares and
investors' assessments of the underlying value of a Fund's portfolio
securities.
Differences between the closing times of U.S. and non-U.S. markets may
contribute to differences between the NAV and market price of Fund shares. Many
non-U.S. markets close prior to the close of the U.S. securities exchanges.
Developments after the close of such markets as a result of ongoing price
discovery may be reflected in a Fund's market price but not in its NAV (or vice
versa).
------------------------------------------------------------------------------------------------------------------------------
Market Price Above or Market Price Below
Equal to Net Asset Value Net Asset Value
------------------------------------------------------------------------------------------------------------------------------
Basis Point Number Percentage of Number Percentage of
Differential of Days Total Days of Days Total Days
------------------------------------------------------------------------------------------------------------------------------
WisdomTree International Basic Materials Sector Fund
April 1, 2007 - March 31, 2008 0 - 24.9 31 12.35% 21 8.36%
---------------------------------------------------------------
25 - 49.9 24 9.56% 13 5.18%
---------------------------------------------------------------
50 - 74.9 47 18.73% 14 5.58%
---------------------------------------------------------------
75 - 100.0 30 11.95% 13 5.18%
---------------------------------------------------------------
>100.0 38 15.14% 20 7.97%
---------------------------------------------------------------
Total 170 67.73% 81 32.27%
==============================================================================================================================
WisdomTree International Communications Sector Fund
April 1, 2007 - March 31, 2008 0 - 24.9 22 8.76% 18 7.17%
---------------------------------------------------------------
25 - 49.9 29 11.55% 17 6.77%
---------------------------------------------------------------
50 - 74.9 39 15.54% 9 3.59%
---------------------------------------------------------------
75 - 100.0 33 13.15% 6 2.39%
---------------------------------------------------------------
>100.0 44 17.53% 34 13.55%
---------------------------------------------------------------
Total 167 66.53% 84 33.47%
==============================================================================================================================
WisdomTree International Consumer Cyclical Sector Fund
April 1, 2007 - March 31, 2008 0 - 24.9 55 21.91% 31 12.35%
---------------------------------------------------------------
25 - 49.9 39 15.54% 18 7.17%
---------------------------------------------------------------
50 - 74.9 19 7.57% 15 5.98%
---------------------------------------------------------------
75 - 100.0 9 3.59% 16 6.37%
---------------------------------------------------------------
>100.0 20 7.97% 29 11.55%
---------------------------------------------------------------
Total 142 56.58% 109 43.42%
==============================================================================================================================
WisdomTree International Consumer Non-Cyclical Sector Fund
April 1, 2007 - March 31, 2008 0 - 24.9 34 13.55% 15 5.98%
---------------------------------------------------------------
25 - 49.9 26 10.36% 10 3.98%
---------------------------------------------------------------
50 - 74.9 43 17.13% 15 5.98%
---------------------------------------------------------------
75 - 100.0 30 11.95% 9 3.59%
---------------------------------------------------------------
>100.0 54 21.50% 15 5.98%
---------------------------------------------------------------
Total 187 74.49% 64 25.51%
==============================================================================================================================
WisdomTree International Energy Sector Fund
April 1, 2007 - March 31, 2008 0 - 24.9 25 9.96% 24 9.56%
---------------------------------------------------------------
25 - 49.9 29 11.55% 10 3.98%
---------------------------------------------------------------
50 - 74.9 24 9.56% 14 5.58%
---------------------------------------------------------------
75 - 100.0 24 9.56% 9 3.59%
---------------------------------------------------------------
>100.0 58 23.11% 34 13.55%
---------------------------------------------------------------
Total 160 63.74% 91 36.26%
==============================================================================================================================
60 WisdomTree International Dividend Sector Funds
Frequency Distribution of Discounts & Premiums (unaudited) (concluded)
Market Price Above or Market Price Below
Equal to Net Asset Value Net Asset Value
--------------------------------------------------------------------------------------------------------------------
Basis Point Number Percentage of Number Percentage of
Differential of Days Total Days of Days Total Days
--------------------------------------------------------------------------------------------------------------------
WisdomTree International Financial Sector Fund
April 1, 2007 - March 31, 2008 0 - 24.9 16 6.37% 17 6.77%
---------------------------------------------------------------
25 - 49.9 20 7.97% 7 2.79%
---------------------------------------------------------------
50 - 74.9 45 17.93% 14 5.58%
---------------------------------------------------------------
75 - 100.0 27 10.76% 14 5.58%
---------------------------------------------------------------
>100.0 48 19.12% 43 17.13%
---------------------------------------------------------------
Total 156 62.15% 95 37.85%
====================================================================================================================
WisdomTree International Health Care Sector Fund
April 1, 2007 - March 31, 2008 0 - 24.9 25 9.96% 9 3.59%
---------------------------------------------------------------
25 - 49.9 34 13.55% 12 4.78%
---------------------------------------------------------------
50 - 74.9 54 21.50% 9 3.59%
---------------------------------------------------------------
75 - 100.0 27 10.76% 8 3.19%
---------------------------------------------------------------
>100.0 63 25.10% 10 3.98%
---------------------------------------------------------------
Total 203 80.87% 48 19.13%
====================================================================================================================
WisdomTree International Industrial Sector Fund
April 1, 2007 - March 31, 2008 0 - 24.9 26 10.36% 19 7.57%
---------------------------------------------------------------
25 - 49.9 32 12.75% 17 6.77%
---------------------------------------------------------------
50 - 74.9 47 18.73% 9 3.59%
---------------------------------------------------------------
75 - 100.0 23 9.15% 11 4.38%
---------------------------------------------------------------
>100.0 39 15.54% 28 11.16%
---------------------------------------------------------------
Total 167 66.53% 84 33.47%
====================================================================================================================
WisdomTree International Technology Sector Fund
April 1, 2007 - March 31, 2008 0 - 24.9 24 9.56% 18 7.17%
---------------------------------------------------------------
25 - 49.9 36 14.34% 10 3.98%
---------------------------------------------------------------
50 - 74.9 27 10.76% 9 3.59%
---------------------------------------------------------------
75 - 100.0 29 11.55% 10 3.98%
---------------------------------------------------------------
>100.0 69 27.50% 19 7.57%
---------------------------------------------------------------
Total 185 73.71% 66 26.29%
====================================================================================================================
WisdomTree International Utilities Sector Fund
April 1, 2007 - March 31, 2008 0 - 24.9 17 6.77% 18 7.17%
---------------------------------------------------------------
25 - 49.9 34 13.55% 9 3.59%
---------------------------------------------------------------
50 - 74.9 33 13.15% 14 5.58%
---------------------------------------------------------------
75 - 100.0 39 15.54% 10 3.98%
---------------------------------------------------------------
>100.0 49 19.51% 28 11.16%
---------------------------------------------------------------
Total 172 68.52% 79 31.48%
====================================================================================================================
WisdomTree International Dividend Sector Funds 61
Trustee and Officer Information (unaudited)
The Board of Trustees has responsibility for the overall management and
operations of the Funds, including general supervision of the duties performed
by WisdomTree Asset Management and other service providers. The Board of
Trustees elects the officers of the Trust who are responsible for administering
the Trust's day-to-day operations. Each Trustee serves until his or her
successor is duly elected or appointed and qualified.
The address of each Trustee and Officer is c/o WisdomTree Asset Management,
Inc., 380 Madison Avenue, 21st Floor, New York, NY 10017.
Interested Trustee and Officers
Number of Portfolios Other
Term of Office in Fund Complex Directorships
Name and Length of Principal Occupation(s) Overseen by Trustee Held by Trustee
(year of birth) Position Time Served During the Past 5 Years and Officer+ and Officers
--------------------- -------------- ---------------- --------------------------------------- ---------------------- ---------------
Jonathan Steinberg Trustee, Trustee and Chief Executive Officer of 40 None.
(1964) President* Officer WisdomTree Investments, Inc.
since 2005 (formerly, Index Development
Partners, Inc.) and Director of
WisdomTree Investments, Inc.
(since 1989).
Amit Muni Treasurer*, Officer Chief Financial Officer and Assistant 40 None.
(1969) Assistant since 2008 Secretary of WisdomTree Investments,
Secretary* Inc. (formerly, Index Development
Partners, Inc.) (since March 2008);
International Securities Exchange
Holdings, Inc. (ISE), Controller and
Chief Accounting Officer (2003 to
2008); Instinet Group Inc., Vice
President Finance (2000 to 2003).
Richard Morris Secretary*, Officer Deputy General Counsel of 40 None.
(1967) Chief Legal since 2005 WisdomTree Investments, Inc.
Officer* (formerly, Index Development
Partners, Inc.) (since 2005); Senior
Counsel at Barclays Global Investors,
N.A. (2002 to 2005); Counsel at
Barclays Global Investors, N.A.
(2000 to 2001).
------------------------------------------------------------------------------------------------------------------------------------
* Elected by and serves at the pleasure of the Board of Trustees.
+ As of March 31, 2008.
62 WisdomTree International Dividend Sector Funds
Trustee and Officer Information (unaudited) (concluded)
Independent Trustees
Term of Office Number of Portfolios Other
Name and Length Principal Occupation(s) in Fund Complex Directorships
(year of birth) Position of Time Served During the Past 5 Years Overseen by Trustee+ Held by Trustee
----------------- -------------- ---------------- --------------------------------------- ----------------------- ----------------
Gregory Barton Trustee Trustee General Counsel and Secretary of 40 None.
(1961)* since 2006 Martha Stewart Living Omnimedia,
Inc. (since 2007); Executive Vice
President of Licensing and Legal Af-
fairs, General Counsel and Secretary
of Ziff Davis Media Inc. (2003 to
2007); Executive Vice President of
Legal Affairs, General Counsel and
Secretary of Ziff Davis Media Inc.
(2002 to 2003); President (2001 to
2002), Chief Financial Officer (2000
to 2002), Vice President of Business
Development (1999 to 2001) and
General Counsel and Secretary (1998
to 2002) of WisdomTree Investments,
Inc. (formerly, Index Development
Partners, Inc.)
Toni Massaro Trustee Trustee Dean at University of Arizona James 40 None.
(1955)** since 2006 E. Rogers College of Law (since
1999); Professor at University of Ari-
zona James E. Rogers College of Law
(since 1990).
Victor Ugolyn Trustee, Trustee Private Investor (2005 to present); 40 Trustee on
(1947) Chairman of since 2006 President and Chief Executive Officer Board of
the Board of of William D. Witter, Inc. (2005 to Trustees of
Trustees 2006); Consultant to AXA Enterprise Naismith
in 2004; Chairman, President and Memorial
Chief Executive Officer of Enterprise Basketball
Capital Management (subsidiary of Hall of Fame;
The MONY Group, Inc.) and Enter- Member of
prise Group of Funds, Chairman of the Board of
MONY Securities Corp., and Chair- Directors of
man of the Fund Board of Enterprise William D.
Group of Funds (1991 to 2004). Witter, Inc.;
Member of
the Board of
Overseers of
the Hoover
Institution at
Stanford
University.
----------------------------------------------------------------------------------------------------------------------------------
* Chair of the Audit Committee.
** Chair of the Governance and Nominating Committee.
+ As of March 31, 2008.
WisdomTree International Dividend Sector Funds 63
Supplemental Information (unaudited)
Federal Income Tax Information
The following Federal tax information related to the Funds fiscal year ended
March 31, 2008, is provided for information purposes only and should not be
used for reporting to federal or state revenue agencies. Federal tax
information for the calendar year will be reported to you on Form 1099-DIV in
January 2009.
Certain dividends paid by the Funds may be subject to a maximum tax rate of
15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Of the distributions paid during the fiscal year ended March 31, 2008, the
following represents the maximum amount of ordinary income distributions that
may be considered qualified dividend income:
---------------------------------------------------------------------
Qualified
Fund Dividend Income
---------------------------------------------------------------------
International Basic Materials Sector Fund $932,330
---------------------------------------------------------------------
International Communications Sector Fund 730,148
---------------------------------------------------------------------
International Consumer Cyclical Sector Fund 181,255
---------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 649,397
---------------------------------------------------------------------
International Energy Sector Fund 952,745
---------------------------------------------------------------------
International Financial Sector Fund 630,853
---------------------------------------------------------------------
International Health Care Sector Fund 510,793
---------------------------------------------------------------------
International Industrial Sector Fund 667,639
---------------------------------------------------------------------
International Technology Sector Fund 108,507
---------------------------------------------------------------------
International Utilities Sector Fund 819,523
---------------------------------------------------------------------
The Funds designate the following amount of ordinary income distributions paid
during the fiscal year ended March 31, 2008, is from qualified short-term
gains:
----------------------------------------------------------------------
Qualified
Fund Short-Term Gains
----------------------------------------------------------------------
International Basic Materials Sector Fund $ 2,296
----------------------------------------------------------------------
International Communications Sector Fund 2,148
----------------------------------------------------------------------
International Consumer Cyclical Sector Fund 7,952
----------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 5,840
----------------------------------------------------------------------
International Energy Sector Fund 8,112
----------------------------------------------------------------------
International Financial Sector Fund 48,176
----------------------------------------------------------------------
International Health Care Sector Fund 10,660
----------------------------------------------------------------------
International Industrial Sector Fund 39,830
----------------------------------------------------------------------
International Technology Sector Fund 868
----------------------------------------------------------------------
International Utilities Sector Fund 2,828
----------------------------------------------------------------------
The Funds intend to elect to pass through to shareholders the credit for taxes
paid during the fiscal year ended March 31, 2008 to foreign countries. The
gross foreign source income and foreign taxes paid are as follows:
-----------------------------------------------------------------------------------------
Gross
Fund Foreign Income Foreign Taxes Paid
-----------------------------------------------------------------------------------------
International Basic Materials Sector Fund $1,533,095 $86,807
-----------------------------------------------------------------------------------------
International Communications Sector Fund 855,696 60,235
-----------------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 163,715 13,085
-----------------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 682,911 41,422
-----------------------------------------------------------------------------------------
International Energy Sector Fund 1,118,014 86,036
-----------------------------------------------------------------------------------------
International Financial Sector Fund 712,974 48,205
-----------------------------------------------------------------------------------------
International Health Care Sector Fund 495,483 36,901
-----------------------------------------------------------------------------------------
International Industrial Sector Fund 935,432 85,588
-----------------------------------------------------------------------------------------
International Technology Sector Fund 198,950 -
-----------------------------------------------------------------------------------------
International Utilities Sector Fund 914,041 91,135
-----------------------------------------------------------------------------------------
64 WisdomTree International Dividend Sector Funds
General Information (unaudited)
Proxy Voting Policies, Procedures and Record
A description of the policies and procedures that the Trust uses to determine
how to vote proxies related to each Fund's portfolio securities, and
information on how the Trust voted proxies during the period ended June 30,
2007, is available without charge, upon request (i) by calling 1-866-909-WISE
(ii) on the Trust's website at www.wisdomtree.com and (iii) on the Securities
and Exchange Commission's ("SEC") website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings
with the SEC for their first and third fiscal quarters on Form N-Q. Copies of
the filings are available, without charge, upon request on the SEC's website at
www.sec.gov, and are also available by calling the Trust at 1-866-909-WISE. You
can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference
Room in Washington, DC (information on the operation of the Public Reference
Room may be obtained by calling 1-800-SEC-0330), (ii) sending your request and
a duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102
or (iii) sending your request electronically to publicinfosec.gov.
Information about each Fund's portfolio holdings is available daily, without
charge, at www.wisdomtree.com.
The Fund's 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.
WisdomTree International Dividend Sector Funds 65
The WisdomTree Trust
Investment Adviser
WisdomTree Asset Management, Inc.
380 Madison Avenue, 21st Floor
New York, NY 10017
Investment Sub-Adviser
BNY Investment Advisors
1633 Broadway
New York, NY 10019
Administrator, Custodian & Transfer Agent
The Bank of New York
101 Barclay Street
New York, NY 10286
Distributor
ALPS Distributors, Inc.
1290 Broadway
Suite 1100
Denver, CO 80203
Independent Registered Public Accounting Firm
Ernst & Young LLP
5 Times Square
New York, NY 10036
Legal Counsel
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
The WisdomTree(R) Family of Funds
The following is a list of WisdomTree Funds being offered, along with their
respective ticker symbols as of March 31, 2008:
WisdomTree Domestic Dividend Funds
WisdomTree Total Dividend Fund (DTD)
WisdomTree High-Yielding Equity Fund (DHS)
WisdomTree LargeCap Dividend Fund (DLN)
WisdomTree Dividend Top 100(SM) Fund (DTN)
WisdomTree MidCap Dividend Fund (DON)
WisdomTree SmallCap Dividend Fund (DES)
WisdomTree International Dividend Funds
WisdomTree DEFA Fund (DWM)
WisdomTree DEFA High-Yielding Equity Fund (DTH)
WisdomTree Europe Total Dividend Fund (DEB)
WisdomTree Europe High-Yielding Equity Fund (DEW)
WisdomTree Europe SmallCap Dividend Fund (DFE)
WisdomTree Japan Total Dividend Fund (DXJ)
WisdomTree Japan High-Yielding Equity Fund (DNL)
WisdomTree Japan SmallCap Dividend Fund (DFJ)
WisdomTree Pacific ex-Japan Total Dividend Fund (DND)
WisdomTree Pacific ex-Japan High-Yielding Equity Fund (DNH)
WisdomTree International LargeCap Dividend Fund (DOL)
WisdomTree International Dividend Top 100(SM) Fund (DOO)
WisdomTree International MidCap Dividend Fund (DIM)
WisdomTree International SmallCap Dividend Fund (DLS)
WisdomTree International Real Estate Fund (DRW)
WisdomTree Emerging Markets High-Yielding Equity Fund (DEM)
WisdomTree Emerging Markets SmallCap Dividend Fund (DGS)
WisdomTree International Dividend Sector Funds
WisdomTree International Basic Materials Sector Fund (DBN)
WisdomTree International Communications Sector Fund (DGG)
WisdomTree International Consumer Cyclical Sector Fund (DPC)
WisdomTree International Consumer Non-Cyclical Sector Fund (DPN)
WisdomTree International Energy Sector Fund (DKA)
WisdomTree International Financial Sector Fund (DRF)
WisdomTree International Health Care Sector Fund (DBR)
WisdomTree International Industrial Sector Fund (DDI)
WisdomTree International Technology Sector Fund (DBT)
WisdomTree International Utilities Sector Fund (DBU)
WisdomTree Earnings Funds
WisdomTree Total Earnings Fund (EXT)
WisdomTree Earnings 500 Fund (EPS)
WisdomTree MidCap Earnings Fund (EZM)
WisdomTree SmallCap Earnings Fund (EES)
WisdomTree Earnings Top 100 Fund (EEZ)
WisdomTree Low P/E Fund (EZY)
WisdomTree India Earnings Fund (EPI)
The WisdomTree Funds are exchange traded funds ("ETFs") registered with the
United States Securities and Exchange Commission ("SEC") as series of
WisdomTree Trust ("Trust"). WisdomTree Asset Management, Inc., a wholly owned
subsidiary of WisdomTree Investments, Inc., serves as the investment adviser to
the WisdomTree Trust. None of the WisdomTree entities are affiliated with ALPS
Distributors, Inc., the Funds' distributor. WisdomTree Investments, its
affiliates and their independent providers are not liable for any informational
errors, incompleteness, or delays, or for any actions taken in reliance on
information contained herein.
Investors should consider the investment objectives, risks, charges and
expenses of the funds carefully before investing. A prospectus, containing this
and other information, is available at www.wisdomtree.com, or by calling
1-866-909-WISE (9473). Investors should read the prospectus carefully before
investing. There are risks associated with investing, including possible loss
of principal. Past performance does not guarantee future results. Indexes are
unmanaged and you can not invest directly in an index.
There are risks associated with investing including possible loss of principal.
In addition to the normal risks of investing, 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 its investments in one country increase
the impact of events and developments associated with the region which can
adversely affect performance. Funds focusing on a single country, sector and/or
smaller companies generally experience greater price volatility. Investments in
emerging markets are generally less liquid and less efficient than developed
markets. Please read the funds prospectus for specific details regarding the
fund's risk profile. 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 only in large amounts of
50,000 shares or more.
[LOGO]
WISDOMTREE
Fundamental ETFs
380 Madison Avenue, 21st Floor
New York, NY 10017
1.866.909.WISE (9473)
www.wisdomtree.com
WisdomTree International Dividend Sector ETFs
WisdomTree International Basic Materials Sector Fund
WisdomTree International Communications Sector Fund
WisdomTree International Consumer Cyclical Sector Fund
WisdomTree International Consumer Non-Cyclical Sector Fund
WisdomTree International Energy Sector Fund
WisdomTree International Financial Sector Fund
WisdomTree International Health Care Sector Fund
WisdomTree International Industrial Sector Fund
WisdomTree International Technology Sector Fund
WisdomTree International Utilities Sector Fund
WisdomTree Fund shares are distributed by
ALPS Distributors, Inc.
WIS001175 (05/2009)
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics (the "Code of Ethics") that applies
to persons appointed by the Registrant's Board of Trustees as the President and
Chief Executive Officer, Chief Financial Officer, Treasurer and/or Chief
Accounting Officer, and any persons performing similar functions. For the fiscal
year ended March 31, 2008, there were no amendments to any provision of the Code
of Ethics. A copy of this code is filed with this Form N-CSR under Item 12(a)(1)
Item 3. Audit Committee Financial Expert.
The Registrant's Board of Trustees has determined that the Registrant has one
audit committee financial expert, as that term is defined under Item 3(b) and
3(c), serving on its audit committee. The audit committee financial expert
serving on the Registrant's audit committee is Greg Barton, who is an
independent Trustee of the Trust, as that term is defined under Item 3(a) (2).
Item 4. Principal Accountant Fees and Services.
The principal accountant fees disclosed in item 4(a), 4(b), 4(c), 4(d) and 4(g)
are for the forty funds of the Registrant for which the fiscal year-end is
March 31, 2008 and whose annual financial statements are reported in Item 1.
(a) Audit Fees. The aggregate fees billed from the Trust's fiscal year ended
March 31, 2008 for professional services rendered by the principal accountant
for the audit of the Trust's annual financial statements or services that are
normally provided by the accountant in connection with statutory and regulatory
filings or engagements are as follows:
2008: $789,600
2007: $686,000
(b) Audit-Related Fees. The aggregate fees billed from the Trust's fiscal year
ended March 31, 2008 for professional services rendered for assurance and
related services by the principal accountant that are reasonably related to the
performance of the audit of the Trust's financial statements and are not
reported above in Item 4(a) are as follows:
2008: $0
2007: $0
(c) Tax Fees. The aggregate fees billed from the Trust's fiscal year ended March
31, 2008 for professional services rendered by the principal accountant for tax
compliance, tax advice and tax planning are as follows:
2008: $280,425
2007: $60,000
(d) All Other Fees. The aggregate fees billed from the Trust's fiscal year ended
March 31, 2008 for products and services provided by the principal accountant,
other than the services reported above in Items 4(a) through (c) are as follows:
2008: $118,840
2007: $37,500
(e) Audit Committee Pre-Approval Policies and Procedures.
(i) Per Rule 2-01(c) (7) (A), the Registrant's audit committee charter
provides that the audit committee shall select and approve in advance the
retention of independent accountants to annually audit and provide their opinion
on the Registrant's financial statements. The audit committee must also approve
prior to appointment the engagement of the principal accountant to provide other
audit services to the Registrant or to provide non-audit services to the
Registrant, its investment adviser, or any entity controlling, controlled by, or
under common control with its investment adviser ("adviser/affiliate") that
provides ongoing services to the Registrant, if the engagement by the investment
adviser or adviser affiliate relates directly to the operations and financial
reporting of the Registrant. The audit committee must also, prior to appointment
of the engagement of the principal accountant, review and approve the fees
proposed to be charged to the Registrant by the auditors for each audit and
non-audit service. The audit committee must also consider whether non-audit
services provided by the Registrant's principal accountant to the Registrant's
investment adviser, or adviser/affiliate that provides ongoing services to the
Trust are compatible with maintaining the auditor's independence.
(ii) The Registrant's Audit Committee has approved 100% of services
described in each of Items 4(b) through (d) pursuant to paragraph (c) (7) (A) of
Rule 2-01 of Regulation S-X.
(f) The percentage of hours expended on the principal accountant's engagement to
audit the Trust's financial statements for the most recent fiscal year
attributable to work performed by persons other than the principal accountant's
full-time, permanent employees was 0%.
(g) The aggregate non-audit fees billed by the Trust's accountant for services
rendered to the Trust, the Advisor or any entity controlling, controlled by, or
under common control with the Advisor that provides ongoing services to the
Trust (except for any sub-advisor whose role is primarily portfolio management
and is sub-contracted with or overseen by another investment advisor) that for
the fiscal year ended March 31, 2008 are as follows:
2008: $399,265
2007: $97,500
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
The Registrant is an issuer as defined in Rule 10A-3 under the Exchange Act and
has a separately-designated standing audit committee established in accordance
with Section 3(a) (58)A of the Exchange Act. The Registrant's audit committee
members are Greg Barton, Toni Massaro and Victor Ugolyn.
Item 6. Schedules of Investments.
The schedules are included as part of the report to shareholders filed under
Item 1 of this form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) Based on their evaluation of the Registrant's disclosure controls and
procedures (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) as of a date within 90 days prior to the filing date of this report, the
President and Treasurer of the Registrant have concluded that such disclosure
controls and procedures are reasonably designed and effective to ensure that
material information relating to the Registrant, is made known to them by others
within those entities.
(b) There were no changes in the Registrant's internal control over financial
reporting (as defined in Rule 30 a-3(d) under the Investment Company Act of
1940) that occurred during the Registrant's second fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Code of Ethics for Senior Officers that is the subject of Item 2 is
attached.
(a)(2) Certification of each principal executive officer and principal financial
officer of the Registrant as required by Rule 30a-2 under the Act (17 CFR
270.30a-2) is attached hereto as a part of EX-99.CERT.
(a)(3) Not applicable.
(b) Certification of each principal executive officer and principal financial
officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act
of 2002 is attached hereto as a part of EX-99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) WisdomTree Trust
----------------------------
By: /s/ Jonathan L. Steinberg
----------------------------
Name: Jonathan L. Steinberg
Title: President
Date: June 6, 2008
By: /s/ Amit Muni
----------------------------
Name: Amit Muni
Title: Treasurer
Date: June 6, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Jonathan L. Steinberg
----------------------------
Name: Jonathan L. Steinberg
Title: President
Date: June 6, 2008
By: /s/ Amit Muni
----------------------------
Name: Amit Muni
Title: Treasurer
Date: June 6, 2008