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
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(Exact name of registrant as specified in charter)
48 Wall Street, 11th Floor
New York, NY 10005
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(Address of principal executive offices) (Zip code)
The Corporation Trust Company
1209 Orange Street
Wilmington, DE 19801
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(Name and address of agent for service)
Registrant's telephone number, including area code: (866)-909-9473
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Date of fiscal year end: March 31
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Date of reporting period: March 31, 2007
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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 reports transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940 is as follows:
[LOGO] WISDOMTREE
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WisdomTree Trust
Domestic Dividend Funds
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
Annual Report
For the period June 16, 2006 (commencement of investment operations) through
March 31, 2007
Table of Contents
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Letter to Shareholders ........................................ 1
Management's Discussion of Funds' Performance ................. 2
Performance Summaries ......................................... 4
Shareholder Expense Examples .................................. 16
Schedules of Investments
WisdomTree Total Dividend Fund .............................. 18
WisdomTree High-Yielding Equity Fund ........................ 28
WisdomTree LargeCap Dividend Fund ........................... 33
WisdomTree Dividend Top 100 Fund ............................ 37
WisdomTree MidCap Dividend Fund ............................. 39
WisdomTree SmallCap Dividend Fund ........................... 45
Statements of Assets and Liabilities .......................... 54
Statements of Operations ...................................... 55
Statements of Changes in Net Assets ........................... 56
Financial Highlights .......................................... 57
Notes to the Financial Statements ............................. 60
Report of Independent Registered Public Accounting Firm ....... 66
Approval of Investment Advisory and Sub-Advisory Agreement
(unaudited) ................................................. 67
Frequency Distribution of Discounts & Premiums (unaudited) .... 68
Trustee and Officer Information (unaudited) ................... 69
Supplemental Information (unaudited) .......................... 71
General Information (unaudited) ............................... 72
"WisdomTree", "WisdomTree Investments" and "Dividend Top 100" are service 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 to you highlights for the funds of the WisdomTree
Trust for the fiscal year ended March 31, 2007. The Trust's initial year of
operations was marked by several milestones and industry firsts.
In less than a year, WisdomTree launched 36 exchange traded funds (ETFs) and
quickly established itself as a market leader, with the broadest menu of
fundamentally weighted ETFs issued in the U.S. WisdomTree believes that
fundamentally weighted index funds, where initial index weights are anchored to
a measure of fundamental value, such as earnings or dividends, have the
potential to overcome what WisdomTree believes is an inherent flaw of market
capitalization-weighted index funds: their tendency to overweight overvalued
stocks, overvalued sectors and overvalued regions of the world. The historic
launch of 20 ETFs on a single day in June of 2006 was a testament to
WisdomTree's conviction in this idea. The June listing gave U.S. investors the
opportunity, for the first time, to invest in dividend-weighted portfolios
throughout the developed world. WisdomTree's international small cap and
international high-yielding offerings were the first of their kind. In October
of 2006, WisdomTree pioneered another industry first by launching ten pure
international sector ETFs. These are derived from the WisdomTree DEFA Index,
which measures the performance of dividend-paying companies in the developed
world outside the U.S. and Canada. In February of 2007, WisdomTree unveiled six
new domestic earnings-based ETFs to complement its existing domestic dividend
family. Although weighting indexes by fundamental factors is not a new concept,
it was commercialized nearly two decades ago, WisdomTree's application of the
idea in the ETF format broke new ground. By March 31, 2007, assets under
management in the WisdomTree Trust stood at approximately $3 billion, up from
$1.5 billion at the end of 2006. Moreover, in the first quarter of 2007,
WisdomTree took in approximately 13% of the net inflows into the U.S. ETF
industry, according to an April 2007 Morgan Stanley report.
Just as our products have found quick acceptance in the market, WisdomTree's
unique perspective is also changing the way advisors, fiduciaries and
self-directed investors view indexing. WisdomTree is engaged in a pivotal debate
that could redefine the direction of equity index investing, a debate which
pivots on a key question: do fundamentally weighted index funds better serve
investors than market capitalization-weighted index funds? In the years to come,
fund performance data included in these reports will provide some of the
real-time results necessary to help resolve this debate.
In the interim, WisdomTree is committed to leading the fundamentally weighted
index category, giving equity investors a fundamental choice in every major
region where they currently use a market capitalization-weighted index fund. We
have resolved to do so through competitively priced ETFs designed to provide the
transparency, liquidity and tax advantages that have made exchange traded funds
so popular.
Although launching any new enterprise is never easy, our work has been aided by
the conviction that we are serving investors and by the confidence you have
shown in us. Thank you for your continued support.
Best Regards,
/s/ Jonathan Steinberg
Jonathan Steinberg
President, WisdomTree Trust
CEO, WisdomTree Asset Management, Inc.
The sources, opinions and forecasts expressed are as of March 31, 2007 and may
not actually come to pass. 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.
WisdomTree Domestic Dividends Funds 1
Management's Discussion of Funds' Performance
The six domestic dividend-based ETFs introduced 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 United States. 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 benchmark index.
The U.S. equity market experienced a sustained rally in 2006 that continued
through the first quarter of 2007. From inception of the Funds on June 16, 2006
through March 31, 2007, the Russell 3000 Index*, a broad measure of the U.S.
stock market, advanced 15.66% on a total return basis. Expanding economic
activity and moderate inflation have provided a supportive backdrop for U.S.
financial markets. Although weakness in the housing market and concerns about
rising energy prices have weighed on consumer sentiment, the Federal Reserve has
slowed the pace of interest rate increases after several years of sustained rate
hikes.
WisdomTree's domestic ETFs have participated in the broad-based U.S. rally. Five
of the six WisdomTree domestic dividend-based ETFs had higher cumulative returns
than their comparable market capitalization-weighted index for the period from
their inception on June 16, 2006 to the close of the fiscal year ended March 31,
2007. The broadest WisdomTree domestic dividend-based ETF, the WisdomTree Total
Dividend Fund (DTD), had a cumulative total return of 16.84% from its inception
on June 16, 2006 to March 31, 2007. DTD outperformed the Russell 3000 Index* by
1.2 percentage points over that period. The WisdomTree High-Yielding Equity Fund
(DHS), which is comprised of higher dividend-yielding stocks selected from the
WisdomTree Dividend Index, was the only domestic dividend-based WisdomTree ETF
to underperform its comparable market capitalization-weighted benchmark since
inception. DHS returned 18.23% for the period, trailing the Russell 1000 Value
Index* by approximately half a percentage point since the Fund's inception. The
best performing size segment of the WisdomTree Dividend Index for this period
was the mid-cap portion. The WisdomTree MidCap Dividend Fund (DON) returned
17.71% for the period, surpassing the return of the S&P MidCap 400 Index* by
1.98 percentage points.
Smallcap stocks continues to outpace large-capitalization companies in the
period. The WisdomTree SmallCap Dividend Fund (DES) returned 16.88% since its
inception, slightly ahead of the Russell 2000 Index*, which returned 16.66%
through March 31, 2007. The WisdomTree LargeCap Dividend Fund (DLN) advanced by
16.77% since its inception, outpacing the S&P 500 Index* by 1.55 percentage
points through March 31, 2007. The WisdomTree Dividend Top 100 (DTN) exhibited
the highest returns of all the WisdomTree domestic ETFs for the period,
returning 20.99% since inception.
The views expressed in this report reflect those of the portfolio managers only
through the end of the period of the report as started 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.
2 WisdomTree Domestic Dividends Funds
Management's Discussion of Funds' Performance
(concluded)
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 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 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. 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, 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.
WisdomTree Domestic Dividends Funds 3
Performance Summary
WisdomTree Total Dividend Fund
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 16.84% at NAV, since its
inception on 6/16/2006 (for more complete performance information, please see
below). Financials contributed most significantly to this performance; the
sector comprised on average 33.48% of the Fund and returned 13.32% over the
period. AT&T Inc. was the top contributor to performance for the period.
Information Technology was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
Net Asset Market WisdomTree Russell
Value Price Dividend Index 3000 Index
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Since Inception(1) 16.84% 16.63% 16.34% 15.66%
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(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Total
Date Dividend Fund Russell 3000 Index
--------------------------------------------------
6/16/06 $10,000 $10,000
6/30/06 $10,177 $10,189
7/31/06 $10,403 $10,179
8/31/06 $10,616 $10,428
9/30/06 $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
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 (concluded)
WisdomTree Total Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
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General Electric Co. 97,735 $3,455,910 3.9%
--------------------------------------------------------------------------------
Citigroup, Inc. 65,561 3,365,901 3.8%
--------------------------------------------------------------------------------
Bank of America Corp. 63,249 3,226,963 3.6%
--------------------------------------------------------------------------------
AT&T, Inc. 69,795 2,752,016 3.1%
--------------------------------------------------------------------------------
Altria Group, Inc. 29,021 2,548,335 2.8%
--------------------------------------------------------------------------------
Exxon Mobil Corp. 31,735 2,394,405 2.7%
--------------------------------------------------------------------------------
Pfizer, Inc. 87,707 2,215,478 2.5%
--------------------------------------------------------------------------------
Verizon Communications, Inc. 45,561 1,727,673 1.9%
--------------------------------------------------------------------------------
JPMorgan Chase & Co. 34,412 1,664,852 1.9%
--------------------------------------------------------------------------------
Chevron Corp. 21,252 1,571,797 1.8%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 32.1%
Consumer Non-Cyclical 20.0%
Industrial 10.2%
Communications 8.0%
Energy 7.3%
Utilities 6.6%
Consumer Cyclical 6.4%
Technology 4.7%
Basic Materials 4.5%
Other 0.2%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree Domestic Dividend Funds 5
Performance Summary
WisdomTree High-Yielding Equity Fund
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 18.23% at NAV, since its
inception on 6/16/2006 (for more complete performance information, please see
below). Financials contributed most significantly to this performance; the
sector comprised on average 43.70% of the Fund and returned 12.78% over the
period. AT&T Inc. was the top contributor to performance for the period.
Information Technology was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market High-Yielding Russell 1000
Value Price Equity Index Value Index
--------------------------------------------------------------------------------
Since Inception(1) 18.23% 18.18% 18.08% 18.75%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree High-Yielding Russell 1000
Date Equity Fund 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
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 (concluded)
WisdomTree High-Yielding Equity Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
General Electric Co. 399,909 $14,140,782 6.9%
--------------------------------------------------------------------------------
Citigroup, Inc. 266,069 13,659,982 6.6%
--------------------------------------------------------------------------------
Bank of America Corp. 254,589 12,989,130 6.3%
--------------------------------------------------------------------------------
AT&T, Inc. 293,802 11,584,613 5.6%
--------------------------------------------------------------------------------
Altria Group, Inc. 117,019 10,275,437 5.0%
--------------------------------------------------------------------------------
Pfizer, Inc. 344,828 8,710,355 4.2%
--------------------------------------------------------------------------------
Verizon Communications, Inc. 184,982 7,014,517 3.4%
--------------------------------------------------------------------------------
JPMorgan Chase & Co. 139,412 6,744,753 3.3%
--------------------------------------------------------------------------------
Chevron Corp. 85,618 6,332,307 3.1%
--------------------------------------------------------------------------------
Wachovia Corp. 113,375 6,241,293 3.0%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 41.9%
Consumer Non-Cyclical 19.3%
Communications 10.7%
Utilities 9.8%
Industrial 7.5%
Basic Materials 5.4%
Energy 3.6%
Other 1.8%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change overtime.
WisdomTree Domestic Dividend Funds 7
Performance Summary
WisdomTree LargeCap Dividend Fund
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 16.77% at NAV, since its
inception on 6/16/2006 (for more complete performance information, please see
below). Financials contributed most significantly to this performance; the
sector comprised on average 30.14% of the Fund and returned 13.08% over the
period. AT&T Inc. was the top contributor to performance for the period.
Information Technology was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market LargeCap S&P 500
Value Price Dividend Index Index
--------------------------------------------------------------------------------
Since Inception(1) 16.77% 16.63% 16.58% 15.22%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree LargeCap
Date 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
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
Performance Summary (concluded)
WisdomTree LargeCap Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
General Electric Co. 440,096 $15,561,794 4.7%
--------------------------------------------------------------------------------
Citigroup, Inc. 292,531 15,018,541 4.5%
--------------------------------------------------------------------------------
Bank of America Corp. 281,371 14,355,548 4.3%
--------------------------------------------------------------------------------
AT&T, Inc. 321,758 12,686,918 3.8%
--------------------------------------------------------------------------------
Altria Group, Inc. 128,967 11,324,592 3.4%
--------------------------------------------------------------------------------
Exxon Mobil Corp. 146,427 11,047,917 3.3%
--------------------------------------------------------------------------------
Pfizer, Inc. 379,683 9,590,792 2.9%
--------------------------------------------------------------------------------
Verizon Communications, Inc. 203,898 7,731,812 2.3%
--------------------------------------------------------------------------------
JPMorgan Chase & Co. 153,573 7,429,861 2.2%
--------------------------------------------------------------------------------
Chevron Corp. 94,459 6,986,188 2.1%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 29.4%
Consumer Non-Cyclical 22.2%
Industrial 10.6%
Communications 8.6%
Energy 8.2%
Utilities 5.8%
Consumer Cyclical 5.3%
Technology 5.3%
Basic Materials 4.4%
Other 0.2%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change overtime.
WisdomTree Domestic Dividend Funds 9
Performance Summary
WisdomTree Dividend Top 100 Fund
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 20.99% at NAV, since its
inception on 6/16/2006 (for more complete performance information, please see
below). Financials contributed most significantly to this performance; the
sector comprised on average 35.36% of the Fund and returned 16.47% over the
period. Southern Copper Corp. was the top contributor to performance for the
period. Industrials was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree Dow Jones U.S.
Net Asset Market Dividend Top 100 Select Dividend
Value Price Index Index
--------------------------------------------------------------------------------
Since Inception(1) 20.99% 20.95% 20.67% 17.75%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Dividend Dow Jones U.S.
Date Top 100 Fund Select 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
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 Domestic Dividend Funds
Performance Summary (concluded)
WisdomTree Dividend Top 100 Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Southern Copper Corp. 102,622 $7,353,893 3.9%
--------------------------------------------------------------------------------
AT&T, Inc. 106,793 4,210,848 2.2%
--------------------------------------------------------------------------------
Southern Co. 85,152 3,120,820 1.7%
--------------------------------------------------------------------------------
Progress Energy, Inc. 61,092 3,081,479 1.6%
--------------------------------------------------------------------------------
Consolidated Edison, Inc. 56,947 2,907,713 1.5%
--------------------------------------------------------------------------------
Verizon Communications, Inc. 76,448 2,898,908 1.5%
--------------------------------------------------------------------------------
Mattel, Inc. 98,059 2,703,487 1.4%
--------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 96,791 2,686,918 1.4%
--------------------------------------------------------------------------------
DTE Energy Co. 53,664 2,570,505 1.4%
--------------------------------------------------------------------------------
National City Corp. 67,929 2,530,356 1.3%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 32.2%
Utilities 19.9%
Consumer Non-Cyclical 18.2%
Basic Materials 10.2%
Consumer Cyclical 7.2%
Communications 5.8%
Industrial 3.2%
Energy 2.0%
Other 1.3%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change overtime.
WisdomTree Domestic Dividend Funds 11
Performance Summary
WisdomTree MidCap Dividend Fund
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 17.71% at NAV, since its
inception on 6/16/2006 (for more complete performance information, please see
below). Financials contributed most significantly to this performance; the
sector comprised on average 47.56% of the Fund and returned 15.33% over the
period. American Capital Strategies, Ltd. was the top contributor to
performance for the period. Energy was the biggest detractor to the Fund for
the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market MidCap
Value Price Dividend Index S&P 400 Index
--------------------------------------------------------------------------------
Since Inception(1) 17.71% 15.11% 17.55% 15.73%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Midcap
Date Dividend Fund S&P 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
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 Domestic Dividend Funds
Performance Summary (concluded)
WisdomTree MidCap Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Windstream Corp. 95,038 $1,396,108 1.8%
--------------------------------------------------------------------------------
American Capital Strategies Ltd. 30,093 1,333,421 1.7%
--------------------------------------------------------------------------------
iStar Financial, Inc. 19,887 931,309 1.2%
--------------------------------------------------------------------------------
New York Community Bancorp, Inc. 50,091 881,101 1.1%
--------------------------------------------------------------------------------
Allied Capital Corp. 28,875 831,889 1.1%
--------------------------------------------------------------------------------
Citizens Communications Co. 54,921 821,069 1.0%
--------------------------------------------------------------------------------
Health Care Property Investors, Inc. 22,736 819,178 1.0%
--------------------------------------------------------------------------------
KeySpan Corp. 19,212 790,575 1.0%
--------------------------------------------------------------------------------
Thornburg Mortgage, Inc. 29,563 768,638 1.0%
--------------------------------------------------------------------------------
Plum Creek Timber Co., Inc. 18,361 723,791 0.9%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 44.9%
Utilities 13.5%
Industrial 9.8%
Consumer Non-Cyclical 8.5%
Consumer Cyclical 7.7%
Basic Materials 6.4%
Communications 4.4%
Energy 2.7%
Other 2.1%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change overtime.
WisdomTree Domestic Dividend Funds 13
Performance Summary
WisdomTree SmallCap Dividend Fund
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 16.88% at NAV, since its
inception on 6/16/2006 (for more complete performance information, please see
below). Financials contributed most significantly to this performance; the
sector comprised on average 56.54% of the Fund and returned 13.43% over the
period. Nationwide Health Properties, Inc. was the top contributor to
performance for the period. Health Care was the biggest detractor to the Fund
for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market SmallCap
Value Price Dividend Index Russell 2000 Index
--------------------------------------------------------------------------------
Since Inception(1) 16.88% 16.54% 16.18% 16.68%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Smallcap
Date Dividend Fund Russell 2000 Index
-----------------------------------------------------
6/16/06 $10,000 $10,000
6/30/06 $10,326 $10,464
7/31/06 $10,314 $10,123
8/31/06 $10,543 $10,423
9/30/06 $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
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 Domestic Dividend Funds
Performance Summary (concluded)
WisdomTree SmallCap Dividend Fund
Top Ten Holdings(2) as of 3/31/07
===================================================================================
Description Shares Market Value % of Net Assets
-----------------------------------------------------------------------------------
Lexington Corporate Properties Trust 46,188 $975,951 0.9%
-----------------------------------------------------------------------------------
Citizens Banking Corp. 43,811 970,852 0.9%
-----------------------------------------------------------------------------------
Spirit Finance Corp. 63,742 949,755 0.8%
-----------------------------------------------------------------------------------
Ares Capital Corp. 50,681 920,873 0.8%
-----------------------------------------------------------------------------------
American Financial Realty Trust 89,950 906,696 0.8%
-----------------------------------------------------------------------------------
Pennsylvania Real Estate Investment Trust 20,337 901,539 0.8%
-----------------------------------------------------------------------------------
MCG Capital Corp. 47,026 882,208 0.8%
-----------------------------------------------------------------------------------
Vector Group Ltd. 46,340 867,021 0.8%
-----------------------------------------------------------------------------------
Regal Entertainment Group Class A 42,562 845,707 0.8%
-----------------------------------------------------------------------------------
Citadel Broadcasting Corp. 82,002 779,838 0.7%
-----------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 50.2%
Consumer Cyclical 11.3%
Consumer Non-Cyclical 9.6%
Industrial 8.6%
Communications 6.7%
Utilities 6.3%
Basic Materials 4.9%
Energy 1.2%
Other 1.2%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change overtime.
WisdomTree Domestic Dividend Funds 15
Shareholder Expense Examples (unaudited)
As a shareholder of a WisdomTree Fund, you incur two types of costs: (1)
transaction costs, such as brokerage commissions on purchases and sales of your
Fund shares and (2) ongoing Fund 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, 2006 to March 31, 2007.
Actual expenses
The first line under each Fund in the table below 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 10/01/06 to 3/31/07" 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 below 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.
16 WisdomTree Domestic Dividend Funds
Shareholder Expense Examples (unaudited) (concluded)
=========================================================================================================
Annualized
Expense Ratio Expenses Paid
Based on the During the
Beginning Ending Period Period+
Account Value Account Value 10/01/06 to 10/01/06 to
10/01/06 3/31/07 3/31/07 3/31/07
---------------------------------------------------------------------------------------------------------
WisdomTree Total Dividend Fund
Actual $1,000.00 $1,077.57 0.28% $1.45
Hypothetical (5% return before expenses) $1,000.00 $1,023.54 0.28% $1.41
---------------------------------------------------------------------------------------------------------
WisdomTree High-Yielding Equity Fund
Actual $1,000.00 $1,074.65 0.38% $1.97
Hypothetical (5% return before expenses) $1,000.00 $1,023.04 0.38% $1.92
---------------------------------------------------------------------------------------------------------
WisdomTree LargeCap Dividend Fund
Actual $1,000.00 $1,072.04 0.28% $1.45
Hypothetical (5% return before expenses) $1,000.00 $1,023.54 0.28% $1.41
---------------------------------------------------------------------------------------------------------
WisdomTree Dividend Top 100 Fund
Actual $1,000.00 $1,108.79 0.38% $2.00
Hypothetical (5% return before expenses) $1,000.00 $1,023.04 0.38% $1.92
---------------------------------------------------------------------------------------------------------
WisdomTree MidCap Dividend Fund
Actual $1,000.00 $1,105.75 0.38% $1.99
Hypothetical (5% return before expenses) $1,000.00 $1,023.04 0.38% $1.92
---------------------------------------------------------------------------------------------------------
WisdomTree SmallCap Dividend Fund
Actual $1,000.00 $1,090.60 0.38% $1.98
Hypothetical (5% return before expenses) $1,000.00 $1,023.04 0.38% $1.92
---------------------------------------------------------------------------------------------------------
+ Expenses are calculated using each Fund's annualized expense ratio,
multiplied by the average account value for the period, multiplied by
182/365 (to reflect the fiscal period).
WisdomTree Domestic Dividend Funds 17
Schedule of Investments
WisdomTree Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.8%
Advertising - 0.1%
Harte-Hanks, Inc. 744 $ 20,527
Omnicom Group, Inc. 636 65,114
------------
Total Advertising 85,641
--------------------------------------------------------------------------------
Aerospace/Defense - 1.6%
Boeing Co. (The) 3,511 312,163
DRS Technologies, Inc. 424 22,120
General Dynamics Corp. 1,801 137,596
Goodrich Corp. 682 35,109
L-3 Communications Holdings, Inc. 341 29,827
Lockheed Martin Corp. 2,133 206,944
Northrop Grumman Corp. 1,975 146,585
Raytheon Co. 2,917 153,026
Rockwell Collins, Inc. 465 31,122
United Technologies Corp. 5,459 354,836
------------
Total Aerospace/Defense 1,429,328
--------------------------------------------------------------------------------
Agriculture - 3.5%
Altria Group, Inc. 29,021 2,548,335
Delta & Pine Land Co. 536 22,083
Loews Corp. 930 70,317
Reynolds American, Inc. 4,524 282,343
Universal Corp. 466 28,589
UST, Inc. 2,110 122,338
Vector Group Ltd. 1,716 32,106
------------
Total Agriculture 3,106,111
--------------------------------------------------------------------------------
Airlines - 0.0%
Southwest Airlines Co. 1,295 19,037
--------------------------------------------------------------------------------
Apparel - 0.3%
Columbia Sportswear Co. 351 21,871
Jones Apparel Group, Inc. 589 18,100
Liz Claiborne, Inc. 527 22,582
NIKE, Inc. Class B 868 92,233
Phillips-Van Heusen Corp. 436 25,637
Polo Ralph Lauren Corp. 341 30,059
VF Corp. 1,014 83,777
------------
Total Apparel 294,259
--------------------------------------------------------------------------------
Auto Manufacturers - 0.3%
General Motors Corp. 6,498 199,099
Oshkosh Truck Corp. 372 19,716
Paccar, Inc. 962 70,611
------------
Total Auto Manufacturers 289,426
--------------------------------------------------------------------------------
Auto Parts & Equipment - 0.2%
BorgWarner, Inc. 472 35,598
Johnson Controls, Inc. 1,130 106,921
------------
Total Auto Parts & Equipment 142,519
--------------------------------------------------------------------------------
Banks - 13.0%
Alabama National BanCorp. 373 26,412
Associated Banc-Corp 1,333 44,789
BancorpSouth, Inc. 775 18,949
Bank of America Corp. 63,249 3,226,963
Bank of Hawaii Corp. 434 23,015
Bank of New York Co., Inc. (The) 6,099 247,314
BB&T Corp. 6,931 284,310
BOK Financial Corp. 801 39,674
Boston Private Financial Holdings, Inc. 651 18,176
Capital One Financial Corp. 363 27,392
Cathay General Bancorp 527 17,907
Central Pacific Financial Corp. 992 36,277
Chittenden Corp. 1,230 37,134
Citizens Banking Corp. 1,792 39,711
City National Corp. 310 22,816
Colonial BancGroup, Inc. (The) 1,302 32,225
Comerica, Inc. 2,080 122,970
Commerce Bancshares, Inc. 426 20,580
Compass Bancshares, Inc. 1,209 83,179
Cullen/Frost Bankers, Inc. 810 42,387
East West Bancorp, Inc. 496 18,238
Fifth Third Bancorp 7,516 290,794
First Citizens BancShares, Inc. Class A 93 18,693
First Community Bancorp 479 27,083
First Horizon National Corp. 1,677 69,646
First Midwest Bancorp, Inc. 527 19,367
First Republic Bank 434 23,306
FirstMerit Corp. 1,116 23,559
FNB Corp./PA 1,760 29,656
Frontier Financial Corp. 837 20,883
Fulton Financial Corp. 1,832 26,619
Glacier Bancorp, Inc. 1,273 30,603
Greater Bay Bancorp 890 23,932
Huntington Bancshares, Inc. 3,203 69,986
International Bancshares Corp. 1,264 37,503
Investors Financial Services Corp. 434 25,237
KeyCorp 5,067 189,860
M&T Bank Corp. 690 79,923
Marshall & Ilsley Corp. 1,975 91,462
MB Financial, Inc. 701 25,243
Mellon Financial Corp. 2,886 124,502
National City Corp. 8,620 321,095
Northern Trust Corp. 1,178 70,845
Old National Bancorp 2,910 52,904
Pacific Capital Bancorp 558 17,923
Park National Corp. 186 17,573
PNC Financial Services Group, Inc. (The) 3,408 245,274
Prosperity Bancshares, Inc. 589 20,462
Provident Bankshares Corp. 527 17,317
Regions Financial Corp. 9,438 333,822
Sky Financial Group, Inc. 1,999 53,693
South Financial Group, Inc. (The) 2,056 50,824
State Street Corp. 1,302 84,305
Sterling Financial Corp./WA 651 20,305
SunTrust Banks, Inc. 3,474 288,481
See Notes to Financial Statements.
18 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Susquehanna Bancshares, Inc. 837 $ 19,410
Synovus Financial Corp. 2,793 90,326
TCF Financial Corp. 1,476 38,907
TD Banknorth, Inc. 3,249 104,488
Trustmark Corp. 620 17,385
U.S. Bancorp 23,380 817,598
UCBH Holdings, Inc. 1,085 20,203
UMB Financial Corp. 589 22,241
Umpqua Holdings Corp. 1,164 31,160
UnionBanCal Corp. 1,515 96,081
United Bankshares, Inc. 676 23,680
United Community Banks, Inc. 939 30,790
Valley National Bancorp 1,240 31,310
Wachovia Corp. 28,180 1,551,308
Webster Financial Corp. 824 39,560
Wells Fargo & Co. 36,368 1,252,149
Westamerica Bancorp 403 19,413
Whitney Holding Corp. 1,809 55,319
Wilmington Trust Corp. 589 24,838
Wintrust Financial Corp. 372 16,595
Zions Bancorp. 721 60,939
------------
Total Banks 11,636,798
--------------------------------------------------------------------------------
Beverages - 2.4%
Anheuser-Busch Cos., Inc. 6,331 319,462
Brown-Forman Corp. Class A 248 17,132
Coca-Cola Co. (The) 21,036 1,009,728
Coca-Cola Enterprises, Inc. 1,739 35,215
Molson Coors Brewing Co. Class B 372 35,199
Pepsi Bottling Group, Inc. 1,054 33,612
PepsiAmericas, Inc. 1,419 31,672
PepsiCo, Inc. 10,777 684,986
------------
Total Beverages 2,167,006
--------------------------------------------------------------------------------
Building Materials - 0.3%
American Standard Cos., Inc. 1,054 55,883
Eagle Materials, Inc. 465 20,753
Florida Rock Industries, Inc. 403 27,118
Lennox International, Inc. 642 22,919
Martin Marietta Materials, Inc. 217 29,338
Masco Corp. 4,019 110,121
------------
Total Building Materials 266,132
--------------------------------------------------------------------------------
Chemicals - 2.4%
Air Products & Chemicals, Inc. 1,398 103,298
Airgas, Inc. 489 20,611
Albemarle Corp. 868 35,883
Ashland, Inc. 346 22,698
Cabot Corp. 589 28,113
Celanese Corp. Series A 1,023 31,549
Chemtura Corp. 2,142 23,412
Cytec Industries, Inc. 341 19,178
Dow Chemical Co. (The) 12,138 556,648
E.I. du Pont de Nemours & Co. 9,832 485,996
Eastman Chemical Co. 868 54,970
Ecolab, Inc. 837 35,991
FMC Corp. 286 21,573
International Flavors & Fragrances, Inc. 589 27,813
Lubrizol Corp. 496 25,559
Lyondell Chemical Co. 3,496 104,775
Monsanto Co. 1,687 92,718
PPG Industries, Inc. 1,522 107,012
Praxair, Inc. 1,832 115,343
Rohm & Haas Co. 1,823 94,286
RPM International, Inc. 1,302 30,076
Sherwin-Williams Co. (The) 593 39,162
Sigma-Aldrich Corp. 566 23,500
Valhi, Inc. 724 9,557
Valspar Corp. (The) 713 19,843
Westlake Chemical Corp. 649 17,620
------------
Total Chemicals 2,147,184
--------------------------------------------------------------------------------
Coal - 0.1%
Arch Coal, Inc. 465 14,271
Consol Energy, Inc. 419 16,395
Foundation Coal Holdings, Inc. 334 11,470
Massey Energy Co. 543 13,027
Peabody Energy Corp. 691 27,805
------------
Total Coal 82,968
--------------------------------------------------------------------------------
Commercial Services - 0.6%
Adesa, Inc. 828 22,878
Advance America, Cash Advance Centers, Inc. 1,302 20,038
Deluxe Corp. 1,399 46,908
DeVry, Inc. 789 23,157
Equifax, Inc. 558 20,339
H&R Block, Inc. 2,359 49,633
Manpower, Inc. 527 38,877
McKesson Corp. 434 25,406
Moody's Corp. 347 21,535
Pharmaceutical Product Development, Inc. 375 12,634
R.R. Donnelley & Sons Co. 2,960 108,307
Robert Half International, Inc. 1,014 37,528
Service Corp. International 2,421 28,713
ServiceMaster Co. (The) 3,585 55,173
Sotheby's Class A 578 25,709
Weight Watchers International, Inc. 465 21,432
------------
Total Commercial Services 558,267
--------------------------------------------------------------------------------
Computers - 1.1%
Diebold, Inc. 701 33,445
Electronic Data Systems Corp. 1,178 32,607
Factset Research Systems, Inc. 332 20,866
Hewlett-Packard Co. 7,269 291,778
International Business Machines Corp. 6,666 628,337
------------
Total Computers 1,007,033
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 19
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Cosmetics/Personal Care - 1.9%
Avon Products, Inc. 3,141 $ 117,034
Colgate-Palmolive Co. 3,576 238,841
Estee Lauder Cos., Inc. (The) Class A 445 21,738
Procter & Gamble Co. 21,015 1,327,307
------------
Total Cosmetics/Personal Care 1,704,920
--------------------------------------------------------------------------------
Distribution/Wholesale - 0.2%
CDW Corp. 686 42,141
Fastenal Co. 496 17,385
Genuine Parts Co. 1,468 71,932
W.W. Grainger, Inc. 341 26,339
------------
Total Distribution/Wholesale 157,797
--------------------------------------------------------------------------------
Diversified Financial Services - 8.4%
Advanta Corp. Class B 527 23,104
AG Edwards, Inc. 589 40,747
American Express Co. 4,019 226,672
Ameriprise Financial, Inc. 744 42,512
Bear, Stearns & Co., Inc. 310 46,609
BlackRock, Inc. 487 76,123
Charles Schwab Corp. (The) 4,456 81,500
Chicago Mercantile Exchange Holdings, Inc. Class A 62 33,013
CIT Group, Inc. 930 49,216
Citigroup, Inc. 65,561 3,365,901
Cohen & Steers, Inc. 213 9,176
Eaton Vance Corp. 744 26,516
Federated Investors, Inc. Class B 722 26,512
First Marblehead Corp. (The) 353 15,846
Franklin Resources, Inc. 403 48,694
Freddie Mac 6,637 394,835
GAMCO Investors, Inc. Class A 428 18,545
Goldman Sachs Group, Inc. 1,039 214,689
Greenhill & Co., Inc. 233 14,304
International Securities Exchange, Inc. 474 23,131
Janus Capital Group, Inc. 1,364 28,521
Jefferies Group, Inc. 713 20,641
JPMorgan Chase & Co. 34,412 1,664,852
Legg Mason, Inc. 406 38,249
Lehman Brothers Holdings, Inc. 1,085 76,026
Merrill Lynch & Co., Inc. 3,252 265,591
Morgan Stanley 5,014 394,902
National Financial Partners Corp. 366 17,169
Nuveen Investments, Inc. Class A 465 21,995
optionsXpress Holdings, Inc. 575 13,536
Raymond James Financial, Inc. 682 20,296
Student Loan Corp. 124 23,054
T. Rowe Price Group, Inc. 1,178 55,590
Thornburg Mortgage, Inc. 4,015 104,390
Waddell & Reed Financial, Inc. Class A 899 20,965
------------
Total Diversified Financial Services 7,543,422
--------------------------------------------------------------------------------
Electric - 5.8%
Alliant Energy Corp. 1,302 58,356
American Electric Power Co., Inc. 5,357 261,154
Avista Corp. 868 21,032
Black Hills Corp. 558 20,518
CenterPoint Energy, Inc. 4,860 87,188
Consolidated Edison, Inc. 4,054 206,997
Constellation Energy Group, Inc. 1,522 132,338
Dominion Resources, Inc. 4,007 355,700
DPL, Inc. 1,460 45,391
DTE Energy Co. 2,855 136,755
Duke Energy Corp. 16,644 337,707
Duquesne Light Holdings, Inc. 1,460 28,893
Edison International 2,669 131,128
Energy East Corp. 3,609 87,915
Entergy Corp. 1,557 163,360
Exelon Corp. 5,992 411,709
FirstEnergy Corp. 3,123 206,868
FPL Group, Inc. 3,768 230,489
Great Plains Energy, Inc. 1,935 62,791
Hawaiian Electric Industries, Inc. 1,628 42,312
IDACORP, Inc. 968 32,757
Integrys Energy Group, Inc. 1,146 63,614
ITC Holdings Corp. 557 24,113
MDU Resources Group, Inc. 1,266 36,385
Northeast Utilities 1,708 55,971
NSTAR 1,398 49,098
OGE Energy Corp. 1,271 49,315
Ormat Technologies, Inc. 558 23,414
Pepco Holdings, Inc. 2,619 76,003
PG&E Corp. 3,651 176,234
Pinnacle West Capital Corp. 1,946 93,895
PNM Resources, Inc. 746 24,096
Portland General Electric Co. 613 17,900
PPL Corp. 3,774 154,357
Progress Energy, Inc. 4,333 218,557
Public Service Enterprise Group, Inc. 2,793 231,931
Puget Energy, Inc. 2,514 64,560
SCANA Corp. 2,030 87,635
Southern Co. 10,539 386,253
TECO Energy, Inc. 3,041 52,336
Westar Energy, Inc. 1,271 34,978
Wisconsin Energy Corp. 837 40,611
Xcel Energy, Inc. 5,986 147,794
------------
Total Electric 5,170,408
--------------------------------------------------------------------------------
Electrical Components & Equipment - 0.4%
Ametek, Inc. 623 21,518
Emerson Electric Co. 6,452 278,017
Hubbell, Inc. Class B 403 19,441
------------
Total Electrical Components & Equipment 318,976
--------------------------------------------------------------------------------
See Notes to Financial Statements.
20 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Electronics - 0.2%
Amphenol Corp. Class A 372 $ 24,020
Applera Corp. 357 10,556
AVX Corp. 2,016 30,643
Gentex Corp. 1,830 29,738
Jabil Circuit, Inc. 1,824 39,052
Tektronix, Inc. 1,248 35,144
------------
Total Electronics 169,153
--------------------------------------------------------------------------------
Engineering & Construction - 0.0%
Fluor Corp. 254 22,789
Granite Construction Inc. 348 19,230
------------
Total Engineering & Construction 42,019
--------------------------------------------------------------------------------
Entertainment - 0.1%
International Game Technology 1,460 58,955
International Speedway Corp. Class A 403 20,835
Regal Entertainment Group Class A 1,271 25,255
------------
Total Entertainment 105,045
--------------------------------------------------------------------------------
Environmental Control - 0.1%
Republic Services, Inc. 1,594 44,345
--------------------------------------------------------------------------------
Food - 1.8%
Campbell Soup Co. 2,824 109,995
ConAgra Foods, Inc. 4,707 117,251
Corn Products International, Inc. 775 27,582
Del Monte Foods Co. 1,677 19,252
Flowers Foods, Inc. 651 19,641
General Mills, Inc. 2,979 173,437
H.J. Heinz Co. Ltd. 3,539 166,758
Hormel Foods Corp. 888 33,025
J.M. Smucker Co. (The) 574 30,606
Kellogg Co. 3,293 169,359
Kroger Co. (The) 3,490 98,593
McCormick & Co., Inc. 837 32,241
Pilgrim's Pride Corp. 744 24,693
Safeway, Inc. 1,728 63,314
Sara Lee Corp. 5,895 99,743
Seaboard Corp. 10 22,600
SUPERVALU Inc. 1,755 68,568
SYSCO Corp. 5,157 174,461
Tootsie Roll Industries, Inc. 697 20,889
Tyson Foods, Inc. Class A 1,247 24,204
Wm. Wrigley Jr. Co. 1,460 74,358
------------
Total Food 1,570,570
--------------------------------------------------------------------------------
Forest Products & Paper - 0.7%
International Paper Co. 4,426 161,106
Louisiana-Pacific Corp. 868 17,412
MeadWestvaco Corp. 1,894 58,411
Plum Creek Timber Co., Inc. 2,483 97,880
Temple-Inland, Inc. 775 46,299
Weyerhaeuser Co. 2,932 219,137
------------
Total Forest Products & Paper 600,245
--------------------------------------------------------------------------------
Gas - 0.8%
AGL Resources, Inc. 992 42,378
Atmos Energy Corp. 1,178 36,848
Energen Corp. 490 24,936
KeySpan Corp. 2,483 102,176
New Jersey Resources Corp. 748 37,437
Nicor, Inc. 651 31,521
NiSource, Inc. 3,868 94,535
Piedmont Natural Gas Co., Inc. 930 24,533
Sempra Energy 2,111 128,793
South Jersey Industries, Inc. 659 25,075
Southern Union Co. 778 23,643
Southwest Gas Corp. 590 22,933
UGI Corp. 1,023 27,324
Vectren Corp. 1,889 54,026
WGL Holdings, Inc. 1,689 54,014
------------
Total Gas 730,172
--------------------------------------------------------------------------------
Hand/Machine Tools - 0.2%
Black & Decker Corp. (The) 403 32,892
Kennametal, Inc. 341 23,055
Lincoln Electric Holdings, Inc. 341 20,310
Snap-On, Inc. 496 23,858
Stanley Works (The) 589 32,607
------------
Total Hand/Machine Tools 132,722
--------------------------------------------------------------------------------
Healthcare-Products - 2.1%
Baxter International, Inc. 2,865 150,900
Beckman Coulter, Inc. 370 23,639
Becton Dickinson & Co. 1,054 81,042
Biomet, Inc. 558 23,709
C.R. Bard, Inc. 279 22,183
DENTSPLY International, Inc. 620 20,305
Hillenbrand Industries, Inc. 404 23,985
Johnson & Johnson 22,084 1,330,783
Medtronic, Inc. 3,171 155,569
Stryker Corp. 434 28,783
------------
Total Healthcare-Products 1,860,898
--------------------------------------------------------------------------------
Healthcare-Services - 0.2%
Aetna, Inc. 465 20,362
Brookdale Senior Living, Inc. 1,236 55,200
Manor Care, Inc. 403 21,907
Quest Diagnostics, Inc. 492 24,536
UnitedHealth Group, Inc. 438 23,201
------------
Total Healthcare-Services 145,206
--------------------------------------------------------------------------------
Holding Companies-Diversified - 0.0%
Leucadia National Corp. 1,052 30,950
--------------------------------------------------------------------------------
Home Builders - 0.2%
Beazer Homes USA, Inc. 441 12,802
Centex Corp. 434 18,133
KB Home 434 18,519
Lennar Corp. Class A 690 29,125
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 21
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
MDC Holdings, Inc. 372 $ 17,882
Pulte Homes, Inc. 707 18,707
Ryland Group, Inc. (The) 465 19,618
Standard-Pacific Corp. 775 16,174
Thor Industries, Inc. 646 25,446
------------
Total Home Builders 176,406
--------------------------------------------------------------------------------
Home Furnishings - 0.1%
Harman International Industries, Inc. 219 21,042
Whirlpool Corp. 434 36,850
------------
Total Home Furnishings 57,892
--------------------------------------------------------------------------------
Household Products/Wares - 0.7%
Avery Dennison Corp. 1,378 88,550
Church & Dwight Co., Inc. 527 26,534
Clorox Co. (The) 899 57,257
Fortune Brands, Inc. 969 76,377
Kimberly-Clark Corp. 4,581 313,753
Scotts Miracle-Gro Co. (The) Class A 402 17,700
Tupperware Brands Corp. 830 20,692
------------
Total Household Products/Wares 600,863
--------------------------------------------------------------------------------
Housewares - 0.1%
Newell Rubbermaid, Inc. 2,855 88,762
Toro Co. (The) 403 20,650
------------
Total Housewares 109,412
--------------------------------------------------------------------------------
Insurance - 3.8%
21st Century Insurance Group 993 21,052
Alfa Corp. 1,209 22,342
Allstate Corp. (The) 4,605 276,575
AMBAC Financial Group, Inc. 394 34,038
American Family Life Assurance Co., Inc. 2,785 131,062
American Financial Group, Inc. 735 25,019
American International Group, Inc. 6,608 444,189
American National Insurance Co. 217 27,761
AON Corp. 1,713 65,025
Arthur J. Gallagher & Co. 1,271 36,007
Assurant, Inc. 340 18,234
Chubb Corp. (The) 2,700 139,509
Cigna Corp. 142 20,258
Commerce Group, Inc. 682 20,487
Delphi Financial Group, Inc. Class A 412 16,575
Erie Indemnity Co. Class A 496 26,174
FBL Financial Group, Inc. Class A 645 25,239
Fidelity National Title Group, Inc. Class A 3,837 92,126
First American Corp. 578 29,316
Genworth Financial, Inc. Class A 1,603 56,009
Hanover Insurance Group, Inc. (The) 363 16,742
Harleysville Group, Inc. 832 27,032
Hartford Financial Services Group, Inc. (The) 2,134 203,968
HCC Insurance Holdings, Inc. 671 20,667
Hilb Rogal & Hobbs Co. 496 24,329
LandAmerica Financial Group, Inc. 310 22,912
Lincoln National Corp. 2,234 151,443
Loews Corp. 1,023 46,475
Marsh & McLennan Cos., Inc. 3,961 116,018
MBIA, Inc. 837 54,815
Mercury General Corp. 589 31,241
Metlife, Inc. 2,466 155,728
MGIC Investment Corp. 403 23,745
Nationwide Financial Services, Inc. Class A 367 19,767
Odyssey Re Holdings Corp. 620 24,372
Ohio Casualty Corp. 651 19,497
Old Republic International Corp. 1,832 40,524
Phoenix Cos., Inc. (The) 1,398 19,404
PMI Group, Inc. (The) 467 21,118
Principal Financial Group, Inc. 1,071 64,121
Progressive Corp. (The) 958 20,904
Protective Life Corp. 434 19,113
Prudential Financial, Inc. 1,634 147,485
Radian Group, Inc. 499 27,385
Reinsurance Group of America, Inc. 363 20,952
RLI Corp. 403 22,137
Safeco Corp. 744 49,424
Selective Insurance Group, Inc. 682 17,364
Stancorp Financial Group, Inc. 403 19,816
State Auto Financial Corp. 558 17,929
Torchmark Corp. 375 24,596
Transatlantic Holdings, Inc. 399 25,983
Travelers Cos Inc. (The) 4,736 245,182
Unitrin, Inc. 806 37,938
UnumProvident Corp. 1,333 30,699
W.R. Berkley Corp. 771 25,536
Wesco Financial Corp. 62 28,520
Zenith National Insurance Corp. 496 23,446
------------
Total Insurance 3,435,324
--------------------------------------------------------------------------------
Internet - 0.0%
United Online, Inc. 845 11,855
--------------------------------------------------------------------------------
Investment Companies - 0.3%
American Capital Strategies Ltd. 3,620 160,403
Apollo Investment Corp. 2,483 53,136
Ares Capital Corp. 1,307 23,748
MCG Capital Corp. 1,987 37,276
------------
Total Investment Companies 274,563
--------------------------------------------------------------------------------
Iron/Steel - 0.2%
Allegheny Technologies, Inc. 94 10,029
Carpenter Technology Corp. 150 18,114
Chaparral Steel Co. 350 20,360
Nucor Corp. 550 35,822
Reliance Steel & Aluminum Co. 454 21,974
Steel Dynamics, Inc. 582 25,142
United States Steel Corp. 451 44,725
------------
Total Iron/Steel 176,166
--------------------------------------------------------------------------------
See Notes to Financial Statements.
22 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Leisure Time - 0.2%
Brunswick Corp. 584 $ 18,600
Harley-Davidson, Inc. 1,388 81,546
Polaris Industries, Inc. 439 21,063
Sabre Holdings Corp. Class A 899 29,442
------------
Total Leisure Time 150,651
--------------------------------------------------------------------------------
Lodging - 0.3%
Boyd Gaming Corp. 567 27,012
Harrah's Entertainment, Inc. 1,283 108,350
Hilton Hotels Corp. 744 26,754
Marriott International, Inc. Class A 744 36,426
Starwood Hotels & Resorts Worldwide, Inc. 984 63,812
Station Casinos, Inc. 400 34,628
------------
Total Lodging 296,982
--------------------------------------------------------------------------------
Machinery-Construction & Mining - 0.3%
Caterpillar, Inc. 4,266 285,950
Joy Global, Inc. 340 14,586
------------
Total Machinery-Construction & Mining 300,536
--------------------------------------------------------------------------------
Machinery-Diversified - 0.3%
Cummins, Inc. 186 26,918
Deere & Co. 1,429 155,247
Graco, Inc. 434 16,995
IDEX Corp. 434 22,082
Manitowoc Co., Inc. (The) 403 25,603
Rockwell Automation, Inc. 1,014 60,708
------------
Total Machinery-Diversified 307,553
--------------------------------------------------------------------------------
Media - 1.6%
Belo Corp. Class A 1,147 21,414
CBS Corp. Class A 744 22,774
CBS Corp. Class B 6,385 195,317
Citadel Broadcasting Corp. 2,266 21,550
Clear Channel Communications, Inc. 3,526 123,551
Dow Jones & Co., Inc. 589 20,303
E.W. Scripps Co. (The) Class A 651 29,087
Gannett Co., Inc. 1,610 90,627
Hearst-Argyle Television, Inc. 856 23,275
John Wiley & Sons, Inc. Class A 558 21,070
McGraw-Hill Cos., Inc. (The) 1,429 89,856
Meredith Corp. 403 23,128
New York Times Co. (The) Class A(a) 1,147 26,966
News Corp. Class A 4,910 113,519
News Corp. Class B 1,832 44,829
Time Warner, Inc. 14,355 283,080
Tribune Co. 1,831 58,793
Walt Disney Co. (The) 6,323 217,701
Washington Post Co. (The) Class B 29 22,142
------------
Total Media 1,448,982
--------------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.1%
Commercial Metals Co. 707 22,165
Precision Castparts Corp. 209 21,746
Timken Co. (The) 682 20,671
Worthington Industries, Inc. 1,080 22,227
------------
Total Metal Fabricate/Hardware 86,809
--------------------------------------------------------------------------------
Mining - 1.2%
Alcoa, Inc. 5,357 181,602
Freeport-McMoRan Copper & Gold Inc. Class B 1,209 80,024
Newmont Mining Corp. 1,091 45,811
Southern Copper Corp.(a) 10,033 718,965
Vulcan Materials Co. 527 61,385
------------
Total Mining 1,087,787
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 5.5%
3M Co. 5,737 438,479
Acuity Brands, Inc. 349 19,000
Brink's Co. (The) 372 23,603
Carlisle Cos., Inc. 496 21,293
Crane Co. 496 20,048
Danaher Corp. 303 21,649
Donaldson Co., Inc. 620 22,382
Dover Corp. 868 42,367
Eastman Kodak Co. 1,553 35,036
Eaton Corp. 1,011 84,479
General Electric Co. 97,735 3,455,910
Harsco Corp. 496 22,251
Honeywell International, Inc. 5,736 264,200
Illinois Tool Works, Inc. 3,374 174,098
ITT Industries, Inc. 434 26,179
Lancaster Colony Corp. 505 22,316
Leggett & Platt, Inc. 1,577 35,751
Pall Corp. 682 25,916
Parker Hannifin Corp. 434 37,459
Pentair, Inc. 589 18,353
Roper Industries, Inc. 434 23,818
SPX Corp. 372 26,114
Teleflex, Inc. 341 23,212
Textron, Inc. 651 58,460
Trinity Industries, Inc. 558 23,391
------------
Total Miscellaneous Manufacturing 4,965,764
--------------------------------------------------------------------------------
Office Furnishings - 0.1%
Herman Miller, Inc. 852 28,533
HNI Corp. 675 31,003
Steelcase, Inc. Class A 1,988 39,542
------------
Total Office Furnishings 99,078
--------------------------------------------------------------------------------
Office/Business Equipment - 0.1%
Pitney Bowes, Inc. 2,111 95,818
--------------------------------------------------------------------------------
Oil & Gas - 6.7%
Alon USA Energy, Inc. 675 24,435
Apache Corp. 952 67,306
Berry Petroleum Co. Class A 662 20,297
Cabot Oil & Gas Corp. 257 17,301
Chesapeake Energy Corp. 744 22,975
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 23
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Chevron Corp. 21,252 $ 1,571,797
Cimarex Energy Co. 640 23,693
ConocoPhillips 11,919 814,663
Crosstex Energy, Inc. 685 19,694
Devon Energy Corp. 992 68,666
Diamond Offshore Drilling, Inc. 236 19,104
ENSCO International, Inc. 434 23,610
EOG Resources, Inc. 496 35,385
Exxon Mobil Corp. 31,735 2,394,405
Helmerich & Payne, Inc. 738 22,391
Hess Corp. 713 39,550
Holly Corp. 197 11,682
Marathon Oil Corp. 1,987 196,375
Murphy Oil Corp. 527 28,142
Noble Energy, Inc. 465 27,737
Occidental Petroleum Corp. 4,830 238,167
Patterson-UTI Energy, Inc. 713 16,000
Penn Virginia Corp. 180 13,212
Pioneer Natural Resources Co. 415 17,891
Pogo Producing Co. 465 22,367
Range Resources Corp. 604 20,174
St. Mary Land & Exploration Co. 279 10,234
Sunoco, Inc. 527 37,122
Tesoro Corp. 153 15,366
Valero Energy Corp. 1,107 71,390
W&T Offshore, Inc. 320 9,258
Western Refining, Inc. 237 9,248
XTO Energy, Inc. 806 44,177
------------
Total Oil & Gas 5,973,814
--------------------------------------------------------------------------------
Oil & Gas Services - 0.1%
Baker Hughes, Inc. 806 53,300
CARBO Ceramics, Inc. 307 14,291
RPC, Inc. 610 10,163
Smith International, Inc. 557 26,764
Tidewater, Inc. 421 24,662
------------
Total Oil & Gas Services 129,180
--------------------------------------------------------------------------------
Packaging & Containers - 0.2%
Ball Corp. 527 24,163
Bemis Co. 775 25,877
Greif, Inc. Class A 218 24,222
Packaging Corp. of America 1,429 34,869
Sealed Air Corp. 744 23,510
Sonoco Products Co. 837 31,454
------------
Total Packaging & Containers 164,095
--------------------------------------------------------------------------------
Pharmaceuticals - 7.0%
Abbott Laboratories 13,157 734,161
Allergan, Inc. 186 20,613
AmerisourceBergen Corp. 465 24,529
Bristol-Myers Squibb Co. 29,161 809,509
Cardinal Health, Inc. 735 53,618
Eli Lilly & Co. 11,213 602,250
Merck & Co., Inc. 24,848 1,097,536
Mylan Laboratories, Inc. 930 19,660
Omnicare, Inc. 434 17,260
Pfizer, Inc. 87,707 2,215,478
Schering-Plough Corp. 4,746 121,070
Wyeth 9,589 479,738
------------
Total Pharmaceuticals 6,195,422
--------------------------------------------------------------------------------
Pipelines - 0.4%
El Paso Corp. 1,872 27,088
Equitable Resources, Inc. 837 40,444
Kinder Morgan, Inc. 1,410 150,094
National Fuel Gas Co. 930 40,232
ONEOK, Inc. 1,240 55,800
Questar Corp. 341 30,421
Williams Cos., Inc. (The) 1,652 47,016
------------
Total Pipelines 391,095
--------------------------------------------------------------------------------
Real Estate - 0.1%
Forest City Enterprises, Inc. Class A 434 28,722
Forest City Enterprises, Inc. Class B 434 28,705
Jones Lang LaSalle, Inc. 248 25,861
St. Joe Co. (The) 434 22,703
------------
Total Real Estate 105,991
--------------------------------------------------------------------------------
REITS - 5.1%
Alexandria Real Estate Equities, Inc. 217 21,780
AMB Property Corp. 899 52,852
American Financial Realty Trust 3,744 37,740
Apartment Investment & Management Co. Class A 1,522 87,804
Archstone-Smith Trust 2,359 128,047
AvalonBay Communities, Inc. 651 84,630
BioMed Realty Trust, Inc. 682 17,937
Boston Properties, Inc. 1,023 120,100
Brandywine Realty Trust 1,491 49,814
BRE Properties, Inc. Class A 589 37,195
Camden Property Trust 589 41,413
CBL & Associates Properties, Inc. 837 37,531
Colonial Properties Trust 744 33,978
Corporate Office Properties Trust 465 21,241
Cousins Properties, Inc. 682 22,411
Crescent Real Estate Equities Co. 2,266 45,456
Developers Diversified Realty Corp. 1,460 91,834
DiamondRock Hospitality Co. 1,271 24,149
Digital Realty Trust, Inc. 595 23,741
Duke Realty Corp. 2,080 90,418
EastGroup Properties, Inc. 434 22,147
Entertainment Properties Trust 527 31,752
Equity Lifestyle Properties, Inc. 434 23,440
Equity One, Inc. 1,147 30,396
Equity Residential 3,434 165,622
Essex Property Trust, Inc. 217 28,097
Extra Space Storage, Inc. 1,845 34,944
Federal Realty Investment Trust 496 44,948
See Notes to Financial Statements.
24 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
FelCor Lodging Trust, Inc. 930 $ 24,152
First Industrial Realty Trust, Inc. 899 40,725
Franklin Street Properties Corp. 2,486 47,681
General Growth Properties, Inc. 2,483 160,327
Glimcher Realty Trust 775 20,941
Health Care Property Investors, Inc. 3,037 109,423
Health Care REIT, Inc. 1,427 62,645
Healthcare Realty Trust, Inc. 1,023 38,158
Highland Hospitality Corp. 1,858 33,072
Highwoods Properties, Inc. 837 33,053
Home Properties, Inc. 496 26,194
Hospitality Properties Trust 1,491 69,779
Host Hotels & Resorts, Inc. 5,432 142,916
HRPT Properties Trust 4,674 57,490
Inland Real Estate Corp. 2,248 41,228
iStar Financial, Inc. 2,824 132,248
Kilroy Realty Corp. 279 20,576
Kimco Realty Corp. 2,406 117,268
LaSalle Hotel Properties 465 21,557
Lexington Corporate Properties Trust 1,613 34,083
Liberty Property Trust 1,429 69,621
Longview Fibre Co. 1,744 42,955
Macerich Co. (The) 806 74,442
Mack-Cali Realty Corp. 992 47,249
Maguire Properties, Inc. 620 22,047
Mid-America Apartment Communities, Inc. 341 19,185
National Retail Properties, Inc. 992 23,996
Nationwide Health Properties, Inc. 1,491 46,609
New Plan Excel Realty Trust, Inc. 1,553 51,296
Omega Healthcare Investors, Inc. 1,685 28,898
Pennsylvania Real Estate Investment Trust 589 26,110
Post Properties, Inc. 527 24,100
Potlatch Corp. 747 34,198
ProLogis 2,297 149,144
PS Business Parks, Inc. 341 24,047
Public Storage, Inc. 1,169 110,669
Rayonier, Inc. 1,429 61,447
Realty Income Corp. 1,584 44,669
Regency Centers Corp. 744 62,161
Senior Housing Properties Trust 1,553 37,117
Simon Property Group, Inc. 2,160 240,300
SL Green Realty Corp. 408 55,969
Sovran Self Storage, Inc. 519 28,758
Spirit Finance Corp. 1,739 25,911
Strategic Hotels & Resorts, Inc. 961 21,978
Sunstone Hotel Investors, Inc. 744 20,281
Tanger Factory Outlet Centers, Inc. 750 30,293
Taubman Centers, Inc. 496 28,763
UDR, Inc. 1,832 56,096
U-Store-It Trust 1,962 39,475
Ventas, Inc. 1,522 64,122
Vornado Realty Trust 1,297 154,784
Washington Real Estate Investment Trust 589 22,040
Weingarten Realty Investors 1,271 60,449
------------
Total REITS 4,534,112
--------------------------------------------------------------------------------
Retail - 4.0%
Abercrombie & Fitch Co. Class A 341 25,807
Advance Auto Parts, Inc. 527 20,316
American Eagle Outfitters, Inc. 785 23,542
Applebee's International, Inc. 854 21,162
Barnes & Noble, Inc. 527 20,790
bebe stores, inc. 931 16,181
Best Buy Co., Inc. 1,133 55,200
Brinker International, Inc. 796 26,029
Cash America International, Inc. 444 18,204
Claire's Stores, Inc. 623 20,011
Costco Wholesale Corp. 2,030 109,295
CVS Corp. 3,655 124,782
Darden Restaurants, Inc. 558 22,984
Dillard's, Inc. Class A 624 20,424
Dollar General Corp. 1,302 27,537
Family Dollar Stores, Inc. 806 23,874
Federated Department Stores, Inc. 2,183 98,344
Foot Locker, Inc. 806 18,981
Gap, Inc. (The) 4,550 78,306
Home Depot, Inc. (The) 16,623 610,728
J.C. Penney Co., Inc. 754 61,949
Limited Brands, Inc. 2,928 76,304
Longs Drug Stores Corp. 650 33,566
Lowe's Cos., Inc. 3,277 103,193
McDonald's Corp. 9,760 439,687
Men's Wearhouse, Inc. (The) 256 12,045
MSC Industrial Direct Co. Class A 366 17,085
Nordstrom, Inc. 693 36,687
OfficeMax, Inc. 376 19,830
OSI Restaurant Partners, Inc. 527 20,817
PetSmart, Inc. 462 15,228
RadioShack Corp. 1,099 29,706
Ross Stores, Inc. 531 18,266
Staples, Inc. 1,956 50,543
Target Corp. 2,279 135,054
Tiffany & Co. 737 33,519
TJX Cos., Inc. (The) 1,367 36,854
United Auto Group, Inc. 829 16,829
Wal-Mart Stores, Inc. 21,151 993,038
Wendy's International, Inc. 372 11,644
Williams-Sonoma, Inc. 646 22,907
World Fuel Services Corp. 313 14,479
Yum! Brands, Inc. 806 46,555
------------
Total Retail 3,628,282
--------------------------------------------------------------------------------
Savings & Loans - 1.4%
BankUnited Financial Corp. Class A 1,188 25,197
Capitol Federal Financial 1,429 54,030
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 25
Schedule of Investments (continued)
WisdomTree Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Downey Financial Corp.(a) 279 $ 18,007
First Niagara Financial Group, Inc. 3,938 54,778
Flagstar Bancorp, Inc. 2,775 33,161
Hudson City Bancorp, Inc. 4,116 56,307
Kearny Financial Corp. 1,367 19,657
MAF Bancorp, Inc. 808 33,403
New York Community Bancorp, Inc. 7,238 127,316
NewAlliance Bancshares, Inc. 1,367 22,159
Northwest Bancorp, Inc. 775 20,995
People's Bank 1,178 52,303
Provident Financial Services, Inc. 1,870 32,632
Sovereign Bancorp, Inc. 2,714 69,044
Washington Federal, Inc. 1,934 45,372
Washington Mutual, Inc. 15,550 627,909
------------
Total Savings & Loans 1,292,270
--------------------------------------------------------------------------------
Semiconductors - 1.5%
Analog Devices, Inc. 2,748 94,779
Applied Materials, Inc. 5,675 103,966
Intel Corp. 41,194 788,040
Intersil Corp. Class A 1,389 36,795
KLA-Tencor Corp. 792 42,229
Microchip Technology, Inc. 2,469 87,724
National Semiconductor Corp. 1,579 38,117
Texas Instruments, Inc. 3,016 90,782
Xilinx, Inc. 2,038 52,438
------------
Total Semiconductors 1,334,870
--------------------------------------------------------------------------------
Software - 1.9%
Automatic Data Processing, Inc. 3,409 164,996
CA, Inc. 890 23,060
Fair Isaac Corp. 369 14,273
Fidelity National Information Services, Inc. 487 22,139
First Data Corp. 2,356 63,376
Global Payments, Inc. 434 14,782
IMS Health, Inc. 713 21,148
Mastercard, Inc. Class A 160 16,998
Microsoft Corp. 44,268 1,233,749
MoneyGram International, Inc. 558 15,490
Paychex, Inc. 2,653 100,469
SEI Investments Co. 336 20,237
Total System Services, Inc. 1,054 33,570
------------
Total Software 1,744,287
--------------------------------------------------------------------------------
Telecommunications - 6.3%
ALLTEL Corp. 1,090 67,580
AT&T, Inc. 69,795 2,752,016
CenturyTel, Inc. 496 22,414
Citizens Communications Co. 8,179 122,276
Consolidated Communications Holdings, Inc. 1,158 23,033
Embarq Corp. 1,959 110,390
FairPoint Communications, Inc. 1,278 24,550
Harris Corp. 869 44,276
Iowa Telecommunications Services, Inc. 1,085 21,700
QUALCOMM, Inc. 7,927 338,166
Sprint Nextel Corp. 5,618 106,517
Telephone & Data Systems, Inc. 496 29,572
Telephone & Data Systems, Inc. Special Shares 496 27,726
Verizon Communications, Inc. 45,561 1,727,673
Virgin Media, Inc. 816 20,604
Windstream Corp. 11,294 165,909
------------
Total Telecommunications 5,604,402
--------------------------------------------------------------------------------
Textiles - 0.0%
Cintas Corp. 1,028 37,111
--------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.2%
Hasbro, Inc. 1,240 35,489
Mattel, Inc. 3,757 103,580
------------
Total Toys/Games/Hobbies 139,069
--------------------------------------------------------------------------------
Transportation - 1.0%
Alexander & Baldwin, Inc. 378 19,066
Burlington Northern Santa Fe Corp. 1,569 126,195
C.H. Robinson Worldwide, Inc. 694 33,139
Con-way, Inc. 341 16,995
CSX Corp. 1,569 62,838
Expeditors International Washington, Inc. 494 20,412
FedEx Corp. 279 29,973
Florida East Coast Industries, Inc. 192 12,036
JB Hunt Transport Services, Inc. 680 17,843
Laidlaw International, Inc. 775 26,815
Landstar System, Inc. 191 8,755
Norfolk Southern Corp. 1,913 96,798
Overseas Shipholding Group, Inc. 366 22,912
Ryder System, Inc. 341 16,825
Union Pacific Corp. 1,158 117,595
United Parcel Service, Inc. Class B 4,402 308,581
------------
Total Transportation 936,778
--------------------------------------------------------------------------------
Trucking & Leasing - 0.0%
GATX Corp. 401 19,168
--------------------------------------------------------------------------------
Water - 0.0%
Aqua America, Inc. 972 21,821
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $85,087,271) 89,492,765
================================================================================
SHORT-TERM INVESTMENT - 0.6%
MONEY MARKET FUND - 0.6%
Columbia Cash Reserves Fund, 4.95%(b)
(Cost: $513,936) 513,936 513,936
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.7%
MONEY MARKET FUNDS(c) - 0.7%
UBS Enhanced Yield Portfolio, 5.25% 56,087 56,087
UBS Private Money Market Fund LLC, 5.26% 627,213 627,213
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED (Cost: $683,300)(d) 683,300
================================================================================
See Notes to Financial Statements.
26 WisdomTree Domestic Dividend Funds
Schedule of Investments (concluded)
WisdomTree Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 101.1%
(Cost: $86,284,507) $ 90,690,001
Liabilities in Excess of Other Assets - (1.1)% (991,698)
------------
NET ASSETS - 100.0% $ 89,698,303
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2007.
(c) Interest rates shown reflect yields as of March 31, 2007.
(d) At March 31, 2007, the total market value of the Fund's securities on loan
was $668,789 and the total market value of the collateral held by the Fund
was $683,300.
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 27
Schedule of Investments
WisdomTree High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.7%
Agriculture - 6.1%
Altria Group, Inc. 117,019 $ 10,275,437
Loews Corp. 4,342 328,299
Reynolds American, Inc.(a) 19,634 1,225,358
Universal Corp. 1,420 87,117
UST, Inc. 8,914 516,834
Vector Group Ltd.(a) 7,398 138,417
------------
Total Agriculture 12,571,462
--------------------------------------------------------------------------------
Apparel - 0.2%
Cherokee, Inc. 983 42,328
VF Corp. 4,425 365,593
------------
Total Apparel 407,921
--------------------------------------------------------------------------------
Auto Parts & Equipment - 0.2%
American Axle & Manufacturing Holdings, Inc. 4,619 126,330
Bandag, Inc. Class A 539 27,214
Cooper Tire & Rubber Co. 3,549 64,911
Modine Manufacturing Co. 2,718 62,242
Standard Motor Products, Inc. 3,044 51,961
Superior Industries International, Inc. 4,181 87,090
------------
Total Auto Parts & Equipment 419,748
--------------------------------------------------------------------------------
Banks - 19.7%
Associated Banc-Corp 6,103 205,061
Bank of America Corp. 254,589 12,989,130
Bank of Granite Corp. 1,736 31,109
Bank of Hawaii Corp. 2,222 117,833
BB&T Corp. 29,103 1,193,805
Cadence Financial Corp. 3,518 70,360
Chemical Financial Corp. 2,581 76,888
Chittenden Corp. 1,636 49,391
City Holding Co. 639 25,848
Colonial BancGroup, Inc. (The) 5,730 141,818
Comerica, Inc. 8,759 517,832
Compass Bancshares, Inc. 4,821 331,685
Fifth Third Bancorp 30,930 1,196,682
First Bancorp 2,905 62,109
First Busey Corp. 2,540 54,432
First Charter Corp. 2,419 52,009
First Community Bancshares, Inc. 1,743 67,977
First Financial Bancorp 1,793 27,092
First Financial Bankshares, Inc. 710 29,692
First Horizon National Corp. 7,646 317,538
First Merchants Corp. 4,118 97,679
First Midwest Bancorp, Inc. 2,261 83,092
FNB Corp. 4,033 67,956
Fulton Financial Corp. 8,195 119,073
Huntington Bancshares, Inc. 13,228 289,032
KeyCorp 21,166 793,090
Lakeland Bancorp, Inc. 2,170 29,404
MainSource Financial Group, Inc. 2,857 48,512
National City Corp. 35,497 1,322,263
National Penn Bancshares, Inc. 1,990 37,611
NBT Bancorp, Inc. 3,721 87,183
Old National Bancorp 4,346 79,010
Pacific Capital Bancorp 1,706 54,797
PNC Financial Services Group, Inc. (The) 12,452 896,170
Provident Bankshares Corp. 1,625 53,398
Regions Financial Corp. 37,849 1,338,719
Royal Bancshares of Pennsylvania, Inc. Class A 3,565 84,669
S&T Bancorp, Inc. 3,231 106,752
Seacoast Banking Corp. of Florida 708 16,050
Sky Financial Group, Inc. 5,794 155,627
State Bancorp, Inc. 582 11,477
Sterling Bancorp 3,084 55,820
SunTrust Banks, Inc. 14,616 1,213,713
TCF Financial Corp. 6,460 170,286
TD Banknorth, Inc. 8,876 285,452
U.S. Bancorp 94,087 3,290,221
UnionBanCal Corp. 7,125 451,868
United Bankshares, Inc. 1,997 69,955
Valley National Bancorp 4,878 123,170
Wachovia Corp. 113,375 6,241,293
Washington Trust Bancorp, Inc. 624 16,729
Wells Fargo & Co. 146,234 5,034,836
WesBanco, Inc. 1,955 60,351
Westamerica Bancorp. 1,247 60,068
Wilmington Trust Corp. 2,912 122,799
------------
Total Banks 40,526,416
--------------------------------------------------------------------------------
Beverages - 2.1%
Coca-Cola Co. (The) 88,636 4,254,528
--------------------------------------------------------------------------------
Building Materials - 0.2%
LSI Industries, Inc. 825 13,811
Masco Corp. 16,505 452,237
------------
Total Building Materials 466,048
--------------------------------------------------------------------------------
Chemicals - 2.8%
Dow Chemical Co. (The) 48,987 2,246,545
E.I. du Pont de Nemours & Co. 39,820 1,968,303
Eastman Chemical Co. 3,598 227,861
Ferro Corp. 1,633 35,289
Kronos Worldwide, Inc. 2,102 68,126
Lyondell Chemical Co. 12,562 376,483
NL Industries, Inc. 2,918 31,806
Olin Corp. 5,592 94,728
PPG Industries, Inc. 6,735 473,538
Quaker Chemical Corp. 426 10,143
RPM International, Inc. 5,287 122,130
Sensient Technologies Corp. 1,909 49,214
UAP Holding Corp. 2,077 53,690
------------
Total Chemicals 5,757,856
--------------------------------------------------------------------------------
Commercial Services - 0.4%
Advance America, Cash Advance Centers, Inc. 4,034 62,083
Coinmach Service Corp. Class A 2,813 29,846
See Notes to Financial Statements.
28 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Deluxe Corp. 2,817 $ 94,454
Diamond Management & Technology
Consultants, Inc. 1,542 18,026
Landauer, Inc. 624 31,500
Pre-Paid Legal Services, Inc.(a) 701 35,127
R.R. Donnelley & Sons Co. 8,797 321,882
ServiceMaster Co. (The) 14,377 221,262
------------
Total Commercial Services 814,180
--------------------------------------------------------------------------------
Distribution/Wholesale - 0.2%
BlueLinx Holdings, Inc. 1,322 13,881
Genuine Parts Co. 6,676 327,124
------------
Total Distribution/Wholesale 341,005
--------------------------------------------------------------------------------
Diversified Financial Services - 11.0%
Citigroup, Inc. 266,069 13,659,982
Freddie Mac 29,528 1,756,621
JPMorgan Chase & Co. 139,412 6,744,753
Thornburg Mortgage, Inc.(a) 18,838 489,788
------------
Total Diversified Financial Services 22,651,144
--------------------------------------------------------------------------------
Electric - 9.0%
ALLETE, Inc. 1,281 59,720
Alliant Energy Corp. 4,218 189,051
Ameren Corp. 13,090 658,427
American Electric Power Co., Inc. 20,165 983,044
Black Hills Corp. 2,210 81,262
CenterPoint Energy, Inc. 15,296 274,410
Central Vermont Public Service Corp. 1,228 35,391
Cleco Corp. 3,114 80,435
Consolidated Edison, Inc. 16,624 848,821
Dominion Resources, Inc. 16,646 1,477,665
DPL, Inc. 5,670 176,280
DTE Energy Co. 10,577 506,638
Duke Energy Corp. 71,670 1,454,184
Duquesne Light Holdings, Inc. 5,741 113,614
Empire District Electric Co. (The) 1,866 46,277
Energy East Corp. 9,624 234,441
FirstEnergy Corp. 13,097 867,545
FPL Group, Inc. 15,516 949,114
Great Plains Energy, Inc. 6,126 198,789
Hawaiian Electric Industries, Inc. 5,151 133,874
Integrys Energy Group, Inc. 4,916 272,887
ITC Holdings Corp. 1,690 73,160
MGE Energy, Inc. 1,059 37,552
Northeast Utilities 5,449 178,564
NorthWestern Corp. 1,653 58,566
NSTAR 5,528 194,143
OGE Energy Corp. 4,249 164,861
Otter Tail Corp. 1,475 50,504
Pepco Holdings, Inc. 10,425 302,534
PG&E Corp. 13,597 656,327
Pinnacle West Capital Corp. 6,465 311,936
PNM Resources, Inc. 3,627 117,152
Portland General Electric Co. 2,713 79,220
PPL Corp. 16,055 656,650
Progress Energy, Inc. 17,468 881,086
Public Service Enterprise Group, Inc. 11,676 969,575
Puget Energy, Inc. 6,595 169,360
SCANA Corp. 6,377 275,295
Southern Co. 43,126 1,580,568
TECO Energy, Inc. 12,945 222,783
TXU Corp. 17,381 1,114,122
Westar Energy, Inc. 4,407 121,281
Xcel Energy, Inc. 23,250 574,043
------------
Total Electric 18,431,151
--------------------------------------------------------------------------------
Electrical Components & Equipment - 0.0%
Hubbell, Inc. Class A 410 19,073
--------------------------------------------------------------------------------
Entertainment - 0.1%
Regal Entertainment Group Class A 6,753 134,182
--------------------------------------------------------------------------------
Environmental Control - 0.0%
Synagro Technologies, Inc. 8,908 50,776
--------------------------------------------------------------------------------
Food - 0.7%
ConAgra Foods, Inc. 23,487 585,061
H.J. Heinz Co. Ltd. 16,479 776,491
Lance, Inc. 4,062 82,215
Nash Finch Co. 644 22,192
Weis Markets, Inc. 956 42,733
------------
Total Food 1,508,692
--------------------------------------------------------------------------------
Forest Products & Paper - 1.1%
Bowater, Inc. 2,971 70,769
International Paper Co. 19,608 713,731
MeadWestvaco Corp. 8,052 248,324
Plum Creek Timber Co., Inc. 10,342 407,682
Weyerhaeuser Co. 11,932 891,797
------------
Total Forest Products & Paper 2,332,303
--------------------------------------------------------------------------------
Gas - 0.8%
AGL Resources, Inc. 4,374 186,857
Atmos Energy Corp. 4,183 130,844
Cascade Natural Gas Corp. 751 19,789
KeySpan Corp. 10,767 443,063
New Jersey Resources Corp. 1,184 59,259
Nicor, Inc. 2,286 110,688
NiSource, Inc. 13,579 331,871
Northwest Natural Gas Co. 1,278 58,366
Piedmont Natural Gas Co., Inc.(a) 3,659 96,524
South Jersey Industries, Inc. 1,196 45,508
Vectren Corp. 4,303 123,066
WGL Holdings, Inc. 3,505 112,090
------------
Total Gas 1,717,925
--------------------------------------------------------------------------------
Healthcare-Services - 0.1%
Brookdale Senior Living, Inc.(a) 4,987 222,719
--------------------------------------------------------------------------------
Home Furnishings - 0.1%
Bassett Furniture Industries, Inc. 706 10,392
Furniture Brands International, Inc. 3,302 52,105
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 29
Schedule of Investments (continued)
WisdomTree High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Kimball International, Inc. Class B 1,088 $ 20,977
La-Z-Boy, Inc.(a) 2,818 34,887
------------
Total Home Furnishings 118,361
--------------------------------------------------------------------------------
Household Products/Wares - 0.7%
Ennis, Inc. 1,091 29,195
Kimberly-Clark Corp. 18,534 1,269,394
Standard Register Co. (The) 1,989 25,161
Tupperware Brands Corp. 3,662 91,294
WD-40 Co. 506 16,045
------------
Total Household Products/Wares 1,431,089
--------------------------------------------------------------------------------
Housewares - 0.2%
Newell Rubbermaid, Inc. 11,048 343,482
--------------------------------------------------------------------------------
Insurance - 0.8%
American National Insurance Co. 1,002 128,186
Arthur J. Gallagher & Co.(a) 5,596 158,535
Baldwin & Lyons, Inc. Class B 718 18,273
Cincinnati Financial Corp. 7,130 302,312
Commerce Group, Inc. 3,210 96,428
Fidelity National Title Group, Inc. Class A 15,637 375,444
Mercury General Corp. 2,967 157,370
Old Republic International Corp. 8,234 182,136
Unitrin, Inc. 2,777 130,713
Zenith National Insurance Corp. 1,621 76,625
------------
Total Insurance 1,626,022
--------------------------------------------------------------------------------
Internet - 0.0%
United Online, Inc. 5,351 75,075
--------------------------------------------------------------------------------
Investment Companies - 0.7%
American Capital Strategies Ltd. 15,738 697,351
Apollo Investment Corp. 9,490 203,086
Ares Capital Corp. 5,597 101,697
Gladstone Capital Corp.(a) 1,584 37,509
Gladstone Investment Corp. 6,035 89,740
Hercules Technology Growth Capital, Inc. 1,915 26,236
MCG Capital Corp. 7,558 141,788
Medallion Financial Corp. 2,625 30,030
MVC Capital, Inc. 923 14,445
NGP Capital Resources Co. 1,092 17,265
Patriot Capital Funding, Inc. 2,158 30,644
Prospect Energy Corp. 1,487 25,487
Technology Investment Capital Corp. 2,597 43,915
------------
Total Investment Companies 1,459,193
--------------------------------------------------------------------------------
Leisure Time - 0.0%
Polaris Industries, Inc. 1,669 80,079
--------------------------------------------------------------------------------
Machinery-Diversified - 0.0%
Briggs & Stratton Corp.(a) 2,148 66,266
--------------------------------------------------------------------------------
Media - 0.7%
Belo Corp. Class A 4,342 81,065
CBS Corp. Class B 27,206 832,232
Citadel Broadcasting Corp. 12,714 120,910
Entercom Communications Corp. 2,773 78,143
New York Times Co. (The) Class A(a) 5,578 131,139
Sinclair Broadcast Group, Inc. Class A 2,807 43,368
World Wrestling Entertainment, Inc. 2,967 48,362
------------
Total Media 1,335,219
--------------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.1%
Worthington Industries, Inc.(a) 4,533 93,289
--------------------------------------------------------------------------------
Mining - 1.4%
Compass Minerals International, Inc. 1,828 61,055
Southern Copper Corp.(a) 40,645 2,912,621
------------
Total Mining 2,973,676
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 7.0%
General Electric Co. 399,909 14,140,782
Koppers Holdings, Inc. 1,065 27,328
Leggett & Platt, Inc. 7,170 162,544
Reddy Ice Holdings, Inc. 3,295 99,443
------------
Total Miscellaneous Manufacturing 14,430,097
--------------------------------------------------------------------------------
Office Furnishings - 0.0%
Steelcase, Inc. Class A 3,273 65,100
--------------------------------------------------------------------------------
Office/Business Equipment - 0.2%
Pitney Bowes, Inc. 8,510 386,269
--------------------------------------------------------------------------------
Oil & Gas - 3.1%
Chevron Corp. 85,618 6,332,307
--------------------------------------------------------------------------------
Oil & Gas Services - 0.0%
MarkWest Hydrocarbon, Inc. 483 29,946
--------------------------------------------------------------------------------
Packaging & Containers - 0.1%
Packaging Corp. of America 6,376 155,574
--------------------------------------------------------------------------------
Pharmaceuticals - 9.2%
Bristol-Myers Squibb Co. 121,257 3,366,094
Eli Lilly & Co. 46,111 2,476,622
Merck & Co., Inc. 101,099 4,465,543
Pfizer, Inc. 344,828 8,710,355
------------
Total Pharmaceuticals 19,018,614
--------------------------------------------------------------------------------
Pipelines - 0.5%
Kinder Morgan, Inc. 6,195 659,458
National Fuel Gas Co. 3,588 155,217
ONEOK, Inc. 4,790 215,550
------------
Total Pipelines 1,030,225
--------------------------------------------------------------------------------
Real Estate - 0.0%
Resource Capital Corp. 3,055 49,308
--------------------------------------------------------------------------------
REITS - 7.9%
Acadia Realty Trust 1,207 31,466
Agree Realty Corp. 578 19,733
Alexandria Real Estate Equities, Inc. 1,112 111,611
AMB Property Corp. 3,652 214,701
American Campus Communities, Inc. 1,838 55,673
American Financial Realty Trust 11,325 114,156
American First Apartment Investors, Inc. 906 18,383
American Land Lease, Inc. 1,881 47,025
Apartment Investment & Management Co. Class A 5,472 315,680
See Notes to Financial Statements.
30 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Archstone-Smith Trust 9,555 $ 518,645
Ashford Hospitality Trust, Inc. 5,966 71,234
Associated Estates Realty Corp. 1,186 16,711
Brandywine Realty Trust 6,394 213,624
BRE Properties, Inc. Class A 2,256 142,466
BRT Realty Trust 830 25,058
Camden Property Trust 2,605 183,158
Capital Lease Funding, Inc. 2,432 26,047
CBL & Associates Properties, Inc. 4,227 189,539
Cedar Shopping Centers, Inc. 2,006 32,497
Cousins Properties, Inc. 2,976 97,791
Crescent Real Estate Equities Co. 9,639 193,358
Developers Diversified Realty Corp. 5,393 339,220
DiamondRock Hospitality Co. 4,161 79,059
Digital Realty Trust, Inc. 1,914 76,369
Duke Realty Corp. 8,094 351,846
EastGroup Properties, Inc. 1,188 60,624
Education Realty Trust, Inc. 1,104 16,317
Entertainment Properties Trust 1,712 103,148
Equity Inns, Inc. 4,160 68,141
Equity One, Inc. 4,516 119,674
Equity Residential 15,445 744,912
Extra Space Storage, Inc. 4,257 80,628
Federal Realty Investment Trust 2,101 190,393
FelCor Lodging Trust, Inc. 3,776 98,063
First Industrial Realty Trust, Inc. 3,517 159,320
First Potomac Realty Trust 1,135 32,427
Franklin Street Properties Corp. 7,045 135,123
General Growth Properties, Inc. 10,744 693,740
Getty Realty Corp. 1,864 53,571
Glimcher Realty Trust 3,592 97,056
Government Properties Trust, Inc. 1,628 17,420
Health Care Property Investors, Inc. 13,042 469,903
Health Care REIT, Inc. 5,872 257,781
Healthcare Realty Trust, Inc. 4,222 157,481
Hersha Hospitality Trust 2,710 31,924
Highland Hospitality Corp. 3,549 63,172
Highwoods Properties, Inc. 3,304 130,475
Hospitality Properties Trust 5,943 278,132
Host Hotels & Resorts, Inc. 22,186 583,714
HRPT Properties Trust 22,510 276,873
Inland Real Estate Corp. 4,807 88,160
Innkeepers USA Trust 3,037 49,442
Investors Real Estate Trust 3,948 41,809
iStar Financial, Inc. 11,145 521,920
Kilroy Realty Corp. 1,209 89,164
Kimco Realty Corp. 10,551 514,256
Kite Realty Group Trust 1,609 32,100
LaSalle Hotel Properties 2,164 100,323
Lexington Corporate Properties Trust(a) 6,866 145,079
Liberty Property Trust 5,947 289,738
Longview Fibre Co. 3,902 96,106
LTC Properties, Inc. 1,704 44,151
Macerich Co. (The) 3,304 305,157
Mack-Cali Realty Corp. 4,019 191,425
Maguire Properties, Inc. 2,502 88,971
Medical Properties Trust, Inc. 3,806 55,910
Mission West Properties, Inc. 1,207 17,453
National Health Investors, Inc. 2,174 68,133
National Retail Properties, Inc. 4,549 110,040
Nationwide Health Properties, Inc. 5,883 183,903
New Plan Excel Realty Trust, Inc. 6,098 201,417
Omega Healthcare Investors, Inc. 4,587 78,667
One Liberty Properties, Inc. 713 16,264
Parkway Properties, Inc. 1,117 58,363
Pennsylvania Real Estate Investment Trust 2,979 132,059
Post Properties, Inc. 2,222 101,612
Potlatch Corp. 2,559 117,151
Ramco-Gershenson Properties Trust 1,207 43,102
Rayonier, Inc. 4,770 205,110
Realty Income Corp. 7,372 207,890
Regency Centers Corp. 2,881 240,708
Republic Property Trust 2,501 28,736
Saul Centers, Inc. 781 44,439
Senior Housing Properties Trust 8,596 205,444
Simon Property Group, Inc. 8,975 998,469
Sovran Self Storage, Inc. 1,223 67,766
Spirit Finance Corp. 9,154 136,395
Strategic Hotels & Resorts, Inc. 5,912 135,207
Sun Communities, Inc. 1,559 48,360
Sunstone Hotel Investors, Inc. 5,184 141,316
Tanger Factory Outlet Centers, Inc. 1,480 59,777
UDR, Inc. 7,198 220,403
Universal Health Realty Income Trust 852 30,459
Urstadt Biddle Properties, Inc. Class A 1,136 22,220
U-Store-It Trust 4,019 80,862
Ventas, Inc. 5,730 241,405
Vornado Realty Trust 5,236 624,864
Washington Real Estate Investment Trust 2,219 83,035
Weingarten Realty Investors 4,587 218,158
Winston Hotels, Inc. 1,698 25,521
Winthrop Realty Trust 3,056 20,200
------------
Total REITS 16,273,681
--------------------------------------------------------------------------------
Retail - 0.1%
Asbury Automotive Group, Inc. 1,541 43,533
Kenneth Cole Productions, Inc. Class A 711 18,251
Tuesday Morning Corp. 2,708 40,187
------------
Total Retail 101,971
--------------------------------------------------------------------------------
Savings & Loans - 1.8%
Capitol Federal Financial 6,710 253,705
First Defiance Financial Corp. 2,025 58,118
First Niagara Financial Group, Inc. 10,680 148,559
New York Community Bancorp, Inc.(a) 24,717 434,772
Northwest Bancorp, Inc. 3,451 93,488
Washington Federal, Inc. 4,178 98,016
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 31
Schedule of Investments (concluded)
WisdomTree High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Washington Mutual, Inc.(a) 65,973 $ 2,663,989
-------------
Total Savings & Loans 3,750,647
--------------------------------------------------------------------------------
Semiconductors - 0.2%
Microchip Technology, Inc. 8,654 307,477
--------------------------------------------------------------------------------
Telecommunications - 10.0%
Alaska Communications Systems Group, Inc. 3,752 55,342
AT&T, Inc. 293,802 11,584,613
Citizens Communications Co. 32,183 481,136
Consolidated Communications Holdings, Inc. 3,124 62,136
Embarq Corp. 8,003 450,969
FairPoint Communications, Inc. 4,309 82,776
Iowa Telecommunications Services, Inc. 4,036 80,720
SureWest Communications 1,360 33,823
Verizon Communications, Inc. 184,982 7,014,517
Windstream Corp. 45,953 675,050
-------------
Total Telecommunications 20,521,082
--------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.2%
Mattel, Inc. 15,091 416,059
--------------------------------------------------------------------------------
Trucking & Leasing - 0.0%
TAL International Group, Inc. 1,574 37,776
--------------------------------------------------------------------------------
Water - 0.0%
California Water Service Group 784 30,043
Middlesex Water Co. 1,635 30,068
-------------
Total Water 60,111
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $199,264,637) 205,195,124
================================================================================
SHORT-TERM INVESTMENT - 0.6%
MONEY MARKET FUND - 0.6%
Columbia Cash Reserves Fund, 4.95%(b)
(Cost: $1,134,598) 1,134,598 1,134,598
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 3.7%
MONEY MARKET FUNDS(c) - 3.7%
UBS Enhanced Yield Portfolio, 5.25% 4,440,964 4,440,964
UBS Private Money Market Fund LLC, 5.26% 3,242,136 3,242,136
-------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost: $7,683,100)(d) 7,683,100
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 104.0%
(Cost: $208,082,335) 214,012,822
Liabilities in Excess of Other Assets - (4.0)% (8,138,340)
-------------
NET ASSETS - 100.0% $205,874,482
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2007.
(c) Interest rates shown reflect yields as of March 31, 2007.
(d) At March 31, 2007, the total market value of the Fund's securities on loan
was $7,438,224 and the total market value of the collateral held by the
Fund was $7,683,100.
See Notes to Financial Statements.
32 WisdomTree Domestic Dividend Funds
Schedule of Investments
WisdomTree LargeCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.8%
Advertising - 0.1%
Omnicom Group, Inc. 2,496 $ 255,540
--------------------------------------------------------------------------------
Aerospace/Defense - 1.9%
Boeing Co. (The) 16,144 1,435,363
General Dynamics Corp. 7,586 579,570
L-3 Communications Holdings, Inc. 707 61,841
Lockheed Martin Corp. 10,923 1,059,749
Northrop Grumman Corp. 11,336 841,358
Raytheon Co. 12,590 660,471
Rockwell Collins, Inc. 488 32,662
United Technologies Corp. 24,849 1,615,186
------------
Total Aerospace/Defense 6,286,200
--------------------------------------------------------------------------------
Agriculture - 4.0%
Altria Group, Inc. 128,967 11,324,592
Reynolds American, Inc.(a) 20,782 1,297,005
UST, Inc. 9,881 572,900
------------
Total Agriculture 13,194,497
--------------------------------------------------------------------------------
Airlines - 0.0%
Southwest Airlines Co. 143 2,102
--------------------------------------------------------------------------------
Apparel - 0.2%
NIKE, Inc. Class B 5,691 604,726
--------------------------------------------------------------------------------
Auto Manufacturers - 0.1%
Paccar, Inc. 4,590 336,906
--------------------------------------------------------------------------------
Auto Parts & Equipment - 0.2%
Johnson Controls, Inc. 5,476 518,139
--------------------------------------------------------------------------------
Banks - 13.6%
Bank of America Corp.(a) 281,371 14,355,548
Bank of New York Co., Inc. (The) 28,034 1,136,779
BB&T Corp. 35,583 1,459,615
Capital One Financial Corp. 258 19,469
Comerica, Inc. 10,628 628,327
Fifth Third Bancorp 38,009 1,470,568
KeyCorp 23,134 866,831
M&T Bank Corp. 4,638 537,220
Marshall & Ilsley Corp. 10,994 509,132
Mellon Financial Corp. 13,577 585,712
National City Corp. 42,427 1,580,406
Northern Trust Corp. 6,081 365,711
PNC Financial Services Group, Inc. (The) 13,788 992,322
Regions Financial Corp. 45,352 1,604,100
State Street Corp. 6,444 417,249
SunTrust Banks, Inc. 19,155 1,590,631
Synovus Financial Corp. 14,649 473,749
U.S. Bancorp 103,912 3,633,803
UnionBanCal Corp. 7,535 477,870
Wachovia Corp. 125,243 6,894,627
Wells Fargo & Co. 161,638 5,565,196
Zions Bancorp 3,350 283,142
------------
Total Banks 45,448,007
--------------------------------------------------------------------------------
Beverages - 2.8%
Anheuser-Busch Cos., Inc. 28,777 1,452,087
Coca-Cola Co. (The) 93,481 4,487,089
Coca-Cola Enterprises, Inc. 11,480 232,470
PepsiCo, Inc. 47,911 3,045,223
------------
Total Beverages 9,216,869
--------------------------------------------------------------------------------
Building Materials - 0.3%
American Standard Cos., Inc. 4,736 251,103
Masco Corp. 20,657 566,002
------------
Total Building Materials 817,105
--------------------------------------------------------------------------------
Chemicals - 2.1%
Air Products & Chemicals, Inc. 6,663 492,795
Dow Chemical Co. (The) 53,942 2,473,780
E.I. du Pont de Nemours & Co. 43,691 2,159,646
Ecolab, Inc. 641 27,563
Monsanto Co. 5,609 308,271
PPG Industries, Inc. 7,449 523,739
Praxair, Inc. 7,806 491,466
Rohm & Haas Co. 8,222 425,242
Sherwin-Williams Co. (The) 3,206 211,724
------------
Total Chemicals 7,114,226
--------------------------------------------------------------------------------
Coal - 0.0%
Peabody Energy Corp. 2,647 106,515
--------------------------------------------------------------------------------
Commercial Services - 0.2%
McKesson Corp. 2,149 125,802
Moody's Corp. 724 44,931
R.R. Donnelley & Sons Co. 9,643 352,838
------------
Total Commercial Services 523,571
--------------------------------------------------------------------------------
Computers - 1.3%
Electronic Data Systems Corp. 5,635 155,977
Hewlett-Packard Co. 33,450 1,342,683
International Business Machines Corp. 29,622 2,792,170
------------
Total Computers 4,290,830
--------------------------------------------------------------------------------
Cosmetics/Personal Care - 2.3%
Avon Products, Inc. 14,372 535,501
Colgate-Palmolive Co. 15,238 1,017,746
Procter & Gamble Co. 94,268 5,953,967
------------
Total Cosmetics/Personal Care 7,507,214
--------------------------------------------------------------------------------
Distribution/Wholesale - 0.1%
Genuine Parts Co. 7,385 361,865
--------------------------------------------------------------------------------
Diversified Financial Services - 10.0%
American Express Co. 18,548 1,046,107
Ameriprise Financial, Inc. 3,355 191,705
Bear Stearns & Co., Inc. 1,390 208,987
BlackRock, Inc. 2,105 329,033
Charles Schwab Corp. (The) 20,240 370,190
Chicago Mercantile Exchange Holdings Inc. Class A 245 130,453
CIT Group, Inc. 4,969 262,959
Citigroup, Inc. 292,531 15,018,541
Countrywide Financial Corp. 30,895 1,039,308
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 33
Schedule of Investments (continued)
WisdomTree LargeCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Franklin Resources, Inc. 1,695 $ 204,807
Freddie Mac 40,468 2,407,441
Goldman Sachs Group, Inc. 4,609 952,358
JPMorgan Chase & Co. 153,573 7,429,861
Legg Mason, Inc. 1,873 176,455
Lehman Brothers Holdings, Inc. 5,197 364,154
Merrill Lynch & Co., Inc. 15,190 1,240,567
Morgan Stanley 22,607 1,780,527
T. Rowe Price Group, Inc. 5,529 260,914
------------
Total Diversified Financial Services 33,414,367
--------------------------------------------------------------------------------
Electric - 5.6%
Ameren Corp. 18,170 913,951
American Electric Power Co., Inc. 22,385 1,091,269
Consolidated Edison, Inc. 18,455 942,312
Constellation Energy Group, Inc. 6,111 531,351
Dominion Resources, Inc. 18,214 1,616,857
DTE Energy Co. 11,711 560,957
Duke Energy Corp. 76,302 1,548,168
Edison International 11,604 570,105
Entergy Corp. 7,371 773,365
Exelon Corp. 26,627 1,829,540
FirstEnergy Corp. 14,478 959,023
FPL Group, Inc. 17,161 1,049,738
PG&E Corp. 15,099 728,829
PPL Corp. 17,395 711,456
Progress Energy, Inc. 19,390 978,032
Public Service Enterprise Group, Inc. 12,890 1,070,386
Southern Co. 60,327 2,210,984
Xcel Energy, Inc. 24,119 595,498
------------
Total Electric 18,681,821
--------------------------------------------------------------------------------
Electrical Components & Equipment - 0.4%
Emerson Electric Co. 29,275 1,261,460
--------------------------------------------------------------------------------
Engineering & Construction - 0.0%
Fluor Corp. 1,417 127,133
--------------------------------------------------------------------------------
Entertainment - 0.1%
International Game Technology 6,590 266,104
--------------------------------------------------------------------------------
Food - 1.8%
Campbell Soup Co. 12,774 497,547
ConAgra Foods, Inc. 21,516 535,964
General Mills, Inc. 14,965 871,262
H.J. Heinz Co., Ltd. 15,742 741,763
Hershey Co. (The) 6,514 356,055
Kellogg Co. 15,433 793,719
Kroger Co. (The) 14,219 401,687
Safeway, Inc. 5,527 202,509
Sara Lee Corp. 27,329 462,407
Sysco Corp. 19,732 667,534
Wm. Wrigley Jr. Co. 6,793 345,967
------------
Total Food 5,876,414
--------------------------------------------------------------------------------
Forest Products & Paper - 0.5%
International Paper Co. 20,715 754,026
Weyerhaeuser Co. 13,228 988,661
------------
Total Forest Products & Paper 1,742,687
--------------------------------------------------------------------------------
Gas - 0.2%
Sempra Energy 8,951 546,101
--------------------------------------------------------------------------------
Healthcare-Products - 2.4%
Baxter International, Inc. 12,818 675,124
Becton, Dickinson & Co. 5,063 389,294
Biomet, Inc. 3,001 127,512
C.R. Bard, Inc. 1,120 89,051
Johnson & Johnson 99,409 5,990,387
Medtronic, Inc. 14,617 717,111
Stryker Corp. 1,695 112,412
------------
Total Healthcare-Products 8,100,891
--------------------------------------------------------------------------------
Healthcare-Services - 0.0%
Aetna, Inc. 208 9,108
UnitedHealth Group, Inc. 198 10,488
------------
Total Healthcare-Services 19,596
--------------------------------------------------------------------------------
Home Builders - 0.0%
Pulte Homes, Inc. 2,684 71,019
--------------------------------------------------------------------------------
Household Products/Wares - 0.6%
Clorox Co. (The) 4,571 291,127
Fortune Brands, Inc. 4,540 357,843
Kimberly-Clark Corp. 20,368 1,395,004
------------
Total Household Products/Wares 2,043,974
--------------------------------------------------------------------------------
Housewares - 0.1%
Newell Rubbermaid, Inc. 12,315 382,873
--------------------------------------------------------------------------------
Insurance - 3.4%
Allstate Corp. (The) 20,758 1,246,726
AMBAC Financial Group, Inc. 1,318 113,862
American Family Life Assurance Co., Inc. 12,479 587,262
American International Group, Inc. 36,759 2,470,941
AON Corp. 8,312 315,524
Chubb Corp. (The) 11,969 618,438
Cigna Corp. 50 7,133
Genworth Financial, Inc. Class A 7,991 279,206
Hartford Financial Services Group, Inc. (The) 11,156 1,066,290
Lincoln National Corp. 10,379 703,592
Loews Corp. 4,033 183,219
Marsh & McLennan Cos., Inc. 17,970 526,341
MBIA Inc. 3,935 257,703
Metlife, Inc. 11,508 726,730
Principal Financial Group, Inc. 5,911 353,892
Progressive Corp. (The) 270 5,891
Prudential Financial, Inc. 8,335 752,317
Travelers Cos., Inc. (The) 20,864 1,080,129
------------
Total Insurance 11,295,196
--------------------------------------------------------------------------------
See Notes to Financial Statements.
34 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree LargeCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Iron/Steel - 0.0%
Allegheny Technologies, Inc. 278 $ 29,660
Nucor Corp. 564 36,733
United States Steel Corp. 785 77,849
------------
Total Iron/Steel 144,242
--------------------------------------------------------------------------------
Leisure Time - 0.1%
Harley-Davidson, Inc. 4,459 261,966
--------------------------------------------------------------------------------
Lodging - 0.3%
Harrah's Entertainment, Inc. 5,765 486,854
Hilton Hotels Corp. 3,559 127,982
Marriott International, Inc. Class A 3,253 159,267
Starwood Hotels & Resorts Worldwide, Inc. 4,177 270,878
------------
Total Lodging 1,044,981
--------------------------------------------------------------------------------
Machinery-Construction & Mining - 0.4%
Caterpillar, Inc. 18,971 1,271,626
--------------------------------------------------------------------------------
Machinery-Diversified - 0.3%
Deere & Co. 6,429 698,446
Rockwell Automation, Inc. 4,842 289,891
------------
Total Machinery-Diversified 988,337
--------------------------------------------------------------------------------
Media - 1.6%
CBS Corp. Class B 31,673 968,877
Clear Channel Communications, Inc. 15,875 556,260
Gannett Co., Inc. 10,288 579,112
McGraw-Hill Cos., Inc. (The) 5,804 364,956
News Corp. Class A 19,107 441,754
News Corp. Class B(a) 7,516 183,917
Time Warner, Inc. 65,362 1,288,938
Walt Disney Co. (The) 29,239 1,006,698
------------
Total Media 5,390,512
--------------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.0%
Precision Castparts Corp. 134 13,943
--------------------------------------------------------------------------------
Mining - 1.7%
Alcoa, Inc. 25,138 852,178
Freeport-McMoRan Copper & Gold Inc. Class B 6,769 448,040
Newmont Mining Corp. 15,229 639,466
Southern Copper Corp.(a) 47,000 3,368,020
Vulcan Materials Co. 2,534 295,160
------------
Total Mining 5,602,864
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 6.2%
3M Co. 27,450 2,098,004
Danaher Corp. 141 10,074
Dover Corp. 4,955 241,854
Eaton Corp. 4,616 385,713
General Electric Co. 440,096 15,561,794
Honeywell International, Inc. 26,000 1,197,560
Illinois Tool Works, Inc. 15,201 784,372
ITT Industries, Inc. 375 22,620
Parker Hannifin Corp. 1,707 147,331
Textron, Inc. 3,145 282,421
------------
Total Miscellaneous Manufacturing 20,731,743
--------------------------------------------------------------------------------
Office/Business Equipment - 0.1%
Pitney Bowes, Inc. 9,296 421,945
--------------------------------------------------------------------------------
Oil & Gas - 7.8%
Apache Corp. 11,729 829,240
Chesapeake Energy Corp. 5,385 166,289
Chevron Corp.(a) 94,459 6,986,188
ConocoPhillips 59,221 4,047,755
Devon Energy Corp. 6,348 439,409
Diamond Offshore Drilling, Inc. 1,248 101,026
ENSCO International, Inc. 192 10,445
EOG Resources, Inc. 4,401 313,967
Exxon Mobil Corp. 146,427 11,047,917
Hess Corp. 3,361 186,435
Marathon Oil Corp. 8,967 886,209
Murphy Oil Corp. 4,610 246,174
Noble Energy, Inc. 3,093 184,497
Valero Energy Corp. 5,294 341,410
XTO Energy, Inc. 3,877 212,498
------------
Total Oil & Gas 25,999,459
--------------------------------------------------------------------------------
Oil & Gas Services - 0.0%
Smith International, Inc. 2,415 116,041
--------------------------------------------------------------------------------
Pharmaceuticals - 8.2%
Abbott Laboratories 58,485 3,263,463
Allergan, Inc. 328 36,349
AmerisourceBergen Corp. 694 36,609
Bristol-Myers Squibb Co. 155,301 4,311,156
Cardinal Health, Inc. 3,415 249,124
Eli Lilly & Co. 50,905 2,734,108
Merck & Co., Inc. 111,681 4,932,949
Pfizer, Inc. 379,683 9,590,792
Schering-Plough Corp. 3,737 95,331
Wyeth 43,695 2,186,061
------------
Total Pharmaceuticals 27,435,942
--------------------------------------------------------------------------------
Pipelines - 0.4%
El Paso Corp. 11,162 161,514
Kinder Morgan, Inc. 6,777 721,411
Williams Cos., Inc. (The) 11,647 331,474
------------
Total Pipelines 1,214,399
--------------------------------------------------------------------------------
REITS - 2.1%
Archstone-Smith Trust 9,548 518,265
AvalonBay Communities, Inc. 2,577 335,010
Boston Properties, Inc. 4,106 482,044
Equity Residential 14,628 705,508
General Growth Properties, Inc. 11,909 768,965
Host Hotels & Resorts, Inc. 24,887 654,777
Kimco Realty Corp. 11,727 571,574
ProLogis 9,141 593,525
Public Storage, Inc. 5,330 504,591
Simon Property Group, Inc. 9,930 1,104,714
Vornado Realty Trust 5,766 688,114
------------
Total REITS 6,927,087
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 35
Schedule of Investments (concluded)
WisdomTree LargeCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Retail - 4.1%
Best Buy Co., Inc. 5,655 $ 275,512
Costco Wholesale Corp. 7,352 395,832
CVS Corp. 16,063 548,391
Federated Department Stores, Inc. 9,919 446,851
Home Depot, Inc. (The) 73,710 2,708,105
J.C. Penney Co., Inc. 3,153 259,050
Lowe's Cos., Inc. 16,667 524,844
McDonald's Corp. 44,385 1,999,544
Nordstrom, Inc. 3,771 199,637
Staples, Inc. 9,754 252,043
Target Corp. 10,695 633,786
TJX Cos., Inc. 7,562 203,872
Walgreen Co. 12,701 582,849
Wal-Mart Stores, Inc. 91,259 4,284,609
Yum! Brands, Inc. 3,880 224,109
-------------
Total Retail 13,539,034
--------------------------------------------------------------------------------
Savings & Loans - 0.2%
Sovereign Bancorp, Inc. 30,627 779,151
--------------------------------------------------------------------------------
Semiconductors - 1.7%
Analog Devices, Inc. 10,029 345,900
Applied Materials, Inc. 23,296 426,783
Intel Corp. 188,771 3,611,189
KLA-Tencor Corp. 2,760 147,163
Linear Technology Corp. 8,666 273,759
Maxim Integrated Products, Inc. 10,050 295,470
National Semiconductor Corp. 3,493 84,321
Texas Instruments, Inc. 12,102 364,270
Xilinx, Inc. 7,242 186,337
-------------
Total Semiconductors 5,735,192
--------------------------------------------------------------------------------
Software - 2.2%
Automatic Data Processing, Inc. 15,814 765,398
CA, Inc. 6,690 173,338
First Data Corp. 11,612 312,363
Mastercard, Inc. Class A 186 19,761
Microsoft Corp. 201,943 5,628,150
Paychex, Inc. 12,215 462,582
-------------
Total Software 7,361,592
--------------------------------------------------------------------------------
Telecommunications - 6.9%
ALLTEL Corp. 4,958 307,396
AT&T, Inc. 321,758 12,686,918
Embarq Corp. 8,754 493,288
QUALCOMM, Inc. 32,646 1,392,678
Sprint Nextel Corp. 25,645 486,229
Verizon Communications, Inc. 203,898 7,731,812
Virgin Media, Inc. 1,430 36,108
-------------
Total Telecommunications 23,134,429
--------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.1%
Mattel, Inc. 17,210 474,480
--------------------------------------------------------------------------------
Transportation - 1.1%
Burlington Northern Santa Fe Corp. 7,216 580,383
C.H. Robinson Worldwide, Inc. 4,641 221,608
CSX Corp. 7,242 290,042
Expeditors International Washington, Inc. 2,094 86,524
FedEx Corp. 1,461 156,955
Norfolk Southern Corp. 8,744 442,446
Union Pacific Corp. 5,434 551,823
United Parcel Service Inc. Class B 19,571 1,371,927
-------------
Total Transportation 3,701,708
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $319,648,456) 332,704,621
================================================================================
SHORT-TERM INVESTMENT - 0.5%
MONEY MARKET FUND - 0.5%
Columbia Cash Reserves Fund, 4.95%(b)
(Cost: $1,618,246) 1,618,246 1,618,246
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 2.7%
MONEY MARKET FUNDS(c) - 2.7%
AIM Liquid Assets Portfolio, 5.23% 1,656 1,656
AIM Prime Portfolio, 5.21% 16,015 16,015
UBS Enhanced Yield Portfolio, 5.25% 6,260,500 6,260,500
UBS Private Money Market Fund LLC, 5.26% 2,820,529 2,820,529
-------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost: $9,098,700)(d) 9,098,700
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 103.0%
(Cost: $330,365,402) 343,421,567
Liabilities in Excess of Other Assets - (3.0)% (10,082,570)
------------
NET ASSETS - 100.0% $333,338,997
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2007.
(c) Interest rates shown reflect yields as of March 31, 2007.
(d) At March 31, 2007, the total market value of the Fund's securities on loan
was $8,869,357 and the total market value of the collateral held by the
fund was $9,098,700.
See Notes to Financial Statements.
36 WisdomTree Domestic Dividend Funds
Schedule of Investments
WisdomTree Dividend Top 100 Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.7%
Agriculture - 3.8%
Altria Group, Inc. 27,893 $ 2,449,284
Reynolds American, Inc.(a) 37,877 2,363,904
UST, Inc.(a) 39,464 2,288,123
------------
Total Agriculture 7,101,311
--------------------------------------------------------------------------------
Auto Manufacturers - 1.0%
General Motors Corp. 61,212 1,875,536
--------------------------------------------------------------------------------
Banks - 17.1%
Bank of America Corp. 44,357 2,263,094
Bank of New York Co., Inc. (The) 40,003 1,622,122
BB&T Corp. 52,197 2,141,121
Comerica, Inc. 36,810 2,176,207
Fifth Third Bancorp 59,274 2,293,311
KeyCorp 60,596 2,270,532
Marshall & Ilsley Corp. 29,543 1,368,136
National City Corp. 67,929 2,530,356
PNC Financial Services Group, Inc. (The) 22,573 1,624,579
Regions Financial Corp. 59,683 2,110,988
SunTrust Banks, Inc. 20,867 1,732,796
Synovus Financial Corp. 46,606 1,507,238
U.S. Bancorp 66,498 2,325,435
UnionBanCal Corp. 30,234 1,917,440
Wachovia Corp. 44,083 2,426,769
Wells Fargo & Co. 51,617 1,777,173
------------
Total Banks 32,087,297
--------------------------------------------------------------------------------
Beverages - 1.7%
Anheuser-Busch Cos., Inc. 31,355 1,582,173
Coca-Cola Co. (The) 32,697 1,569,456
------------
Total Beverages 3,151,629
--------------------------------------------------------------------------------
Building Materials - 0.9%
Masco Corp. 62,000 1,698,800
--------------------------------------------------------------------------------
Chemicals - 4.0%
Dow Chemical Co. (The) 53,664 2,461,031
E.I. du Pont de Nemours & Co. 37,656 1,861,336
PPG Industries, Inc. 26,052 1,831,716
Rohm & Haas Co. 27,669 1,431,041
------------
Total Chemicals 7,585,124
--------------------------------------------------------------------------------
Commercial Services - 1.2%
R.R. Donnelley & Sons Co. 62,311 2,279,959
--------------------------------------------------------------------------------
Distribution/Wholesale - 0.9%
Genuine Parts Co. 35,354 1,732,346
--------------------------------------------------------------------------------
Diversified Financial Services - 2.7%
Citigroup, Inc. 45,615 2,341,874
Freddie Mac 22,337 1,328,828
JPMorgan Chase & Co. 27,360 1,323,677
------------
Total Diversified Financial Services 4,994,379
--------------------------------------------------------------------------------
Electric - 19.9%
Ameren Corp. 48,925 2,460,928
American Electric Power Co., Inc. 51,586 2,514,818
Consolidated Edison, Inc. 56,947 2,907,713
Dominion Resources, Inc. 24,383 2,164,479
DTE Energy Co. 53,664 2,570,505
Duke Energy Corp. 73,499 1,491,295
Edison International 29,546 1,451,595
Entergy Corp. 14,881 1,561,315
Exelon Corp. 26,990 1,854,483
FirstEnergy Corp. 29,050 1,924,272
FPL Group, Inc. 30,563 1,869,539
PG&E Corp. 36,096 1,742,354
PPL Corp. 47,984 1,962,546
Progress Energy, Inc. 61,092 3,081,479
Public Service Enterprise Group, Inc. 29,114 2,417,627
Southern Co. 85,152 3,120,820
Xcel Energy, Inc. 97,530 2,408,016
------------
Total Electric 37,503,784
--------------------------------------------------------------------------------
Electrical Components & Equipment - 0.7%
Emerson Electric Co. 30,728 1,324,070
--------------------------------------------------------------------------------
Food - 5.0%
ConAgra Foods, Inc. 62,266 1,551,046
General Mills, Inc. 27,068 1,575,899
H.J. Heinz Co. Ltd. 41,182 1,940,496
Kellogg Co. 29,549 1,519,705
Kraft Foods, Inc. Class A(a) 47,135 1,492,294
Sara Lee Corp. 76,716 1,298,035
------------
Total Food 9,377,475
--------------------------------------------------------------------------------
Forest Products & Paper - 2.3%
International Paper Co. 51,861 1,887,740
Weyerhaeuser Co. 32,531 2,431,367
-----------
Total Forest Products & Paper 4,319,107
--------------------------------------------------------------------------------
Home Builders - 0.7%
D.R. Horton, Inc. 56,647 1,246,234
--------------------------------------------------------------------------------
Household Products/Wares - 0.9%
Kimberly-Clark Corp. 25,635 1,755,741
--------------------------------------------------------------------------------
Housewares - 1.3%
Newell Rubbermaid, Inc. 79,570 2,473,831
--------------------------------------------------------------------------------
Insurance - 2.3%
Hartford Financial Services Group, Inc. (The) 22,722 2,171,769
Lincoln National Corp. 32,640 2,212,665
------------
Total Insurance 4,384,434
--------------------------------------------------------------------------------
Media - 0.7%
CBS Corp. Class B 44,843 1,371,747
--------------------------------------------------------------------------------
Mining - 3.9%
Southern Copper Corp.(a) 102,622 7,353,893
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 37
Schedule of Investments (concluded)
WisdomTree Dividend Top 100 Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 1.6%
3M Co. 16,040 $ 1,225,937
General Electric Co. 52,024 1,839,569
-------------
Total Miscellaneous Manufacturing 3,065,506
--------------------------------------------------------------------------------
Office/Business Equipment - 1.1%
Pitney Bowes, Inc. 43,651 1,981,319
--------------------------------------------------------------------------------
Oil & Gas - 0.9%
Chevron Corp. 23,322 1,724,895
--------------------------------------------------------------------------------
Pharmaceuticals - 5.6%
Abbott Laboratories 34,836 1,943,849
Bristol-Myers Squibb Co. 96,791 2,686,918
Eli Lilly & Co. 32,673 1,754,867
Merck & Co., Inc. 48,790 2,155,054
Pfizer, Inc. 77,920 1,968,259
-------------
Total Pharmaceuticals 10,508,947
--------------------------------------------------------------------------------
Pipelines - 1.0%
Kinder Morgan, Inc. 18,260 1,943,777
--------------------------------------------------------------------------------
REITS - 8.8%
Archstone-Smith Trust 28,118 1,526,245
AvalonBay Communities, Inc. 10,296 1,338,480
Boston Properties, Inc. 11,558 1,356,909
Equity Residential 33,573 1,619,226
General Growth Properties, Inc. 35,518 2,293,397
Host Hotels & Resorts, Inc. 65,100 1,712,781
Kimco Realty Corp. 38,973 1,899,544
ProLogis 21,995 1,428,135
Simon Property Group, Inc. 17,104 1,902,820
Vornado Realty Trust 12,555 1,498,314
-------------
Total REITS 16,575,851
--------------------------------------------------------------------------------
Retail - 1.8%
Home Depot, Inc. (The) 36,232 1,331,164
McDonald's Corp. 46,223 2,082,346
-------------
Total Retail 3,413,510
--------------------------------------------------------------------------------
Savings & Loans - 1.4%
Washington Mutual, Inc.(a) 62,337 2,517,168
--------------------------------------------------------------------------------
Telecommunications - 5.0%
AT&T, Inc. 106,793 4,210,848
Embarq Corp. 41,771 2,353,796
Verizon Communications, Inc. 76,448 2,898,908
-------------
Total Telecommunications 9,463,552
--------------------------------------------------------------------------------
Toys/Games/Hobbies - 1.5%
Mattel, Inc. 98,059 2,703,487
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $180,652,494) 187,514,709
================================================================================
SHORT-TERM INVESTMENT - 0.6%
MONEY MARKET FUND - 0.6%
Columbia Cash Reserves Fund, 4.95%(b)
(Cost: $1,125,772) 1,125,722 1,125,772
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 7.1%
MONEY MARKET FUNDS(c) - 7.1%
UBS Enhanced Yield Portfolio, 5.25% 7,170,389 7,170,389
UBS Private Money Market Fund LLC, 5.26% 6,188,611 6,188,611
-------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost: $13,359,000)(d) 13,359,000
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 107.4%
(Cost: $195,137,266) 201,999,481
Liabilities in Excess of Other Assets - (7.4)% (13,990,793)
------------
TOTAL NET ASSETS - 100.0% $188,008,688
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2007.
(c) Interest rates shown reflect yields as of March 31, 2007.
(d) At March 31, 2007, the total market value of the Fund's securities on loan
was $13,016,790 and the total market value of the collateral held by the
Fund was $13,359,000.
See Notes to Financial Statements.
38 WisdomTree Domestic Dividend Funds
Schedule of Investments
WisdomTree MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.8%
Advertising - 0.1%
Harte-Hanks, Inc. 1,790 $ 49,386
--------------------------------------------------------------------------------
Aerospace/Defense - 0.4%
DRS Technologies, Inc. 1,240 64,691
Goodrich Corp. 5,359 275,881
------------
Total Aerospace/Defense 340,572
--------------------------------------------------------------------------------
Agriculture - 0.8%
Loews Corp. 7,789 588,926
--------------------------------------------------------------------------------
Apparel - 0.4%
Columbia Sportswear Co. 915 57,014
Jones Apparel Group, Inc. 4,484 137,793
Liz Claiborne, Inc. 838 35,908
Phillips-Van Heusen Corp. 253 14,876
Polo Ralph Lauren Corp. 219 19,305
Wolverine World Wide, Inc. 1,466 41,884
------------
Total Apparel 306,780
--------------------------------------------------------------------------------
Auto Manufacturers - 0.1%
Oshkosh Truck Corp. 1,406 74,518
--------------------------------------------------------------------------------
Auto Parts & Equipment - 0.2%
BorgWarner, Inc. 1,669 125,876
--------------------------------------------------------------------------------
Banks - 8.2%
Associated Banc-Corp 10,977 368,827
BancorpSouth, Inc. 5,630 137,654
Bank of Hawaii Corp. 3,845 203,900
BOK Financial Corp. 1,811 89,699
Cathay General Bancorp 1,319 44,820
City National Corp. 2,798 205,933
Colonial BancGroup, Inc. (The) 10,220 252,945
Commerce Bancorp, Inc. 6,282 209,693
Commerce Bancshares, Inc. 3,285 158,698
Compass Bancshares, Inc. 8,595 591,335
Cullen/Frost Bankers, Inc. 3,387 177,242
East West Bancorp, Inc. 912 33,534
First Citizens BancShares, Inc. Class A 142 28,542
First Horizon National Corp. 13,567 563,438
First Midwest Bancorp, Inc. 3,799 139,613
FirstMerit Corp. 9,522 201,009
Fulton Financial Corp. 15,263 221,771
Hancock Holding Co. 1,467 64,519
Huntington Bancshares, Inc. 23,598 515,616
International Bancshares Corp. 3,448 102,302
Investors Financial Services Corp. 150 8,723
Sky Financial Group, Inc. 10,774 289,390
South Financial Group, Inc. (The) 4,693 116,011
TCF Financial Corp. 11,222 295,812
TD Banknorth, Inc. 15,159 487,513
Trustmark Corp. 3,875 108,655
Umpqua Holdings Corp. 3,393 90,831
Valley National Bancorp 9,232 233,108
Webster Financial Corp. 3,036 145,758
Whitney Holding Corp. 5,370 164,215
Wilmington Trust Corp. 5,027 211,989
------------
Total Banks 6,463,095
--------------------------------------------------------------------------------
Beverages - 1.3%
Brown-Forman Corp. Class A 2,296 158,608
Brown-Forman Corp. Class B 2,715 177,995
Molson Coors Brewing Co. Class B 2,969 280,927
Pepsi Bottling Group, Inc. 8,123 259,042
PepsiAmericas, Inc. 7,296 162,847
------------
Total Beverages 1,039,419
--------------------------------------------------------------------------------
Building Materials - 0.6%
Eagle Materials, Inc. 1,949 86,984
Florida Rock Industries, Inc. 2,133 143,529
Lennox International, Inc. 2,338 83,467
Martin Marietta Materials, Inc. 1,273 172,109
Texas Industries, Inc. 188 14,200
------------
Total Building Materials 500,289
--------------------------------------------------------------------------------
Chemicals - 3.7%
Airgas, Inc. 1,270 53,531
Albemarle Corp. 2,416 99,877
Ashland, Inc. 2,537 166,427
Cabot Corp. 2,639 125,959
Celanese Corp. Series A 2,880 88,819
Chemtura Corp. 12,168 132,996
Cytec Industries, Inc. 861 48,423
Eastman Chemical Co. 5,864 371,367
FMC Corp. 968 73,016
International Flavors & Fragrances, Inc. 3,851 181,844
Kronos Worldwide, Inc. 3,212 104,101
Lubrizol Corp. 3,634 187,260
Lyondell Chemical Co. 23,746 711,668
RPM International, Inc. 10,205 235,736
Sigma-Aldrich Corp. 3,504 145,486
Valhi, Inc. 4,274 56,417
Valspar Corp. (The) 3,906 108,704
Westlake Chemical Corp. 833 22,616
------------
Total Chemicals 2,914,247
--------------------------------------------------------------------------------
Coal - 0.3%
Arch Coal, Inc. 2,361 72,459
CONSOL Energy, Inc. 3,337 130,576
Foundation Coal Holdings, Inc. 650 22,321
Massey Energy Co. 1,350 32,387
------------
Total Coal 257,743
--------------------------------------------------------------------------------
Commercial Services - 1.7%
Adesa, Inc. 2,768 76,480
Corporate Executive Board Co. 1,208 91,760
DeVry, Inc. 667 19,576
Equifax, Inc. 1,246 45,417
Manpower, Inc. 1,970 145,327
Pharmaceutical Product Development, Inc. 1,485 50,030
Robert Half International, Inc. 3,397 125,723
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 39
Schedule of Investments (continued)
WisdomTree MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Service Corp. International 9,181 $ 108,887
ServiceMaster Co. (The) 25,921 398,923
Sotheby's Class A 2,008 89,316
Watson Wyatt Worldwide, Inc. Class A 614 29,871
Weight Watchers International, Inc. 3,424 157,812
------------
Total Commercial Services 1,339,122
--------------------------------------------------------------------------------
Computers - 0.3%
Diebold, Inc. 2,989 142,605
Factset Research Systems, Inc. 534 33,562
Jack Henry & Associates, Inc. 1,959 47,114
------------
Total Computers 223,281
--------------------------------------------------------------------------------
Cosmetics/Personal Care - 0.4%
Alberto-Culver Co. 6,033 138,035
Estee Lauder Cos., Inc. (The) Class A 3,549 173,369
------------
Total Cosmetics/Personal Care 311,404
--------------------------------------------------------------------------------
Distribution/Wholesale - 0.7%
CDW Corp. 1,369 84,098
Fastenal Co. 4,082 143,074
Pool Corp.(a) 1,352 48,402
W.W. Grainger, Inc. 3,370 260,298
------------
Total Distribution/Wholesale 535,872
--------------------------------------------------------------------------------
Diversified Financial Services - 3.0%
A.G. Edwards, Inc. 2,530 175,025
Eaton Vance Corp. 4,649 165,690
Federated Investors, Inc. Class B 5,506 202,180
First Marblehead Corp. (The) 2,210 99,207
Greenhill & Co., Inc. 733 44,999
International Securities Exchange, Inc. 206 10,053
Janus Capital Group, Inc. 444 9,284
Jefferies Group, Inc. 4,743 137,310
National Financial Partners Corp. 1,423 66,753
Nuveen Investments, Inc. Class A 3,632 171,794
optionsXpress Holdings, Inc. 1,254 29,519
Raymond James Financial, Inc. 3,962 117,909
Student Loan Corp. 1,218 226,451
Thornburg Mortgage, Inc.(a) 29,563 768,638
Waddell & Reed Financial, Inc. Class A 4,874 113,662
------------
Total Diversified Financial Services 2,338,474
--------------------------------------------------------------------------------
Electric - 9.4%
Alliant Energy Corp. 9,576 429,196
CenterPoint Energy, Inc. 27,714 497,189
DPL, Inc. 9,705 301,728
Duquesne Light Holdings, Inc. 10,334 204,510
Energy East Corp. 17,514 426,641
Great Plains Energy, Inc. 10,180 330,341
Hawaiian Electric Industries, Inc. 8,954 232,714
IDACORP, Inc. 3,097 104,802
Integrys Energy Group, Inc. 8,600 477,386
ITC Holdings Corp. 2,875 124,459
MDU Resources Group, Inc. 9,010 258,947
Northeast Utilities 10,100 330,977
NSTAR 9,487 333,183
OGE Energy Corp. 7,636 296,277
Pepco Holdings, Inc. 18,742 543,894
Pinnacle West Capital Corp. 10,307 497,313
PNM Resources, Inc. 4,870 157,301
Portland General Electric Co. 4,838 141,270
Puget Energy, Inc. 11,262 289,208
SCANA Corp. 11,501 496,498
TECO Energy, Inc. 22,577 388,550
Westar Energy, Inc. 8,034 221,096
Wisconsin Energy Corp. 5,523 267,976
------------
Total Electric 7,351,456
--------------------------------------------------------------------------------
Electrical Components & Equipment - 0.5%
AMETEK, Inc. 1,724 59,547
Belden CDT, Inc. 489 26,206
Hubbell, Inc. Class B 3,207 154,705
Molex, Inc. 2,720 76,704
Molex, Inc. Class A 2,094 52,120
National Instruments Corp. 1,621 42,519
------------
Total Electrical Components & Equipment 411,801
--------------------------------------------------------------------------------
Electronics - 0.8%
Amphenol Corp. Class A 399 25,763
Applera Corp. 2,074 61,328
AVX Corp. 4,805 73,036
Brady Corp. Class A 1,648 51,418
Gentex Corp. 7,972 129,546
Jabil Circuit, Inc. 4,997 106,986
PerkinElmer, Inc. 5,210 126,186
Tektronix, Inc. 1,552 43,704
------------
Total Electronics 617,967
--------------------------------------------------------------------------------
Engineering & Construction - 0.1%
Granite Construction Inc. 758 41,887
--------------------------------------------------------------------------------
Entertainment - 0.0%
Speedway Motorsports, Inc. 953 36,929
--------------------------------------------------------------------------------
Environmental Control - 0.3%
Republic Services, Inc. 7,314 203,475
--------------------------------------------------------------------------------
Food - 2.0%
Corn Products International, Inc. 1,786 63,564
Del Monte Foods Co. 7,482 85,893
Flowers Foods, Inc. 3,253 98,143
Hormel Foods Corp. 5,117 190,301
J.M. Smucker Co. (The) 3,228 172,117
McCormick & Co., Inc. 5,860 225,727
Pilgrim's Pride Corp. 625 20,744
Seaboard Corp. 7 15,820
SUPERVALU Inc. 9,514 371,713
Tyson Foods, Inc. Class A 6,713 130,299
Whole Foods Market, Inc. 4,958 222,366
------------
Total Food 1,596,687
--------------------------------------------------------------------------------
See Notes to Financial Statements.
40 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Forest Products & Paper - 2.1%
Louisiana-Pacific Corp. 7,212 $ 144,673
MeadWestvaco Corp. 13,722 423,186
Plum Creek Timber Co., Inc. 18,361 723,791
Temple-Inland, Inc. 6,611 394,941
------------
Total Forest Products & Paper 1,686,591
--------------------------------------------------------------------------------
Gas - 3.9%
AGL Resources, Inc. 7,288 311,343
Atmos Energy Corp. 7,694 240,668
Energen Corp. 1,673 85,139
KeySpan Corp. 19,212 790,575
Nicor, Inc. 4,043 195,762
NiSource, Inc. 24,587 600,906
Piedmont Natural Gas Co., Inc.(a) 6,175 162,897
Southern Union Co. 4,605 139,946
UGI Corp. 6,380 170,410
Vectren Corp. 7,894 225,768
WGL Holdings, Inc. 4,742 151,649
------------
Total Gas 3,075,063
--------------------------------------------------------------------------------
Hand/Machine Tools - 1.1%
Black & Decker Corp. (The) 2,903 236,943
Kennametal, Inc. 1,293 87,420
Lincoln Electric Holdings, Inc. 1,563 93,092
Snap-On, Inc. 3,202 154,016
Stanley Works (The) 5,638 312,120
------------
Total Hand/Machine Tools 883,591
--------------------------------------------------------------------------------
Healthcare-Products - 0.7%
Bausch & Lomb, Inc. 1,355 69,322
Beckman Coulter, Inc. 1,483 94,749
Dade Behring Holdings, Inc. 1,107 48,542
DENTSPLY International, Inc. 1,859 60,882
Hillenbrand Industries, Inc. 2,849 169,145
Mentor Corp. 1,423 65,458
STERIS Corp. 2,139 56,812
------------
Total Healthcare-Products 564,910
--------------------------------------------------------------------------------
Healthcare-Services - 0.7%
Brookdale Senior Living, Inc.(a) 8,582 383,272
Manor Care, Inc. 2,373 128,996
Universal Health Services, Inc. Class B 704 40,311
------------
Total Healthcare-Services 552,579
--------------------------------------------------------------------------------
Holding Companies-Diversified - 0.1%
Leucadia National Corp. 1,333 39,217
Walter Industries, Inc. 216 5,346
------------
Total Holding Companies-Diversified 44,563
--------------------------------------------------------------------------------
Home Builders - 0.7%
Beazer Homes USA, Inc. 430 12,483
Centex Corp. 507 21,182
KB Home 4,262 181,860
Lennar Corp. Class A 3,681 155,375
MDC Holdings, Inc. 1,918 92,198
Ryland Group, Inc. (The) 977 41,220
Standard-Pacific Corp. 593 12,376
Thor Industries, Inc. 857 33,757
------------
Total Home Builders 550,451
--------------------------------------------------------------------------------
Home Furnishings - 0.5%
Harman International Industries, Inc. 310 29,785
Whirlpool Corp. 3,875 329,026
------------
Total Home Furnishings 358,811
--------------------------------------------------------------------------------
Household Products/Wares - 0.7%
Avery Dennison Corp. 6,260 402,267
Church & Dwight Co., Inc. 1,131 56,946
Scotts Miracle-Gro Co. (The) Class A 1,651 72,694
------------
Total Household Products/Wares 531,907
--------------------------------------------------------------------------------
Housewares - 0.1%
Toro Co. (The) 892 45,706
--------------------------------------------------------------------------------
Insurance - 6.3%
American Financial Group, Inc. 3,153 107,328
American National Insurance Co. 1,787 228,611
Arthur J. Gallagher & Co.(a) 9,805 277,776
Assurant, Inc. 2,082 111,658
Brown & Brown, Inc. 3,266 88,345
Commerce Group, Inc. 5,171 155,337
Delphi Financial Group, Inc. Class A 759 30,535
Erie Indemnity Co. Class A 3,552 187,439
Fidelity National Title Group, Inc. Class A 27,983 671,871
First American Corp. 4,386 222,458
Hanover Insurance Group, Inc. (The) 723 33,345
HCC Insurance Holdings, Inc. 3,420 105,336
Mercury General Corp. 4,722 250,455
MGIC Investment Corp. 3,484 205,277
Nationwide Financial Services, Inc. Class A 2,333 125,655
Odyssey Re Holdings Corp. 563 22,132
Ohio Casualty Corp. 1,988 59,541
Old Republic International Corp. 14,803 327,442
Phoenix Cos., Inc. (The) 2,473 34,325
PMI Group, Inc. (The) 891 40,291
Protective Life Corp. 2,996 131,944
Radian Group, Inc. 180 9,878
Reinsurance Group of America, Inc. 1,056 60,952
Safeco Corp. 5,487 364,501
StanCorp Financial Group, Inc. 1,809 88,949
Torchmark Corp. 1,996 130,918
Transatlantic Holdings, Inc. 1,396 90,908
Unitrin, Inc. 5,820 273,947
UnumProvident Corp. 12,125 279,239
W.R. Berkley Corp. 2,202 72,930
Wesco Financial Corp. 57 26,220
Zenith National Insurance Corp. 2,621 123,895
------------
Total Insurance 4,939,438
--------------------------------------------------------------------------------
Investment Companies - 3.3%
Allied Capital Corp.(a) 28,875 831,889
American Capital Strategies Ltd. 30,093 1,333,421
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 41
Schedule of Investments (continued)
WisdomTree MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Apollo Investment Corp. 20,371 $ 435,939
------------
Total Investment Companies 2,601,249
--------------------------------------------------------------------------------
Iron/Steel - 0.5%
Carpenter Technology Corp. 616 74,388
Chaparral Steel Co. 997 57,995
Cleveland-Cliffs, Inc. 1,056 67,595
Reliance Steel & Aluminum Co. 1,234 59,726
Steel Dynamics, Inc. 2,782 120,182
------------
Total Iron/Steel 379,886
--------------------------------------------------------------------------------
Leisure Time - 0.6%
Brunswick Corp. 4,523 144,058
Polaris Industries, Inc. 2,647 127,003
Sabre Holdings Corp. Class A 6,104 199,906
------------
Total Leisure Time 470,967
--------------------------------------------------------------------------------
Lodging - 0.6%
Ameristar Casinos, Inc. 1,703 54,683
Boyd Gaming Corp. 2,703 128,771
Choice Hotels International, Inc. 2,148 76,104
Station Casinos, Inc. 2,428 210,192
------------
Total Lodging 469,750
--------------------------------------------------------------------------------
Machinery-Construction & Mining - 0.2%
Joy Global, Inc. 3,857 165,465
--------------------------------------------------------------------------------
Machinery-Diversified - 0.6%
Cummins, Inc. 1,518 219,685
Graco, Inc. 2,176 85,212
IDEX Corp. 1,619 82,375
Manitowoc Co., Inc. (The) 398 25,285
Nordson Corp. 1,161 53,940
------------
Total Machinery-Diversified 466,497
--------------------------------------------------------------------------------
Media - 1.2%
CBS Corp. Class A 4,010 122,746
Dow Jones & Co., Inc. 4,299 148,187
E.W. Scripps Co. (The) Class A 2,989 133,549
John Wiley & Sons, Inc. Class A 1,209 45,652
Meredith Corp. 1,142 65,539
New York Times Co. (The) Class A(a) 10,018 235,523
Washington Post Co. (The) Class B 212 161,862
------------
Total Media 913,058
--------------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.4%
Commercial Metals Co. 2,270 71,165
Timken Co. (The) 4,768 144,518
Worthington Industries, Inc.(a) 7,995 164,537
------------
Total Metal Fabricate/Hardware 380,220
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 2.4%
Acuity Brands, Inc. 1,351 73,548
AptarGroup, Inc. 1,182 79,111
Brink's Co. (The) 492 31,217
Carlisle Cos., Inc. 1,676 71,951
CLARCOR, Inc. 1,133 36,029
Crane Co. 2,244 90,702
Donaldson Co., Inc. 1,997 72,092
Eastman Kodak Co. 14,321 323,082
Harsco Corp. 3,882 174,147
Leggett & Platt, Inc. 12,364 280,292
Pall Corp. 4,463 169,594
Pentair, Inc. 4,112 128,130
Roper Industries, Inc. 1,102 60,478
SPX Corp. 2,264 158,933
Teleflex, Inc. 1,620 110,273
Trinity Industries, Inc. 1,112 46,615
------------
Total Miscellaneous Manufacturing 1,906,194
--------------------------------------------------------------------------------
Office Furnishings - 0.2%
Herman Miller, Inc. 1,489 49,867
HNI Corp. 1,806 82,949
----------
Total Office Furnishings 132,816
--------------------------------------------------------------------------------
Office/Business Equipment - 0.1%
IKON Office Solutions, Inc. 2,801 40,250
--------------------------------------------------------------------------------
Oil & Gas - 0.8%
Cabot Oil & Gas Corp. 400 26,928
Cimarex Energy Co. 916 33,910
Frontier Oil Corp. 938 30,616
Helmerich & Payne, Inc. 1,954 59,284
Holly Corp. 1,302 77,209
Patterson-UTI Energy, Inc. 4,450 99,858
Pioneer Natural Resources Co. 1,925 82,987
Pogo Producing Co. 756 36,364
Range Resources Corp. 1,011 33,767
St. Mary Land & Exploration Co. 297 10,894
Tesoro Corp. 977 98,120
W&T Offshore, Inc. 707 20,454
Western Refining, Inc. 861 33,596
------------
Total Oil & Gas 643,987
--------------------------------------------------------------------------------
Oil & Gas Services - 0.1%
Tidewater, Inc. 1,586 92,908
--------------------------------------------------------------------------------
Packaging & Containers - 1.2%
Ball Corp. 2,322 106,464
Bemis Co. 5,657 188,887
Packaging Corp. of America 11,285 275,354
Sealed Air Corp. 3,874 122,418
Silgan Holdings, Inc. 1,033 52,797
Sonoco Products Co. 6,249 234,837
------------
Total Packaging & Containers 980,757
--------------------------------------------------------------------------------
Pharmaceuticals - 0.2%
Medicis Pharmaceutical Corp. Class A 429 13,222
Mylan Laboratories, Inc. 4,920 104,009
Omnicare, Inc. 652 25,930
------------
Total Pharmaceuticals 143,161
--------------------------------------------------------------------------------
Pipelines - 1.4%
Equitable Resources, Inc. 5,899 285,040
National Fuel Gas Co. 6,363 275,263
ONEOK, Inc. 7,956 358,020
See Notes to Financial Statements.
42 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Questar Corp. 2,256 $ 201,258
------------
Total Pipelines 1,119,581
--------------------------------------------------------------------------------
Real Estate - 0.3%
Forest City Enterprises, Inc. Class A 869 57,510
Jones Lang LaSalle, Inc. 699 72,892
St. Joe Co. (The)(a) 2,070 108,282
------------
Total Real Estate 238,684
--------------------------------------------------------------------------------
REITS - 20.6%
Alexandria Real Estate Equities, Inc. 2,016 202,346
AMB Property Corp. 6,437 378,431
Apartment Investment & Management Co. Class A 9,698 559,478
BioMed Realty Trust, Inc. 5,991 157,563
Brandywine Realty Trust 10,745 358,990
BRE Properties, Inc. Class A 3,856 243,506
Camden Property Trust 4,647 326,731
CBL & Associates Properties, Inc. 7,393 331,502
Colonial Properties Trust 6,409 292,699
Corporate Office Properties Trust 2,510 114,657
Cousins Properties, Inc. 5,005 164,464
Crescent Real Estate Equities Co. 17,323 347,499
Developers Diversified Realty Corp. 9,588 603,085
Digital Realty Trust, Inc. 3,428 136,777
Duke Realty Corp. 14,308 621,969
Equity One, Inc. 7,818 207,177
Essex Property Trust, Inc. 1,432 185,415
Federal Realty Investment Trust 3,706 335,838
First Industrial Realty Trust, Inc. 6,018 272,615
Health Care Property Investors, Inc. 22,736 819,178
Health Care REIT, Inc.(a) 9,346 410,289
Healthcare Realty Trust, Inc. 7,463 278,370
Highwoods Properties, Inc. 5,605 221,341
Home Properties, Inc. 3,339 176,333
Hospitality Properties Trust 10,618 496,922
HRPT Properties Trust 33,804 415,789
iStar Financial, Inc. 19,887 931,309
Kilroy Realty Corp. 2,023 149,196
LaSalle Hotel Properties 3,683 170,744
Liberty Property Trust 10,591 515,994
Macerich Co. (The) 5,847 540,029
Mack-Cali Realty Corp. 7,048 335,696
Maguire Properties, Inc. 4,272 151,912
Nationwide Health Properties, Inc. 10,784 337,108
New Plan Excel Realty Trust, Inc. 10,938 361,282
Post Properties, Inc. 4,016 183,652
Potlatch Corp. 4,456 203,996
Rayonier, Inc. 8,429 362,447
Realty Income Corp. 13,251 373,678
Regency Centers Corp. 5,007 418,335
Senior Housing Properties Trust 11,275 269,473
SL Green Realty Corp. 2,925 401,252
Strategic Hotels & Resorts, Inc. 7,789 178,134
Taubman Centers, Inc. 3,173 184,002
UDR, Inc. 14,344 439,213
Ventas, Inc. 10,181 428,926
Washington Real Estate Investment Trust 4,123 154,283
Weingarten Realty Investors 8,112 385,807
------------
Total REITS 16,135,432
--------------------------------------------------------------------------------
Retail - 3.4%
Abercrombie & Fitch Co. Class A 2,304 174,367
Advance Auto Parts, Inc. 1,667 64,263
American Eagle Outfitters, Inc. 5,341 160,177
Applebee's International, Inc. 1,577 39,078
Barnes & Noble, Inc. 2,366 93,339
bebe stores, inc. 2,214 38,479
Brinker International, Inc. 3,585 117,230
Circuit City Stores, Inc. 2,579 47,789
Claire's Stores, Inc. 2,736 87,880
Darden Restaurants, Inc. 4,096 168,714
Dillard's, Inc. Class A 748 24,482
Dollar General Corp. 9,805 207,375
Family Dollar Stores, Inc. 5,468 161,962
Foot Locker, Inc. 8,211 193,368
Men's Wearhouse, Inc. (The) 648 30,488
MSC Industrial Direct Co. Class A 1,970 91,960
OfficeMax, Inc. 2,320 122,357
OSI Restaurant Partners, Inc. 2,445 96,578
PetSmart, Inc. 1,354 44,628
RadioShack Corp. 4,691 126,798
Regis Corp. 453 18,288
Ross Stores, Inc. 2,635 90,644
Tiffany & Co. 3,511 159,680
United Auto Group, Inc. 2,716 55,135
Wendy's International, Inc. 3,058 95,715
Williams-Sonoma, Inc. 3,465 122,869
------------
Total Retail 2,633,643
--------------------------------------------------------------------------------
Savings & Loans - 3.1%
Astoria Financial Corp. 7,710 205,009
Capitol Federal Financial(a) 9,363 354,015
Downey Financial Corp. 433 27,946
Hudson City Bancorp, Inc. 30,859 422,151
New York Community Bancorp, Inc.(a) 50,091 881,101
NewAlliance Bancshares, Inc. 3,749 60,771
People's Bank 7,695 341,658
Washington Federal, Inc. 7,438 174,495
------------
Total Savings & Loans 2,467,146
--------------------------------------------------------------------------------
Semiconductors - 0.9%
Intersil Corp. Class A 3,675 97,351
Microchip Technology, Inc. 16,256 577,575
------------
Total Semiconductors 674,926
--------------------------------------------------------------------------------
Software - 0.6%
Acxiom Corp. 1,840 39,358
Fair Isaac Corp. 297 11,488
Fidelity National Information Services, Inc. 2,339 106,331
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 43
Schedule of Investments (concluded)
WisdomTree MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Global Payments, Inc. 270 $ 9,196
IMS Health, Inc. 2,067 61,307
MoneyGram International, Inc. 1,263 35,061
SEI Investments Co. 549 33,066
Total System Services, Inc. 5,130 163,391
------------
Total Software 459,198
--------------------------------------------------------------------------------
Telecommunications - 3.2%
CenturyTel, Inc. 906 40,942
Citizens Communications Co. 54,921 821,069
Harris Corp. 3,374 171,905
Telephone & Data Systems, Inc. 485 28,916
Telephone & Data Systems, Inc. Special Shares 603 33,708
Windstream Corp. 95,038 1,396,108
------------
Total Telecommunications 2,492,648
--------------------------------------------------------------------------------
Textiles - 0.2%
Cintas Corp. 3,288 118,697
--------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.3%
Hasbro, Inc. 7,025 201,056
--------------------------------------------------------------------------------
Transportation - 0.9%
Alexander & Baldwin, Inc. 2,285 115,255
Con-way, Inc. 1,004 50,039
Florida East Coast Industries, Inc. 374 23,446
JB Hunt Transport Services, Inc. 5,152 135,188
Laidlaw International, Inc. 4,513 156,151
Landstar System, Inc. 297 13,614
Overseas Shipholding Group, Inc. 1,620 101,412
Ryder System, Inc. 2,081 102,677
------------
Total Transportation 697,782
--------------------------------------------------------------------------------
Trucking & Leasing - 0.1%
GATX Corp. 2,311 110,466
--------------------------------------------------------------------------------
Water - 0.2%
Aqua America Inc.(a) 5,952 133,622
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $75,375,618) 78,172,862
================================================================================
SHORT-TERM INVESTMENT - 0.4%
MONEY MARKET FUND - 0.4%
Columbia Cash Reserves Fund, 4.95%(b)
(Cost: $324,732) 324,732 324,732
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 3.8%
MONEY MARKET FUNDS(c) - 3.8%
AIM Prime Portfolio, 5.21% 16,010 16,010
UBS Enhanced Yield Portfolio, 5.25% 2,516,371 2,516,371
UBS Private Money Market Fund LLC, 5.26% 443,869 443,869
------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost: $2,976,250)(d) 2,976,250
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 104.0%
(Cost: $78,676,600) 81,473,844
Liabilities in Excess of Other Assets - (4.0)% (3,140,850)
------------
NET ASSETS - 100.0% $ 78,332,994
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2007.
(c) Interest rates shown reflect yields as of March 31, 2007.
(d) At March 31, 2007, the total market value of the Fund's securities on loan
was $2,630,900 and the total market value of the collateral held by the
Fund was $2,976,250.
See Notes to Financial Statements.
44 WisdomTree Domestic Dividend Funds
Schedule of Investments
WisdomTree SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.8%
Advertising - 0.2%
Catalina Marketing Corp. 5,405 $ 170,690
--------------------------------------------------------------------------------
Aerospace/Defense - 0.3%
Curtiss-Wright Corp. 2,713 104,559
EDO Corp. 963 25,231
HEICO Corp. 223 8,137
HEICO Corp. Class A 312 9,781
Kaman Corp. 5,248 122,331
Triumph Group, Inc. 551 30,492
United Industrial Corp. 888 49,018
------------
Total Aerospace/Defense 349,549
--------------------------------------------------------------------------------
Agriculture - 1.6%
Alico, Inc. 1,504 86,224
Andersons, Inc. (The) 768 34,099
Delta & Pine Land Co. 5,848 240,938
Universal Corp. 9,250 567,488
Vector Group Ltd.(a) 46,340 867,021
------------
Total Agriculture 1,795,770
--------------------------------------------------------------------------------
Airlines - 0.1%
Skywest, Inc. 3,157 84,702
--------------------------------------------------------------------------------
Apparel - 0.6%
Cherokee, Inc. 5,853 252,030
Cutter & Buck, Inc. 2,701 32,007
Delta Apparel, Inc. 1,063 18,496
Kellwood Co. 5,452 159,907
K-Swiss, Inc. Class A 1,595 43,097
Oxford Industries, Inc. 2,033 100,512
Stride Rite Corp. 5,506 84,737
Weyco Group, Inc. 1,213 31,514
------------
Total Apparel 722,300
--------------------------------------------------------------------------------
Auto Manufacturers - 0.0%
Wabash National Corp. 3,434 52,952
--------------------------------------------------------------------------------
Auto Parts & Equipment - 1.7%
American Axle & Manufacturing Holdings, Inc.(a) 16,086 439,953
ArvinMeritor, Inc. 15,375 280,594
Bandag, Inc. 2,775 140,665
Bandag, Inc. Class A 3,243 163,739
Cooper Tire & Rubber Co. 18,396 336,463
Modine Manufacturing Co. 8,926 204,405
Noble International Ltd. 2,139 35,892
Spartan Motors, Inc. 2,018 46,838
Standard Motor Products, Inc. 4,506 76,917
Superior Industries International, Inc.(a) 8,058 167,848
Titan International, Inc. 156 3,951
------------
Total Auto Parts & Equipment 1,897,265
--------------------------------------------------------------------------------
Banks - 17.7%
1st Source Corp. 3,831 100,257
1st State Bancorp., Inc. 1,982 44,694
Access National Corp. 1,428 13,566
Alabama National Bancorp. 4,499 318,574
Alliance Financial Corp. 1,241 35,859
AMCORE Financial, Inc. 5,704 181,102
American River Bankshares 1,295 31,145
Americanwest Bancorp 744 16,026
Ameris Bancorp 2,428 59,437
Arrow Financial Corp. 3,751 84,022
BancFirst Corp. 1,990 92,237
Bancorp Rhode Island, Inc. 623 26,789
BancTrust Financial Group, Inc. 2,377 50,297
Bank Mutual Corp. 13,564 154,223
Bank of Granite Corp. 3,898 69,852
Bank of the Ozarks, Inc. 1,908 54,798
Banner Corp. 2,115 87,878
Beverly Hills Bancorp, Inc. 9,831 74,716
Boston Private Financial Holdings, Inc. 3,884 108,441
Bryn Mawr Bank Corp. 1,684 38,985
Cadence Financial Corp. 5,492 109,840
Camden National Corp. 1,205 52,297
Capital City Bank Group, Inc. 3,455 115,052
Capital Corp of the West 964 25,594
Capitol Bancorp Ltd. 3,420 126,027
Cardinal Financial Corp. 546 5,449
Cass Information Systems, Inc. 1,207 40,748
Center Bancorp, Inc.(a) 2,614 40,805
Center Financial Corp. 1,007 19,908
Centerstate Banks of Florida, Inc. 815 14,401
Central Pacific Financial Corp. 7,200 263,304
Chemical Financial Corp. 7,732 230,336
Chittenden Corp. 11,583 349,691
Citizens Banking Corp.(a) 43,811 970,852
City Holding Co. 4,600 186,070
CoBiz, Inc. 2,052 40,855
Columbia Bancorp 1,389 33,350
Columbia Banking System, Inc. 2,595 87,530
Community Bank System, Inc. 9,064 189,618
Community Banks, Inc. 6,473 154,511
Community Trust Bancorp, Inc. 3,868 140,138
Corus Bankshares, Inc.(a) 23,438 399,852
CVB Financial Corp. 19,829 235,965
Enterprise Financial Services Corp.(a) 588 16,464
Financial Institutions, Inc. 1,482 29,744
First Bancorp 5,196 111,090
First Busey Corp.(a) 5,407 115,872
First Charter Corp. 10,630 228,545
First Commonwealth Financial Corp. 34,128 401,004
First Community Bancorp 6,475 366,097
First Community Bancshares, Inc. 2,841 110,799
First Financial Bancorp 14,550 219,851
First Financial Bankshares, Inc. 5,770 241,301
First Financial Corp. 3,161 97,833
First Indiana Corp. 4,878 106,584
First Merchants Corp. 5,776 137,007
First Mutual Bancshares, Inc. 896 19,372
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 45
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
First Republic Bank 4,547 $ 244,174
First Security Group, Inc. 3,136 35,688
First South Bancorp, Inc. 2,211 67,855
Firstbank Corp. 2,283 49,085
FNB Corp./PA(a) 29,560 498,086
FNB Corp./VA 2,808 100,610
FNB United Corp. 3,794 63,550
Frontier Financial Corp.(a) 8,301 207,110
Gateway Financial Holdings, Inc. 1,132 16,459
GB&T Bancshares, Inc. 2,300 41,699
German American Bancorp 4,186 55,632
Glacier Bancorp, Inc. 9,161 220,230
Great Southern Bancorp, Inc. 2,652 77,651
Greater Bay Bancorp 11,868 319,131
Greene County Bancshares, Inc. 1,209 40,997
Hanmi Financial Corp. 5,036 95,986
Harleysville National Corp. 10,959 195,289
Heartland Financial USA, Inc. 1,962 52,484
Heritage Commerce Corp. 1,019 25,974
Home Bancshares, Inc. 742 16,361
Horizon Financial Corp. 2,195 48,466
IBERIABANK Corp. 2,132 118,667
Independent Bank Corp./MA 2,599 85,611
Independent Bank Corp./MI 7,032 143,242
Integra Bank Corp. 4,088 91,122
Irwin Financial Corp. 5,429 101,197
ITLA Capital Corp. 623 32,408
Lakeland Bancorp, Inc. 5,524 74,850
Lakeland Financial Corp. 2,194 49,804
Macatawa Bank Corp. 3,233 59,487
MainSource Financial Group, Inc. 5,219 88,619
MB Financial, Inc. 7,035 253,330
MBT Financial Corp.(a) 7,679 99,136
Mercantile Bank Corp. 1,086 35,273
Merchants Bancshares, Inc. 2,603 59,583
MetroCorp Bancshares, Inc. 734 15,561
Mid-State Bancshares 4,031 147,897
Midwest Banc Holdings, Inc. 5,318 94,182
Nara Bancorp, Inc. 1,238 21,677
National Penn Bancshares, Inc. 14,856 280,778
NBT Bancorp Inc. 9,792 229,427
North Bay Bancorp 305 9,833
North Valley Bancorp 1,379 34,655
Northrim BanCorp, Inc. 976 28,841
Oak Hill Financial, Inc. 1,360 33,510
Old National Bancorp 28,006 509,149
Old Second Bancorp, Inc. 2,215 60,691
Omega Financial Corp.(a) 4,745 135,280
PAB Bankshares, Inc. 2,110 37,474
Pacific Capital Bancorp 12,047 386,950
Pacific Continental Corp. 1,560 29,219
Park National Corp. 4,853 458,511
Patriot National Bancorp, Inc. 318 7,101
Peoples Bancorp, Inc. 2,842 75,057
Placer Sierra Bancshares 5,486 148,451
Preferred Bank 1,342 52,620
PrivateBancorp, Inc. 1,174 42,921
Prosperity Bancshares, Inc. 4,987 173,248
Provident Bankshares Corp. 9,928 326,234
Renasant Corp. 3,012 74,336
Republic Bancorp, Inc. Class A 2,661 60,165
Royal Bancshares of Pennsylvania, Inc. Class A 4,753 112,884
S&T Bancorp, Inc. 8,294 274,034
S.Y. Bancorp, Inc. 3,001 74,605
Sandy Spring Bancorp, Inc. 3,150 109,116
SCBT Financial Corp. 1,503 54,499
Seacoast Banking Corp. of Florida(a) 4,552 103,194
Security Bank Corp. 2,079 41,871
Sierra Bancorp(a) 1,800 50,508
Simmons First National Corp. Class A 2,894 87,024
Southern Community Financial Corp. 3,863 39,634
Southside Bancshares, Inc. 1,962 44,949
Southwest Bancorp, Inc. 1,638 42,080
State Bancorp, Inc. 3,350 66,062
Sterling Bancorp 6,928 125,397
Sterling Bancshares, Inc. 9,813 109,709
Sterling Financial Corp./PA 6,938 154,024
Sterling Financial Corp./WA 3,006 93,757
Suffolk Bancorp 2,296 74,115
Susquehanna Bancshares, Inc. 18,208 422,244
Taylor Capital Group, Inc. 822 28,770
TIB Financial Corp. 1,404 21,060
Tompkins Trustco, Inc. 2,575 107,790
Trico Bancshares 2,731 64,643
TrustCo Bank Corp.(a) 39,532 378,717
UCBH Holdings, Inc. 8,133 151,436
UMB Financial Corp. 5,582 210,776
Union Bankshares Corp. 2,641 68,508
United Bankshares, Inc. 11,323 396,645
United Community Banks, Inc. 3,653 119,781
United Security Bancshares(a) 1,755 33,468
Univest Corp. of Pennsylvania 2,997 74,236
USB Holding Co., Inc. 4,946 112,224
Vineyard National Bancorp 1,588 36,588
Virginia Financial Group, Inc. 2,446 63,425
Washington Banking Co 1,045 15,989
Washington Trust Bancorp, Inc. 3,388 90,832
WesBanco, Inc. 6,549 202,168
West Bancorp., Inc.(a) 5,594 84,413
West Coast Bancorp 2,017 64,483
Westamerica Bancorp 8,023 386,468
Wilshire Bancorp, Inc. 2,842 46,609
Wintrust Financial Corp. 1,484 66,201
Yardville National Bancorp 1,359 49,345
------------
Total Banks 19,869,549
--------------------------------------------------------------------------------
See Notes to Financial Statements.
46 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Beverages - 0.1%
Coca-Cola Bottling Co. Consolidated 977 $ 55,328
Farmer Bros. Co. 3,220 73,094
------------
Total Beverages 128,422
--------------------------------------------------------------------------------
Biotechnology - 0.0%
Cambrex Corp. 1,287 31,660
--------------------------------------------------------------------------------
Building Materials - 0.5%
AAON, Inc. 1,599 41,782
Apogee Enterprises, Inc. 4,783 95,851
Comfort Systems USA, Inc. 3,905 46,782
International Aluminum Corp. 1,240 65,658
LSI Industries Inc. 5,911 98,950
Simpson Manufacturing Co., Inc.(a) 4,638 143,036
Universal Forest Products, Inc. 506 25,072
------------
Total Building Materials 517,131
--------------------------------------------------------------------------------
Chemicals - 2.7%
A. Schulman, Inc. 6,373 150,148
Aceto Corp. 3,857 30,470
American Vanguard Corp. 897 15,330
Arch Chemicals, Inc. 5,474 170,898
Balchem Corp. 556 9,830
CF Industries Holdings, Inc. 2,106 81,186
Ferro Corp. 11,351 245,295
Georgia Gulf Corp. 5,023 81,423
H.B. Fuller Co. 5,192 141,586
MacDermid, Inc. 2,020 70,437
Minerals Technologies, Inc. 627 38,974
NewMarket Corp. 1,446 58,809
NL Industries, Inc.(a) 21,000 228,900
Olin Corp. 32,709 554,091
Penford Corp. 1,014 20,422
Quaker Chemical Corp. 3,828 91,145
Sensient Technologies Corp. 12,345 318,254
Spartech Corp. 4,832 141,771
Stepan Co. 2,332 61,215
Tronox, Inc. Class A 2,206 31,766
Tronox, Inc. Class B 2,695 37,676
UAP Holding Corp. 15,995 413,471
Wellman, Inc. 6,903 24,851
------------
Total Chemicals 3,017,948
--------------------------------------------------------------------------------
Commercial Services - 3.6%
Aaron Rents, Inc. 968 25,594
ABM Industries, Inc. 10,336 272,766
Administaff, Inc. 2,170 76,384
Advance America, Cash Advance Centers, Inc. 23,335 359,125
Arbitron, Inc. 2,680 125,826
Bowne & Co., Inc. 3,557 55,952
CDI Corp. 3,064 88,611
Central Parking Corp. 897 19,895
Chemed Corp. 1,962 96,060
Coinmach Service Corp. Class A 22,029 233,728
Collectors Universe, Inc. 1,886 26,423
CPI Corp. 936 49,149
Deluxe Corp. 20,542 688,772
Diamond Management & Technology
Consultants, Inc. 7,877 92,082
Gevity HR, Inc. 3,855 76,098
Healthcare Services Group, Inc. 5,908 169,264
Heartland Payment Systems, Inc.(a) 1,154 27,281
Jackson Hewitt Tax Service, Inc. 4,448 143,137
Kelly Services, Inc. Class A 5,749 185,118
Landauer, Inc. 3,090 155,983
MAXIMUS, Inc. 2,656 91,579
McGrath Rentcorp 4,892 154,930
Monro Muffler, Inc. 1,026 36,013
Multi-Color Corp. 312 10,942
Pre-Paid Legal Services, Inc.(a) 4,373 219,131
Rollins, Inc. 7,884 181,411
Stewart Enterprises, Inc. Class A 14,334 115,532
Strayer Education, Inc. 1,568 196,000
Thomas Group, Inc. 2,206 26,296
Viad Corp. 928 35,821
------------
Total Commercial Services 4,034,903
--------------------------------------------------------------------------------
Computers - 0.5%
Agilysys, Inc. 2,389 53,681
Imation Corp. 4,123 166,486
Integral Systems, Inc. 968 23,397
MTS Systems Corp. 2,128 82,652
Syntel, Inc. 3,108 107,692
TALX Corp. 2,253 74,642
------------
Total Computers 508,550
--------------------------------------------------------------------------------
Cosmetics/Personal Care - 0.0%
Inter Parfums, Inc. 1,287 27,027
--------------------------------------------------------------------------------
Distribution/Wholesale - 0.6%
BlueLinx Holdings, Inc. 12,827 134,684
Building Material Holding Corp. 4,241 76,805
Owens & Minor, Inc. 7,485 274,923
Watsco, Inc. 4,470 228,283
------------
Total Distribution/Wholesale 714,695
--------------------------------------------------------------------------------
Diversified Financial Services - 0.8%
Advanta Corp. Class A 1,978 79,278
Advanta Corp. Class B 4,031 176,719
Asta Funding, Inc. 701 30,269
Calamos Asset Management, Inc. Class A 2,940 65,621
Cohen & Steers, Inc. 4,819 207,603
Delta Financial Corp.(a) 4,178 34,552
Federal Agricultural Mortgage Corp. Class C 1,211 32,939
Financial Federal Corp. 3,571 93,989
GAMCO Investors, Inc. Class A 227 9,836
Sanders Morris Harris Group, Inc. 3,062 32,610
SWS Group, Inc. 3,544 87,927
Westwood Holdings Group, Inc. 1,520 34,975
------------
Total Diversified Financial Services 886,318
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 47
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Electric - 3.9%
ALLETE, Inc. 9,227 $ 430,163
Avista Corp. 9,942 240,895
Black Hills Corp. 11,602 426,606
Central Vermont Public Service Corp. 4,131 119,055
CH Energy Group, Inc. 6,346 308,987
Cleco Corp. 19,350 499,810
Empire District Electric Co. (The)(a) 15,180 376,464
Green Mountain Power Corp. 1,876 65,416
MGE Energy, Inc. 8,036 284,957
NorthWestern Corp. 12,046 426,790
Ormat Technologies, Inc. 1,391 58,366
Otter Tail Corp. 10,477 358,732
UIL Holdings Corp. 9,829 341,066
UniSource Energy Corp. 7,960 298,898
Unitil Corp. 3,340 90,748
------------
Total Electric 4,326,953
--------------------------------------------------------------------------------
Electrical Components & Equipment - 0.1%
Hubbell, Inc. Class A 2,157 100,344
Insteel Industries, Inc. 979 16,437
Vicor Corp. 3,397 34,038
------------
Total Electrical Components & Equipment 150,819
--------------------------------------------------------------------------------
Electronics - 0.7%
Analogic Corp. 1,077 67,722
Badger Meter, Inc.(a) 1,710 45,401
Bel Fuse, Inc. Class B 390 15,097
CTS Corp. 2,622 36,236
Cubic Corp. 1,944 42,068
Daktronics, Inc. 553 15,174
Frequency Electronics, Inc. 1,091 11,914
Keithley Instruments, Inc. 1,871 28,608
Methode Electronics, Inc. 6,195 91,500
Park Electrochemical Corp. 1,946 52,776
Sypris Solutions, Inc. 2,848 18,427
Technitrol, Inc. 4,940 129,378
Watts Water Technologies, Inc. Class A 2,497 94,961
Woodward Governor Co. 3,581 147,429
------------
Total Electronics 796,691
--------------------------------------------------------------------------------
Energy-Alternate Sources - 0.0%
MGP Ingredients, Inc. 1,518 30,922
--------------------------------------------------------------------------------
Entertainment - 0.9%
Carmike Cinemas, Inc. 1,118 25,938
Churchill Downs, Inc. 1,635 74,213
Dover Downs Gaming & Entertainment, Inc. 1,863 23,995
Regal Entertainment Group Class A 42,562 845,707
------------
Total Entertainment 969,853
--------------------------------------------------------------------------------
Environmental Control - 0.8%
American Ecology Corp. 4,916 94,436
Metal Management, Inc. 2,102 97,112
Met-Pro Corp. 1,809 26,285
Mine Safety Appliances Co. 6,736 283,316
Synagro Technologies, Inc. 64,394 367,047
Waste Industries USA, Inc. 1,664 45,710
------------
Total Environmental Control 913,906
--------------------------------------------------------------------------------
Food - 1.4%
Arden Group, Inc. Class A 234 31,239
Cal-Maine Foods, Inc. 1,092 14,687
Diamond Foods, Inc. 1,143 19,031
Imperial Sugar Co. 1,232 41,309
Ingles Markets, Inc. Class A 2,482 101,365
J&J Snack Foods Corp. 1,729 68,278
Lance, Inc. 9,628 194,871
Nash Finch Co.(a) 3,301 113,752
Premium Standard Farms, Inc. 3,807 80,099
Ruddick Corp. 6,983 210,049
Sanderson Farms, Inc.(a) 3,311 122,706
Spartan Stores, Inc. 2,255 60,434
Tootsie Roll Industries, Inc. 3,233 96,893
Village Super Market, Inc. Class A 311 29,697
Weis Markets, Inc. 7,316 327,026
------------
Total Food 1,511,436
--------------------------------------------------------------------------------
Forest Products & Paper - 1.3%
Bowater, Inc.(a) 19,436 462,965
Deltic Timber Corp. 740 35,490
Neenah Paper, Inc. 1,519 60,365
P.H. Glatfelter Co. 9,938 148,176
Rock-Tenn Co. Class A 5,033 167,096
Schweitzer-Mauduit International, Inc. 3,473 86,304
Wausau Paper Corp. 10,616 152,446
Xerium Technologies, Inc. 36,398 291,912
------------
Total Forest Products & Paper 1,404,754
--------------------------------------------------------------------------------
Gas - 1.7%
Cascade Natural Gas Corp. 4,000 105,400
Chesapeake Utilities Corp. 2,293 70,945
EnergySouth, Inc. 1,778 74,552
Laclede Group, Inc. (The) 7,941 246,806
New Jersey Resources Corp. 7,714 386,086
Northwest Natural Gas Co. 9,293 424,411
South Jersey Industries, Inc. 7,885 300,024
Southwest Gas Corp. 8,910 346,332
------------
Total Gas 1,954,556
--------------------------------------------------------------------------------
Hand/Machine Tools - 0.4%
Baldor Electric Co. 5,892 222,363
Franklin Electric Co., Inc. 1,953 90,815
Regal-Beloit Corp. 3,197 148,277
------------
Total Hand/Machine Tools 461,455
--------------------------------------------------------------------------------
Healthcare-Products - 1.0%
Arrow International, Inc. 8,455 271,912
Datascope Corp. 1,280 46,323
Invacare Corp. 741 12,923
LCA-Vision Inc.(a) 4,053 166,943
Meridian Bioscience, Inc. 4,499 124,892
See Notes to Financial Statements.
48 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Oakley, Inc. 5,483 $ 110,428
PolyMedica Corp. 3,247 137,446
Vital Signs, Inc. 965 50,161
West Pharmaceutical Services, Inc. 3,389 157,351
Young Innovations, Inc. 318 8,656
------------
Total Healthcare-Products 1,087,035
--------------------------------------------------------------------------------
Healthcare-Services - 0.1%
National Healthcare Corp. 1,523 77,642
Option Care, Inc. 1,549 20,602
------------
Total Healthcare-Services 98,244
--------------------------------------------------------------------------------
Holding Companies-Diversified - 0.0%
Resource America, Inc. Class A 1,638 38,706
--------------------------------------------------------------------------------
Home Builders - 0.5%
Brookfield Homes Corp.(a) 3,196 102,592
Coachmen Industries, Inc. 1,370 14,426
Lennar Corp. Class B 4,053 159,809
Levitt Corp. Class A 1,782 16,590
M/I Homes, Inc. 463 12,293
Monaco Coach Corp. 4,906 78,153
Orleans Homebuilders, Inc. 1,078 9,540
Skyline Corp. 1,438 48,518
Technical Olympic USA, Inc.(a) 3,420 13,646
Winnebago Industries, Inc.(a) 3,627 121,976
------------
Total Home Builders 577,543
--------------------------------------------------------------------------------
Home Furnishings - 1.2%
American Woodmark Corp. 1,098 40,362
Bassett Furniture Industries, Inc. 4,992 73,482
Ethan Allen Interiors, Inc. 6,712 237,202
Furniture Brands International, Inc.(a) 17,055 269,128
Kimball International, Inc. Class B 6,569 126,650
La-Z-Boy, Inc.(a) 19,807 245,211
Sealy Corp.(a) 17,125 299,345
Stanley Furniture Co., Inc. 1,467 30,514
------------
Total Home Furnishings 1,321,894
--------------------------------------------------------------------------------
Household Products/Wares - 1.5%
American Greetings Corp. Class A 6,887 159,847
Blyth, Inc. 7,993 168,732
CSS Industries, Inc. 1,673 62,704
Ennis, Inc. 6,708 179,506
John H. Harland Co. 3,905 200,053
Standard Register Co. (The) 17,053 215,720
Tupperware Brands Corp. 23,868 595,030
WD-40 Co. 4,236 134,324
------------
Total Household Products/Wares 1,715,916
--------------------------------------------------------------------------------
Housewares - 0.1%
Libbey, Inc. 1,091 15,296
Lifetime Brands, Inc. 1,712 35,764
National Presto Industries, Inc. 1,098 67,680
------------
Total Housewares 118,740
--------------------------------------------------------------------------------
Insurance - 3.1%
21st Century Holding Co. 1,271 22,725
21st Century Insurance Group 15,301 324,381
Affirmative Insurance Holdings, Inc. 783 13,546
Alfa Corp. 17,490 323,215
American Equity Investment Life Holding Co. 1,660 21,796
Baldwin & Lyons, Inc. Class B 4,467 113,685
Bristol West Holdings, Inc. 5,489 121,691
Brooke Corp. 7,468 89,915
Crawford & Co. Class B 6,977 40,467
Direct General Corp. 1,900 40,394
Donegal Group, Inc. Class A 3,087 52,417
EMC Insurance Group, Inc. 2,496 64,397
FBL Financial Group, Inc. Class A 3,131 122,516
Great American Financial Resources, Inc. 1,845 45,166
Harleysville Group, Inc. 6,812 221,322
Hilb Rogal & Hobbs Co. 4,043 198,309
Horace Mann Educators Corp. 8,264 169,825
Independence Holding Co. 264 5,713
Infinity Property & Casualty Corp. 1,251 58,622
LandAmerica Financial Group, Inc. 2,448 180,932
Mercer Insurance Group, Inc. 649 12,909
Midland Co. (The) 1,134 48,104
National Interstate Corp. 1,057 27,228
NYMAGIC, Inc. 783 31,986
Presidential Life Corp. 4,792 94,498
ProCentury Corp. 1,049 24,337
RLI Corp. 3,351 184,070
Safety Insurance Group, Inc. 3,047 122,246
Selective Insurance Group, Inc. 8,654 220,331
State Auto Financial Corp. 5,102 163,927
Stewart Information Services Corp. 3,224 134,731
Tower Group, Inc. 691 22,264
United Fire & Casualty Co. 4,203 147,651
------------
Total Insurance 3,465,316
--------------------------------------------------------------------------------
Internet - 0.5%
TheStreet.com, Inc. 2,974 36,432
United Online, Inc. 36,816 516,528
------------
Total Internet 552,960
--------------------------------------------------------------------------------
Investment Companies - 3.0%
Ares Capital Corp.(a) 50,681 920,873
Capital Southwest Corp. 266 40,876
Gladstone Capital Corp.(a) 7,293 172,698
Gladstone Investment Corp. 9,096 135,258
Hercules Technology Growth Capital, Inc. 13,681 187,430
MCG Capital Corp. 47,026 882,208
Medallion Financial Corp. 9,575 109,538
MVC Capital, Inc.(a) 6,163 96,451
NGP Capital Resources Co. 10,160 160,630
Patriot Capital Funding, Inc. 13,122 186,332
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 49
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Prospect Energy Corp. 10,548 $ 180,793
Technology Investment Capital Corp. 15,830 267,685
------------
Total Investment Companies 3,340,772
--------------------------------------------------------------------------------
Iron/Steel - 0.4%
Gibraltar Industries, Inc. 2,451 55,442
Great Northern Iron Ore Properties 1,417 165,435
Olympic Steel, Inc. 312 9,669
Ryerson, Inc. 2,207 87,441
Schnitzer Steel Industries, Inc. Class A 479 19,241
Steel Technologies, Inc. 2,178 64,425
------------
Total Iron/Steel 401,653
--------------------------------------------------------------------------------
Leisure Time - 0.5%
Ambassadors Group, Inc. 3,262 108,429
Ambassadors International, Inc. 1,039 47,939
Arctic Cat, Inc. 2,079 40,520
Callaway Golf Co. 13,281 209,309
Marine Products Corp. 7,160 68,521
Nautilus, Inc.(a) 7,336 113,194
------------
Total Leisure Time 587,912
--------------------------------------------------------------------------------
Lodging - 0.0%
Marcus Corp. 2,219 51,614
--------------------------------------------------------------------------------
Machinery-Construction & Mining - 0.1%
Bucyrus International, Inc. Class A 1,417 72,976
--------------------------------------------------------------------------------
Machinery-Diversified - 1.5%
Alamo Group, Inc. 895 20,773
Albany International Corp. Class A 2,997 107,712
Applied Industrial Technologies, Inc. 7,688 188,664
Briggs & Stratton Corp.(a) 15,103 465,927
Cascade Corp. 1,443 86,407
Cognex Corp. 5,706 123,649
Gorman-Rupp Co. (The) 1,662 53,234
Lindsay Manufacturing Co. 780 24,796
NACCO Industries, Inc. Class A 844 115,974
Robbins & Myers, Inc. 973 36,283
Sauer-Danfoss Inc. 9,695 291,819
Tennant Co. 2,896 91,195
Twin Disc, Inc. 624 26,645
Wabtec Corp. 573 19,763
------------
Total Machinery-Diversified 1,652,841
--------------------------------------------------------------------------------
Media - 3.0%
Belo Corp. Class A 22,711 424,014
Citadel Broadcasting Corp. 82,002 779,838
Courier Corp. 2,199 85,915
Entercom Communications Corp.(a) 17,173 483,935
Gray Television, Inc. 7,395 77,056
Hearst-Argyle Television, Inc. 5,606 152,427
Journal Communications, Inc. Class A 9,532 124,965
Journal Register Co. 3,459 20,616
Lee Enterprises, Inc. 9,209 276,730
Media General, Inc. Class A 5,279 201,447
Sinclair Broadcast Group, Inc. Class A 22,537 348,197
Value Line, Inc. 2,268 108,410
Westwood One, Inc. 9,425 64,750
World Wrestling Entertainment, Inc. 13,342 217,475
------------
Total Media 3,365,775
--------------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.8%
A. M. Castle & Co. 1,353 39,724
Ampco-Pittsburgh Corp. 1,016 29,352
CIRCOR International, Inc. 593 21,170
Dynamic Materials Corp. 593 19,403
Empire Resources, Inc.(a) 1,905 21,298
Kaydon Corp. 3,149 134,021
Lawson Products, Inc. 1,483 56,176
Mueller Industries, Inc. 4,051 121,935
Mueller Water Products, Inc. Class A 1,415 19,541
NN, Inc. 4,367 54,544
Quanex Corp. 5,173 219,078
Sun Hydraulics Corp. 1,993 53,273
Valmont Industries, Inc. 1,621 93,742
------------
Total Metal Fabricate/Hardware 883,257
--------------------------------------------------------------------------------
Mining - 0.6%
AMCOL International Corp. 5,828 172,800
Charles & Colvard Ltd. 1,082 6,795
Compass Minerals International, Inc. 11,960 399,464
Royal Gold, Inc.(a) 2,206 66,401
------------
Total Mining 645,460
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 1.8%
A.O. Smith Corp. 4,201 160,562
Actuant Corp. Class A 545 27,691
American Railcar Industries, Inc. 697 20,778
Ameron International Corp. 887 58,418
Barnes Group, Inc.(a) 11,777 270,989
Federal Signal Corp. 6,508 101,004
Freightcar America, Inc. 674 32,467
Koppers Holdings, Inc. 5,770 148,058
Lancaster Colony Corp. 7,692 339,909
Matthews International Corp. Class A 1,636 66,585
Myers Industries, Inc. 4,553 85,050
Portec Rail Products, Inc. 1,870 18,999
PW Eagle, Inc. 936 30,925
Quixote Corp. 1,780 35,600
Raven Industries, Inc. 2,097 58,821
Reddy Ice Holdings, Inc. 13,789 416,153
Standex International Corp. 3,257 92,857
Tredegar Corp. 2,953 67,299
------------
Total Miscellaneous Manufacturing 2,032,165
--------------------------------------------------------------------------------
Office Furnishings - 0.6%
Knoll, Inc. 8,762 208,798
Steelcase Inc. Class A 20,582 409,376
------------
Total Office Furnishings 618,174
--------------------------------------------------------------------------------
Oil & Gas - 0.6%
Adams Resources & Energy, Inc. 497 18,220
See Notes to Financial Statements.
50 WisdomTree Domestic Dividend Funds
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Alon USA Energy, Inc. 2,361 $ 85,468
Barnwell Industries, Inc. 546 11,057
Berry Petroleum Co. Class A 3,479 106,666
Crosstex Energy, Inc.(a) 11,349 326,284
Delek US Holdings, Inc. 4,262 81,532
Panhandle Royalty Co. Class A 639 12,767
Penn Virginia Corp. 1,123 82,428
------------
Total Oil & Gas 724,422
--------------------------------------------------------------------------------
Oil & Gas Services - 0.5%
CARBO Ceramics, Inc. 2,913 135,600
Gulf Island Fabrication, Inc. 1,161 31,045
Lufkin Industries, Inc. 1,831 102,866
MarkWest Hydrocarbon, Inc. 3,053 189,286
RPC, Inc. 7,915 131,864
------------
Total Oil & Gas Services 590,661
--------------------------------------------------------------------------------
Packaging & Containers - 0.5%
Chesapeake Corp. 10,137 153,069
Greif, Inc. Class A 1,599 177,665
Greif, Inc. Class B 2,668 274,323
------------
Total Packaging & Containers 605,057
--------------------------------------------------------------------------------
Pharmaceuticals - 0.2%
Mannatech, Inc.(a) 5,123 82,275
Perrigo Co. 9,043 159,700
Reliv' International, Inc. 1,711 18,735
------------
Total Pharmaceuticals 260,710
--------------------------------------------------------------------------------
Real Estate - 0.4%
Consolidated-Tomoka Land Co. 353 26,634
Forest City Enterprises, Inc. Class B 1,246 82,410
Resource Capital Corp. 14,876 240,099
Tarragon Corp. 1,860 19,288
Thomas Properties Group, Inc. 1,962 30,450
------------
Total Real Estate 398,881
--------------------------------------------------------------------------------
REITS - 21.3%
Acadia Realty Trust 8,418 219,457
Agree Realty Corp. 4,119 140,623
American Campus Communities, Inc. 9,875 299,114
American Financial Realty Trust 89,950 906,696
American First Apartment Investors, Inc. 5,856 118,818
American Land Lease, Inc. 2,846 71,150
Ashford Hospitality Trust, Inc. 42,400 506,256
Associated Estates Realty Corp. 7,404 104,322
BRT Realty Trust 5,574 168,279
Capital Lease Funding, Inc. 21,457 229,804
Cedar Shopping Centers, Inc. 16,633 269,455
Cogdell Spencer Inc. 4,710 99,240
DiamondRock Hospitality Co. 29,090 552,710
Eagle Hospitality Properties Trust, Inc. 12,747 142,129
EastGroup Properties, Inc. 7,866 401,402
Education Realty Trust, Inc. 12,821 189,494
Entertainment Properties Trust 11,523 694,261
Equity Inns, Inc. 29,159 477,624
Equity Lifestyle Properties, Inc. 1,364 73,670
Extra Space Storage, Inc. 30,246 572,859
FelCor Lodging Trust, Inc. 26,347 684,232
Feldman Mall Properties, Inc. 13,845 168,078
First Potomac Realty Trust 9,313 266,072
Franklin Street Properties Corp. 40,231 771,631
Getty Realty Corp. 13,682 393,221
Gladstone Commercial Corp. 5,381 107,889
Glimcher Realty Trust(a) 24,559 663,584
GMH Communities Trust 28,922 288,931
Government Properties Trust, Inc. 7,472 79,950
Hersha Hospitality Trust 19,261 226,895
Highland Hospitality Corp. 30,564 544,039
Inland Real Estate Corp. 31,373 575,381
Innkeepers USA Trust 20,845 339,357
Investors Real Estate Trust(a) 29,210 309,334
Kite Realty Group Trust 10,829 216,039
Lexington Corporate Properties Trust(a) 46,188 975,951
Longview Fibre Co. 28,012 689,936
LTC Properties, Inc. 11,679 302,603
Medical Properties Trust, Inc. 27,848 409,087
Mid-America Apartment Communities, Inc. 9,623 541,390
Mission West Properties, Inc. 9,193 132,931
Monmouth REIT Class A 14,424 124,335
National Health Investors, Inc. 15,039 471,322
National Retail Properties, Inc. 31,887 771,347
Omega Healthcare Investors, Inc. 31,009 531,804
One Liberty Properties, Inc. 5,214 118,931
Parkway Properties, Inc. 7,338 383,411
Pennsylvania Real Estate Investment Trust 20,337 901,539
PMC Commercial Trust 8,685 127,235
PS Business Parks, Inc. 3,284 231,588
Public Storage, Inc. Class A 8,039 213,034
Ramco-Gershenson Properties Trust 7,979 284,930
Republic Property Trust 19,325 222,044
Saul Centers, Inc. 4,896 278,582
Sovran Self Storage, Inc. 8,058 446,494
Spirit Finance Corp. 63,742 949,755
Sun Communities, Inc. 13,342 413,869
Sunstone Hotel Investors, Inc. 25,523 695,757
Tanger Factory Outlet Centers, Inc. 10,122 408,828
UMH Properties, Inc. 6,011 91,367
Universal Health Realty Income Trust 6,504 232,518
Urstadt Biddle Properties, Inc. Class A 8,250 161,370
U-Store-It Trust 28,403 571,468
Winston Hotels, Inc. 11,810 177,504
Winthrop Realty Trust 20,872 137,964
------------
Total REITS 23,870,890
--------------------------------------------------------------------------------
Retail - 4.3%
Ark Restaurants Corp. 1,427 48,332
Asbury Automotive Group, Inc. 11,346 320,524
Big 5 Sporting Goods Corp. 3,199 82,918
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 51
Schedule of Investments (continued)
WisdomTree SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Blair Corp. 1,430 $ 60,046
Bob Evans Farms, Inc. 5,539 204,666
Bon-Ton Stores, Inc. (The) 347 19,515
Books-A-Million, Inc. 2,790 39,730
Borders Group, Inc. 10,176 207,794
Brown Shoe Co., Inc. 1,976 82,992
Buckle, Inc. (The) 5,135 183,320
Casey's General Stores, Inc. 3,792 94,838
Cash America International, Inc. 629 25,789
Cato Corp. (The) Class A 7,497 175,355
CBRL Group, Inc. 3,941 182,468
Christopher & Banks Corp. 4,610 89,757
CKE Restaurants, Inc. 5,384 101,542
DEB Shops, Inc. 2,833 76,718
Finish Line, Inc. (The) Class A 2,600 32,760
Fred's, Inc. 2,578 37,897
Group 1 Automotive, Inc. 2,637 104,873
Haverty Furniture Cos., Inc. 3,579 50,106
IHOP Corp. 3,206 188,032
Kenneth Cole Productions, Inc. Class A 3,268 83,890
Landry's Restaurants, Inc. 1,515 44,844
Lithia Motors, Inc. Class A 3,296 90,343
Longs Drug Stores Corp. 4,883 252,158
Movado Group, Inc. 2,020 59,489
Nu Skin Enterprises, Inc. Class A 12,900 213,108
PEP Boys-Manny, Moe & Jack (The) 10,292 196,474
Ruby Tuesday, Inc. 10,786 308,479
Sonic Automotive, Inc. 4,887 139,280
Stage Stores, Inc. 2,366 55,151
Stein Mart, Inc. 6,298 102,783
Talbots, Inc.(a) 10,518 248,435
Triarc Cos., Inc. Class A 4,031 75,501
Triarc Cos., Inc. Class B 11,231 193,061
Tuesday Morning Corp.(a) 17,917 265,887
World Fuel Services Corp. 929 42,976
------------
Total Retail 4,781,831
--------------------------------------------------------------------------------
Savings & Loans - 3.9%
Abington Community Bancorp, Inc.(a) 1,794 35,629
American Bancorp of New Jersey, Inc. 3,707 42,631
Anchor Bancorp Wisconsin, Inc. 4,677 132,593
Atlantic Coast Federal Corp. 2,957 56,420
BankAtlantic Bancorp, Inc. Class A 6,383 69,958
BankFinancial Corp. 2,933 47,720
BankUnited Financial Corp. Class A 204 4,327
Benjamin Franklin Bancorp, Inc. 865 12,638
Berkshire Hills Bancorp, Inc. 1,400 47,110
Brookline Bancorp, Inc. 14,774 187,187
CFS Bancorp, Inc. 3,546 53,155
Citizens First Bancorp, Inc. 1,119 25,491
Clifton Savings Bancorp, Inc. 4,404 52,584
Dime Community Bancshares 13,241 175,178
First Defiance Financial Corp. 2,040 58,548
First Federal Bancshares of Arkansas, Inc. 1,084 25,626
First Financial Holdings, Inc. 3,067 106,118
First Niagara Financial Group, Inc. 34,709 482,801
First Place Financial Corp. 4,010 86,015
Flagstar Bancorp, Inc. 23,838 284,863
Flushing Financial Corp. 4,949 80,322
FMS Financial Corp. 274 8,694
Heritage Financial Group 1,173 18,944
HMN Financial, Inc. 1,196 40,473
Home Federal Bancorp, Inc. 1,884 29,259
Kearny Financial Corp. 8,182 117,657
K-Fed Bancorp 2,923 54,645
KNBT Bancorp, Inc. 4,914 72,432
Legacy Bancorp, Inc. 624 9,672
MAF Bancorp, Inc. 7,124 294,505
Northwest Bancorp, Inc. 13,528 366,473
OceanFirst Financial Corp. 4,051 70,285
Pamrapo Bancorp, Inc. 1,612 36,665
Parkvale Financial Corp. 1,278 37,330
Partners Trust Financial Group, Inc. 10,119 115,660
Pennfed Financial Services, Inc. 1,482 32,115
PFF Bancorp, Inc. 5,265 159,687
Provident Financial Holdings, Inc. 1,466 40,344
Provident Financial Services, Inc. 13,495 235,488
Provident New York Bancorp 5,114 72,363
Rainier Pacific Financial Group, Inc. 786 15,610
Riverview Bancorp, Inc. 2,830 45,110
Rockville Financial, Inc. 1,627 24,454
Rome Bancorp, Inc. 1,923 23,557
Synergy Financial Group, Inc. 1,743 27,278
TierOne Corp. 1,511 40,857
Timberland Bancorp, Inc. 651 22,948
United Community Financial Corp. 9,152 101,130
United Financial Bancorp, Inc. 2,093 31,060
Westfield Financial, Inc. 4,944 53,000
Willow Grove Bancorp, Inc. 5,049 65,132
WSFS Financial Corp. 350 22,568
------------
Total Savings & Loans 4,352,309
--------------------------------------------------------------------------------
Semiconductors - 0.1%
Cohu, Inc. 2,525 47,470
Richardson Electronics Ltd. 1,884 17,597
------------
Total Semiconductors 65,067
--------------------------------------------------------------------------------
Software - 0.5%
American Software, Inc. Class A 7,281 58,612
Blackbaud, Inc. 4,443 108,498
Computer Programs & Systems, Inc. 4,117 110,418
infoUSA, Inc. 10,349 99,557
Inter-Tel, Inc. 3,420 80,849
Pegasystems, Inc. 3,902 36,094
QAD, Inc. 3,350 30,485
Renaissance Learning, Inc. 3,078 40,537
Schawk, Inc. 1,796 32,526
------------
Total Software 597,576
--------------------------------------------------------------------------------
See Notes to Financial Statements.
52 WisdomTree Domestic Dividend Funds
Schedule of Investments (concluded)
WisdomTree SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Telecommunications - 3.1%
Adtran, Inc. 10,713 $ 260,862
Alaska Communications Systems Group, Inc. 22,637 333,896
Applied Signal Technology, Inc. 3,385 60,693
Atlantic Tele-Network, Inc. 2,910 76,038
Black Box Corp. 967 35,334
Citizens Communications Co. 7,326 109,524
Consolidated Communications Holdings, Inc. 21,290 423,458
CT Communications, Inc. 4,337 104,522
D&E Communications, Inc. 4,568 60,846
FairPoint Communications, Inc. 28,527 548,003
Iowa Telecommunications Services, Inc. 25,900 518,000
North Pittsburgh Systems, Inc. 4,527 98,553
Plantronics, Inc. 4,018 94,905
Shenandoah Telecommunications Co. 898 42,287
SureWest Communications 5,625 139,894
USA Mobility, Inc. 27,807 554,193
------------
Total Telecommunications 3,461,008
--------------------------------------------------------------------------------
Textiles - 0.1%
Angelica Corp. 1,907 52,519
G&K Services, Inc. Class A 843 30,584
UniFirst Corp. 687 26,360
------------
Total Textiles 109,463
--------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.1%
Topps Co., Inc. (The) 6,479 62,976
--------------------------------------------------------------------------------
Transportation - 0.7%
Arkansas Best Corp. 3,767 133,917
Forward Air Corp. 2,388 78,517
Heartland Express, Inc. 4,507 71,571
Horizon Lines, Inc. Class A 5,307 174,176
Knight Transportation, Inc. 3,420 60,944
Pacer International, Inc. 7,082 190,790
Werner Enterprises, Inc. 6,670 121,194
------------
Total Transportation 831,109
--------------------------------------------------------------------------------
Trucking & Leasing - 0.3%
Greenbrier Cos., Inc. 1,273 33,989
Interpool, Inc. 3,525 86,081
TAL International Group, Inc. 10,634 255,216
------------
Total Trucking & Leasing 375,286
--------------------------------------------------------------------------------
Water - 0.7%
American States Water Co. 4,446 163,924
California Water Service Group 5,523 211,641
Connecticut Water Service, Inc. 2,933 70,539
Middlesex Water Co. 4,164 76,576
SJW Corp. 2,762 111,806
Southwest Water Co. 3,576 51,566
York Water Co. 2,546 43,027
------------
Total Water 729,079
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $110,253,058) 111,776,054
================================================================================
SHORT-TERM INVESTMENT - 0.4%
MONEY MARKET FUND - 0.4%
Columbia Cash Reserves Fund, 4.95%(b)
(Cost: $377,765) 377,765 377,765
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 8.4%
MONEY MARKET FUNDS(c) - 8.4%
AIM Liquid Assets Portfolio, 5.23% 50,562 50,562
AIM Prime Portfolio, 5.21% 85,091 85,091
UBS Enhanced Yield Portfolio, 5.25% 5,233,853 5,233,853
UBS Private Money Market Fund LLC, 5.26% 4,053,894 4,053,894
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED (Cost: $9,423,400)(d) 9,423,400
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 108.6%
(Cost: $120,054,223) 121,577,219
Liabilities in Excess of Cash and Other
Assets - (8.6)% (9,629,666)
------------
NET ASSETS-100.0% $111,947,553
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2007.
(c) Interest rates shown reflect yields as of at March 31, 2007.
(d) At March 31, 2007, the total market value of the Fund's securities on loan
was $8,921,244 and the total market value of the collateral held by the
Fund was $9,423,400.
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 53
Statements of Assets and Liabilities
WisdomTree Domestic Dividend Funds
March 31, 2007
===================================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree
Total High-Yielding LargeCap Dividend MidCap SmallCap
Dividend Fund Equity Fund Dividend Fund Top 100 Fund Dividend Fund Dividend Fund
-----------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost: $86,284,507 $208,082,335 $330,365,402 $195,137,266 $78,676,600 $120,054,223
-----------------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan)
(Note 2): 90,690,001 214,012,822 343,421,567 201,999,481 81,473,844 121,577,219
Receivables:
Investment securities sold 12,199 464,488 -- -- 293,226 158,974
Capital shares sold -- -- 5,804,327 5,968,530 -- --
Dividends and interest 169,285 601,956 493,004 422,524 174,545 456,276
-----------------------------------------------------------------------------------------------------------------------------------
Total Assets 90,871,485 215,079,266 349,718,898 208,390,535 81,941,615 122,192,469
===================================================================================================================================
LIABILITIES:
Custodian bank 468,849 1,456,344 1,411,206 1,004,557 408,105 331,628
Payables:
Investment securities purchased -- -- 5,801,734 5,963,980 200,702 455,336
Collateral for securities on loan
(Note 2) 683,300 7,683,100 9,098,700 13,359,000 2,976,250 9,423,400
Investment advisory fees (Note 3) 21,033 65,340 68,261 54,310 23,564 34,552
-----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 1,173,182 9,204,784 16,379,901 20,381,847 3,608,621 10,244,916
===================================================================================================================================
NET ASSETS $89,698,303 $205,874,482 $333,338,997 $188,008,688 $78,332,994 $111,947,553
===================================================================================================================================
NET ASSETS:
Paid-in capital $85,266,916 $199,992,726 $320,348,187 $181,382,629 $75,552,672 $110,317,146
Undistributed net investment income 50,765 160,472 148,572 137,889 84,918 316,732
Accumulated net realized loss
on investments (24,872) (209,203) (213,927) (374,045) (101,840) (209,321)
Net unrealized appreciation on
investments 4,405,494 5,930,487 13,056,165 6,862,215 2,797,244 1,522,996
-----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $89,698,303 $205,874,482 $333,338,997 $188,008,688 $78,332,994 $111,947,553
===================================================================================================================================
Beneficial interest shares of $0.001 par
value (unlimited number of shares
authorized) 1,550,000 3,550,000 5,750,000 3,150,000 1,350,000 1,950,000
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 57.87 $ 57.99 $ 57.97 $ 59.69 $ 58.02 $ 57.41
===================================================================================================================================
See Notes to Financial Statements.
54 WisdomTree Domestic Dividend Funds
Statements of Operations
WisdomTree Domestic Dividend Funds
For the Period June 16, 2006* through March 31, 2007
==================================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree
Total High-Yielding LargeCap Dividend MidCap SmallCap
Dividend Fund Equity Fund Dividend Fund Top 100 Fund Dividend Fund Dividend Fund
----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $1,220,638 $ 3,115,275 $ 3,375,262 $ 2,192,964 $1,030,658 $1,795,520
Interest 7,455 11,730 15,779 8,861 5,692 8,622
Securities lending income (Note 2) 5,336 35,966 27,949 52,360 15,406 47,875
----------------------------------------------------------------------------------------------------------------------------------
Total investment income 1,233,429 3,162,971 3,418,990 2,254,185 1,051,756 1,852,017
----------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees (Note 3) 113,719 295,809 326,902 233,421 103,769 152,022
Chief compliance officer fees 5,515 5,515 5,515 5,515 5,515 5,515
Trustee fees 5,491 5,491 5,491 5,491 5,491 5,491
Legal fees 2,667 2,667 2,667 2,667 2,667 2,667
Miscellaneous fees 416 242 358 199 283 521
----------------------------------------------------------------------------------------------------------------------------------
Total expenses 127,808 309,724 340,933 247,293 117,725 166,216
----------------------------------------------------------------------------------------------------------------------------------
Expense reimbursements/waivers
(Note 3) (14,096) (13,952) (14,054) (13,930) (14,021) (14,200)
----------------------------------------------------------------------------------------------------------------------------------
Net expenses 113,712 295,772 326,879 233,363 103,704 152,016
----------------------------------------------------------------------------------------------------------------------------------
Net investment income 1,119,717 2,867,199 3,092,111 2,020,822 948,052 1,700,001
==================================================================================================================================
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (26,037) (214,589) (216,857) (377,076) (103,211) (218,991)
Affiliated investment 741 2,694 2,930 3,031 5,692 458
In-kind redemptions 949,597 1,712,052 2,750,551 2,521,375 781,304 1,278,758
----------------------------------------------------------------------------------------------------------------------------------
Net realized gain 924,301 1,500,157 2,536,624 2,147,330 683,785 1,060,225
----------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on
investments 4,405,494 5,930,487 13,056,165 6,862,215 2,797,244 1,522,996
----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on
investments 5,329,795 7,430,644 15,592,789 9,009,545 3,481,029 2,583,221
----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $6,449,512 $10,297,843 $18,684,900 $11,030,367 $4,429,081 $4,283,222
==================================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree Domestic Dividend Funds 55
Statements of Changes in Net Assets
WisdomTree Domestic Dividend Funds
For the Period June 16, 2006* through March 31, 2007
==================================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree
Total High-Yielding LargeCap Dividend MidCap SmallCap
Dividend Fund Equity Fund Dividend Fund Top 100 Fund Dividend Fund Dividend Fund
----------------------------------------------------------------------------------------------------------------------------------
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 1,119,717 $ 2,867,199 $ 3,092,111 $ 2,020,822 $ 948,052 $ 1,700,001
Net realized gain on investments 924,301 1,500,157 2,536,624 2,147,330 683,785 1,060,225
Net change unrealized appreciation
on investments 4,405,494 5,930,487 13,056,165 6,862,215 2,797,244 1,522,996
----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
operations 6,449,512 10,297,843 18,684,900 11,030,367 4,429,081 4,283,222
==================================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (1,068,528) (2,704,035) (2,943,539) (1,882,933) (863,134) (1,374,057)
Capital gains -- -- -- -- (4,321) --
----------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions (1,068,528) (2,704,035) (2,943,539) (1,882,933) (867,455) (1,374,057)
==================================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares 97,974,095 217,820,154 342,647,539 220,320,803 83,384,228 126,413,016
Cost of shares redeemed (13,661,776) (19,544,480) (25,054,903) (41,464,549) (8,617,860) (17,379,628)
----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
capital share transactions 84,312,319 198,275,674 317,592,636 178,856,254 74,766,368 109,033,388
==================================================================================================================================
Net Increase in Net Assets 89,693,303 205,869,482 333,333,997 188,003,688 78,327,994 111,942,553
==================================================================================================================================
NET ASSETS:
Beginning of period $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000
End of period $ 89,698,303 $205,874,482 $333,338,997 $188,008,688 $78,332,994 $111,947,553
==================================================================================================================================
Undistributed net investment
income included in net assets
at end of period $ 50,765 $ 160,472 $ 148,572 $ 137,889 $ 84,918 $ 316,732
==================================================================================================================================
SHARES CREATED AND REDEEMED:
Shares created 1,800,100 3,900,100 6,200,100 3,900,100 1,500,100 2,250,100
Shares redeemed (250,100) (350,100) (450,100) (750,100) (150,100) (300,100)
----------------------------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 1,550,000 3,550,000 5,750,000 3,150,000 1,350,000 1,950,000
==================================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
56 WisdomTree Domestic Dividend Funds
Financial Highlights
WisdomTree Domestic Dividend Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree Total Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.32
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.18
Net realized and unrealized gain 7.28
--------------------------------------------------------------------------------
Total from investment operations 8.46
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.91)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.91)
--------------------------------------------------------------------------------
Net asset value, end of period $ 57.87
================================================================================
TOTAL RETURN(3) 16.84%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 89,698
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.28%(4)
Expenses, prior to expense reimbursements/waivers 0.31%(4)
Net investment income 2.76%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 12%
================================================================================
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree High-Yielding Equity Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.01
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.56
Net realized and unrealized gain 7.54
--------------------------------------------------------------------------------
Total from investment operations 9.10
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (1.12)
--------------------------------------------------------------------------------
Total dividends to shareholders (1.12)
--------------------------------------------------------------------------------
Net asset value, end of period $ 57.99
================================================================================
TOTAL RETURN(3) 18.23%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $205,874
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.38%(4)
Expenses, prior to expense reimbursements/waivers 0.40%(4)
Net investment income 3.68%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor
(Note 3).
(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 57
Financial Highlights (continued)
WisdomTree Domestic Dividend Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree LargeCap Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.34
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.11
Net realized and unrealized gain 7.32
--------------------------------------------------------------------------------
Total from investment operations 8.43
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.80)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.80)
--------------------------------------------------------------------------------
Net asset value, end of period $ 57.97
================================================================================
TOTAL RETURN(3) 16.77%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $333,339
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.28%(4)
Expenses, prior to expense reimbursements/waivers 0.29%(4)
Net investment income 2.65%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 13%
================================================================================
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree Dividend Top 100 Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.12
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.40
Net realized and unrealized gain 9.09
--------------------------------------------------------------------------------
Total from investments operations 10.49
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.92)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.92)
--------------------------------------------------------------------------------
Net asset value, end of period $ 59.69
================================================================================
TOTAL RETURN(3) 20.99%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $188,009
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.38%(4)
Expenses, prior to expense reimbursements/waivers 0.40%(4)
Net investment income 3.29%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor
(Note 3).
(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.
58 WisdomTree Domestic Dividend Funds
Financial Highlights (concluded)
WisdomTree Domestic Dividend Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree MidCap Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.21
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.45
Net realized and unrealized gain 7.41
--------------------------------------------------------------------------------
Total from investment operations 8.86
--------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (1.04)
Capital gains (0.01)
--------------------------------------------------------------------------------
Total dividends and distributions to shareholders (1.05)
--------------------------------------------------------------------------------
Net asset value, end of period $ 58.02
================================================================================
TOTAL RETURN(3) 17.71%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 78,333
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.38%(4)
Expenses, prior to expense reimbursements/waivers 0.43%(4)
Net investment income 3.47%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 12%
================================================================================
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree SmallCap Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.24
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.79
Net realized and unrealized gain 6.65
--------------------------------------------------------------------------------
Total from investments operations 8.44
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (1.27)
--------------------------------------------------------------------------------
Total dividends to shareholders (1.27)
--------------------------------------------------------------------------------
Net asset value, end of period $ 57.41
================================================================================
TOTAL RETURN(3) 16.88%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $111,948
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.38%(4)
Expenses, prior to expense reimbursements/waivers 0.42%(4)
Net investment income 4.25%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor
(Note 3).
(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 59
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, 2007, the Trust offered 36
investment funds (each a "Fund", collectively, the "Funds"). Each Fund is
considered to be non-diversified. The Funds commenced operations on June 16,
2006, with the exception of the international dividend sector funds and domestic
earnings funds that commenced operations on October 13, 2006 and February 23,
2007, respectively.
These financial statements relate only to the WisdomTree Dividend Top 100 Fund
("Dividend Top 100 Fund"), WisdomTree High-Yielding Equity Fund ("High-Yielding
Equity Fund"), WisdomTree LargeCap Dividend Fund ("LargeCap Dividend Fund"),
WisdomTree MidCap Dividend Fund ("MidCap Dividend Fund"), WisdomTree SmallCap
Dividend Fund ("SmallCap Dividend Fund"), and WisdomTree Total Dividend Fund
("Total 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 ("WTA") has agreed to
pay all expenses of the Trust, except for: (i) brokerage expenses and other
expenses (such as stamp taxes) connected with the execution of portfolio
transactions or in connection with creation and redemption transactions; (ii)
legal fees or expenses in connection with any arbitration, litigation or pending
or threatened arbitration or litigation, including any settlements
60 WisdomTree Domestic Dividend Funds
Notes to Financial Statements (continued)
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 WTA. Pursuant to a separate contractual
arrangement WTA has agreed to pay the expenses described in (iii), (iv) and (v)
through July 31, 2007.
(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) 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.
(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 61
Notes to Financial Statements (continued)
3. ADVISER FEES AND TRANSACTIONS
Adviser Fees - WTA provides investment management services to each Fund pursuant
to an Investment Advisory Agreement between the Trust and WTA. As compensation
for services rendered, facilities furnished, and expenses borne by WTA, each
Fund pays WTA a fee, as listed below, which is accrued daily and paid monthly,
based on the average daily net assets of the Fund.
==============================================
Fund Fee Rate
----------------------------------------------
Total Dividend Fund 0.28%
----------------------------------------------
High-Yielding Equity Fund 0.38
----------------------------------------------
LargeCap Dividend Fund 0.28
----------------------------------------------
Dividend Top 100 Fund 0.38
----------------------------------------------
MidCap Dividend Fund 0.38
----------------------------------------------
SmallCap Dividend Fund 0.38
----------------------------------------------
For the period ended March 31, 2007, the advisory expense reimbursements were as
follows:
==============================================
Advisory Expense
Fund Reimbursements
----------------------------------------------
Total Dividend Fund $14,096
----------------------------------------------
High-Yielding Equity Fund 13,952
----------------------------------------------
LargeCap Dividend Fund 14,054
----------------------------------------------
Dividend Top 100 Fund 13,930
----------------------------------------------
MidCap Dividend Fund 14,021
----------------------------------------------
SmallCap Dividend Fund 14,200
----------------------------------------------
Each Fund may purchase shares of an affiliated exchange traded fund(s) in
secondary market transactions. For the period ending March 31, 2007, the
following affiliated transactions occurred:
====================================================================================================================
Fund Correlated Investment Purchases Sales Proceeds Interest Income Realized Gain
--------------------------------------------------------------------------------------------------------------------
Total Dividend Fund LargeCap Dividend Fund $ 39,088 $ 39,829 $-- $ 741
--------------------------------------------------------------------------------------------------------------------
High-Yielding Equity Fund Dividend Top 100 Fund 152,281 154,975 -- 2,694
--------------------------------------------------------------------------------------------------------------------
LargeCap Dividend Fund Total Dividend Fund 127,683 130,613 -- 2,930
--------------------------------------------------------------------------------------------------------------------
Dividend Top 100 Fund High-Yielding Equity Fund 246,573 249,604 -- 3,031
--------------------------------------------------------------------------------------------------------------------
MidCap Dividend Fund Total Dividend Fund 223,061 228,753 -- 5,692
--------------------------------------------------------------------------------------------------------------------
SmallCap Dividend Fund Total Dividend Fund 22,205 22,663 -- 458
--------------------------------------------------------------------------------------------------------------------
4. CAPITAL SHARE TRANSACTIONS
As of March 31, 2007, there were an unlimited number of $0.001 par value shares
of beneficial interest authorized by the Trust. Shares are issued and redeemed
by each Fund only in Creation Units or multiples thereof. 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.
62 WisdomTree Domestic 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 period ended March 31, 2007 were as
follows:
================================================================================
Fund Purchases Sales
--------------------------------------------------------------------------------
Total Dividend Fund $ 6,618,164 $ 6,547,139
--------------------------------------------------------------------------------
High-Yielding Equity Fund 11,260,919 11,531,363
--------------------------------------------------------------------------------
LargeCap Dividend Fund 20,311,305 19,995,155
--------------------------------------------------------------------------------
Dividend Top 100 Fund 17,538,899 17,677,792
--------------------------------------------------------------------------------
MidCap Dividend Fund 4,335,757 4,500,098
--------------------------------------------------------------------------------
SmallCap Dividend Fund 8,497,841 9,045,388
--------------------------------------------------------------------------------
For the period ended March 31, 2007, the cost of in-kind purchases and the
proceeds from in-kind redemptions were as follows:
================================================================================
Fund Purchases Redemptions
--------------------------------------------------------------------------------
Total Dividend Fund $ 95,073,060 $10,981,115
--------------------------------------------------------------------------------
High-Yielding Equity Fund 216,924,144 18,889,220
--------------------------------------------------------------------------------
LargeCap Dividend Fund 340,429,717 23,634,035
--------------------------------------------------------------------------------
Dividend Top 100 Fund 218,903,653 40,259,595
--------------------------------------------------------------------------------
MidCap Dividend Fund 81,783,084 6,926,910
--------------------------------------------------------------------------------
SmallCap Dividend Fund 123,870,024 14,129,645
--------------------------------------------------------------------------------
Gains and losses on in-kind redemptions are not recognized at the Fund level for
tax purposes.
6. FEDERAL INCOME TAXES
At March 31, 2007, the cost of investments (including securities on loan) for
Federal income tax purposes was as follows:
=====================================================================================
Gross Gross Net
Unrealized Unrealized Unrealized
Fund Tax Cost Appreciation Depreciation Appreciation
-------------------------------------------------------------------------------------
Total Dividend Fund $ 86,341,694 $ 5,112,981 $ (764,674) $ 4,348,307
-------------------------------------------------------------------------------------
High-Yielding Equity Fund 208,130,400 8,441,855 (2,559,433) 5,882,422
-------------------------------------------------------------------------------------
LargeCap Dividend Fund 330,470,067 14,844,437 (1,892,937) 12,951,500
-------------------------------------------------------------------------------------
Dividend Top 100 Fund 195,400,001 8,847,823 (2,248,343) 6,599,480
-------------------------------------------------------------------------------------
MidCap Dividend Fund 78,699,966 3,823,915 (1,050,037) 2,773,878
-------------------------------------------------------------------------------------
SmallCap Dividend Fund 120,110,974 4,945,016 (3,478,771) 1,466,245
-------------------------------------------------------------------------------------
At March 31, 2007, the components of accumulated earnings/loss on a tax-basis
were as follows:
====================================================================================================
Undistributed
Undistributed Capital and Other Net Unrealized Total Accumulated
Fund Ordinary Income Gains/(Losses) Appreciation Earnings
----------------------------------------------------------------------------------------------------
Total Dividend Fund $ 63,493 $ 19,587 $ 4,348,307 $ 4,431,387
----------------------------------------------------------------------------------------------------
High-Yielding Equity Fund 160,472 (161,138) 5,882,422 5,881,756
----------------------------------------------------------------------------------------------------
LargeCap Dividend Fund 148,572 (109,262) 12,951,500 12,990,810
----------------------------------------------------------------------------------------------------
Dividend Top 100 Fund 137,889 (111,310) 6,599,480 6,626,059
----------------------------------------------------------------------------------------------------
MidCap Dividend Fund 84,918 (78,474) 2,773,878 2,780,322
----------------------------------------------------------------------------------------------------
SmallCap Dividend Fund 316,732 (152,570) 1,466,245 1,630,407
----------------------------------------------------------------------------------------------------
WisdomTree Domestic Dividend Funds 63
Notes to Financial Statements (continued)
The tax character of distributions paid during the period ended March 31, 2007,
was as follows:
================================================================================
Distributions Paid Distributions Paid
from Ordinary from Long-Term
Fund Income* Capital Gains
--------------------------------------------------------------------------------
Total Dividend Fund $1,068,528 $ --
--------------------------------------------------------------------------------
High-Yielding Equity Fund 2,704,035 --
--------------------------------------------------------------------------------
LargeCap Dividend Fund 2,943,539 --
--------------------------------------------------------------------------------
Dividend Top 100 Fund 1,882,933 --
--------------------------------------------------------------------------------
MidCap Dividend Fund 863,134 4,321
--------------------------------------------------------------------------------
SmallCap Dividend Fund 1,374,057 --
--------------------------------------------------------------------------------
* Includes short-term capital gains.
At March 31, 2007, 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 2015
---------------------------------------------
Total Dividend Fund $ --
---------------------------------------------
High-Yielding Equity Fund 4,934
---------------------------------------------
LargeCap Dividend Fund 5,452
---------------------------------------------
Dividend Top 100 Fund 16,309
---------------------------------------------
MidCap Dividend Fund --
---------------------------------------------
SmallCap Dividend Fund 44,705
---------------------------------------------
Capital losses incurred after October 31 ("post-October losses") and within the
taxable year are deemed to arise on the first business day of each Fund's next
taxable year.
During the period ended March 31, 2007, the following Funds incurred and will
elect to defer net post-October losses as follows:
=============================================
Post-October
Fund Capital Losses
---------------------------------------------
Total Dividend Fund $ --
---------------------------------------------
High-Yielding Equity Fund 156,204
---------------------------------------------
LargeCap Dividend Fund 103,810
---------------------------------------------
Dividend Top 100 Fund 95,001
---------------------------------------------
MidCap Dividend Fund 78,474
---------------------------------------------
SmallCap Dividend Fund 107,865
---------------------------------------------
At March 31, 2007, the effect of permanent book/tax reclassifications resulted
in increases (decreases) to the components of net assets as follows:
================================================================================
Undistributed Net Accumulated Net
Fund Investment Loss Realized Loss Paid-in Capital
--------------------------------------------------------------------------------
Total Dividend Fund $ (424) $ (949,173) $ 949,597
--------------------------------------------------------------------------------
High-Yielding Equity Fund (2,692) (1,709,360) 1,712,052
--------------------------------------------------------------------------------
LargeCap Dividend Fund -- (2,750,551) 2,750,551
--------------------------------------------------------------------------------
Dividend Top 100 Fund -- (2,521,375) 2,521,375
--------------------------------------------------------------------------------
MidCap Dividend Fund -- (781,304) 781,304
--------------------------------------------------------------------------------
SmallCap Dividend Fund (9,212) (1,269,546) 1,278,758
--------------------------------------------------------------------------------
64 WisdomTree Domestic Dividend Funds
Notes to Financial Statements (concluded)
These differences are primarily due to redemptions-in-kind and the tax treatment
of income earned from investments in partnerships.
7. NEW ACCOUNTING PRONOUNCEMENTS
On July 13, 2006, the Financial Accounting Standards Board ("FASB") released
FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN
48"). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in financial statements. FIN 48
requires the evaluation of tax positions taken or expected to be taken in the
course of preparing a fund's tax returns to determine whether the tax positions
are "more-likely-than-not" of being sustained by the applicable tax authority.
Tax positions not deemed to meet a more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. On December 22, 2006, the
Securities and Exchange Commission notified the industry that the implementation
of FIN 48 must be incorporated no later than the last day on which a NAV is
calculated preceding a fund's 2007 semi-annual report (i.e. September 28, 2007
for the funds). At this time, management is evaluating the implications of FIN
48 and its impact on the financial statements has not yet been determined.
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. At this time, management is evaluating the implications
of FAS 157 and its impact in the financial statements has not yet been
determined.
WisdomTree Domestic Dividend Funds 65
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 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, 2007, and the related statements of operations
and changes in net assets and financial highlights for the period June 16, 2006
(commencement of investment operations) through March 31, 2007. 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, 2007, by correspondence with the custodian. 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 Fund, WisdomTree MidCap
Dividend Fund and WisdomTree SmallCap Dividend Fund of WisdomTree Trust at March
31, 2007, the results of their operations, the changes in their net assets and
the financial highlights for the period June 16, 2006 (commencement of
investment operations) through March 31, 2007, in conformity with U.S. generally
accepted accounting principles.
/s/ Ernst & Young LLP
New York, New York
May 21, 2007
66 WisdomTree Domestic Dividend 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 the Trust'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 (the "Advisory Agreement").
At meetings held on February 21, 2006 and May 25, 2006, the Board of Trustees,
including a majority of the Independent Trustees, approved the Investment
Advisory Agreement with WisdomTree Asset Management ("WTA") with respect to the
Funds. In approving the Advisory Agreement with WTA, the Board reviewed and
analyzed the factors it deemed relevant, including: (1) the nature, quality and
extent of the services to be provided to the Funds by WTA; (2) WTA's personnel
and operations; (3) WTA's financial condition; (4) the level and method of
computing each Fund's advisory fee; (5) the possibility of "fall-out" benefits
to WTA and its affiliates (i.e., ancillary benefits that may be realized by WTA
or its affiliates from WTA's relationship with the Funds); (6) the anticipated
effect of growth and size on each Fund's performance and expenses; and (7)
possible conflicts of interest.
The Board also considered the nature and quality of the services to be provided
by WTA to the Funds, recognizing WTA's operational capabilities and resources.
The Board also noted the extensive responsibilities that WTA 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 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 WTA, the Board concluded
that the level of the fees paid to WTA 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 the same criteria it used for
WTA. 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
also evaluated the performance of comparable funds managed by BNYIA in
comparison to a peer group, and the expertise and performance of the BNYIA
personnel. The Board also noted that The Bank of New York ("BNY"), an affiliate
of BNYIA, was proposed to serve as the Funds' administrator, accountant,
custodian and transfer agent and will receive compensation for acting in these
capacities and will be 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 WTA, 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 WTA 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 Domestic Dividend Funds 67
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 Net
Equal to Net Asset Value Asset Value
--------------------------------------------------------------------------------------------------------- -------------------------
Basis Point Number Percentage of Number Percentage
Differential* of Days Total Days of Days of Total Days
------------------------------------------------------------------------------------------------------------------------------------
WisdomTree Total Dividend Fund
June 16, 2006** - March 31, 2007 0 - 24.9 108 54.54% 85 42.93%
--------------------------------------------------------------------
25 - 49.9 2 1.01% 2 1.01%
--------------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
--------------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
--------------------------------------------------------------------
>100.0 1 0.51% 0 0.00%
--------------------------------------------------------------------
Total 111 56.06% 87 43.94%
====================================================================================================================================
WisdomTree High-Yielding Equity Fund
June 16, 2006** - March 31, 2007 0 - 24.9 106 53.54% 90 45.45%
--------------------------------------------------------------------
25 - 49.9 2 1.01% 0 0.00%
--------------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
--------------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
--------------------------------------------------------------------
>100.0 0 0.00% 0 0.00%
--------------------------------------------------------------------
Total 108 54.55% 90 45.45%
====================================================================================================================================
WisdomTree LargeCap Dividend Fund
June 16, 2006** - March 31, 2007 0 - 24.9 139 70.19% 43 21.71%
--------------------------------------------------------------------
25 - 49.9 9 4.55% 3 1.52%
--------------------------------------------------------------------
50 - 74.9 1 0.51% 0 0.00%
--------------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
--------------------------------------------------------------------
>100.0 3 1.52% 0 0.00%
--------------------------------------------------------------------
Total 152 76.77% 46 23.23%
====================================================================================================================================
WisdomTree Dividend Top 100 Fund
June 16, 2006** - March 31, 2007 0 - 24.9 127 64.14% 44 22.22%
--------------------------------------------------------------------
25 - 49.9 17 8.59% 4 2.02%
--------------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
--------------------------------------------------------------------
75 - 100.0 2 1.01% 0 0.00%
--------------------------------------------------------------------
>100.0 4 2.02% 0 0.00%
--------------------------------------------------------------------
Total 150 75.76% 48 24.24%
====================================================================================================================================
WisdomTree MidCap Dividend Fund
June 16, 2006** - March 31, 2007 0 - 24.9 124 62.62% 59 29.79%
--------------------------------------------------------------------
25 - 49.9 6 3.03% 0 0.00%
--------------------------------------------------------------------
50 - 74.9 3 1.52% 0 0.00%
--------------------------------------------------------------------
75 - 100.0 1 0.51% 0 0.00%
--------------------------------------------------------------------
>100.0 4 2.02% 1 0.51%
--------------------------------------------------------------------
Total 138 69.70% 60 30.30%
====================================================================================================================================
WisdomTree SmallCap Dividend Fund
June 16, 2006** - March 31, 2007 0 - 24.9 108 54.54% 74 37.37%
--------------------------------------------------------------------
25 - 49.9 8 4.04% 2 1.01%
--------------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
--------------------------------------------------------------------
75 - 100.0 1 0.51% 0 0.00%
--------------------------------------------------------------------
>100.0 4 2.02% 1 0.51%
--------------------------------------------------------------------
Total 121 61.11% 77 38.89%
====================================================================================================================================
* A basis point equals one-hundredth of one percent (0.01%).
** Commencement of investment operations.
68 WisdomTree Domestic 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 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.
The address of each Trustee and Officer is c/o WisdomTree Asset Management,
Inc., 48 Wall Street, 11th Floor, New York, NY 10005.
Interested Trustee and Officers
Number of
Portfolios in
Fund
Complex
Term of Office Overseen by
Name and Length Principal Occupation(s) Trustee and Other Directorships Held
(year of birth) Position of Time Served During the Past 5 Years Officer by Trustee and Officer
-------------------------------------------------------------------------------------------------------------------------------
Jonathan Steinberg Trustee, Trustee and Chief Executive Officer of 36 None.
(1964) President* Officer WisdomTree Investments, Inc.
since 2005 (formerly, Index Development
Partners, Inc.) and Director of
WisdomTree Investments, Inc.
(since 1989).
Chief Financial Officer of 36 None.
Marc Ruskin Treasurer*, Officer WisdomTree Investments, Inc.
(1952) Assistant since 2005 (formerly, Index Development
Secretary* Partners, Inc.); Chief Financial
Officer, RiskMetrics Group, Inc.
(2003 to 2004); Chief Financial
Officer of Cognet Corp. (1999
to 2002).
Richard Morris Secretary*, Officer Deputy General Counsel of 36 None.
(1967) Chief since 2005 WisdomTree Investments, Inc.
Legal (since 2005); Senior Counsel at
Officer* 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.
WisdomTree Domestic Dividend Funds 69
Trustee and Officer Information (unaudited) (concluded)
Independent Trustees
Number of
Portfolios in
Fund
Term of Office Complex Other
Name and Length Principal Occupation(s) Overseen by Directorships Held
(year of birth) Position of Time Served During the Past 5 Years Trustee by Trustee and Officer
----------------------------------------------------------------------------------------------------------------------------
Gregory Barton Trustee Trustee Executive Vice President of 36 None.
(1961)* since 2006 Licensing and Legal Affairs,
General Counsel and Secretary
of Ziff Davis Media Inc. (since
2003); 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 36 None.
(1955)** since 2006 James 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 (since 2005); 36 Trustee on Board of
(1947) Chairman since 2006 President and Chief Executive Trustees of Naismith
of the Officer of William D. Witter, Memorial Basketball
Board of Inc. (2005 to August 2006); Hall of Fame; Member
Trustees Consultant to AXA Enterprise in of the Board of Direc-
2004; Chairman, President and tors of William D.
Chief Executive Officer of Witter, Inc.; Member of
Enterprise Capital Management the Board of Overseers
(subsidiary of The MONY of the Hoover Institu-
Group, Inc.) and Enterprise tion at Stanford
Group of Funds, Chairman of University.
MONY Securities Corp., and
Chairman of the Fund Board of
Enterprise Group of Funds
(1991 to 2004).
----------------------------------------------------------------------------------------------------------------------------
* Chairman of the Audit Committee.
** Chairman of the Nominating Committee.
70 WisdomTree Domestic Dividend Funds
Supplemental Information (unaudited)
Federal Income Tax Information
The following Federal tax information related to the Funds fiscal year ended
March 31, 2007, 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 2008.
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, the following represents the maximum amount of ordinary
income distributions that may be considered qualified dividend income:
================================================
Qualified Dividend
Fund Income
------------------------------------------------
Total Dividend Fund $1,058,554
------------------------------------------------
High-Yielding Equity Fund 2,551,158
------------------------------------------------
LargeCap Dividend Fund 3,032,852
------------------------------------------------
Dividend Top 100 Fund 1,557,234
------------------------------------------------
MidCap Dividend Fund 647,020
------------------------------------------------
SmallCap Dividend Fund 878,394
------------------------------------------------
The following represents the percentage of dividends that qualify for the 70%
dividends received deduction for corporate shareholders:
================================================
Dividends-Received
Fund Deduction
------------------------------------------------
Total Dividend Fund 98.48%
------------------------------------------------
High-Yielding Equity Fund 96.47
------------------------------------------------
LargeCap Dividend Fund 100.00
------------------------------------------------
Dividend Top 100 Fund 87.04
------------------------------------------------
MidCap Dividend Fund 85.95
------------------------------------------------
SmallCap Dividend Fund 70.45
------------------------------------------------
WisdomTree Domestic Dividend Funds 71
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 each Fund's proxies during the period ended June 30,
2006, 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 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 at
www.wisdomtree.com.
72 WisdomTree Domestic Dividend Funds
[This page intentionally left blank.]
The WisdomTree Trust
Investment Adviser
WisdomTree Asset Management, Inc.
48 Wall Street, Suite 1100
New York, NY 10005
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.
1625 Broadway
Denver, CO 80202
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 Family of Funds
The following is a list of WisdomTree Funds being offered, along with their
respective ticker symbols:
WisdomTree Domestic Dividend Funds
WisdomTree Total Dividend Fund (DTD)
WisdomTree High-Yielding Equity Fund (DHS)
WisdomTree Large Cap Dividend Fund (DLN)
WisdomTree Dividend Top 100 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 Fund (DOO)
WisdomTree International MidCap Dividend Fund (DIM)
WisdomTree International SmallCap Dividend Fund (DLS)
WisdomTree International Dividend Sector Funds
WisdomTree International Basic Material 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 Domestic 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)
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 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.
In addition to the normal risks associated with investing, foreign investing
involves special risks, such as risk of loss from currency fluctuation or
political or economic uncertainty. Funds focusing on a single country, sector,
and/or funds that emphasize investments in smaller companies may experience
greater price volatility. 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.
This is not part of the Annual Report.
[LOGO] WISDOMTREE(SM)
48 Wall Street, Suite 1100
New York, NY 10005
1.866.900.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
This report when not used for the general information of shareholders of the
Fund, is to be distributed only if preceded or accompanied by a current Fund
Prospectus.
WisdomTree Fund shares are distributed by ALPS Distributors, Inc.
[LOGO] WISDOMTREE
WisdomTree Trust
Domestic Earnings Funds
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
Annual Report
For the period February 23, 2007 (commencement of investment operations) through
March 31, 2007
Table of Contents
--------------------------------------------------------------------------------
Letter to Shareholders .............................................. 1
Management's Discussion of Funds' Performance ....................... 2
Performance Summaries ............................................... 4
Shareholder Expense Examples ........................................ 16
Schedules of Investments
WisdomTree Total Earnings Fund .................................... 18
WisdomTree Earnings 500 Fund ...................................... 30
WisdomTree MidCap Earnings Fund ................................... 37
WisdomTree SmallCap Earnings Fund ................................. 46
WisdomTree Earnings Top 100 Fund .................................. 57
WisdomTree Low P/E Fund ........................................... 59
Statements of Assets and Liabilities ................................ 64
Statements of Operations ............................................ 65
Statements of Changes in Net Assets ................................. 66
Financial Highlights ................................................ 67
Notes to the Financial Statements ................................... 70
Report of Independent Registered Public Accounting Firm ............. 75
Approval of Investment Advisory and Sub-Advisory Agreement
(unaudited) ......................................................... 76
Frequency Distribution of Discounts & Premiums (unaudited) .......... 77
Trustee and Officers Information (unaudited) ........................ 78
Supplemental Information (unaudited) ................................ 80
General Information (unaudited) ..................................... 81
"WisdomTree", "WisdomTree Investments" and "Dividend Top 100" are service 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 to you highlights for the funds of the WisdomTree
Trust for the fiscal year ended March 31, 2007. The Trust's initial year of
operations was marked by several milestones and industry firsts.
In less than a year, WisdomTree launched 36 exchange traded funds (ETFs) and
quickly established itself as a market leader, with the broadest menu of
fundamentally weighted ETFs issued in the U.S. WisdomTree believes that
fundamentally weighted index funds, where initial index weights are anchored to
a measure of fundamental value, such as earnings or dividends, have the
potential to overcome what WisdomTree believes is an inherent flaw of market
capitalization-weighted index funds: their tendency to overweight overvalued
stocks, overvalued sectors and overvalued regions of the world. The historic
launch of 20 ETFs on a single day in June of 2006 was a testament to
WisdomTree's conviction in this idea. The June listing gave U.S. investors the
opportunity, for the first time, to invest in dividend-weighted portfolios
throughout the developed world. WisdomTree's international small cap and
international high-yielding offerings were the first of their kind. In October
of 2006, WisdomTree pioneered another industry first by launching ten pure
international sector ETFs. These are derived from the WisdomTree DEFA Index,
which measures the performance of dividend-paying companies in the developed
world outside the U.S. and Canada. In February of 2007, WisdomTree unveiled six
new domestic earnings-based ETFs to complement its existing domestic dividend
family. Although weighting indexes by fundamental factors is not a new concept,
it was commercialized nearly two decades ago, WisdomTree's application of the
idea in the ETF format broke new ground. By March 31, 2007, assets under
management in the WisdomTree Trust stood at approximately $3 billion, up from
$1.5 billion at the end of 2006. Moreover, in the first quarter of 2007,
WisdomTree took in approximately 13% of the net inflows into the U.S. ETF
industry, according to an April 2007 Morgan Stanley report.
Just as our products have found quick acceptance in the market, WisdomTree's
unique perspective is also changing the way advisors, fiduciaries and
self-directed investors view indexing. WisdomTree is engaged in a pivotal
debate that could redefine the direction of equity index investing, a debate
which pivots on a key question: do fundamentally weighted index funds better
serve investors than market capitalization-weighted index funds? In the years
to come, fund performance data included in these reports will provide some of
the real-time results necessary to help resolve this debate.
In the interim, WisdomTree is committed to leading the fundamentally weighted
index category, giving equity investors a fundamental choice in every major
region where they currently use a market capitalization-weighted index fund. We
have resolved to do so through competitively priced ETFs designed to provide
the transparency, liquidity and tax advantages that have made exchange traded
funds so popular.
Although launching any new enterprise is never easy, our work has been aided by
the conviction that we are serving investors and by the confidence you have
shown in us. Thank you for your continued support.
Best Regards,
/s/ Jonathan Steinberg
Jonathan Steinberg
President, WisdomTree Trust
CEO, WisdomTree Asset Management, Inc.
The sources, opinions and forecasts expressed are as of March 31, 2007 and may
not actually come to pass. 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.
WisdomTree Domestic Earnings Funds 1
Management's Discussion of Funds' Performance
The six domestic earnings-based ETFs introduced 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 Earnings Index, which measures the performance of generally
profitable companies in the United States. 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.
WisdomTree's earnings-based ETFs were launched on February 23, 2007, just a few
days before equity markets around the world were jolted by a precipitous drop in
the Chinese stock market. Over the few remaining weeks of the fiscal year ended
March 31, 2007, two of the six WisdomTree earnings-based funds outperformed
their comparable market capitalization-weighted benchmark.
The broadest WisdomTree domestic earnings-based ETF, the WisdomTree Total
Earnings Fund (EXT), had a cumulative total return of negative 1.79% from its
inception on February 23, 2007 to March 31, 2007. EXT outperformed the Russell
3000 Index* by 0.30 percentage points over this time period. The best performing
size segment of the WisdomTree Earnings Index for this period was the large-cap
segment. The WisdomTree Earnings 500 Fund (EPS) lost 1.67% for the period,
versus a 1.92% decline for the S&P 500 Index* over the same period. The
worst-performing size segment for the earnings-based family over this period was
the WisdomTree SmallCap Earnings Fund (EES). EES lost 3.92% of its value since
its inception on February 23, 2007 through March 31, 2007, compared to a 2.98%
decline in the Russell 2000 Index*.
The WisdomTree MidCap Earnings Fund (EZM) declined by 2.37% since its inception
through March 31, 2007, underperforming the S&P MidCap 400 Index* by 0.29
percentage points over this period. Both the WisdomTree Low P/E Fund (EZY) and
the WisdomTree Earnings Top 100 Fund (EEZ) lagged the Russell 1000 Value Index*,
which declined by 1.29% over this period. EZY lost 1.69% of its value,
underperforming the Russell 1000 Value Index by 0.4 percentage points; EEZ lost
1.39% of its value, underperforming the Russell 1000 Value Index by 0.1
percentage point for the period ended March 31, 2007.
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 Domestic Earnings Funds
Management's Discussion of Funds' Performance (continued)
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 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. 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, 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.
WisdomTree Domestic Earnings Funds 3
Performance Summary
WisdomTree Total Earnings Fund
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 -1.79% at NAV, since its
inception on 2/23/2007 (for more complete performance information, please see
below). Energy contributed most significantly to this performance; the sector
comprised on average 14.09% of the Fund and returned 2.68% over the period.
Chevron Corp. was the top contributor to performance for the period. Financials
was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market Earnings Russell
Value Price Index 3000 Index
--------------------------------------------------------------------------------
Since Inception(1) (1.79)% (1.80)% (1.78)% (2.09)%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX, February 23, 2007.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Total Russell
Date Earnings Fund 3000 Index
------------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $ 9,692 $ 9,690
3/31/2007 $ 9,821 $ 9,791
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 Earnings Funds
Performance Summary (concluded)
WisdomTree Total Earnings Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Exxon Mobil Corp. 14,210 $1,072,144 4.4%
--------------------------------------------------------------------------------
Citigroup, Inc. 10,450 536,503 2.2%
--------------------------------------------------------------------------------
Bank of America Corp. 9,970 508,669 2.1%
--------------------------------------------------------------------------------
General Electric Co. 14,210 499,284 2.0%
--------------------------------------------------------------------------------
Chevron Corp. 6,420 474,823 1.9%
--------------------------------------------------------------------------------
ConocoPhillips 6,060 414,201 1.7%
--------------------------------------------------------------------------------
JPMorgan Chase & Co. 6,820 329,952 1.3%
--------------------------------------------------------------------------------
Microsoft Corp. 11,778 328,252 1.3%
--------------------------------------------------------------------------------
Pfizer, Inc. 12,820 323,832 1.3%
--------------------------------------------------------------------------------
Wal-Mart Stores, Inc. 6,830 320,668 1.3%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Energy 14.6%
Diversified Financials 11.0%
Capital Goods 8.1%
Insurance 7.0%
Banks 6.3%
Pharmaceuticals, Biotechnology & Life Sciences 5.8%
Food, Beverage & Tobacco 4.7%
Technology Hardware & Equipment 4.5%
Utilities 4.1%
Materials 3.8%
Retailing 3.6%
Health Care Equipment & Services 3.6%
Software & Services 3.6%
Other 19.3%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree Domestic Earnings Funds 5
Performance Summary
WisdomTree Earnings 500 Fund
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 -1.67% at NAV, since its
inception on 2/23/2007 (for more complete performance information, please see
below). Energy contributed most significantly to this performance; the sector
comprised on average 15.14% of the Fund and returned 2.61% over the period.
Chevron Corp. was the top contributor to performance for the period. Financials
was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market Earnings 500 S&P
Value Price Index 500 Index
--------------------------------------------------------------------------------
Since Inception(1) (1.67)% (1.63)% (1.64)% (1.92)%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX, February 23, 2007.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Earnings
Date 500 Fund S&P 500 Index
-----------------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $ 9,695 $ 9,699
3/31/2007 $ 9,833 $ 9,808
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 Earnings Funds
Performance Summary (concluded)
WisdomTree Earnings 500 Fund
Top Ten Holdings(2)as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Exxon Mobil Corp. 13,280 $1,001,977 5.1%
--------------------------------------------------------------------------------
Citigroup, Inc. 9,768 501,489 2.6%
--------------------------------------------------------------------------------
Bank of America Corp. 9,336 476,323 2.4%
--------------------------------------------------------------------------------
General Electric Co. 13,184 466,186 2.4%
--------------------------------------------------------------------------------
Chevron Corp. 5,992 443,169 2.3%
--------------------------------------------------------------------------------
ConocoPhillips 5,873 401,421 2.1%
--------------------------------------------------------------------------------
Microsoft Corp. 11,279 314,346 1.6%
--------------------------------------------------------------------------------
Pfizer, Inc. 12,293 310,521 1.6%
--------------------------------------------------------------------------------
JPMorgan Chase & Co. 6,376 308,471 1.6%
--------------------------------------------------------------------------------
Wal-Mart Stores, Inc. 6,431 301,936 1.5%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Energy 15.6%
Diversified Financials 12.2%
Capital Goods 7.9%
Insurance 7.1%
Pharmaceuticals, Biotechnology & Life Sciences 6.4%
Banks 5.7%
Food, Beverage & Tobacco 5.2%
Technology Hardware & Equipment 4.5%
Utilities 4.0%
Software & Services 3.6%
Health Care Equipment & Services 3.4%
Retailing 3.3%
Materials 3.2%
Other 17.9%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree Domestic Earnings Funds 7
Performance Summary
WisdomTree MidCap Earnings Fund
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 -2.37% at NAV, since its
inception on 2/23/2007 (for more complete performance information, please see
below). Energy contributed most significantly to this performance; the sector
comprised on average 8.54% of the Fund and returned 3.44% over the period.
ImClone Systems Inc. was the top contributor to performance for the period.
Financials was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market MidCap Earnings S&P
Value Price Index 400 Index
--------------------------------------------------------------------------------
Since Inception(1) (2.37)% (2.15)% (2.29)% (2.08)%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX, February 23, 2007.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
S&P
WisdomTree MidCap 400
Date Earnings Fund Index
------------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $ 9,676 $ 9,662
3/31/2007 $ 9,763 $ 9,792
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 Earnings Funds
Performance Summary (concluded)
WisdomTree MidCap Earnings Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Rite Aid Corp. 11,190 $64,567 1.3%
--------------------------------------------------------------------------------
NVR, Inc. 50 33,251 0.7%
--------------------------------------------------------------------------------
Patterson-UTI Energy, Inc. 1,248 28,004 0.6%
--------------------------------------------------------------------------------
KB Home 640 27,309 0.6%
--------------------------------------------------------------------------------
Radian Group, Inc. 460 25,246 0.5%
--------------------------------------------------------------------------------
Goodyear Tire & Rubber Co. (The) 808 25,201 0.5%
--------------------------------------------------------------------------------
Allied Capital Corp. 826 23,797 0.5%
--------------------------------------------------------------------------------
Steel Dynamics, Inc. 528 22,809 0.5%
--------------------------------------------------------------------------------
Cimarex Energy Co. 580 21,473 0.4%
--------------------------------------------------------------------------------
Palm, Inc. 1,166 21,140 0.4%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Energy 8.8%
Materials 8.7%
Capital Goods 8.5%
Banks 7.5%
Insurance 6.5%
Consumer Durables & Apparel 6.2%
Utilities 5.7%
Retailing 5.6%
Technology Hardware & Equipment 4.9%
Health Care Equipment & Services 4.3%
Diversified Financials 4.2%
Real Estate 3.8%
Other 25.2%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree Domestic Earnings Funds 9
Performance Summary
WisdomTree SmallCap Earnings Fund
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 -3.92% at NAV, since its
inception on 2/23/2007 (for more complete performance information, please see
below). Utilities contributed most significantly to this performance; the sector
comprised on average 1.55% of the Fund and returned 0.73% over the period.
Biosite Inc. was the top contributor to performance for the period. Consumer
Discretionary was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market SmallCap Russell
Value Price Earnings Index 2000 Index
--------------------------------------------------------------------------------
Since Inception(1) (3.92)% (4.07)% (3.86)% (2.98)%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX, February 23, 2007.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree SmallCap
Date Earnings Fund Russell 2000 Index
----------------------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $ 9,612 $ 9,599
3/31/2007 $ 9,608 $ 9,702
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 Domestic Earnings Funds
Performance Summary (concluded)
WisdomTree SmallCap Earnings Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Visteon Corp. 9,588 $81,881 0.9%
--------------------------------------------------------------------------------
Brookfield Homes Corp. 1,916 61,505 0.6%
--------------------------------------------------------------------------------
Ocwen Financial Corp. 4,096 52,715 0.5%
--------------------------------------------------------------------------------
Encore Wire Corp. 2,058 52,108 0.5%
--------------------------------------------------------------------------------
WCI Communities, Inc. 2,134 45,541 0.5%
--------------------------------------------------------------------------------
LandAmerica Financial Group, Inc. 608 44,937 0.5%
--------------------------------------------------------------------------------
Champion Enterprises, Inc. 5,054 44,475 0.5%
--------------------------------------------------------------------------------
Ryerson, Inc. 978 38,749 0.4%
--------------------------------------------------------------------------------
Viropharma, Inc. 2,628 37,712 0.4%
--------------------------------------------------------------------------------
USEC, Inc. 2,286 37,147 0.4%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Banks 14.6%
Capital Goods 10.6%
Consumer Durables & Apparel 6.5%
Insurance 5.7%
Health Care Equipment & Services 5.5%
Commercial Services & Supplies 5.5%
Materials 5.5%
Energy 5.4%
Technology Hardware & Equipment 5.3%
Retailing 4.9%
Software & Services 4.3%
Consumer Services 3.5%
Transportation 3.1%
Other 19.6%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree Domestic Earnings Funds 11
Performance Summary
WisdomTree Earnings Top 100 Fund
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 -1.39% at NAV, since its
inception on 2/23/2007 (for more complete performance information, please see
below). Energy contributed most significantly to this performance; the sector
comprised on average 20.76% of the Fund and returned 3.68% over the period.
Valero Energy Corp. was the top contributor to performance for the period.
Financials was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market Earnings Top Russell 1000
Value Price 100 Index Value Index
--------------------------------------------------------------------------------
Since Inception(1) (1.39)% (1.28)% (1.36)% (1.29)%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX, February 23, 2007.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Earnings Russell 1000
Date Top 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
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 Domestic Earnings Funds
Performance Summary (concluded)
WisdomTree Earnings Top 100 Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
% of Net
Description Shares Market Value Assets
--------------------------------------------------------------------------------
Valero Energy Corp. 8,720 $562,352 2.3%
--------------------------------------------------------------------------------
Marathon Oil Corp. 4,630 457,583 1.9%
--------------------------------------------------------------------------------
Southern Copper Corp. 5,650 404,880 1.6%
--------------------------------------------------------------------------------
Hess Corp. 7,214 400,161 1.6%
--------------------------------------------------------------------------------
Anadarko Petroleum Corp. 9,260 397,995 1.6%
--------------------------------------------------------------------------------
ConocoPhillips 5,800 396,430 1.6%
--------------------------------------------------------------------------------
Reynolds American, Inc. 6,288 392,434 1.6%
--------------------------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. Class B 5,654 374,238 1.5%
--------------------------------------------------------------------------------
Apache Corp. 5,111 361,348 1.5%
--------------------------------------------------------------------------------
Chesapeake Energy Corp. 11,690 360,987 1.5%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Energy 21.4%
Insurance 12.6%
Banks 11.5%
Diversified Financials 10.8%
Capital Goods 9.3%
Materials 8.1%
Utilities 5.0%
Food, Beverage & Tobacco 3.3%
Health Care Equipment & Services 2.8%
Transportation 2.6%
Retailing 2.4%
Technology Hardware & Equipment 2.3%
Media 2.1%
Other 5.8%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree Domestic Earnings Funds 13
Performance Summary
WisdomTree Low P/E Fund
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 -1.69% at NAV, since its inception on
2/23/2007 (for more complete performance information, please see below). Energy
contributed most significantly to this performance; the sector comprised on
average 22.69% of the Fund and returned 2.70% over the period. Chevron Corp. was
the top contributor to performance for the period. Financials was the biggest
detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
Net Asset Market WisdomTree Low Russsell 1000
Value Price P/E Index Value Index
--------------------------------------------------------------------------------
Since Inception(1) (1.69)% (1.61)% (1.76)% (1.29)%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
AMEX, February 23, 2007.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
Russell
WisdomTree 1000 Value
Date Low P/E Fund Index
-------------------------------------
2/23/2007 $10,000 $10,000
2/28/2007 $ 9,672 $ 9,720
3/31/2007 $ 9,831 $ 9,871
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 Domestic Earnings Funds
Performance Summary (concluded)
WisdomTree Low P/E Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Exxon Mobil Corp. 24,600 $1,856,069 7.6%
--------------------------------------------------------------------------------
Citigroup, Inc. 18,080 928,228 3.8%
--------------------------------------------------------------------------------
Bank of America Corp. 17,270 881,115 3.6%
--------------------------------------------------------------------------------
Chevron Corp. 11,100 820,955 3.3%
--------------------------------------------------------------------------------
ConocoPhillips 10,470 715,625 2.9%
--------------------------------------------------------------------------------
JPMorgan Chase & Co. 11,800 570,884 2.3%
--------------------------------------------------------------------------------
Pfizer, Inc. 22,200 560,773 2.3%
--------------------------------------------------------------------------------
Wal-Mart Stores, Inc. 11,830 555,418 2.3%
--------------------------------------------------------------------------------
Altria Group, Inc. 6,310 554,081 2.3%
--------------------------------------------------------------------------------
American International Group, Inc. 7,890 530,366 2.2%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Energy 23.4%
Diversified Financials 16.1%
Insurance 9.9%
Banks 9.4%
Capital Goods 5.4%
Materials 4.9%
Pharmaceuticals, Biotechnology & Life Sciences 4.4%
Food, Beverage & Tobacco 3.3%
Utilities 3.2%
Technology Hardware & Equipment 3.0%
Food & Staples Retailing 2.8%
Retailing 2.7%
Consumer Durables & Apparel 2.6%
Other 8.9%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree Domestic Earnings Funds 15
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 February 23, 2007* to March 31, 2007.
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 2/23/07* to 3/31/07" 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.
* Commencement of investment operations.
16 WisdomTree Domestic Earnings Funds
Shareholder Expense Examples (unaudited) (concluded)
Annualized
Expense
Ratio Expenses
Based Paid
Beginning Ending on the During the
Account Account Period Period+
Value Value 2/23/07* to 2/23/07* to
2/23/07* 3/31/07 3/31/07 3/31/07
----------------------------------------------------------------------------------------------
WisdomTree Total Earnings Fund
Actual $1,000.00 $ 982.13 0.28% $0.28
Hypothetical (5% return before expenses) $1,000.00 $1,004.78 0.28% $0.28
----------------------------------------------------------------------------------------------
WisdomTree Earnings 500 Fund
Actual $1,000.00 $ 983.30 0.28% $0.28
Hypothetical (5% return before expenses) $1,000.00 $1,004.78 0.28% $0.28
----------------------------------------------------------------------------------------------
WisdomTree MidCap Earnings Fund
Actual $1,000.00 $ 976.30 0.38% $0.38
Hypothetical (5% return before expenses) $1,000.00 $1,004.68 0.38% $0.39
----------------------------------------------------------------------------------------------
WisdomTree SmallCap Earnings Fund
Actual $1,000.00 $ 960.82 0.38% $0.38
Hypothetical (5% return before expenses) $1,000.00 $1,004.68 0.38% $0.39
----------------------------------------------------------------------------------------------
WisdomTree Earnings Top 100 Fund
Actual $1,000.00 $ 986.05 0.38% $0.38
Hypothetical (5% return before expenses) $1,000.00 $1,004.68 0.38% $0.39
----------------------------------------------------------------------------------------------
WisdomTree Low P/E Fund
Actual $1,000.00 $ 983.07 0.38% $0.38
Hypothetical (5% return before expenses) $1,000.00 $1,004.68 0.38% $0.39
----------------------------------------------------------------------------------------------
* Commencement of investment operations.
+ Expenses are calculated using each Fund's annualized expense ratio,
multiplied by the average account value for the period, multiplied by
37/365 (to reflect the fiscal period).
WisdomTree Domestic Earnings Funds 17
Schedule of Investments
WisdomTree Total Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
COMMON STOCKS - 100.0%
Aerospace & Defense - 2.2%
Alliant Techsystems, Inc.* 70 $ 6,154
Armor Holdings, Inc.* 100 6,733
BE Aerospace, Inc.* 210 6,657
Boeing Co. (The) 800 71,128
Curtiss-Wright Corp. 170 6,552
DRS Technologies, Inc. 119 6,208
General Dynamics Corp. 590 45,076
Goodrich Corp. 280 14,414
Hexcel Corp.* 330 6,551
Honeywell International, Inc. 1,350 62,181
L-3 Communications Holdings, Inc. 190 16,619
Lockheed Martin Corp. 720 69,854
Moog, Inc. Class A* 160 6,664
Northrop Grumman Corp. 550 40,821
Precision Castparts Corp. 160 16,648
Raytheon Co. 730 38,296
Rockwell Collins, Inc. 200 13,386
United Technologies Corp. 1,520 98,801
-----------
Total Aerospace & Defense 532,743
-------------------------------------------------------------------------------
Air Freight & Logistics - 0.7%
C.H. Robinson Worldwide, Inc. 160 7,640
Expeditors International Washington, Inc. 160 6,611
FedEx Corp. 440 47,269
United Parcel Service Inc. Class B 1,450 101,645
-----------
Total Air Freight & Logistics 163,165
-------------------------------------------------------------------------------
Airlines - 0.1%
Continental Airlines, Inc. Class B* 171 6,223
Skywest, Inc. 230 6,171
Southwest Airlines Co. 890 13,082
US Airways Group, Inc.* 110 5,003
-----------
Total Airlines 30,479
-------------------------------------------------------------------------------
Auto Components - 0.4%
Autoliv, Inc. 192 10,965
BorgWarner, Inc. 117 8,824
Gentex Corp. 350 5,688
Goodyear Tire & Rubber Co. (The)* 450 14,036
Johnson Controls, Inc. 340 32,170
Sauer-Danfoss, Inc. 160 4,816
TRW Automotive Holdings Corp.* 278 9,680
Visteon Corp.* 871 7,438
-----------
Total Auto Components 93,617
-------------------------------------------------------------------------------
Automobiles - 0.1%
Harley-Davidson, Inc. 410 24,087
Thor Industries, Inc. 161 6,342
-----------
Total Automobiles 30,429
-------------------------------------------------------------------------------
Beverages - 1.6%
Anheuser-Busch Cos., Inc. 1,092 55,102
Brown-Forman Corp. Class B 170 11,145
Coca-Cola Co. (The) 2,848 136,704
Coca-Cola Enterprises, Inc. 710 14,378
Constellation Brands, Inc. Class A* 290 6,142
Molson Coors Brewing Co. Class B 100 9,462
Pepsi Bottling Group, Inc. 410 13,075
PepsiAmericas, Inc. 290 6,473
PepsiCo, Inc. 2,125 135,065
-----------
Total Beverages 387,546
-------------------------------------------------------------------------------
Biotechnology - 0.7%
Amgen, Inc.* 1,120 62,586
Biogen Idec, Inc.* 130 5,769
Cephalon, Inc.* 90 6,409
Genentech, Inc.* 610 50,093
Genzyme Corp.* 190 11,404
Gilead Sciences, Inc.* 320 24,480
ImClone Systems, Inc.* 270 11,008
-----------
Total Biotechnology 171,749
-------------------------------------------------------------------------------
Building Products - 0.2%
American Standard Cos., Inc. 310 16,436
Lennox International, Inc. 180 6,426
Masco Corp. 860 23,565
Simpson Manufacturing Co., Inc. 180 5,551
USG Corp.* 171 7,982
-----------
Total Building Products 59,960
-------------------------------------------------------------------------------
Capital Markets - 4.3%
Affiliated Managers Group, Inc.* 60 6,501
AG Edwards, Inc. 120 8,302
Allied Capital Corp. 460 13,253
American Capital Strategies Ltd. 410 18,167
Apollo Investment Corp. 270 5,778
Bank of New York Co., Inc. (The) 980 39,739
Bear, Stearns & Cos., Inc. (The) 330 49,616
BlackRock, Inc. 40 6,252
Charles Schwab Corp. (The) 1,330 24,326
E*Trade Financial Corp.* 570 12,095
Eaton Vance Corp. 180 6,415
Federated Investors, Inc. Class B 180 6,610
Franklin Resources, Inc. 210 25,374
GFI Group, Inc.* 100 6,797
Goldman Sachs Group, Inc. 1,090 225,226
Greenhill & Co., Inc. 90 5,525
Investment Technology Group, Inc.* 140 5,488
Investors Financial Services Corp. 100 5,815
Janus Capital Group, Inc. 290 6,064
Jefferies Group, Inc. 220 6,369
Knight Capital Group, Inc. Class A* 360 5,702
LaBranche & Co., Inc.* 1,147 9,360
Legg Mason, Inc. 160 15,074
Lehman Brothers Holdings, Inc. 1,330 93,193
Mellon Financial Corp. 540 23,296
Merrill Lynch & Co., Inc. 1,530 124,955
Morgan Stanley 2,470 194,536
Northern Trust Corp. 300 18,042
See Notes to Financial Statements.
18 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Nuveen Investments, Inc. Class A 120 $ 5,676
Raymond James Financial, Inc. 200 5,952
SEI Investments Co. 100 6,023
State Street Corp. 430 27,843
T. Rowe Price Group, Inc. 300 14,157
TD Ameritrade Holding Corp.* 770 11,458
Waddell & Reed Financial, Inc. Class A 250 5,830
-----------
Total Capital Markets 1,044,809
-------------------------------------------------------------------------------
Chemicals - 1.8%
Air Products & Chemicals, Inc. 250 18,490
Airgas, Inc. 150 6,323
Albemarle Corp. 160 6,614
Ashland, Inc. 90 5,904
Cabot Corp. 130 6,205
Celanese Corp. Series A 340 10,486
CF Industries Holdings, Inc. 190 7,325
Cytec Industries, Inc. 100 5,624
Dow Chemical Co. (The) 2,270 104,101
E.I. Du Pont de Nemours & Co. 1,340 66,235
Eastman Chemical Co. 190 12,033
Ecolab, Inc. 220 9,460
FMC Corp. 90 6,789
Hercules, Inc.* 310 6,057
Huntsman Corp. 470 8,972
International Flavors & Fragrances, Inc. 130 6,139
Lubrizol Corp. 120 6,184
Lyondell Chemical Co. 660 19,780
Monsanto Co. 400 21,984
Nalco Holding Co.* 260 6,214
PPG Industries, Inc. 310 21,796
Praxair, Inc. 410 25,813
Rockwood Holdings, Inc.* 230 6,366
Rohm & Haas Co. 380 19,654
Scotts Miracle-Gro Co. (The) Class A 110 4,843
Sigma-Aldrich Corp. 180 7,474
Valhi, Inc. 198 2,614
Valspar Corp. (The) 220 6,123
Westlake Chemical Corp. 210 5,702
-----------
Total Chemicals 441,304
-------------------------------------------------------------------------------
Commercial Banks - 5.0%
Associated Banc-Corp. 260 8,736
BancorpSouth, Inc. 240 5,868
BancTrust Financial Group, Inc. 183 3,872
Bank of Florida Corp.* 400 7,560
Bank of Hawaii Corp. 120 6,364
BB&T Corp. 1,040 42,661
BOK Financial Corp. 120 5,944
Cadence Financial Corp. 433 8,660
Cathay General Bancorp 180 6,116
Citizens Banking Corp. 260 5,762
City National Corp. 90 6,624
Colonial BancGroup, Inc. (The) 270 6,683
Comerica, Inc. 360 21,283
Commerce Bancorp, Inc. 190 6,342
Commerce Bancshares, Inc. 120 5,797
Compass Bancshares, Inc. 200 13,760
Cullen/Frost Bankers, Inc. 120 6,280
East West Bancorp, Inc. 160 5,883
Fifth Third Bancorp 980 37,916
First Citizens BancShares, Inc. Class A 30 6,030
First Horizon National Corp. 190 7,891
First Midwest Bancorp, Inc. 170 6,248
FirstMerit Corp. 280 5,911
FNB Corp./VA 173 6,199
Fulton Financial Corp. 390 5,667
Huntington Bancshares, Inc. 520 11,362
International Bancshares Corp. 210 6,231
Intervest Bancshares Corp.* 291 8,352
KeyCorp 870 32,599
M&T Bank Corp. 190 22,008
MainSource Financial Group, Inc. 489 8,303
Marshall & Ilsley Corp. 440 20,376
Mercantile Bank Corp. 213 6,918
National City Corp. 1,360 50,660
Peoples Bancorp, Inc. 301 7,949
PNC Financial Services Group, Inc. (The) 950 68,372
Regions Financial Corp. 910 32,187
Sky Financial Group, Inc. 230 6,178
South Financial Group, Inc. (The) 240 5,933
SunTrust Banks, Inc. 660 54,806
Synovus Financial Corp. 520 16,817
TCF Financial Corp. 260 6,854
TD Banknorth, Inc. 270 8,683
Temecula Valley Bancorp, Inc.* 338 7,216
Trustmark Corp. 210 5,888
U.S. Bancorp 3,550 124,143
UCBH Holdings, Inc. 320 5,958
UnionBanCal Corp. 310 19,660
Valley National Bancorp 240 6,060
W Holding Co., Inc. 1,334 6,670
Wachovia Corp. 3,320 182,765
Wells Fargo & Co. 6,170 212,432
Whitney Holding Corp. 190 5,810
Wilmington Trust Corp. 140 5,904
Zions Bancorp. 190 16,059
-----------
Total Commercial Banks 1,223,210
-------------------------------------------------------------------------------
Commercial Services & Supplies - 0.9%
Adesa, Inc. 220 6,079
Allied Waste Industries, Inc.* 500 6,295
Avery Dennison Corp. 120 7,711
Brady Corp. Class A 180 5,616
Brink's Co. (The) 100 6,345
ChoicePoint, Inc.* 160 5,989
Cintas Corp. 210 7,581
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 19
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Copart, Inc.* 210 $ 5,882
Corporate Executive Board Co. 74 5,621
Corrections Corp. of America* 120 6,337
Covanta Holding Corp.* 270 5,989
Deluxe Corp. 200 6,706
Dun & Bradstreet Corp. 80 7,296
Equifax, Inc. 180 6,561
Herman Miller, Inc. 160 5,358
HNI Corp. 130 5,971
IKON Office Solutions, Inc. 430 6,179
Manpower, Inc. 110 8,115
Monster Worldwide, Inc.* 120 5,684
Pitney Bowes, Inc. 290 13,163
R.R. Donnelley & Sons Co. 270 9,879
Republic Services, Inc. 270 7,511
Robert Half International, Inc. 200 7,402
Steelcase, Inc. Class A 306 6,086
Stericycle, Inc.* 80 6,520
TeleTech Holdings, Inc.* 185 6,788
Waste Connections, Inc.* 225 6,737
Waste Management, Inc. 830 28,560
Watson Wyatt Worldwide, Inc. Class A 130 6,325
-----------
Total Commercial Services & Supplies 220,286
-------------------------------------------------------------------------------
Communications Equipment - 1.5%
Avaya, Inc.* 485 5,728
Cisco Systems, Inc.* 5,450 139,138
Corning, Inc.* 1,830 41,614
F5 Networks, Inc.* 80 5,334
Foundry Networks, Inc.* 410 5,564
Harris Corp. 180 9,171
Juniper Networks, Inc.* 330 6,494
Motorola, Inc. 4,410 77,925
Polycom, Inc.* 180 5,999
Qualcomm, Inc. 1,660 70,816
Tellabs, Inc.* 764 7,564
-----------
Total Communications Equipment 375,347
-------------------------------------------------------------------------------
Computers & Peripherals - 2.3%
Apple, Inc.* 450 41,810
Brocade Communications Systems, Inc.* 740 7,045
Dell, Inc.* 1,770 41,082
Diebold, Inc. 130 6,202
EMC Corp. 1,940 26,869
Hewlett-Packard Co. 3,340 134,068
International Business Machines Corp. 2,520 237,535
Lexmark International, Inc. Class A* 120 7,015
NCR Corp.* 270 12,898
Network Appliance, Inc.* 170 6,208
Palm, Inc.* 840 15,229
QLogic Corp.* 340 5,780
SanDisk Corp.* 220 9,636
Western Digital Corp.* 747 12,557
-----------
Total Computers & Peripherals 563,934
-------------------------------------------------------------------------------
Construction & Engineering - 0.2%
EMCOR Group, Inc.* 110 $ 6,488
Fluor Corp. 80 7,178
Granite Construction Inc. 110 6,079
Jacobs Engineering Group, Inc.* 140 6,531
Quanta Services, Inc.* 300 7,565
Shaw Group, Inc. (The)* 180 5,629
URS Corp.* 140 5,963
Washington Group International, Inc.* 110 7,305
-----------
Total Construction & Engineering 52,738
-------------------------------------------------------------------------------
Construction Materials - 0.2%
Eagle Materials, Inc. 130 5,802
Florida Rock Industries, Inc. 130 8,748
Martin Marietta Materials, Inc. 60 8,112
Vulcan Materials Co. 130 15,142
-----------
Total Construction Materials 37,804
-------------------------------------------------------------------------------
Consumer Finance - 0.9%
American Express Co. 1,490 84,036
AmeriCredit Corp.* 363 8,298
Capital One Financial Corp. 820 61,877
CompuCredit Corp.* 180 5,620
First Marblehead Corp. (The) 200 8,978
SLM Corp. 850 34,765
Student Loan Corp. (The) 40 7,437
-----------
Total Consumer Finance 211,011
-------------------------------------------------------------------------------
Consumer Staples - 0.1%
SUPERVALU INC. 356 13,909
-------------------------------------------------------------------------------
Containers & Packaging - 0.3%
AptarGroup, Inc. 90 6,024
Ball Corp. 180 8,253
Bemis Co. Inc. 180 6,010
Greif, Inc. Class A 50 5,556
Packaging Corp. of America 270 6,588
Pactiv Corp.* 190 6,411
Sealed Air Corp. 240 7,584
Silgan Holdings, Inc. 120 6,133
Sonoco Products Co. 160 6,013
Temple-Inland, Inc. 190 11,350
-----------
Total Containers & Packaging 69,922
-------------------------------------------------------------------------------
Distributors - 0.1%
Genuine Parts Co. 260 12,740
-------------------------------------------------------------------------------
Diversified Consumer Services - 0.3%
Apollo Group, Inc. Class A* 247 10,844
Career Education Corp.* 210 6,405
DeVry, Inc. 147 4,314
H&R Block, Inc. 470 9,889
ITT Educational Services, Inc.* 64 5,215
Laureate Education, Inc.* 67 3,951
Regis Corp. 150 6,056
Service Corp International 570 6,760
ServiceMaster Co. (The) 470 7,233
See Notes to Financial Statements.
20 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Sotheby's 160 $ 7,117
Weight Watchers International, Inc. 120 5,531
-----------
Total Diversified Consumer Services 73,315
-------------------------------------------------------------------------------
Diversified Financial Services - 5.9%
Bank of America Corp. 9,970 508,669
Chicago Mercantile Exchange Holdings, Inc. Class A 20 10,649
CIT Group, Inc. 500 26,460
Citigroup, Inc. 10,450 536,503
International Securities Exchange, Inc. 140 6,832
JPMorgan Chase & Co. 6,820 329,952
Moody's Corp. 250 15,515
Nasdaq Stock Market, Inc. (The)* 170 5,000
-----------
Total Diversified Financial Services 1,439,580
-------------------------------------------------------------------------------
Diversified Telecommunication Services - 2.1%
AT&T, Inc. 7,430 292,964
CenturyTel, Inc. 208 9,400
Citizens Communications Co. 508 7,595
Golden Telecom, Inc. 111 6,147
NeuStar, Inc. Class A* 210 5,972
Verizon Communications, Inc. 4,690 177,845
Windstream Corp. 840 12,340
-----------
Total Diversified Telecommunication Services 512,263
-------------------------------------------------------------------------------
Electric Utilities - 1.7%
Allegheny Energy, Inc.* 160 7,862
American Electric Power Co., Inc. 530 25,838
DPL, Inc. 210 6,529
Duke Energy Corp. 2,830 57,421
Edison International 660 32,426
Entergy Corp. 300 31,476
Exelon Corp. 910 62,525
FirstEnergy Corp. 520 34,445
FPL Group, Inc. 560 34,255
Great Plains Energy, Inc. 200 6,490
Hawaiian Electric Industries, Inc. 230 5,978
Northeast Utilities 220 7,209
Pepco Holdings, Inc. 240 6,965
Pinnacle West Capital Corp. 160 7,720
PPL Corp. 660 26,994
Progress Energy, Inc. 250 12,610
Sierra Pacific Resources* 430 7,473
Southern Co. 1,120 41,048
Westar Energy, Inc. 230 6,330
-----------
Total Electric Utilities 421,594
-------------------------------------------------------------------------------
Electrical Equipment - 0.5%
Acuity Brands, Inc. 110 5,988
AMETEK, Inc. 180 6,217
Baldor Electric Co. 170 6,416
Belden CDT Inc. 140 7,503
Emerson Electric Co. 1,180 50,845
General Cable Corp.* 140 7,480
Genlyte Group, Inc.* 90 6,350
Hubbell, Inc. Class B 130 6,271
Rockwell Automation, Inc. 280 16,764
Roper Industries, Inc. 120 6,586
Thomas & Betts Corp.* 130 6,347
-----------
Total Electrical Equipment 126,767
-------------------------------------------------------------------------------
Electronic Equipment & Instruments - 0.5%
Agilent Technologies, Inc.* 460 15,497
Amphenol Corp. Class A 100 6,457
Arrow Electronics, Inc.* 335 12,646
Avnet, Inc.* 270 9,758
AVX Corp. 420 6,384
CDW Corp. 110 6,757
Dolby Laboratories, Inc. Class A* 190 6,557
Flir Systems, Inc.* 180 6,421
Ingram Micro, Inc. Class A* 429 8,284
Jabil Circuit, Inc. 240 5,138
Mettler-Toledo International, Inc.* 70 6,270
Molex, Inc. 230 6,486
National Instruments Corp. 230 6,033
Solectron Corp.* 1,850 5,828
Tektronix, Inc. 220 6,195
Trimble Navigation Ltd.* 371 9,958
Vishay Intertechnology, Inc.* 430 6,011
-----------
Total Electronic Equipment & Instruments 130,680
-------------------------------------------------------------------------------
Energy Equipment & Services - 1.5%
Atwood Oceanics, Inc.* 130 7,630
Baker Hughes, Inc. 450 29,758
BJ Services Co. 690 19,250
Cameron International Corp.* 140 8,791
Diamond Offshore Drilling, Inc. 200 16,190
Dresser-Rand Group, Inc.* 240 7,310
Dril-Quip, Inc.* 170 7,358
ENSCO International, Inc. 330 17,951
FMC Technologies, Inc.* 100 6,976
Global Industries Ltd.* 440 8,048
Grant Prideco, Inc.* 250 12,460
Halliburton Co. 2,220 70,462
Hanover Compressor Co.* 280 6,230
Helmerich & Payne, Inc. 354 10,740
Hydril* 80 7,699
National Oilwell Varco, Inc.* 230 17,892
Oceaneering International, Inc.* 150 6,318
Oil States International, Inc.* 278 8,921
Patterson-UTI Energy, Inc. 690 15,484
Pride International, Inc.* 220 6,622
Rowan Cos., Inc. 230 7,468
RPC, Inc. 380 6,331
SEACOR Holdings, Inc.* 84 8,266
Smith International, Inc. 280 13,454
Superior Energy Services, Inc.* 210 7,239
Tetra Technologies, Inc.* 270 6,672
Tidewater, Inc. 181 10,603
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 21
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
TODCO* 190 $ 7,663
Unit Corp.* 250 12,648
Universal Compression Holdings, Inc.* 90 6,091
-----------
Total Energy Equipment & Services 378,525
-------------------------------------------------------------------------------
Food & Staples Retailing - 2.5%
BJ's Wholesale Club, Inc.* 203 6,867
Costco Wholesale Corp. 560 30,150
CVS Corp. 2,135 72,889
Kroger Co. (The) 1,110 31,358
Longs Drug Stores Corp. 140 7,230
Rite Aid Corp.* 7,567 43,662
Safeway, Inc. 590 21,618
SYSCO Corp. 670 22,666
Walgreen Co. 1,090 50,020
Wal-Mart Stores, Inc. 6,830 320,668
Whole Foods Market, Inc. 140 6,279
-----------
Total Food & Staples Retailing 613,407
-------------------------------------------------------------------------------
Food Products - 1.4%
Archer-Daniels-Midland Co. 1,290 47,342
Campbell Soup Co. 520 20,254
ConAgra Foods, Inc. 430 10,711
Corn Products International, Inc. 190 6,762
Dean Foods Co.* 170 7,946
Del Monte Foods Co. 530 6,084
Delta & Pine Land Co. 150 6,180
Flowers Foods, Inc. 210 6,336
General Mills, Inc. 490 28,528
H.J. Heinz Co. 390 18,377
Hershey Co. (The) 310 16,945
Hormel Foods Corp. 210 7,810
J.M. Smucker Co. (The) 130 6,932
Kellogg Co. 550 28,287
Kraft Foods, Inc. Class A 2,410 76,300
McCormick & Co., Inc. 160 6,163
Ralcorp Holdings, Inc.* 110 7,073
Sara Lee Corp. 800 13,536
Smithfield Foods, Inc.* 230 6,889
Tootsie Roll Industries, Inc. 206 6,174
Wm. Wrigley Jr. Co. 270 13,751
-----------
Total Food Products 348,380
-------------------------------------------------------------------------------
Gas Utilities - 0.3%
AGL Resources Inc. 160 6,835
Atmos Energy Corp. 190 5,943
Energen Corp. 140 7,125
Equitable Resources, Inc. 140 6,765
National Fuel Gas Co. 150 6,489
Nicor, Inc. 130 6,295
ONEOK, Inc. 140 6,300
Piedmont Natural Gas Co., Inc. 240 6,331
Questar Corp. 130 11,597
Southern Union Co. 220 6,686
UGI Corp. 230 6,143
-----------
Total Gas Utilities 76,509
-------------------------------------------------------------------------------
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc. 760 40,029
Beckman Coulter, Inc. 100 6,389
Becton Dickinson & Co. 300 23,067
Biomet, Inc. 200 8,498
C.R. Bard, Inc. 110 8,746
Cytyc Corp.* 210 7,184
Dade Behring Holdings, Inc. 140 6,139
DENTSPLY International, Inc. 190 6,223
Edwards Lifesciences Corp.* 120 6,084
Gen-Probe, Inc.* 120 5,650
Hillenbrand Industries, Inc. 128 7,599
Hologic, Inc.* 120 6,917
Hospira, Inc.* 170 6,953
IDEXX Laboratories, Inc.* 70 6,134
Intuitive Surgical, Inc.* 60 7,294
Kinetic Concepts, Inc.* 155 7,849
Medtronic, Inc. 1,410 69,174
Resmed, Inc.* 130 6,548
Respironics, Inc.* 150 6,299
St. Jude Medical, Inc.* 280 10,531
Stryker Corp. 370 24,538
Varian Medical Systems, Inc.* 140 6,677
Zimmer Holdings, Inc.* 280 23,915
-----------
Total Health Care Equipment & Supplies 308,437
-------------------------------------------------------------------------------
Health Care Providers & Services - 2.2%
Aetna, Inc. 1,105 48,388
AmerisourceBergen Corp. 260 13,715
Cardinal Health, Inc. 550 40,123
Cigna Corp. 240 34,238
Community Health Systems, Inc.* 170 5,993
Coventry Health Care, Inc.* 290 16,255
DaVita, Inc.* 140 7,465
Express Scripts, Inc.* 180 14,530
Health Net, Inc.* 190 10,224
Henry Schein, Inc.* 120 6,622
Humana, Inc.* 190 11,024
Laboratory Corp. of America Holdings* 160 11,621
Lincare Holdings, Inc.* 188 6,890
Manor Care, Inc. 120 6,523
McKesson Corp. 430 25,172
Medco Health Solutions, Inc.* 360 26,111
Omnicare, Inc. 170 6,761
Patterson Cos., Inc.* 160 5,678
Pediatrix Medical Group, Inc.* 120 6,847
Quest Diagnostics, Inc. 330 16,457
Sierra Health Services, Inc.* 160 6,587
Triad Hospitals, Inc.* 194 10,137
UnitedHealth Group, Inc. 2,060 109,117
See Notes to Financial Statements.
22 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Universal Health Services, Inc. Class B 111 $ 6,356
VCA Antech, Inc.* 180 6,536
WellCare Health Plans, Inc.* 81 6,905
WellPoint, Inc.* 1,040 84,343
-----------
Total Health Care Providers & Services 550,618
-------------------------------------------------------------------------------
Health Care Technology - 0.1%
Cerner Corp.* 130 7,079
IMS Health, Inc. 387 11,478
-----------
Total Health Care Technology 18,557
-------------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 1.3%
Applebee's International, Inc. 260 6,443
Boyd Gaming Corp. 130 6,193
Brinker International, Inc. 200 6,540
Cheesecake Factory (The)* 240 6,396
Choice Hotels International, Inc. 160 5,669
Darden Restaurants, Inc. 230 9,474
Harrah's Entertainment, Inc. 140 11,823
Hilton Hotels Corp. 310 11,148
International Game Technology 290 11,710
International Speedway Corp. Class A 120 6,204
Jack in the Box, Inc.* 100 6,913
Life Time Fitness, Inc.* 105 5,398
Marriott International, Inc. Class A 349 17,087
McDonald's Corp. 1,714 77,215
MGM Mirage* 251 17,450
OSI Restaurant Partners, Inc. 160 6,320
Panera Bread Co. Class A* 110 6,497
Penn National Gaming, Inc.* 140 5,939
Pinnacle Entertainment, Inc.* 190 5,523
Scientific Games Corp. Class A* 186 6,106
Starbucks Corp.* 400 12,544
Starwood Hotels & Resorts Worldwide, Inc. 450 29,182
Station Casinos, Inc. 70 6,060
Vail Resorts, Inc.* 118 6,411
Wendy's International, Inc. 166 5,196
Wynn Resorts Ltd. 31 2,941
Yum! Brands, Inc. 389 22,468
-----------
Total Hotels, Restaurants & Leisure 320,850
-------------------------------------------------------------------------------
Household Durables - 1.5%
Beazer Homes USA, Inc. 379 11,002
Black & Decker Corp. (The) 180 14,692
Brookfield Homes Corp. 188 6,035
Cavco Industries, Inc.* 92 3,215
Centex Corp. 460 19,219
D.R. Horton, Inc. 1,240 27,279
Fortune Brands, Inc. 250 19,705
Harman International Industries, Inc. 70 6,726
Hovnanian Enterprises, Inc. Class A* 330 8,303
Jarden Corp.* 170 6,511
KB Home 360 15,361
Leggett & Platt, Inc. 310 7,028
Lennar Corp. Class A 700 29,546
M/I Homes, Inc. 177 4,699
MDC Holdings, Inc. 200 9,614
Meritage Homes Corp.* 344 11,049
Mohawk Industries, Inc.* 150 12,308
Newell Rubbermaid, Inc. 410 12,747
NVR, Inc.* 30 19,950
Pulte Homes, Inc. 1,000 26,460
Ryland Group, Inc. (The) 220 9,282
Snap-On, Inc. 130 6,253
Standard-Pacific Corp. 400 8,348
Stanley Works (The) 150 8,304
Technical Olympic USA, Inc. 1,836 7,326
Tempur-Pedic International, Inc. 250 6,498
Toll Brothers, Inc.* 690 18,892
WCI Communities, Inc.* 292 6,231
Whirlpool Corp. 150 12,737
-----------
Total Household Durables 355,320
-------------------------------------------------------------------------------
Household Products - 1.4%
Central Garden & Pet Co.* 384 5,672
Church & Dwight Co., Inc. 130 6,546
Clorox Co. (The) 200 12,738
Colgate-Palmolive Co. 530 35,399
Energizer Holdings, Inc.* 100 8,533
Kimberly-Clark Corp. 580 39,724
Procter & Gamble Co. 3,870 244,428
-----------
Total Household Products 353,040
-------------------------------------------------------------------------------
Independent Power Producers & Energy - 0.7%
AES Corp. (The)* 1,020 21,950
Constellation Energy Group, Inc. 290 25,216
Mirant Corp.* 740 29,940
NRG Energy, Inc.* 300 21,612
TXU Corp. 1,160 74,356
-----------
Total Independent Power Producers & Energy 173,074
-------------------------------------------------------------------------------
Industrial Conglomerates - 2.5%
3M Co. 1,240 94,773
Carlisle Cos., Inc. 140 6,010
General Electric Co. 14,120 499,284
Teleflex, Inc. 90 6,126
Textron, Inc. 190 17,062
-----------
Total Industrial Conglomerates 623,255
-------------------------------------------------------------------------------
Insurance - 7.0%
21st Century Insurance Group 290 6,148
Alleghany Corp. 20 7,472
Allstate Corp. (The) 2,030 121,921
AMBAC Financial Group, Inc. 260 22,461
American Family Life Assurance Co., Inc. 860 40,472
American Financial Group, Inc. 280 9,531
American International Group, Inc. 4,580 307,867
American National Insurance Co. 50 6,397
American Physicians Capital, Inc.* 104 4,168
AON Corp. 480 18,221
Arthur J. Gallagher & Co. 210 5,949
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 23
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Assurant, Inc. 350 $ 18,771
Berkshire Hathaway, Inc. Class B* 60 218,399
Brown & Brown, Inc. 220 5,951
Chubb Corp. (The) 1,170 60,454
Cincinnati Financial Corp. 320 13,568
CNA Financial Corp.* 370 15,943
Commerce Group, Inc. 220 6,609
Conseco, Inc.* 340 5,882
Delphi Financial Group, Inc. Class A 160 6,437
EMC Insurance Group, Inc. 201 5,186
Erie Indemnity Co. Class A 110 5,805
First American Corp. 180 9,130
Genworth Financial, Inc. Class A 1,030 35,988
Hanover Insurance Group, Inc. (The) 130 5,996
Hartford Financial Services Group, Inc. (The) 770 73,597
HCC Insurance Holdings, Inc. 210 6,468
Infinity Property & Casualty Corp. 127 5,951
Lincoln National Corp. 480 32,539
Loews Corp. 1,040 47,247
Markel Corp.* 20 9,697
Marsh & McLennan Cos., Inc. 460 13,473
MBIA, Inc. 310 20,302
Mercer Insurance Group, Inc. 314 6,245
Mercury General Corp. 120 6,365
Metlife, Inc. 1,710 107,986
Midland Co. (The) 158 6,702
National Financial Partners Corp. 130 6,098
National Western Life Insurance Co. Class A* 23 5,630
Nationwide Financial Services, Inc. Class A 360 19,390
Odyssey Re Holdings Corp. 190 7,469
Ohio Casualty Corp. 200 5,990
Old Republic International Corp. 540 11,945
Philadelphia Consolidated Holding Co.* 170 7,478
Principal Financial Group, Inc. 450 26,942
ProAssurance Corp.* 120 6,138
Progressive Corp. (The) 1,770 38,621
Protective Life Corp. 140 6,166
Prudential Financial, Inc. 780 70,403
Reinsurance Group of America, Inc. 140 8,081
Safeco Corp. 320 21,258
Safety Insurance Group, Inc. 204 8,184
Selective Insurance Group, Inc. 224 5,703
Stancorp Financial Group, Inc. 130 6,392
Torchmark Corp. 220 14,430
Transatlantic Holdings, Inc. 140 9,117
Travelers Cos., Inc. (The) 1,600 82,832
Unitrin, Inc. 160 7,531
Unum Group 400 9,212
W.R. Berkley Corp. 510 16,891
Wesco Financial Corp. 10 4,600
Zenith National Insurance Corp. 270 12,763
-----------
Total Insurance 1,720,562
-------------------------------------------------------------------------------
Internet & Catalog Retail - 0.1%
Amazon.Com, Inc.* 210 8,355
Expedia, Inc.* 310 7,186
IAC/InterActiveCorp.* 220 8,296
priceline.com, Inc.* 125 6,658
-----------
Total Internet & Catalog Retail 30,495
-------------------------------------------------------------------------------
Internet Software & Services - 0.6%
eBay, Inc.* 840 27,846
Google, Inc. Class A* 124 56,811
Valueclick, Inc.* 240 6,271
VeriSign, Inc.* 430 10,802
WebEx Communications, Inc.* 124 7,051
Yahoo! Inc.* 920 28,787
-----------
Total Internet Software & Services 137,568
-------------------------------------------------------------------------------
IT Services - 0.8%
Affiliated Computer Services, Inc. Class A* 140 8,243
Alliance Data Systems Corp.* 100 6,162
Automatic Data Processing, Inc. 590 28,555
Ceridian Corp.* 200 6,968
Checkfree Corp.* 150 5,564
Cognizant Technology Solutions Corp. Class A* 70 6,179
Computer Sciences Corp.* 200 10,426
Convergys Corp.* 240 6,098
DST Systems, Inc.* 90 6,768
Electronic Data Systems Corp. 420 11,626
Fidelity National Information Services, Inc. 160 7,274
First Data Corp. 630 16,946
Fiserv, Inc.* 240 12,734
Gartner, Inc.* 280 6,706
Global Payments, Inc. 160 5,450
Iron Mountain, Inc.* 220 5,749
MoneyGram International, Inc. 210 5,830
Paychex, Inc. 320 12,118
Sabre Holdings Corp. Class A 190 6,223
Total System Services, Inc. 220 7,007
VeriFone Holdings, Inc.* 150 5,510
-----------
Total IT Services 188,136
-------------------------------------------------------------------------------
Leisure Equipment & Products - 0.2%
Brunswick Corp. 260 8,281
Hasbro, Inc. 220 6,296
MarineMax, Inc.* 269 6,235
Mattel, Inc. 680 18,749
Polaris Industries, Inc. 130 6,237
Pool Corp. 170 6,086
-----------
Total Leisure Equipment & Products 51,884
-------------------------------------------------------------------------------
Life Sciences Tools & Services - 0.2%
Bio-Rad Laboratories, Inc. Class A* 70 4,889
Charles River Laboratories International, Inc.* 130 6,014
Covance, Inc.* 100 5,934
Invitrogen Corp.* 100 6,365
Millipore Corp.* 80 5,798
PerkinElmer, Inc. 260 6,297
See Notes to Financial Statements.
24 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Pharmaceutical Product Development, Inc. 180 $ 6,064
Thermo Fisher Scientific, Inc.* 130 6,078
Waters Corp.* 120 6,959
-----------
Total Life Sciences Tools & Services 54,398
-------------------------------------------------------------------------------
Machinery - 2.2%
AGCO Corp.* 180 6,655
Caterpillar, Inc. 1,630 109,258
CLARCOR, Inc. 190 6,042
Crane Co. 160 6,467
Cummins, Inc. 160 23,155
Danaher Corp. 390 27,866
Deere & Co. 420 45,629
Donaldson Co., Inc. 180 6,498
Dover Corp. 320 15,619
Eaton Corp. 340 28,410
Flowserve Corp.* 120 6,863
Gardner Denver, Inc.* 170 5,925
Graco, Inc. 150 5,874
Harsco Corp. 140 6,280
IDEX Corp. 120 6,106
Illinois Tool Works, Inc. 990 51,084
ITT Corp. 220 13,270
Joy Global, Inc. 324 13,900
Kennametal, Inc. 100 6,761
Lincoln Electric Holdings, Inc. 100 5,956
Manitowoc Co., Inc. (The) 110 6,988
Nordson Corp. 120 5,575
Oshkosh Truck Corp. 120 6,360
Paccar, Inc. 590 43,306
Pall Corp. 180 6,840
Parker Hannifin Corp. 270 23,304
Pentair, Inc. 200 6,232
SPX Corp. 90 6,318
Terex Corp.* 160 11,482
Timken Co. (The) 310 9,396
Toro Co. (The) 120 6,149
Trinity Industries, Inc. 160 6,707
Watts Water Technologies, Inc. Class A 140 5,324
-----------
Total Machinery 541,599
-------------------------------------------------------------------------------
Marine - 0.1%
Alexander & Baldwin, Inc. 130 6,557
Kirby Corp.* 231 8,081
-----------
Total Marine 14,638
-------------------------------------------------------------------------------
Media - 2.8%
Belo Corp. Class A 340 6,348
CBS Corp. Class B 919 28,112
Clear Channel Communications, Inc. 460 16,118
Comcast Corp. Class A* 848 22,006
DIRECTV Group, Inc. (The)* 1,300 29,991
Dow Jones & Co., Inc. 170 5,860
DreamWorks Animation SKG, Inc. Class A* 230 7,033
E.W. Scripps Co. (The) Class A 190 8,489
EchoStar Communications Corp. Class A* 420 18,241
Gannett Co., Inc. 470 26,456
Getty Images, Inc.* 120 5,836
Harte-Hanks, Inc. 230 6,346
Hearst-Argyle Television, Inc. 240 6,526
Interactive Data Corp. 270 6,683
John Wiley & Sons, Inc. Class A 160 6,042
Marvel Entertainment, Inc.* 220 6,105
McClatchy Co. Class A 160 5,058
McGraw-Hill Cos., Inc. (The) 340 21,379
Meredith Corp. 100 5,739
Morningstar, Inc.* 126 6,507
New York Times Co. (The) Class A 225 5,290
News Corp. Class A 8,320 192,357
Omnicom Group, Inc. 220 22,524
Regal Entertainment Group Class A 280 5,564
Time Warner, Inc. 5,080 100,177
Tribune Co. 410 13,165
Walt Disney Co. (The) 2,730 93,993
Washington Post Co. (The) Class B 10 7,635
-----------
Total Media 685,580
-------------------------------------------------------------------------------
Metals & Mining - 1.5%
AK Steel Holding Corp.* 310 7,251
Alcoa, Inc. 1,830 62,037
Allegheny Technologies, Inc. 170 18,137
Carpenter Technology Corp. 50 6,038
Chaparral Steel Co. 130 7,562
Cleveland-Cliffs, Inc. 160 10,242
Commercial Metals Co. 340 10,659
Freeport-McMoRan Copper & Gold, Inc. Class B 640 42,362
Newmont Mining Corp. 310 13,017
Nucor Corp. 780 50,801
Reliance Steel & Aluminum Co. 240 11,616
RTI International Metals, Inc.* 80 7,281
Southern Copper Corp. 860 61,628
Steel Dynamics, Inc. 300 12,960
Titanium Metals Corp.* 325 11,645
United States Steel Corp. 430 42,643
-----------
Total Metals & Mining 375,879
-------------------------------------------------------------------------------
Multiline Retail - 0.9%
Big Lots, Inc.* 205 6,412
Dillard's, Inc. Class A 180 5,891
Dollar General Corp. 470 9,941
Dollar Tree Stores, Inc.* 190 7,266
Family Dollar Stores, Inc. 200 5,924
Federated Department Stores, Inc. 560 25,228
JC Penney Co., Inc. 370 30,399
Kohl's Corp.* 370 28,346
Nordstrom, Inc. 330 17,470
Sears Holdings Corp.* 140 25,222
Target Corp. 1,170 69,335
-----------
Total Multiline Retail 231,434
-------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 25
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Multi-Utilities - 1.3%
Alliant Energy Corp. 160 $ 7,171
Ameren Corp. 290 14,587
Centerpoint Energy, Inc. 750 13,455
Consolidated Edison, Inc. 330 16,850
Dominion Resources, Inc. 520 46,160
DTE Energy Co. 350 16,765
Energy East Corp. 250 6,090
Integrys Energy Group, Inc. 110 6,106
KeySpan Corp. 330 13,580
MDU Resources Group, Inc. 320 9,197
NiSource, Inc. 380 9,287
NSTAR 180 6,322
OGE Energy Corp. 160 6,208
PG&E Corp. 640 30,893
PNM Resources, Inc. 200 6,460
Public Service Enterprise Group, Inc. 260 21,590
Puget Energy, Inc. 250 6,420
SCANA Corp. 190 8,202
Sempra Energy 640 39,046
TECO Energy, Inc. 380 6,540
Vectren Corp. 220 6,292
Wisconsin Energy Corp. 190 9,219
Xcel Energy, Inc. 640 15,802
-----------
Total Multi-Utilities 322,242
-------------------------------------------------------------------------------
Office Electronics - 0.2%
Xerox Corp.* 2,000 33,780
Zebra Technologies Corp. Class A* 180 6,950
-----------
Total Office Electronics 40,730
-------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 13.0%
Anadarko Petroleum Corp. 1,980 85,100
Apache Corp. 1,050 74,235
Arch Coal, Inc. 210 6,445
Cabot Oil & Gas Corp. 90 6,059
Chesapeake Energy Corp. 1,600 49,408
Chevron Corp. 6,420 474,823
Cimarex Energy Co. 405 14,993
ConocoPhillips 6,060 414,201
CONSOL Energy, Inc. 260 10,174
Denbury Resources, Inc.* 220 6,554
Devon Energy Corp. 1,240 85,833
El Paso Corp. 630 9,116
EOG Resources, Inc. 600 42,804
Exxon Mobil Corp. 14,210 1,072,144
Forest Oil Corp.* 247 8,242
Frontier Oil Corp. 340 11,098
Helix Energy Solutions Group, Inc.* 190 7,085
Hess Corp. 890 49,368
Holly Corp. 120 7,116
Houston Exploration Co.* 120 6,474
Kinder Morgan Management, LLC 120 6,149
Kinder Morgan, Inc. 170 18,097
Marathon Oil Corp. 1,480 146,268
Murphy Oil Corp. 370 19,758
Newfield Exploration Co.* 370 15,433
Noble Energy, Inc. 320 19,088
Occidental Petroleum Corp. 2,450 120,810
Overseas Shipholding Group, Inc. 180 11,268
Peabody Energy Corp. 350 14,084
PetroHawk Energy Corp.* 510 6,717
Pioneer Natural Resources Co. 160 6,898
Plains Exploration & Production Co.* 130 5,868
Pogo Producing Co. 224 10,774
Quicksilver Resources, Inc.* 160 6,363
Range Resources Corp. 200 6,680
Southwestern Energy Co.* 160 6,557
St. Mary Land & Exploration Co. 170 6,236
Sunoco, Inc. 460 32,402
Tesoro Corp. 280 28,120
Valero Energy Corp. 2,770 178,637
W&T Offshore, Inc. 206 5,960
Whiting Petroleum Corp.* 140 5,517
Williams Cos., Inc. (The) 440 12,522
XTO Energy, Inc. 1,040 57,002
-----------
Total Oil, Gas & Consumable Fuels 3,188,480
-------------------------------------------------------------------------------
Paper & Forest Products - 0.1%
Louisiana-Pacific Corp. 300 6,018
MeadWestvaco Corp. 200 6,168
Weyerhaeuser Co. 80 5,979
-----------
Total Paper & Forest Products 18,165
-------------------------------------------------------------------------------
Personal Products - 0.2%
Alberto-Culver Co. 272 6,223
Avon Products, Inc. 430 16,022
Estee Lauder Cos., Inc. (The) Class A 220 10,747
NBTY, Inc.* 120 6,365
-----------
Total Personal Products 39,357
-------------------------------------------------------------------------------
Pharmaceuticals - 4.9%
Abbott Laboratories 1,780 99,324
Barr Pharmaceuticals, Inc.* 170 7,880
Bristol-Myers Squibb Co. 2,430 67,457
Eli Lilly & Co. 1,640 88,084
Endo Pharmaceuticals Holdings, Inc.* 200 5,880
Forest Laboratories, Inc.* 380 19,547
Johnson & Johnson 4,420 266,349
King Pharmaceuticals, Inc.* 350 6,885
Merck & Co., Inc. 3,510 155,037
Mylan Laboratories, Inc. 330 6,976
Pfizer, Inc. 12,820 323,832
Schering-Plough Corp. 1,110 28,316
Sepracor, Inc.* 120 5,596
Watson Pharmaceuticals, Inc.* 220 5,815
Wyeth 2,220 111,067
-----------
Total Pharmaceuticals 1,198,045
-------------------------------------------------------------------------------
See Notes to Financial Statements.
26 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2007
Investments Shares Value
-------------------------------------------------------------------------------
Real Estate Investment Trusts - 0.9%
Alexandria Real Estate Equities, Inc. 60 $ 6,022
AMB Property Corp. 100 5,879
Archstone-Smith Trust 100 5,428
Boston Properties, Inc. 212 24,888
BRE Properties, Inc. 90 5,684
Colonial Properties Trust 117 5,343
Corporate Office Properties Trust 110 5,025
Cousins Properties, Inc. 170 5,586
Developers Diversified Realty Corp. 90 5,661
Duke Realty Corp. 130 5,651
Entertainment Properties Trust 90 5,423
Equity One, Inc. 220 5,830
Health Care REIT, Inc. 130 5,707
Healthcare Realty Trust, Inc. 150 5,595
Home Properties, Inc. 100 5,281
Hospitality Properties Trust 130 6,084
HRPT Properties Trust 460 5,658
Kimco Realty Corp. 188 9,163
LaSalle Hotel Properties* 130 6,027
Liberty Property Trust 130 6,334
Mack-Cali Realty Corp. 120 5,716
Nationwide Health Properties, Inc. 190 5,939
New Plan Excel Realty Trust, Inc. 210 6,936
Plum Creek Timber Co., Inc. 220 8,672
Post Properties, Inc. 130 5,945
Potlatch Corp. 130 5,951
Prologis 143 9,285
Rayonier, Inc. 140 6,020
Realty Income Corp. 210 5,922
Regency Centers Corp. 70 5,849
Senior Housing Properties Trust 233 5,569
Ventas, Inc. 130 5,477
Washington Real Estate Investment Trust 150 5,613
Weingarten Realty Investors 120 5,707
-----------
Total Real Estate Investment Trusts 224,870
-------------------------------------------------------------------------------
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A* 217 7,417
Jones Lang LaSalle, Inc. 60 6,257
-----------
Total Real Estate Management & Development 13,674
-------------------------------------------------------------------------------
Road & Rail - 1.0%
Burlington Northern Santa Fe Corp. 670 53,887
Con-way, Inc. 150 7,476
CSX Corp. 870 34,844
Florida East Coast Industries, Inc. 100 6,269
Heartland Express, Inc. 370 5,876
JB Hunt Transport Services, Inc. 290 7,610
Kansas City Southern* 200 7,116
Laidlaw International, Inc. 180 6,228
Landstar System, Inc. 140 6,418
Norfolk Southern Corp. 760 38,456
Ryder System, Inc. 120 5,921
Swift Transportation Co., Inc.* 200 6,232
Union Pacific Corp. 400 40,619
YRC Worldwide, Inc.* 230 9,251
-----------
Total Road & Rail 236,203
-------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 1.8%
Advanced Micro Devices, Inc.* 750 9,795
Altera Corp.* 463 9,255
Analog Devices, Inc. 260 8,967
Applied Materials, Inc. 1,770 32,426
Atmel Corp.* 1,146 5,764
Broadcom Corp. Class A* 210 6,735
Cypress Semiconductor Corp.* 330 6,122
Intel Corp. 7,200 137,737
International Rectifier Corp.* 140 5,349
Intersil Corp. Class A 310 8,212
KLA-Tencor Corp. 130 6,932
Lam Research Corp.* 274 12,971
Linear Technology Corp. 390 12,320
LSI Logic Corp.* 670 6,995
Maxim Integrated Products, Inc. 420 12,348
MEMC Electronic Materials, Inc.* 180 10,904
Microchip Technology, Inc. 220 7,817
Micron Technology, Inc.* 490 5,919
National Semiconductor Corp. 596 14,387
Novellus Systems Inc.* 200 6,404
Nvidia Corp.* 230 6,619
ON Semiconductor Corp.* 1,023 9,125
Teradyne, Inc.* 651 10,768
Texas Instruments, Inc. 2,450 73,746
Varian Semiconductor Equipment Associates, Inc.* 150 8,007
Xilinx, Inc. 429 11,038
-----------
Total Semiconductors & Semiconductor Equipment 446,662
-------------------------------------------------------------------------------
Software - 2.2%
Activision Inc.* 380 7,197
Adobe Systems, Inc.* 300 12,510
Autodesk, Inc.* 150 5,640
BEA Systems, Inc.* 479 5,552
BMC Software, Inc.* 190 5,850
CA, Inc. 207 5,363
Cadence Design Systems, Inc.* 310 6,529
Citrix Systems, Inc.* 200 6,406
Compuware Corp.* 690 6,548
Electronic Arts, Inc.* 130 6,547
Factset Research Systems, Inc. 110 6,914
Fair Isaac Corp. 160 6,189
Hyperion Solutions Corp.* 135 6,997
Intuit, Inc.* 330 9,029
Micros Systems, Inc.* 110 5,939
Microsoft Corp. 11,778 328,252
NAVTEQ Corp.* 180 6,210
Oracle Corp.* 5,270 95,545
Red Hat, Inc.* 260 5,962
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 27
Schedule of Investments (continued)
WisdomTree Total Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Sybase, Inc.* 240 $ 6,067
Symantec Corp.* 380 6,574
-----------
Total Software 551,820
-------------------------------------------------------------------------------
Specialty Retail - 2.5%
Abercrombie & Fitch Co. Class A 140 10,595
Advance Auto Parts, Inc. 180 6,939
Aeropostale, Inc.* 170 6,839
American Eagle Outfitters, Inc. 270 8,097
AnnTaylor Stores Corp.* 180 6,980
Autonation, Inc.* 440 9,346
Autozone, Inc.* 130 16,658
Barnes & Noble, Inc. 150 5,918
Bed Bath & Beyond, Inc.* 400 16,068
Best Buy Co., Inc. 680 33,130
Carmax, Inc.* 220 5,399
Chico's FAS, Inc.* 290 7,085
Circuit City Stores, Inc. 290 5,374
Claire's Stores, Inc. 180 5,782
Dick's Sporting Goods, Inc.* 120 6,991
DSW, Inc. Class A* 150 6,332
Foot Locker, Inc. 280 6,594
GameStop Corp. Class A* 240 7,817
Gap, Inc. (The) 1,150 19,792
Guess?, Inc. 180 7,288
Home Depot, Inc. 4,200 154,307
Limited Brands, Inc. 640 16,678
Lowe's Cos., Inc. 2,710 85,337
Men's Wearhouse, Inc. (The) 140 6,587
Office Depot, Inc.* 330 11,596
OfficeMax, Inc. 120 6,329
O'Reilly Automotive, Inc.* 180 5,958
Payless ShoeSource Inc.* 200 6,640
PetSmart, Inc. 200 6,592
RadioShack Corp. 280 7,568
Rent-A-Center, Inc.* 210 5,876
Ross Stores, Inc. 190 6,536
Sherwin-Williams Co. (The) 240 15,850
Staples, Inc. 850 21,964
Tiffany & Co. 180 8,186
TJX Cos., Inc. 700 18,872
Tractor Supply Co.* 130 6,695
United Auto Group, Inc. 260 5,278
Urban Outfitters, Inc.* 250 6,628
Williams-Sonoma, Inc. 180 6,383
-----------
Total Specialty Retail 608,884
-------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 0.4%
Coach, Inc.* 340 17,017
Columbia Sportswear Co. 100 6,231
Jones Apparel Group, Inc. 190 5,839
Liz Claiborne, Inc. 160 6,856
Nike, Inc. Class B 380 40,378
Phillips-Van Heusen Corp. 120 7,056
Polo Ralph Lauren Corp. 130 11,460
VF Corp. 190 15,698
-----------
Total Textiles, Apparel & Luxury Goods 110,535
-------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 1.3%
Accredited Home Lenders Holding Co.* 865 8,019
Astoria Financial Corp. 210 5,584
Capitol Federal Financial 160 6,050
Corus Bankshares, Inc. 615 10,492
Countrywide Financial Corp. 1,770 59,543
Delta Financial Corp. 681 5,632
Downey Financial Corp. 90 5,809
FirstFed Financial Corp.* 164 9,320
Fremont General Corp. 1,232 8,538
Hudson City Bancorp, Inc. 570 7,798
IndyMac Bancorp, Inc. 409 13,108
MGIC Investment Corp. 260 15,319
New York Community Bancorp, Inc. 370 6,508
NewAlliance Bancshares, Inc. 390 6,322
Ocwen Financial Corp.* 692 8,906
People's Bank 140 6,216
PMI Group, Inc. (The) 250 11,305
Radian Group, Inc. 260 14,269
Sovereign Bancorp, Inc. 450 11,448
United Community Financial Corp. 557 6,155
Washington Federal, Inc. 270 6,334
Washington Mutual, Inc. 1,960 79,144
Webster Financial Corp. 130 6,241
-----------
Total Thrifts & Mortgage Finance 318,060
-------------------------------------------------------------------------------
Tobacco - 1.7%
Altria Group, Inc. 3,650 320,507
Reynolds American, Inc. 1,110 69,275
UST, Inc. 250 14,495
-----------
Total Tobacco 404,277
-------------------------------------------------------------------------------
Trading Companies & Distributors - 0.2%
Fastenal Co. 170 5,959
GATX Corp. 130 6,214
MSC Industrial Direct Co. Class A 140 6,535
United Rentals, Inc.* 240 6,600
W.W. Grainger, Inc. 150 11,586
WESCO International, Inc.* 100 6,278
-----------
Total Trading Companies & Distributors 43,172
-------------------------------------------------------------------------------
Water Utilities - 0.0%
Aqua America Inc. 270 6,062
-------------------------------------------------------------------------------
Wireless Telecommunication Services - 0.5%
ALLTEL Corp. 350 21,700
Leap Wireless International, Inc.* 100 6,598
NII Holdings, Inc.* 90 6,676
Sprint Nextel Corp. 1,270 24,079
Telephone & Data Systems, Inc. 919 54,791
See Notes to Financial Statements.
28 WisdomTree Domestic Earnings Funds
Schedule of Investments (concluded)
WisdomTree Total Earnings Fund
March 31, 2007
================================================================================
Investments Shares Value
-------------------------------------------------------------------------------
United States Cellular Corp.* 120 $ 8,814
-----------
Total Wireless Telecommunication Services 122,658
-------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 100.0%
(Cost: $25,061,911) 24,486,942
Other Assets in Excess of Liabilities - 0.0% 10,253
-----------
NET ASSETS - 100.0% $24,497,195
================================================================================
* Non-income producing security.
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 29
Schedule of Investments
WisdomTree Earnings 500 Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.8%
Aerospace & Defense - 2.3%
Boeing Co. (The) 744 $ 66,149
General Dynamics Corp. 552 42,173
Goodrich Corp. 264 13,591
Honeywell International, Inc. 1,264 58,220
L-3 Communications Holdings, Inc. 184 16,094
Lockheed Martin Corp. 672 65,197
Northrop Grumman Corp. 512 38,001
Precision Castparts Corp. 144 14,983
Raytheon Co. 680 35,673
Rockwell Collins, Inc. 184 12,315
United Technologies Corp. 1,416 92,040
-----------
Total Aerospace & Defense 454,436
-------------------------------------------------------------------------------
Air Freight & Logistics - 0.8%
C.H. Robinson Worldwide, Inc. 152 7,258
Expeditors International Washington, Inc. 144 5,950
FedEx Corp. 424 45,550
United Parcel Service Inc. Class B 1,344 94,215
-----------
Total Air Freight & Logistics 152,973
-------------------------------------------------------------------------------
Airlines - 0.1%
Southwest Airlines Co. 832 12,230
US Airways Group, Inc.* 16 728
-----------
Total Airlines 12,958
-------------------------------------------------------------------------------
Auto Components - 0.2%
Johnson Controls, Inc. 312 29,521
-------------------------------------------------------------------------------
Automobiles - 0.1%
Harley-Davidson, Inc. 384 22,560
-------------------------------------------------------------------------------
Beverages - 1.8%
Anheuser-Busch Cos., Inc. 1,095 55,254
Brown-Forman Corp. Class B 152 9,965
Coca-Cola Co. (The) 2,680 128,639
Coca-Cola Enterprises, Inc. 664 13,446
Constellation Brands, Inc. Class A* 272 5,761
Molson Coors Brewing Co. Class B 88 8,327
Pepsi Bottling Group, Inc. 384 12,246
PepsiCo, Inc. 1,984 126,103
-----------
Total Beverages 359,741
-------------------------------------------------------------------------------
Biotechnology - 0.7%
Amgen, Inc.* 1,056 59,009
Biogen Idec, Inc.* 8 355
Genentech, Inc.* 568 46,644
Genzyme Corp.* 176 10,564
Gilead Sciences, Inc.* 296 22,644
-----------
Total Biotechnology 139,216
-------------------------------------------------------------------------------
Building Products - 0.2%
American Standard Cos., Inc. 288 15,270
Masco Corp. 800 21,920
USG Corp.* 160 7,469
-----------
Total Building Products 44,659
-------------------------------------------------------------------------------
Capital Markets - 4.5%
American Capital Strategies Ltd. 384 17,015
Bank of New York Co., Inc. (The) 912 36,982
Bear, Stearns & Co., Inc. (The) 304 45,706
BlackRock, Inc. 40 6,252
Charles Schwab Corp. (The) 1,240 22,680
E*Trade Financial Corp.* 528 11,204
Franklin Resources, Inc. 200 24,166
Goldman Sachs Group, Inc. 1,013 209,317
Legg Mason, Inc. 152 14,320
Lehman Brothers Holdings, Inc. 1,248 87,447
Mellon Financial Corp. 504 21,743
Merrill Lynch & Co., Inc. 1,432 116,951
Morgan Stanley 2,443 192,411
Northern Trust Corp. 280 16,839
SEI Investments Co. 88 5,300
State Street Corp. 400 25,900
T. Rowe Price Group, Inc. 280 13,213
TD Ameritrade Holding Corp.* 712 10,595
-----------
Total Capital Markets 878,041
-------------------------------------------------------------------------------
Chemicals - 1.6%
Air Products & Chemicals, Inc. 232 17,159
Ashland, Inc. 72 4,723
Dow Chemical Co. (The) 2,120 97,223
E.I. Du Pont de Nemours & Co. 1,256 62,084
Eastman Chemical Co. 176 11,146
Ecolab, Inc. 208 8,944
Lyondell Chemical Co. 616 18,462
Monsanto Co. 376 20,665
PPG Industries, Inc. 288 20,249
Praxair, Inc. 384 24,177
Rohm & Haas Co. 360 18,619
Sigma-Aldrich Corp. 168 6,975
-----------
Total Chemicals 310,426
-------------------------------------------------------------------------------
Commercial Banks - 4.9%
BB&T Corp. 976 40,036
Comerica, Inc. 336 19,864
Commerce Bancorp, Inc. 168 5,608
Compass Bancshares, Inc. 192 13,210
Fifth Third Bancorp 912 35,285
First Horizon National Corp. 176 7,309
Huntington Bancshares, Inc. 488 10,663
KeyCorp 808 30,276
M&T Bank Corp. 176 20,386
Marshall & Ilsley Corp. 424 19,635
National City Corp. 1,256 46,786
PNC Financial Services Group, Inc. (The) 888 63,909
Popular, Inc. 568 9,406
Regions Financial Corp. 848 29,994
SunTrust Banks, Inc. 616 51,153
Synovus Financial Corp. 480 15,523
TD Banknorth, Inc. 248 7,976
See Notes to Financial Statements.
30 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree Earnings 500 Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
U.S. Bancorp 3,320 $ 116,100
UnionBanCal Corp. 288 18,265
Wachovia Corp. 3,120 171,756
Wells Fargo & Co. 5,760 198,316
Zions Bancorp. 176 14,876
-----------
Total Commercial Banks 946,332
-------------------------------------------------------------------------------
Commercial Services & Supplies - 0.5%
Avery Dennison Corp. 115 7,390
Cintas Corp. 200 7,220
Dun & Bradstreet Corp. 72 6,566
Equifax, Inc. 168 6,124
Manpower, Inc. 104 7,672
Monster Worldwide, Inc.* 88 4,169
Pitney Bowes, Inc. 272 12,346
R.R. Donnelley & Sons Co. 256 9,367
Republic Services, Inc. 252 7,011
Robert Half International, Inc. 184 6,810
Waste Management, Inc. 776 26,701
-----------
Total Commercial Services & Supplies 101,376
-------------------------------------------------------------------------------
Communications Equipment - 1.7%
Avaya, Inc.* 392 4,630
Cisco Systems, Inc.* 5,096 130,100
Corning, Inc.* 1,712 38,931
Harris Corp. 168 8,560
Juniper Networks, Inc.* 120 2,362
Motorola, Inc. 4,112 72,659
Qualcomm, Inc. 1,552 66,208
-----------
Total Communications Equipment 323,450
-------------------------------------------------------------------------------
Computers & Peripherals - 2.5%
Apple, Inc.* 424 39,394
Dell, Inc.* 1,656 38,436
EMC Corp. 1,816 25,152
Hewlett-Packard Co. 3,120 125,237
International Business Machines Corp. 2,410 227,166
Lexmark International, Inc. Class A* 112 6,548
NCR Corp.* 248 11,847
Network Appliance, Inc.* 120 4,382
SanDisk Corp.* 208 9,110
-----------
Total Computers & Peripherals 487,272
-------------------------------------------------------------------------------
Construction & Engineering - 0.1%
Fluor Corp. 80 7,178
Jacobs Engineering Group, Inc.* 128 5,971
-----------
Total Construction & Engineering 13,149
-------------------------------------------------------------------------------
Construction Materials - 0.1%
Vulcan Materials Co. 120 13,978
-------------------------------------------------------------------------------
Consumer Finance - 0.9%
American Express Co. 1,392 78,509
Capital One Financial Corp. 768 57,953
SLM Corp. 792 32,393
-----------
Total Consumer Finance 168,855
-------------------------------------------------------------------------------
Consumer Staples - 0.1%
Supervalu, Inc. 264 10,314
-------------------------------------------------------------------------------
Containers & Packaging - 0.0%
Sealed Air Corp. 224 7,078
-------------------------------------------------------------------------------
Distributors - 0.1%
Genuine Parts Co. 248 12,152
-------------------------------------------------------------------------------
Diversified Consumer Services - 0.1%
Apollo Group, Inc. Class A* 232 10,184
H&R Block, Inc. 440 9,258
Weight Watchers International, Inc. 112 5,162
-----------
Total Diversified Consumer Services 24,604
-------------------------------------------------------------------------------
Diversified Financial Services - 6.8%
Bank of America Corp. 9,336 476,323
Chicago Mercantile Exchange Holdings, Inc. Class A 16 8,519
CIT Group, Inc. 464 24,555
Citigroup, Inc. 9,768 501,489
JPMorgan Chase & Co. 6,376 308,471
Moody's Corp. 232 14,398
-----------
Total Diversified Financial Services 1,333,755
-------------------------------------------------------------------------------
Diversified Telecommunication Services - 2.4%
AT&T, Inc. 6,986 275,458
CenturyTel, Inc. 184 8,315
Verizon Communications, Inc. 4,392 166,545
Windstream Corp. 744 10,929
-----------
Total Diversified Telecommunication Services 461,247
-------------------------------------------------------------------------------
Electric Utilities - 1.8%
Allegheny Energy, Inc.* 152 7,469
American Electric Power Co., Inc. 488 23,790
Duke Energy Corp. 2,656 53,891
Edison International 616 30,264
Entergy Corp. 280 29,378
Exelon Corp. 848 58,267
FirstEnergy Corp. 488 32,325
FPL Group, Inc. 520 31,808
Pepco Holdings, Inc. 224 6,500
Pinnacle West Capital Corp. 152 7,334
PPL Corp. 616 25,194
Progress Energy, Inc. 232 11,702
Southern Co. 1,048 38,409
-----------
Total Electric Utilities 356,331
-------------------------------------------------------------------------------
Electrical Equipment - 0.3%
Emerson Electric Co. 1,104 47,571
Rockwell Automation, Inc. 256 15,327
-----------
Total Electrical Equipment 62,898
-------------------------------------------------------------------------------
Electronic Equipment & Instruments - 0.2%
Agilent Technologies, Inc.* 440 14,824
Amphenol Corp. Class A 96 6,199
CDW Corp. 96 5,897
Jabil Circuit, Inc. 200 4,282
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 31
Schedule of Investments (continued)
WisdomTree Earnings 500 Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Molex, Inc. 216 $ 6,091
-----------
Total Electronic Equipment & Instruments 37,293
-------------------------------------------------------------------------------
Energy Equipment & Services - 1.0%
Baker Hughes, Inc. 424 28,039
BJ Services Co. 640 17,856
Cameron International Corp.* 128 8,037
Diamond Offshore Drilling, Inc. 184 14,895
ENSCO International, Inc. 304 16,538
Grant Prideco, Inc.* 240 11,962
Halliburton Co. 2,072 65,765
National Oilwell Varco, Inc.* 208 16,180
Pride International, Inc.* 192 5,779
Smith International, Inc. 264 12,685
-----------
Total Energy Equipment & Services 197,736
-------------------------------------------------------------------------------
Food & Staples Retailing - 2.7%
Costco Wholesale Corp. 520 27,997
CVS Corp. 1,988 67,870
Kroger Co. (The) 1,048 29,606
Safeway, Inc. 552 20,225
SYSCO Corp. 624 21,110
Walgreen Co. 1,016 46,624
Wal-Mart Stores, Inc. 6,431 301,936
Whole Foods Market, Inc. 104 4,664
-----------
Total Food & Staples Retailing 520,032
-------------------------------------------------------------------------------
Food Products - 1.4%
Archer-Daniels-Midland Co. 1,208 44,335
Campbell Soup Co. 480 18,696
ConAgra Foods, Inc. 400 9,964
Dean Foods Co.* 160 7,478
General Mills, Inc. 456 26,548
H.J. Heinz Co. 360 16,963
Hershey Co. (The) 288 15,742
Hormel Foods Corp. 192 7,140
Kellogg Co. 512 26,332
Kraft Foods, Inc. Class A 2,256 71,426
McCormick & Co., Inc. 120 4,622
Sara Lee Corp. 744 12,588
Wm. Wrigley Jr. Co. 248 12,631
-----------
Total Food Products 274,465
-------------------------------------------------------------------------------
Gas Utilities - 0.1%
Equitable Resources, Inc. 128 6,185
Questar Corp. 120 10,705
-----------
Total Gas Utilities 16,890
-------------------------------------------------------------------------------
Health Care Equipment & Supplies - 1.1%
Baxter International, Inc. 704 37,080
Becton Dickinson & Co. 280 21,529
Biomet, Inc. 184 7,818
C.R. Bard, Inc. 104 8,269
DENTSPLY International, Inc. 128 4,192
Hospira, Inc.* 144 5,890
Medtronic, Inc. 1,312 64,367
St. Jude Medical, Inc.* 264 9,929
Stryker Corp. 344 22,814
Varian Medical Systems, Inc.* 128 6,104
Zimmer Holdings, Inc.* 264 22,548
-----------
Total Health Care Equipment & Supplies 210,540
-------------------------------------------------------------------------------
Health Care Providers & Services - 2.3%
Aetna, Inc. 1,000 43,790
AmerisourceBergen Corp. 240 12,660
Cardinal Health, Inc. 512 37,350
Cigna Corp. 224 31,956
Coventry Health Care, Inc.* 272 15,246
DaVita, Inc.* 128 6,825
Express Scripts, Inc.* 168 13,561
Health Management Associates, Inc. Class A 280 3,044
Health Net, Inc.* 176 9,471
Humana, Inc.* 176 10,212
Laboratory Corp. of America Holdings* 144 10,459
McKesson Corp. 408 23,884
Medco Health Solutions, Inc.* 328 23,790
Omnicare, Inc. 160 6,363
Patterson Cos., Inc.* 136 4,827
Quest Diagnostics, Inc. 304 15,160
UnitedHealth Group, Inc. 1,912 101,278
WellPoint, Inc.* 968 78,504
-----------
Total Health Care Providers & Services 448,380
-------------------------------------------------------------------------------
Health Care Technology - 0.0%
IMS Health, Inc. 280 8,305
-------------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 1.1%
Darden Restaurants, Inc. 216 8,897
Harrah's Entertainment, Inc. 136 11,485
Hilton Hotels Corp. 288 10,356
International Game Technology 272 10,983
Las Vegas Sands Corp.* 56 4,850
Marriott International, Inc. Class A 360 17,626
McDonald's Corp. 1,688 76,045
MGM Mirage* 248 17,241
Starbucks Corp.* 408 12,795
Starwood Hotels & Resorts Worldwide, Inc. 424 27,496
Wynn Resorts Ltd.* 21 1,992
Yum! Brands, Inc. 368 21,256
-----------
Total Hotels, Restaurants & Leisure 221,022
-------------------------------------------------------------------------------
Household Durables - 0.8%
Black & Decker Corp. (The) 168 13,712
Centex Corp. 440 18,383
D.R. Horton, Inc. 1,168 25,696
Fortune Brands, Inc. 232 18,286
Harman International Industries, Inc. 64 6,149
Mohawk Industries, Inc.* 136 11,159
Newell Rubbermaid, Inc. 374 11,628
Pulte Homes, Inc. 928 24,555
Toll Brothers, Inc.* 648 17,742
See Notes to Financial Statements.
32 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree Earnings 500 Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Whirlpool Corp. 144 $ 12,227
-----------
Total Household Durables 159,537
-------------------------------------------------------------------------------
Household Products - 1.6%
Clorox Co. (The) 184 11,719
Colgate-Palmolive Co. 488 32,594
Kimberly-Clark Corp. 544 37,259
Procter & Gamble Co. 3,633 229,459
-----------
Total Household Products 311,031
-------------------------------------------------------------------------------
Independent Power Producers & Energy - 0.8%
AES Corp. (The)* 981 21,111
Constellation Energy Group, Inc. 264 22,955
Mirant Corp.* 696 28,160
NRG Energy, Inc.* 272 19,595
TXU Corp. 1,096 70,254
-----------
Total Independent Power Producers & Energy 162,075
-------------------------------------------------------------------------------
Industrial Conglomerates - 3.0%
3M Co. 1,245 95,155
General Electric Co. 13,184 466,186
Textron, Inc. 176 15,805
-----------
Total Industrial Conglomerates 577,146
-------------------------------------------------------------------------------
Insurance - 7.2%
Allstate Corp. (The) 1,896 113,874
AMBAC Financial Group, Inc. 248 21,425
American Family Life Assurance Co., Inc. 800 37,648
American International Group, Inc. 4,461 299,869
AON Corp. 448 17,006
Assurant, Inc. 328 17,591
Berkshire Hathaway, Inc. Class B* 56 203,840
Chubb Corp. (The) 1,104 57,044
Cincinnati Financial Corp. 296 12,550
CNA Financial Corp.* 352 15,168
Genworth Financial, Inc. Class A 960 33,542
Hartford Financial Services Group, Inc. (The) 720 68,818
Lincoln National Corp. 448 30,370
Loews Corp. 968 43,976
Marsh & McLennan Cos., Inc. 432 12,653
MBIA, Inc. 288 18,861
Metlife, Inc. 1,600 101,040
Nationwide Financial Services, Inc. Class A 336 18,097
Old Republic International Corp. 504 11,148
Principal Financial Group, Inc. 432 25,864
Progressive Corp. (The) 1,664 36,308
Prudential Financial, Inc. 728 65,709
Safeco Corp. 296 19,663
Torchmark Corp. 200 13,118
Travelers Cos., Inc. (The) 1,488 77,034
Unum Group 368 8,475
W.R. Berkley Corp. 480 15,898
-----------
Total Insurance 1,396,589
-------------------------------------------------------------------------------
Internet & Catalog Retail - 0.1%
Amazon.Com, Inc.* 200 7,958
Expedia, Inc.* 296 6,861
IAC/InterActiveCorp.* 208 7,844
-----------
Total Internet & Catalog Retail 22,663
-------------------------------------------------------------------------------
Internet Software & Services - 0.6%
Akamai Technologies, Inc.* 24 1,198
eBay, Inc.* 784 25,990
Google, Inc. Class A* 128 58,644
VeriSign, Inc.* 408 10,249
Yahoo! Inc.* 856 26,784
-----------
Total Internet Software & Services 122,865
-------------------------------------------------------------------------------
IT Services - 0.6%
Affiliated Computer Services, Inc. Class A* 136 8,008
Alliance Data Systems Corp.* 72 4,437
Automatic Data Processing, Inc. 552 26,716
Cognizant Technology Solutions Corp. Class A* 72 6,355
Computer Sciences Corp.* 192 10,009
Electronic Data Systems Corp. 392 10,851
Fidelity National Information Services, Inc. 144 6,546
First Data Corp. 592 15,924
Fiserv, Inc.* 224 11,885
Iron Mountain, Inc.* 112 2,927
Paychex, Inc. 296 11,210
Total System Services, Inc. 208 6,625
-----------
Total IT Services 121,493
-------------------------------------------------------------------------------
Leisure Equipment & Products - 0.1%
Mattel, Inc. 632 17,424
-------------------------------------------------------------------------------
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc.* 112 5,236
Waters Corp.* 112 6,496
-----------
Total Life Sciences Tools & Services 11,732
-------------------------------------------------------------------------------
Machinery - 1.9%
Caterpillar, Inc. 1,520 101,885
Cummins, Inc. 152 21,997
Danaher Corp. 368 26,294
Deere & Co. 392 42,587
Dover Corp. 296 14,448
Eaton Corp. 320 26,739
Illinois Tool Works, Inc. 920 47,471
ITT Corp. 200 12,064
Joy Global, Inc. 224 9,610
Paccar, Inc. 552 40,517
Parker Hannifin Corp. 248 21,405
Terex Corp.* 152 10,908
-----------
Total Machinery 375,925
-------------------------------------------------------------------------------
Media - 2.9%
CBS Corp. Class B 1,008 30,835
Clear Channel Communications, Inc. 432 15,137
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 33
Schedule of Investments (continued)
WisdomTree Earnings 500 Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Comcast Corp. Class A* 1,332 $ 34,565
DIRECTV Group, Inc. (The)* 1,216 28,053
E.W. Scripps Co. (The) Class A 174 7,774
EchoStar Communications Corp. Class A* 392 17,025
Gannett Co., Inc. 440 24,768
McGraw-Hill Cos., Inc. (The) 320 20,122
News Corp. Class A 7,776 179,781
Omnicom Group, Inc. 208 21,295
Time Warner, Inc. 4,744 93,552
Tribune Co. 376 12,073
Walt Disney Co. (The) 2,544 87,590
-----------
Total Media 572,570
-------------------------------------------------------------------------------
Metals & Mining - 1.4%
Alcoa, Inc. 1,720 58,308
Allegheny Technologies, Inc. 160 17,070
Freeport-McMoRan Copper & Gold Inc. Class B 592 39,184
Newmont Mining Corp. 288 12,093
Nucor Corp. 728 47,415
Southern Copper Corp. 800 57,328
Titanium Metals Corp.* 216 7,750
United States Steel Corp. 416 41,255
-----------
Total Metals & Mining 280,403
-------------------------------------------------------------------------------
Multiline Retail - 1.0%
Dollar General Corp. 440 9,306
Federated Department Stores, Inc. 528 23,786
J.C. Penney Co., Inc. 344 28,263
Kohl's Corp.* 336 25,741
Nordstrom, Inc. 304 16,094
Sears Holdings Corp.* 128 23,060
Target Corp. 1,096 64,950
-----------
Total Multiline Retail 191,200
-------------------------------------------------------------------------------
Multi-Utilities - 1.2%
Ameren Corp. 272 13,682
Centerpoint Energy, Inc. 696 12,486
Consolidated Edison, Inc. 304 15,522
Dominion Resources, Inc. 488 43,319
DTE Energy Co. 328 15,711
KeySpan Corp. 312 12,839
NiSource, Inc. 352 8,603
PG&E Corp. 592 28,576
Public Service Enterprise Group, Inc. 240 19,930
SCANA Corp. 176 7,598
Sempra Energy 600 36,606
Wisconsin Energy Corp. 176 8,540
Xcel Energy, Inc. 600 14,814
-----------
Total Multi-Utilities 238,226
-------------------------------------------------------------------------------
Office Electronics - 0.2%
Xerox Corp.* 1,872 31,618
-------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 14.6%
Anadarko Petroleum Corp. 1,856 79,771
Apache Corp. 976 69,003
Arch Coal, Inc. 152 4,665
Chesapeake Energy Corp. 1,488 45,949
Chevron Corp. 5,992 443,169
ConocoPhillips 5,873 401,421
CONSOL Energy, Inc. 248 9,704
Devon Energy Corp. 1,168 80,849
El Paso Corp. 584 8,450
EOG Resources, Inc. 560 39,950
Exxon Mobil Corp. 13,280 1,001,977
Hess Corp. 832 46,151
Kinder Morgan, Inc. 152 16,180
Marathon Oil Corp. 1,376 135,990
Murphy Oil Corp. 344 18,370
Newfield Exploration Co.* 344 14,348
Noble Energy, Inc. 296 17,656
Occidental Petroleum Corp. 2,288 112,821
Peabody Energy Corp. 328 13,199
Pioneer Natural Resources Co. 136 5,863
Southwestern Energy Co.* 112 4,590
Sunoco, Inc. 440 30,994
Tesoro Corp. 256 25,710
Valero Energy Corp. 2,576 166,126
Williams Cos., Inc. (The) 424 12,067
XTO Energy, Inc. 968 53,056
-----------
Total Oil, Gas & Consumable Fuels 2,858,029
-------------------------------------------------------------------------------
Paper & Forest Products - 0.0%
MeadWestvaco Corp. 48 1,480
Weyerhaeuser Co. 40 2,990
-----------
Total Paper & Forest Products 4,470
-------------------------------------------------------------------------------
Personal Products - 0.1%
Avon Products, Inc. 392 14,606
Estee Lauder Cos., Inc. (The) Class A 208 10,161
-----------
Total Personal Products 24,767
-------------------------------------------------------------------------------
Pharmaceuticals - 5.6%
Abbott Laboratories 1,672 93,298
Barr Pharmaceuticals, Inc.* 160 7,416
Bristol-Myers Squibb Co. 2,272 63,071
Eli Lilly & Co. 1,528 82,069
Forest Laboratories, Inc.* 352 18,107
Johnson & Johnson 4,136 249,235
Merck & Co., Inc. 3,264 144,171
Pfizer, Inc. 12,293 310,521
Schering-Plough Corp. 1,048 26,734
Sepracor, Inc.* 48 2,238
Wyeth 2,072 103,662
-----------
Total Pharmaceuticals 1,100,522
-------------------------------------------------------------------------------
Real Estate Investment Trusts - 0.6%
AMB Property Corp. 72 4,233
Archstone-Smith Trust 88 4,777
AvalonBay Communities, Inc. 32 4,160
Boston Properties, Inc. 200 23,479
See Notes to Financial Statements.
34 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree Earnings 500 Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Developers Diversified Realty Corp. 72 $ 4,529
Duke Realty Corp. 48 2,087
Equity Residential 32 1,543
General Growth Properties, Inc. 14 904
Health Care Property Investors, Inc. 104 3,747
Host Hotels & Resorts, Inc. 192 5,052
Kimco Realty Corp. 192 9,358
Macerich Co. (The) 16 1,478
Plum Creek Timber Co., Inc. 208 8,199
Prologis 184 11,947
Public Storage, Inc. 56 5,302
Regency Centers Corp. 40 3,342
Simon Property Group, Inc. 96 10,680
SL Green Realty Corp. 24 3,292
Vornado Realty Trust 96 11,457
-----------
Total Real Estate Investment Trusts 119,566
-------------------------------------------------------------------------------
Real Estate Management & Development - 0.0%
CB Richard Ellis Group, Inc. Class A* 224 7,656
-------------------------------------------------------------------------------
Road & Rail - 0.8%
Burlington Northern Santa Fe Corp. 624 50,189
CSX Corp. 816 32,681
Norfolk Southern Corp. 704 35,622
Union Pacific Corp. 368 37,370
-----------
Total Road & Rail 155,862
-------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 1.8%
Advanced Micro Devices, Inc.* 696 9,090
Altera Corp.* 352 7,036
Analog Devices, Inc. 240 8,278
Applied Materials, Inc. 1,648 30,192
Broadcom Corp. Class A* 192 6,157
Intel Corp. 6,751 129,148
KLA-Tencor Corp. 88 4,692
Lam Research Corp.* 224 10,604
Linear Technology Corp. 360 11,372
Maxim Integrated Products, Inc. 392 11,525
MEMC Electronic Materials, Inc.* 168 10,177
Microchip Technology, Inc. 200 7,106
Micron Technology, Inc.* 368 4,445
National Semiconductor Corp. 488 11,780
Nvidia Corp.* 216 6,216
Texas Instruments, Inc. 2,288 68,870
Xilinx, Inc. 336 8,645
-----------
Total Semiconductors & Semiconductor Equipment 345,333
-------------------------------------------------------------------------------
Software - 2.3%
Activision Inc.* 40 758
Adobe Systems, Inc.* 272 11,342
Autodesk, Inc.* 128 4,813
BEA Systems, Inc.* 168 1,947
BMC Software, Inc.* 136 4,187
CA, Inc. 104 2,695
Cadence Design Systems, Inc.* 96 2,022
Citrix Systems, Inc.* 168 5,381
Electronic Arts, Inc.* 72 3,626
Intuit, Inc.* 304 8,317
Microsoft Corp. 11,279 314,346
Oracle Corp.* 4,928 89,345
Symantec Corp.* 360 6,228
-----------
Total Software 455,007
-------------------------------------------------------------------------------
Specialty Retail - 2.1%
Abercrombie & Fitch Co. Class A 128 9,687
American Eagle Outfitters, Inc. 248 7,438
Autozone, Inc.* 128 16,402
Bed Bath & Beyond, Inc.* 368 14,783
Best Buy Co., Inc. 632 30,791
Carmax, Inc.* 176 4,319
Gap, Inc. (The) 1,080 18,587
Home Depot, Inc. 3,984 146,371
Limited Brands, Inc. 600 15,636
Lowe's Cos., Inc. 2,528 79,606
Office Depot, Inc.* 312 10,964
Sherwin-Williams Co. (The) 224 14,793
Staples, Inc. 792 20,465
Tiffany & Co. 168 7,641
TJX Cos., Inc. (The) 656 17,686
-----------
Total Specialty Retail 415,169
-------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 0.4%
Coach, Inc.* 320 16,016
Nike, Inc. Class B 352 37,404
Polo Ralph Lauren Corp. 120 10,578
VF Corp. 176 14,541
-----------
Total Textiles, Apparel & Luxury Goods 78,539
-------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 0.9%
Countrywide Financial Corp. 1,834 61,696
Hudson City Bancorp, Inc. 528 7,223
MGIC Investment Corp. 240 14,141
New York Community Bancorp, Inc. 336 5,910
People's Bank 32 1,421
Sovereign Bancorp, Inc. 432 10,990
Washington Mutual, Inc. 1,832 73,976
-----------
Total Thrifts & Mortgage Finance 175,357
-------------------------------------------------------------------------------
Tobacco - 1.9%
Altria Group, Inc. 3,416 299,959
Reynolds American, Inc. 1,048 65,406
UST, Inc. 232 13,451
-----------
Total Tobacco 378,816
-------------------------------------------------------------------------------
Trading Companies & Distributors - 0.1%
Fastenal Co. 144 5,047
W.W. Grainger, Inc. 144 11,123
-----------
Total Trading Companies & Distributors 16,170
-------------------------------------------------------------------------------
Wireless Telecommunication Services - 0.6%
ALLTEL Corp. 328 20,336
NII Holdings, Inc.* 88 6,528
Sprint Nextel Corp. 1,192 22,600
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 35
Schedule of Investments (concluded)
WisdomTree Earnings 500 Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Telephone & Data Systems, Inc. 848 $ 50,558
United States Cellular Corp.* 112 8,226
-----------
Total Wireless Telecommunication Services 108,248
-------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 99.8%
(Cost: $19,939,803) 19,497,993
Cash and Other Assets in Excess of
Liabilities - 0.2% 40,274
-----------
NET ASSETS - 100.0% $19,538,267
===============================================================================
* Non-income producing security.
See Notes to Financial Statements.
36 WisdomTree Domestic Earnings Funds
Schedule of Investments
WisdomTree MidCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.8%
Aerospace & Defense - 1.1%
Alliant Techsystems, Inc.* 96 $ 8,440
Armor Holdings, Inc.* 120 8,080
BE Aerospace, Inc.* 240 7,608
Ceradyne, Inc.* 96 5,255
Curtiss-Wright Corp. 102 3,931
DRS Technologies, Inc. 86 4,487
Hexcel Corp.* 462 9,171
Moog, Inc. Class A* 112 4,665
Teledyne Technologies, Inc.* 92 3,444
-----------
Total Aerospace & Defense 55,081
-------------------------------------------------------------------------------
Air Freight & Logistics - 0.1%
EGL, Inc.* 106 4,201
-------------------------------------------------------------------------------
Airlines - 0.4%
Continental Airlines, Inc. Class B* 302 10,989
Skywest, Inc. 296 7,942
-----------
Total Airlines 18,931
-------------------------------------------------------------------------------
Auto Components - 1.8%
ArvinMeritor, Inc. 364 6,643
Autoliv, Inc. 308 17,589
BorgWarner, Inc. 204 15,386
Gentex Corp. 330 5,363
Goodyear Tire & Rubber Co. (The)* 808 25,201
Sauer-Danfoss, Inc. 96 2,890
TRW Automotive Holdings Corp.* 404 14,067
-----------
Total Auto Components 87,139
-------------------------------------------------------------------------------
Automobiles - 0.2%
Thor Industries, Inc. 190 7,484
-------------------------------------------------------------------------------
Beverages - 0.3%
Hansen Natural Corp.* 98 3,712
PepsiAmericas, Inc. 392 8,750
-----------
Total Beverages 12,462
-------------------------------------------------------------------------------
Biotechnology - 0.6%
Cephalon, Inc.* 118 8,403
ImClone Systems, Inc.* 482 19,651
-----------
Total Biotechnology 28,054
-------------------------------------------------------------------------------
Building Products - 0.3%
Lennox International, Inc. 262 9,354
Simpson Manufacturing Co., Inc. 172 5,304
-----------
Total Building Products 14,658
-------------------------------------------------------------------------------
Capital Markets - 2.8%
Affiliated Managers Group, Inc.* 66 7,151
AG Edwards, Inc. 220 15,220
Allied Capital Corp. 826 23,797
Apollo Investment Corp. 238 5,093
Eaton Vance Corp. 230 8,197
Federated Investors, Inc. Class B 278 10,208
GFI Group, Inc.* 52 3,534
Greenhill & Co., Inc. 52 3,192
Investment Technology Group, Inc.* 102 3,998
Investors Financial Services Corp. 164 9,537
Janus Capital Group, Inc. 254 5,311
Jefferies Group, Inc. 342 9,901
Knight Capital Group, Inc. Class A* 292 4,625
MCG Capital Corp. 258 4,840
Nuveen Investments, Inc. Class A 162 7,663
optionsXpress Holdings, Inc. 116 2,731
Raymond James Financial, Inc. 320 9,523
Waddell & Reed Financial, Inc. Class A 186 4,338
-----------
Total Capital Markets 138,859
-------------------------------------------------------------------------------
Chemicals - 3.0%
Airgas, Inc. 170 7,166
Albemarle Corp. 140 5,788
Cabot Corp. 122 5,823
Celanese Corp. Series A 596 18,380
CF Industries Holdings, Inc. 104 4,009
Cytec Industries, Inc. 98 5,512
FMC Corp.* 84 6,336
H.B. Fuller Co. 150 4,091
Hercules, Inc.* 170 3,322
Huntsman Corp. 852 16,264
International Flavors & Fragrances, Inc. 200 9,444
Lubrizol Corp. 196 10,099
Nalco Holding Co.* 184 4,398
Olin Corp. 456 7,725
OM Group, Inc.* 142 6,345
Rockwood Holdings, Inc.* 160 4,429
Scotts Miracle-Gro Co. (The) Class A 134 5,900
Valhi, Inc. 144 1,901
Valspar Corp. (The) 296 8,238
Westlake Chemical Corp. 376 10,207
-----------
Total Chemicals 145,377
-------------------------------------------------------------------------------
Commercial Banks - 5.2%
Alabama National Bancorp 52 3,682
Associated Banc-Corp. 462 15,522
BancorpSouth, Inc. 250 6,113
Bank of Hawaii Corp. 164 8,697
BOK Financial Corp. 194 9,609
Cathay General Bancorp 162 5,505
Central Pacific Financial Corp. 104 3,803
Chittenden Corp. 136 4,106
Citizens Banking Corp. 260 5,762
City National Corp. 166 12,217
Colonial BancGroup, Inc. (The) 486 12,029
Commerce Bancshares, Inc. 222 10,725
Cullen/Frost Bankers, Inc. 164 8,582
East West Bancorp, Inc. 190 6,986
First Citizens BancShares, Inc. Class A 30 6,030
First Community Bancorp 64 3,619
First Midwest Bancorp, Inc. 140 5,145
First Republic Bank 68 3,652
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 37
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
FirstMerit Corp. 230 $ 4,855
Fulton Financial Corp. 544 7,904
Greater Bay Bancorp 146 3,926
Hancock Holding Co. 86 3,782
International Bancshares Corp. 204 6,053
Pacific Capital Bancorp 158 5,075
Park National Corp. 48 4,535
Provident Bankshares Corp. 100 3,286
Sky Financial Group, Inc. 408 10,959
South Financial Group, Inc. (The) 140 3,461
Susquehanna Bancshares, Inc. 158 3,664
SVB Financial Group* 100 4,859
TCF Financial Corp. 460 12,126
Trustmark Corp. 176 4,935
UCBH Holdings, Inc. 220 4,096
UMB Financial Corp. 92 3,474
Umpqua Holdings Corp. 128 3,427
United Bankshares, Inc. 112 3,923
Valley National Bancorp 320 8,080
Westamerica Bancorp 100 4,817
Whitney Holding Corp. 216 6,605
Wilmington Trust Corp. 214 9,024
-----------
Total Commercial Banks 254,650
-------------------------------------------------------------------------------
Commercial Services & Supplies - 2.4%
Adesa, Inc. 246 6,797
Allied Waste Industries, Inc.* 630 7,931
American Reprographics Co.* 106 3,264
Brady Corp. Class A 136 4,243
Brink's Co. (The) 56 3,553
ChoicePoint, Inc.* 134 5,016
Copart, Inc.* 184 5,154
Corporate Executive Board Co. 44 3,342
Corrections Corp. of America* 98 5,175
Covanta Holding Corp.* 254 5,634
Deluxe Corp. 192 6,438
Herman Miller, Inc. 140 4,689
HNI Corp. 140 6,430
IKON Office Solutions, Inc. 292 4,196
Mine Safety Appliances Co. 88 3,701
PHH Corp.* 176 5,379
Resources Connection, Inc.* 110 3,519
Rollins, Inc. 154 3,544
Steelcase, Inc. Class A 192 3,819
Stericycle, Inc.* 68 5,542
TeleTech Holdings, Inc.* 106 3,889
United Stationers, Inc.* 132 7,909
Waste Connections, Inc.* 120 3,593
Watson Wyatt Worldwide, Inc. Class A 106 5,157
-----------
Total Commercial Services & Supplies 117,914
-------------------------------------------------------------------------------
Communications Equipment - 1.0%
ADC Telecommunications, Inc.* 204 3,415
Adtran, Inc. 200 4,870
Arris Group, Inc.* 370 5,210
Avocent Corp.* 98 2,643
CommScope, Inc.* 196 8,408
F5 Networks, Inc.* 46 3,067
Foundry Networks, Inc.* 226 3,067
Interdigital Communications Corp.* 126 3,990
Polycom, Inc.* 100 3,333
Tellabs, Inc.* 1,214 12,019
-----------
Total Communications Equipment 50,022
-------------------------------------------------------------------------------
Computers & Peripherals - 1.3%
Brocade Communications Systems, Inc.* 414 3,941
Diebold, Inc. 76 3,626
Emulex Corp.* 194 3,548
Imation Corp. 80 3,230
Intermec, Inc.* 144 3,217
Komag, Inc.* 186 6,088
Palm, Inc.* 1,166 21,140
QLogic Corp.* 208 3,536
Western Digital Corp.* 1,034 17,382
-----------
Total Computers & Peripherals 65,708
-------------------------------------------------------------------------------
Construction & Engineering - 0.5%
EMCOR Group, Inc.* 58 3,421
Granite Construction Inc. 104 5,747
Quanta Services, Inc.* 174 4,388
Shaw Group, Inc. (The)* 114 3,565
URS Corp.* 130 5,537
Washington Group International, Inc.* 60 3,985
-----------
Total Construction & Engineering 26,643
-------------------------------------------------------------------------------
Construction Materials - 0.9%
Eagle Materials, Inc. 240 10,711
Florida Rock Industries, Inc. 236 15,881
Martin Marietta Materials, Inc. 112 15,142
Texas Industries, Inc. 48 3,625
-----------
Total Construction Materials 45,359
-------------------------------------------------------------------------------
Consumer Finance - 1.2%
Advanta Corp. Class B 88 3,858
AmeriCredit Corp.* 640 14,630
CompuCredit Corp.* 138 4,308
First Marblehead Corp. (The) 352 15,802
Nelnet, Inc. Class A 200 4,794
Student Loan Corp. (The) 74 13,758
-----------
Total Consumer Finance 57,150
-------------------------------------------------------------------------------
Containers & Packaging - 1.7%
AptarGroup, Inc. 82 5,488
Ball Corp. 324 14,855
Bemis Co. Inc. 250 8,348
Greif, Inc. Class A 36 4,000
Packaging Corp. of America 192 4,685
Pactiv Corp.* 296 9,987
Silgan Holdings, Inc. 104 5,315
Sonoco Products Co. 254 9,545
See Notes to Financial Statements.
38 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Temple-Inland, Inc. 330 $ 19,715
-----------
Total Containers & Packaging 81,938
-------------------------------------------------------------------------------
Diversified Consumer Services - 1.1%
Career Education Corp.* 336 10,248
DeVry, Inc. 118 3,463
ITT Educational Services, Inc.* 76 6,193
Laureate Education, Inc.* 86 5,071
Regis Corp. 108 4,360
Service Corp International 384 4,554
ServiceMaster Co. (The) 666 10,251
Sotheby's 136 6,049
Strayer Education, Inc. 30 3,750
-----------
Total Diversified Consumer Services 53,939
-------------------------------------------------------------------------------
Diversified Financial Services - 0.1%
International Securities Exchange, Inc. 74 3,611
Nasdaq Stock Market, Inc. (The)* 108 3,176
-----------
Total Diversified Financial Services 6,787
-------------------------------------------------------------------------------
Diversified Telecommunication Services - 0.4%
Citizens Communications Co. 796 11,900
Golden Telecom, Inc. 94 5,206
-----------
Total Diversified Telecommunication Services 17,106
-------------------------------------------------------------------------------
Electric Utilities - 1.6%
ALLETE, Inc. 84 3,916
Cleco Corp. 318 8,214
DPL, Inc. 290 9,016
Duquesne Light Holdings, Inc. 170 3,364
Great Plains Energy, Inc. 188 6,101
Hawaiian Electric Industries, Inc. 208 5,406
IDACORP, Inc. 122 4,128
ITC Holdings Corp. 78 3,377
Northeast Utilities 186 6,095
Sierra Pacific Resources* 786 13,661
UniSource Energy Corp. 114 4,281
Westar Energy, Inc. 296 8,146
-----------
Total Electric Utilities 75,705
-------------------------------------------------------------------------------
Electrical Equipment - 1.3%
Acuity Brands, Inc. 108 5,880
AMETEK, Inc. 260 8,980
General Cable Corp.* 110 5,877
Genlyte Group, Inc.* 90 6,350
Hubbell, Inc. Class B 198 9,552
Regal-Beloit Corp. 96 4,452
Roper Industries, Inc. 178 9,768
Thomas & Betts Corp.* 150 7,323
Woodward Governor Co. 82 3,376
-----------
Total Electrical Equipment 61,558
-------------------------------------------------------------------------------
Electronic Equipment & Instruments - 2.4%
Anixter International, Inc.* 146 9,627
Arrow Electronics, Inc.* 510 19,254
Avnet, Inc.* 484 17,492
AVX Corp. 436 6,627
Benchmark Electronics, Inc.* 222 4,587
Dolby Laboratories, Inc. Class A* 142 4,900
Flir Systems, Inc.* 142 5,065
Ingram Micro, Inc. Class A* 620 11,972
Itron, Inc.* 56 3,642
Mettler-Toledo International, Inc.* 88 7,882
National Instruments Corp. 124 3,253
Solectron Corp.* 1,556 4,901
Tektronix, Inc. 152 4,280
Trimble Navigation Ltd.* 196 5,261
Vishay Intertechnology, Inc.* 536 7,493
-----------
Total Electronic Equipment & Instruments 116,236
-------------------------------------------------------------------------------
Energy Equipment & Services - 4.1%
Atwood Oceanics, Inc.* 74 4,343
Dresser-Rand Group, Inc.* 140 4,264
Dril-Quip, Inc.* 92 3,982
FMC Technologies, Inc.* 144 10,045
Global Industries Ltd.* 490 8,962
Grey Wolf, Inc.* 1,322 8,857
Hanover Compressor Co.* 152 3,382
Helmerich & Payne, Inc. 508 15,412
Hydril Co.* 58 5,582
Lone Star Technologies, Inc.* 152 10,037
Oceaneering International, Inc.* 130 5,476
Oil States International, Inc.* 256 8,215
Patterson-UTI Energy, Inc. 1,248 28,004
Rowan Cos., Inc. 408 13,248
RPC, Inc. 286 4,765
SEACOR Holdings, Inc.* 114 11,218
Superior Energy Services, Inc.* 192 6,618
Tetra Technologies, Inc.* 148 3,657
Tidewater, Inc. 246 14,411
TODCO* 172 6,937
Unit Corp.* 296 14,975
Universal Compression Holdings, Inc.* 66 4,467
W-H Energy Services, Inc.* 98 4,581
-----------
Total Energy Equipment & Services 201,438
-------------------------------------------------------------------------------
Food & Staples Retailing - 1.7%
BJ's Wholesale Club, Inc.* 180 6,089
Casey's General Stores, Inc. 132 3,301
Longs Drug Stores Corp. 80 4,131
Rite Aid Corp.* 11,190 64,567
Ruddick Corp. 134 4,031
United Natural Foods, Inc.* 104 3,187
-----------
Total Food & Staples Retailing 85,306
-------------------------------------------------------------------------------
Food Products - 1.3%
Corn Products International, Inc. 156 5,552
Del Monte Foods Co. 528 6,061
Delta & Pine Land Co. 84 3,461
Flowers Foods, Inc. 118 3,560
J.M. Smucker Co. (The) 136 7,252
Lancaster Colony Corp. 88 3,889
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 39
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Ralcorp Holdings, Inc.* 64 $ 4,115
Seaboard Corp. 8 18,079
Smithfield Foods, Inc.* 310 9,285
Tootsie Roll Industries, Inc. 111 3,327
-----------
Total Food Products 64,581
-------------------------------------------------------------------------------
Gas Utilities - 1.9%
AGL Resources Inc. 286 12,218
Atmos Energy Corp. 232 7,257
Energen Corp. 246 12,519
National Fuel Gas Co. 192 8,306
New Jersey Resources Corp. 78 3,904
Nicor, Inc. 134 6,488
ONEOK, Inc. 244 10,980
Piedmont Natural Gas Co., Inc. 172 4,537
Southern Union Co. 280 8,509
Southwest Gas Corp. 88 3,421
UGI Corp. 304 8,120
WGL Holdings, Inc. 130 4,157
-----------
Total Gas Utilities 90,416
-------------------------------------------------------------------------------
Health Care Equipment & Supplies - 2.0%
Advanced Medical Optics, Inc.* 90 3,348
Beckman Coulter, Inc. 72 4,600
Cooper Cos., Inc. (The) 74 3,598
Cytyc Corp.* 214 7,321
Dade Behring Holdings, Inc. 162 7,104
Edwards Lifesciences Corp.* 114 5,780
Gen-Probe, Inc.* 66 3,107
Hillenbrand Industries, Inc. 166 9,855
Hologic, Inc.* 64 3,689
IDEXX Laboratories, Inc.* 52 4,557
Immucor, Inc.* 106 3,120
Intuitive Surgical, Inc.* 46 5,592
Kinetic Concepts, Inc.* 236 11,951
Kyphon, Inc.* 74 3,340
Mentor Corp. 70 3,220
Resmed, Inc.* 96 4,836
Respironics, Inc.* 136 5,711
Sirona Dental Systems, Inc. 90 3,101
STERIS Corp. 132 3,506
-----------
Total Health Care Equipment & Supplies 97,336
-------------------------------------------------------------------------------
Health Care Providers & Services - 2.0%
AMERIGROUP Corp.* 124 3,770
Community Health Systems, Inc.* 230 8,108
Henry Schein, Inc.* 166 9,160
LifePoint Hospitals, Inc.* 192 7,338
Lincare Holdings, Inc.* 262 9,601
Magellan Health Services, Inc.* 86 3,612
Manor Care, Inc. 158 8,589
Pediatrix Medical Group, Inc.* 64 3,652
Psychiatric Solutions, Inc.* 90 3,628
Sierra Health Services, Inc.* 174 7,164
Sunrise Senior Living, Inc.* 94 3,715
Triad Hospitals, Inc.* 266 13,898
Universal Health Services, Inc. Class B 108 6,184
VCA Antech, Inc.* 144 5,229
WellCare Health Plans, Inc.* 64 5,456
-----------
Total Health Care Providers & Services 99,104
-------------------------------------------------------------------------------
Health Care Technology - 0.3%
Allscripts Healthcare Solutions, Inc.* 114 3,056
Cerner Corp.* 96 5,227
Emdeon Corp.* 314 4,751
-----------
Total Health Care Technology 13,034
-------------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 2.5%
Ameristar Casinos, Inc. 110 3,532
Applebee's International, Inc. 172 4,262
Boyd Gaming Corp. 134 6,384
Brinker International, Inc. 348 11,381
CBRL Group, Inc. 126 5,834
CEC Entertainment, Inc.* 82 3,406
Cheesecake Factory (The)* 154 4,104
Choice Hotels International, Inc. 128 4,535
CKE Restaurants, Inc. 540 10,184
International Speedway Corp. Class A 154 7,962
Jack in the Box, Inc.* 94 6,498
Life Time Fitness, Inc.* 64 3,290
OSI Restaurant Partners, Inc. 104 4,108
Panera Bread Co. Class A* 58 3,425
Penn National Gaming, Inc.* 206 8,739
Pinnacle Entertainment, Inc.* 102 2,965
Ruby Tuesday, Inc. 180 5,148
Scientific Games Corp. Class A* 120 3,940
Sonic Corp.* 162 3,609
Speedway Motorsports, Inc. 142 5,503
Station Casinos, Inc. 78 6,752
Vail Resorts, Inc.* 72 3,912
Wendy's International, Inc. 104 3,255
-----------
Total Hotels, Restaurants & Leisure 122,728
-------------------------------------------------------------------------------
Household Durables - 4.2%
American Greetings Corp. Class A 188 4,363
Beazer Homes USA, Inc. 410 11,902
Ethan Allen Interiors, Inc. 104 3,675
Hovnanian Enterprises, Inc. Class A* 576 14,492
Jarden Corp.* 104 3,983
KB Home 640 27,309
Leggett & Platt, Inc. 552 12,514
MDC Holdings, Inc. 360 17,305
Meritage Homes Corp.* 328 10,535
NVR, Inc.* 50 33,251
Ryland Group, Inc. (The) 394 16,623
Snap-On, Inc. 118 5,676
See Notes to Financial Statements.
40 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Standard-Pacific Corp. 702 $ 14,651
Stanley Works (The) 266 14,726
Tempur-Pedic International, Inc. 266 6,913
Tupperware Brands Corp. 182 4,537
-----------
Total Household Durables 202,455
-------------------------------------------------------------------------------
Household Products - 0.5%
Church & Dwight Co., Inc. 150 7,553
Energizer Holdings, Inc.* 186 15,871
-----------
Total Household Products 23,424
-------------------------------------------------------------------------------
Independent Power Producers & Energy - 0.1%
Ormat Technologies, Inc. 78 3,273
-------------------------------------------------------------------------------
Industrial Conglomerates - 0.5%
Carlisle Cos., Inc. 196 8,414
Sequa Corp. Class A* 28 3,354
Teleflex, Inc. 104 7,079
Walter Industries, Inc. 244 6,039
-----------
Total Industrial Conglomerates 24,886
-------------------------------------------------------------------------------
Insurance - 6.5%
21st Century Insurance Group 298 6,318
Alfa Corp. 242 4,472
Alleghany Corp.* 26 9,714
American Financial Group, Inc. 504 17,155
American National Insurance Co. 70 8,955
Arthur J. Gallagher & Co. 204 5,779
Brown & Brown, Inc. 286 7,736
Commerce Group, Inc. 392 11,776
Conseco, Inc.* 612 10,588
Delphi Financial Group, Inc. Class A 170 6,839
Erie Indemnity Co. Class A 176 9,288
FBL Financial Group, Inc. Class A 98 3,835
First American Corp. 320 16,230
Hanover Insurance Group, Inc. (The) 212 9,777
HCC Insurance Holdings, Inc. 366 11,273
Hilb Rogal & Hobbs Co. 96 4,709
Markel Corp.* 40 19,392
Mercury General Corp. 184 9,759
National Financial Partners Corp. 72 3,378
Odyssey Re Holdings Corp. 338 13,287
Ohio Casualty Corp. 308 9,225
Philadelphia Consolidated Holding Co.* 298 13,109
Phoenix Cos., Inc. (The) 238 3,303
ProAssurance Corp.* 116 5,933
Protective Life Corp. 206 9,072
Reinsurance Group of America, Inc. 254 14,661
RLI Corp. 78 4,285
Selective Insurance Group, Inc. 246 6,263
StanCorp Financial Group, Inc. 210 10,326
State Auto Financial Corp. 144 4,627
Transatlantic Holdings, Inc. 244 15,889
Unitrin, Inc. 274 12,897
Wesco Financial Corp. 10 4,600
Zenith National Insurance Corp. 240 11,345
-----------
Total Insurance 315,795
-------------------------------------------------------------------------------
Internet & Catalog Retail - 0.2%
NetFlix, Inc.* 148 3,432
NutriSystem, Inc.* 78 4,088
priceline.com, Inc.* 74 3,941
-----------
Total Internet & Catalog Retail 11,461
-------------------------------------------------------------------------------
Internet Software & Services - 0.4%
aQuantive, Inc.* 128 3,572
Digital River, Inc.* 62 3,426
RealNetworks, Inc.* 326 2,559
ValueClick, Inc.* 130 3,397
WebEx Communications, Inc.* 74 4,208
-----------
Total Internet Software & Services 17,162
-------------------------------------------------------------------------------
IT Services - 1.5%
Acxiom Corp. 168 3,594
BISYS Group, Inc. (The)* 268 3,071
Ceridian Corp.* 314 10,939
CheckFree Corp.* 150 5,564
Convergys Corp.* 292 7,420
DST Systems, Inc.* 112 8,422
Gartner, Inc.* 154 3,688
Global Payments, Inc. 132 4,496
MoneyGram International, Inc. 200 5,552
MPS Group, Inc.* 246 3,481
Perot Systems Corp. Class A* 204 3,645
Sabre Holdings Corp. Class A 210 6,878
VeriFone Holdings, Inc.* 84 3,085
Wright Express Corp.* 132 4,004
-----------
Total IT Services 73,839
-------------------------------------------------------------------------------
Leisure Equipment & Products - 0.8%
Brunswick Corp. 466 14,842
Hasbro, Inc. 390 11,162
Oakley, Inc. 154 3,102
Polaris Industries, Inc. 126 6,045
Pool Corp. 128 4,582
-----------
Total Leisure Equipment & Products 39,733
-------------------------------------------------------------------------------
Life Sciences Tools & Services - 1.1%
Affymetrix, Inc.* 124 3,729
Bio-Rad Laboratories, Inc. Class A* 58 4,051
Charles River Laboratories International, Inc.* 154 7,124
Covance, Inc.* 112 6,646
Illumina, Inc.* 100 2,930
Invitrogen Corp.* 84 5,347
Millipore Corp.* 56 4,058
PerkinElmer, Inc. 146 3,536
Pharmaceutical Product Development, Inc. 222 7,478
TECHNE Corp.* 68 3,883
Varian, Inc.* 60 3,496
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 41
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Ventana Medical Systems, Inc.* 80 $ 3,352
-----------
Total Life Sciences Tools & Services 55,630
-------------------------------------------------------------------------------
Machinery - 3.9%
Actuant Corp. Class A 88 4,471
AGCO Corp.* 98 3,623
Briggs & Stratton Corp. 152 4,689
Bucyrus International, Inc. Class A 86 4,429
CLARCOR, Inc. 116 3,689
Crane Co. 210 8,488
Donaldson Co., Inc. 184 6,642
Flowserve Corp. 94 5,376
Gardner Denver, Inc.* 154 5,367
Graco, Inc. 174 6,814
Harsco Corp. 244 10,946
IDEX Corp. 130 6,614
Kennametal, Inc. 110 7,437
Lincoln Electric Holdings, Inc. 126 7,505
Manitowoc Co., Inc. (The) 114 7,242
Mueller Industries, Inc. 264 7,946
Nordson Corp. 94 4,367
Oshkosh Truck Corp. 210 11,130
Pall Corp. 218 8,284
Pentair, Inc. 272 8,476
SPX Corp. 152 10,670
Timken Co. (The) 554 16,793
Toro Co. (The) 138 7,071
Trinity Industries, Inc. 226 9,474
Valmont Industries, Inc. 62 3,585
Wabtec Corp. 124 4,277
Watts Water Technologies, Inc. Class A 84 3,195
-----------
Total Machinery 188,600
-------------------------------------------------------------------------------
Marine - 0.2%
Alexander & Baldwin, Inc. 96 4,842
Kirby Corp.* 124 4,338
-----------
Total Marine 9,180
-------------------------------------------------------------------------------
Media - 2.0%
Belo Corp. Class A 320 5,974
Cox Radio, Inc. Class A* 220 3,003
Discovery Holding Co. Class A* 214 4,094
Dow Jones & Co., Inc. 92 3,171
DreamWorks Animation SKG, Inc. Class A* 172 5,260
Gemstar-TV Guide International, Inc.* 830 3,478
Getty Images, Inc.* 172 8,364
Harte-Hanks, Inc. 206 5,684
Hearst-Argyle Television, Inc. 132 3,589
Interactive Data Corp. 186 4,604
John Wiley & Sons, Inc. Class A 132 4,984
Lee Enterprises, Inc. 112 3,366
Marvel Entertainment, Inc.* 128 3,552
McClatchy Co. Class A 196 6,196
Meredith Corp. 130 7,461
Morningstar, Inc.* 74 3,821
New York Times Co. (The) Class A 366 8,604
Regal Entertainment Group Class A 212 4,212
Scholastic Corp.* 96 2,986
Warner Music Group Corp. 170 2,900
-----------
Total Media 95,303
-------------------------------------------------------------------------------
Metals & Mining - 2.9%
AK Steel Holding Corp.* 350 8,187
Carpenter Technology Corp. 94 11,351
Chaparral Steel Co. 210 12,216
Cleveland-Cliffs, Inc. 286 18,307
Commercial Metals Co. 612 19,186
Quanex Corp. 234 9,910
Reliance Steel & Aluminum Co. 422 20,425
RTI International Metals, Inc.* 44 4,004
Schnitzer Steel Industries, Inc. Class A 146 5,865
Steel Dynamics, Inc. 528 22,809
Titanium Metals Corp.* 68 2,440
Worthington Industries, Inc. 344 7,080
-----------
Total Metals & Mining 141,780
-------------------------------------------------------------------------------
Multiline Retail - 0.6%
Big Lots, Inc.* 130 4,066
Dillard's, Inc. Class A 218 7,135
Dollar Tree Stores, Inc.* 270 10,325
Family Dollar Stores, Inc. 326 9,656
-----------
Total Multiline Retail 31,182
-------------------------------------------------------------------------------
Multi-Utilities - 2.1%
Alliant Energy Corp. 126 5,647
Avista Corp. 152 3,683
Black Hills Corp. 106 3,898
Energy East Corp. 404 9,841
Integrys Energy Group, Inc. 197 10,935
MDU Resources Group, Inc. 576 16,555
NSTAR 300 10,536
OGE Energy Corp. 288 11,174
PNM Resources, Inc. 126 4,070
Puget Energy, Inc. 310 7,961
TECO Energy, Inc. 680 11,703
Vectren Corp. 218 6,235
-----------
Total Multi-Utilities 102,238
-------------------------------------------------------------------------------
Office Electronics - 0.1%
Zebra Technologies Corp. Class A* 156 6,023
-------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 4.7%
Alon USA Energy, Inc. 212 7,674
Berry Petroleum Co. Class A 182 5,580
Bill Barrett Corp.* 120 3,889
Cabot Oil & Gas Corp. 150 10,098
Cimarex Energy Co. 580 21,473
Comstock Resources, Inc.* 158 4,326
Denbury Resources, Inc.* 332 9,890
Encore Acquisition Co.* 218 5,273
See Notes to Financial Statements.
42 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Forest Oil Corp.* 270 $ 9,010
Foundation Coal Holdings, Inc. 114 3,915
Frontier Oil Corp. 594 19,388
Helix Energy Solutions Group, Inc.* 328 12,231
Holly Corp. 216 12,809
Houston Exploration Co.* 96 5,179
Overseas Shipholding Group, Inc. 312 19,532
Penn Virginia Corp. 60 4,404
PetroHawk Energy Corp.* 492 6,480
Plains Exploration & Production Co.* 70 3,160
Pogo Producing Co. 350 16,835
Quicksilver Resources, Inc.* 124 4,931
Range Resources Corp. 350 11,690
St. Mary Land & Exploration Co. 252 9,243
Swift Energy Co.* 162 6,767
W&T Offshore, Inc. 322 9,315
Whiting Petroleum Corp.* 164 6,463
-----------
Total Oil, Gas & Consumable Fuels 229,555
-------------------------------------------------------------------------------
Paper & Forest Products - 0.2%
Louisiana-Pacific Corp. 540 10,832
-------------------------------------------------------------------------------
Personal Products - 0.4%
Alberto-Culver Co. 444 10,158
NBTY, Inc.* 140 7,426
-----------
Total Personal Products 17,584
-------------------------------------------------------------------------------
Pharmaceuticals - 0.8%
Endo Pharmaceuticals Holdings, Inc.* 336 9,878
King Pharmaceuticals, Inc.* 466 9,166
Mylan Laboratories, Inc. 586 12,389
Perrigo Co. 212 3,744
Watson Pharmaceuticals, Inc.* 122 3,224
-----------
Total Pharmaceuticals 38,401
-------------------------------------------------------------------------------
Real Estate Investment Trusts - 3.5%
Alexander's, Inc.* 8 3,294
Alexandria Real Estate Equities, Inc. 32 3,212
BioMed Realty Trust, Inc. 112 2,946
BRE Properties, Inc. 48 3,031
Camden Property Trust 82 5,765
CBL & Associates Properties, Inc. 82 3,677
Colonial Properties Trust 86 3,928
Corporate Office Properties Trust 62 2,832
Cousins Properties, Inc. 188 6,178
DiamondRock Hospitality Co. 182 3,458
Digital Realty Trust, Inc. 92 3,671
Entertainment Properties Trust 52 3,133
Equity One, Inc. 270 7,155
Essex Property Trust, Inc. 24 3,108
Federal Realty Investment Trust 48 4,350
Health Care REIT, Inc. 98 4,302
Healthcare Realty Trust, Inc. 80 2,984
Highwoods Properties, Inc. 76 3,001
Home Properties, Inc. 54 2,852
Hospitality Properties Trust 156 7,301
HRPT Properties Trust 328 4,034
Kilroy Realty Corp. 40 2,950
LaSalle Hotel Properties 78 3,616
Liberty Property Trust 224 10,912
Mack-Cali Realty Corp. 64 3,048
Maguire Properties, Inc. 80 2,845
Nationwide Health Properties, Inc. 110 3,439
New Plan Excel Realty Trust, Inc. 168 5,549
Pennsylvania Real Estate Investment Trust 78 3,458
Post Properties, Inc. 72 3,293
Potlatch Corp. 106 4,853
PS Business Parks, Inc. 46 3,244
Rayonier, Inc. 170 7,310
Realty Income Corp. 152 4,286
Senior Housing Properties Trust 130 3,107
Strategic Hotels & Resorts, Inc. 158 3,613
Sunstone Hotel Investors, Inc. 118 3,217
Taubman Centers, Inc. 54 3,131
Ventas, Inc. 142 5,982
Washington Real Estate Investment Trust 80 2,994
Weingarten Realty Investors 152 7,229
-----------
Total Real Estate Investment Trusts 172,288
-------------------------------------------------------------------------------
Real Estate Management & Development - 0.2%
Jones Lang LaSalle, Inc. 86 8,968
St. Joe Co. (The) 60 3,139
-----------
Total Real Estate Management & Development 12,107
-------------------------------------------------------------------------------
Road & Rail - 2.0%
Amerco, Inc.* 66 4,619
Con-way, Inc. 258 12,859
Florida East Coast Industries, Inc. 54 3,385
Heartland Express, Inc. 240 3,811
JB Hunt Transport Services, Inc. 516 13,540
Kansas City Southern* 110 3,914
Knight Transportation, Inc. 184 3,279
Laidlaw International, Inc. 210 7,266
Landstar System, Inc. 160 7,334
Ryder System, Inc. 212 10,460
Swift Transportation Co., Inc.* 268 8,351
Werner Enterprises, Inc. 240 4,361
YRC Worldwide, Inc.* 400 16,088
-----------
Total Road & Rail 99,267
-------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 2.0%
Amkor Technology, Inc.* 822 10,259
Atmel Corp.* 618 3,109
Cymer, Inc.* 92 3,823
Cypress Semiconductor Corp.* 180 3,339
Fairchild Semiconductor International, Inc.* 192 3,210
FormFactor, Inc.* 80 3,580
International Rectifier Corp.* 134 5,120
Intersil Corp. Class A 238 6,305
LSI Logic Corp.* 562 5,867
MKS Instruments, Inc.* 170 4,338
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 43
Schedule of Investments (continued)
WisdomTree MidCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Novellus Systems Inc.* 206 $ 6,596
ON Semiconductor Corp.* 1,250 11,150
RF Micro Devices, Inc.* 438 2,729
Silicon Laboratories, Inc.* 108 3,231
Teradyne, Inc.* 814 13,463
Tessera Technologies, Inc.* 84 3,338
Varian Semiconductor Equipment Associates, Inc.* 110 5,872
-----------
Total Semiconductors & Semiconductor Equipment 95,329
-------------------------------------------------------------------------------
Software - 1.4%
Ansys, Inc.* 66 3,351
Compuware Corp.* 784 7,440
FactSet Research Systems, Inc. 74 4,651
Fair Isaac Corp. 122 4,719
Hyperion Solutions Corp.* 82 4,250
Jack Henry & Associates, Inc. 208 5,002
Mentor Graphics Corp.* 192 3,137
Micros Systems, Inc.* 62 3,347
MicroStrategy, Inc. Class A* 30 3,792
NAVTEQ Corp.* 126 4,347
Net 1 UEPS Technologies, Inc.* 118 2,936
Parametric Technology Corp.* 174 3,322
Quest Software, Inc.* 224 3,644
Red Hat, Inc.* 182 4,173
Sybase, Inc.* 184 4,652
THQ, Inc.* 114 3,898
TIBCO Software, Inc.* 378 3,221
-----------
Total Software 69,882
-------------------------------------------------------------------------------
Specialty Retail - 4.8%
Aaron Rents, Inc. 122 3,226
Advance Auto Parts, Inc. 324 12,490
Aeropostale, Inc.* 130 5,230
AnnTaylor Stores Corp.* 208 8,066
AutoNation, Inc.* 790 16,780
Barnes & Noble, Inc. 154 6,075
bebe stores, inc.* 194 3,372
Brown Shoe Co., Inc. 60 2,520
Cabela's, Inc.* 146 3,622
Charming Shoppes, Inc.* 316 4,092
Chico's FAS, Inc.* 442 10,798
Childrens Place Retail Stores, Inc. (The)* 60 3,346
Circuit City Stores, Inc. 358 6,634
Claire's Stores, Inc. 248 7,966
Coldwater Creek, Inc.* 178 3,610
Dick's Sporting Goods, Inc.* 82 4,777
Dress Barn, Inc.* 162 3,371
DSW, Inc. Class A* 82 3,461
Foot Locker, Inc. 472 11,116
GameStop Corp. Class A* 164 5,342
Group 1 Automotive, Inc. 80 3,182
Guess?, Inc. 164 6,640
Guitar Center, Inc.* 78 3,519
Men's Wearhouse, Inc. (The) 154 7,246
OfficeMax, Inc. 62 3,270
O'Reilly Automotive, Inc.* 244 8,076
Pacific Sunwear of California, Inc.* 258 5,374
Payless ShoeSource Inc.* 128 4,250
PetSmart, Inc. 294 9,690
RadioShack Corp. 162 4,379
Rent-A-Center, Inc.* 250 6,995
Ross Stores, Inc. 334 11,490
Sonic Automotive, Inc. Class A 154 4,389
Tractor Supply Co.* 98 5,047
United Auto Group, Inc. 258 5,237
Urban Outfitters, Inc.* 138 3,658
Williams-Sonoma, Inc. 312 11,064
Zale Corp.* 118 3,113
-----------
Total Specialty Retail 232,513
-------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 1.2%
Carter's, Inc.* 140 3,548
Columbia Sportswear Co. 100 6,231
Fossil, Inc.* 148 3,918
Jones Apparel Group, Inc. 324 9,957
K-Swiss, Inc. Class A 120 3,242
Liz Claiborne, Inc. 288 12,340
Phillips-Van Heusen Corp. 98 5,762
Quiksilver, Inc.* 244 2,830
Skechers U.S.A., Inc. Class A* 98 3,290
Timberland Co. Class A* 172 4,477
Wolverine World Wide, Inc. 138 3,943
-----------
Total Textiles, Apparel & Luxury Goods 59,538
-------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 2.3%
Astoria Financial Corp. 304 8,083
Capitol Federal Financial 86 3,252
Corus Bankshares, Inc. 394 6,722
Downey Financial Corp. 132 8,519
First Niagara Financial Group, Inc. 308 4,284
Fremont General Corp. 492 3,410
IndyMac Bancorp, Inc. 378 12,115
MAF Bancorp, Inc. 108 4,465
NewAlliance Bancshares, Inc. 216 3,501
PMI Group, Inc. (The) 442 19,987
Radian Group, Inc. 460 25,246
Washington Federal, Inc. 292 6,850
Webster Financial Corp. 142 6,817
-----------
Total Thrifts & Mortgage Finance 113,251
-------------------------------------------------------------------------------
Trading Companies & Distributors - 0.9%
Applied Industrial Technologies, Inc. 142 3,485
GATX Corp. 74 3,537
MSC Industrial Direct Co. Class A 172 8,029
UAP Holding Corp. 140 3,619
United Rentals, Inc.* 434 11,935
Watsco, Inc. 86 4,392
WESCO International, Inc.* 164 10,296
-----------
Total Trading Companies & Distributors 45,293
-------------------------------------------------------------------------------
See Notes to Financial Statements.
44 WisdomTree Domestic Earnings Funds
Schedule of Investments (concluded)
WisdomTree MidCap Earnings Fund
March 31, 2007
==============================================================================
Investments Shares Value
------------------------------------------------------------------------------
Transportation Infrastructure - 0.1%
Macquarie Infrastructure Co. Trust 90 $ 3,537
------------------------------------------------------------------------------
Water Utilities - 0.1%
Aqua America Inc. 178 3,996
------------------------------------------------------------------------------
Wireless Telecommunication Services - 0.1%
Leap Wireless International, Inc.* 52 3,431
------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 99.8%
(Cost: $4,999,246) 4,865,672
Cash and Other Assets in Excess of Liabilities - 0.2% 11,690
----------
NET ASSETS - 100.0% $4,877,362
==============================================================================
* Non-income producing security.
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 45
Schedule of Investments
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Aerospace & Defense - 1.5%
AAR Corp.* 408 $ 11,244
Argon ST, Inc.* 308 8,150
Cubic Corp. 312 6,752
EDO Corp. 240 6,288
Esterline Technologies Corp.* 412 16,921
HEICO Corp. 248 9,050
Herley Industries, Inc.* 312 4,873
K&F Industries Holdings, Inc.* 694 18,690
Ladish Co., Inc.* 236 8,883
LMI Aerospace, Inc.* 296 5,514
MTC Technologies, Inc.* 276 5,804
Orbital Sciences Corp.* 572 10,719
Triumph Group, Inc. 256 14,167
United Industrial Corp. 244 13,469
-----------
Total Aerospace & Defense 140,524
-------------------------------------------------------------------------------
Air Freight & Logistics - 0.7%
ABX Air, Inc.* 1,532 10,494
Atlas Air Worldwide Holdings, Inc.* 240 12,655
Dynamex, Inc.* 204 5,190
Forward Air Corp. 416 13,678
Pacer International, Inc. 746 20,097
Park-Ohio Holdings Corp.* 440 8,140
-----------
Total Air Freight & Logistics 70,254
-------------------------------------------------------------------------------
Airlines - 0.9%
ExpressJet Holdings, Inc.* 3,462 20,218
Mesa Air Group, Inc.* 1,332 10,030
Pinnacle Airlines Corp.* 1,520 26,281
Republic Airways Holdings, Inc.* 1,492 34,256
-----------
Total Airlines 90,785
-------------------------------------------------------------------------------
Auto Components - 1.8%
Aftermarket Technology Corp.* 460 11,169
Amerigon, Inc.* 460 5,727
Bandag, Inc. 240 12,166
Drew Industries, Inc.* 456 13,078
Fuel Systems Solutions, Inc.* 216 4,000
GenTek, Inc.* 132 4,496
Modine Manufacturing Co. 662 15,160
Spartan Motors, Inc. 300 6,963
Tenneco, Inc.* 750 19,095
Visteon Corp.* 9,588 81,881
-----------
Total Auto Components 173,735
-------------------------------------------------------------------------------
Automobiles - 0.2%
Fleetwood Enterprises, Inc.* 552 4,366
Winnebago Industries, Inc. 432 14,528
-----------
Total Automobiles 18,894
-------------------------------------------------------------------------------
Beverages - 0.3%
Boston Beer Co., Inc. Class A* 160 5,336
Coca-Cola Bottling Co. Consolidated 100 5,663
MGP Ingredients, Inc. 256 5,215
National Beverage Corp.* 504 8,840
-----------
Total Beverages 25,054
-------------------------------------------------------------------------------
Biotechnology - 0.3%
Enzon Pharmaceuticals, Inc.* 1,696 13,822
LifeCell Corp.* 256 6,392
Martek Biosciences Corp.* 252 5,196
Tanox, Inc.* 252 4,728
-----------
Total Biotechnology 30,138
-------------------------------------------------------------------------------
Building Products - 1.5%
AAON, Inc. 180 4,703
American Woodmark Corp. 300 11,028
Ameron International Corp. 208 13,699
Apogee Enterprises, Inc. 468 9,379
Builders FirstSource, Inc.* 1,628 26,162
Griffon Corp.* 730 18,068
Insteel Industries, Inc. 608 10,208
PW Eagle, Inc. 790 26,102
Universal Forest Products, Inc. 524 25,964
-----------
Total Building Products 145,313
-------------------------------------------------------------------------------
Capital Markets - 1.3%
Calamos Asset Management, Inc. Class A 384 8,571
Capital Southwest Corp. 168 25,817
GAMCO Investors, Inc. Class A 340 14,732
Gladstone Capital Corp. 252 5,967
Hercules Technology Growth Capital, Inc. 352 4,822
LaBranche & Co, Inc.* 3,626 29,589
MarketAxess Holdings, Inc.* 356 5,959
Prospect Energy Corp. 296 5,073
Sanders Morris Harris Group, Inc. 52 554
Stifel Financial Corp.* 104 4,607
SWS Group, Inc. 400 9,924
TradeStation Group, Inc.* 722 9,090
-----------
Total Capital Markets 124,705
-------------------------------------------------------------------------------
Chemicals - 2.4%
A. Schulman, Inc. 448 10,555
American Vanguard Corp. 380 6,494
Arch Chemicals, Inc. 436 13,612
Ferro Corp. 384 8,298
Georgia Gulf Corp. 1,916 31,058
Innospec, Inc. 200 11,528
Landec Corp.* 384 5,445
MacDermid, Inc. 540 18,830
Minerals Technologies, Inc. 272 16,908
NewMarket Corp. 320 13,014
NL Industries, Inc. 576 6,278
Omnova Solutions, Inc.* 778 4,248
Pioneer Cos., Inc.* 662 18,298
PolyOne Corp.* 4,918 30,000
Sensient Technologies Corp. 702 18,098
Spartech Corp. 468 13,731
Stepan Co. 156 4,095
See Notes to Financial Statements.
46 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Symyx Technologies* 272 $ 4,820
-----------
Total Chemicals 235,310
-------------------------------------------------------------------------------
Commercial Banks - 10.6%
1st Source Corp. 412 10,782
AMCORE Financial, Inc. 444 14,097
Americanwest Bancorp 216 4,653
Ameris Bancorp 212 5,190
Arrow Financial Corp. 212 4,749
BancFirst Corp. 292 13,534
Bancorp, Inc.* 188 4,888
BancTrust Financial Group, Inc. 216 4,571
Bank of Granite Corp. 304 5,448
Bank of the Ozarks, Inc. 320 9,190
BankFinancial Corp. 276 4,491
Banner Corp. 132 5,485
Boston Private Financial Holdings, Inc. 608 16,975
Cadence Financial Corp. 224 4,480
Camden National Corp. 152 6,597
Capital City Bank Group, Inc. 300 9,990
Capital Corp of the West 216 5,735
Capitol Bancorp Ltd. 264 9,728
Cardinal Financial Corp. 476 4,750
Cascade Bancorp 344 8,923
Center Financial Corp. 348 6,880
Chemical Financial Corp. 424 12,631
City Holding Co. 408 16,504
CoBiz, Inc. 316 6,292
Columbia Bancorp 200 4,802
Columbia Banking System, Inc. 308 10,389
Community Bancorp* 148 4,551
Community Bank System, Inc. 512 10,711
Community Banks, Inc. 504 12,030
Community Trust Bancorp, Inc. 304 11,014
CVB Financial Corp. 1,780 21,182
Enterprise Financial Services Corp. 164 4,592
Financial Institutions, Inc. 224 4,496
First Bancorp 312 6,671
First Charter Corp. 356 7,654
First Commonwealth Financial Corp. 1,158 13,607
First Community Bancshares, Inc. 208 8,112
First Financial Bancorp 300 4,533
First Financial Bankshares, Inc. 360 15,055
First Financial Corp. 192 5,942
First Indiana Corp. 332 7,254
First Merchants Corp. 368 8,729
First Regional Bancorp* 348 10,336
First South Bancorp, Inc. 172 5,279
First State Bancorp. 296 6,675
FNB Corp./PA 926 15,603
FNB Corp./VA 140 5,016
GB&T Bancshares, Inc. 228 4,134
Great Southern Bancorp, Inc. 292 8,550
Greene County Bancshares, Inc. 168 5,697
Hanmi Financial Corp. 958 18,259
Heartland Financial USA, Inc. 276 7,383
Heritage Commerce Corp. 208 5,302
Horizon Financial Corp. 232 5,123
IBERIABANK Corp. 168 9,351
Independent Bank Corp./MA 552 11,244
Independent Bank Corp./MI 296 9,750
Integra Bank Corp. 328 7,311
Intervest Bancshares Corp.* 224 6,429
Irwin Financial Corp. 468 8,724
Lakeland Bancorp, Inc. 424 5,745
Lakeland Financial Corp. 240 5,448
Macatawa Bank Corp. 348 6,403
MainSource Financial Group, Inc. 356 6,045
Mercantile Bankshares Corp. 160 5,197
Mid-State Bancshares 316 11,594
Midwest Banc Holdings, Inc. 296 5,242
Nara Bancorp, Inc. 508 8,895
National Penn Bancshares, Inc. 1,018 19,240
NBT Bancorp, Inc. 710 16,635
Old Second Bancorp, Inc. 268 7,343
Omega Financial Corp. 224 6,386
Oriental Financial Group 380 4,476
Peoples Bancorp, Inc. 244 6,444
Pinnacle Financial Partners, Inc.* 148 4,515
Placer Sierra Bancshares 188 5,087
Preferred Bank 188 7,371
PrivateBancorp, Inc. 304 11,114
Prosperity Bancshares, Inc. 678 23,554
Renasant Corp. 264 6,515
Republic Bancorp, Inc. Class A 382 8,637
S&T Bancorp, Inc. 520 17,181
Sandy Spring Bancorp, Inc. 272 9,422
Santander BanCorp 898 15,814
SCBT Financial Corp. 155 5,620
Seacoast Banking Corp. of Florida 316 7,164
Security Bank Corp. 308 6,203
Sierra Bancorp 196 5,500
Signature Bank* 300 9,762
Simmons First National Corp. Class A 284 8,540
Smithtown Bancorp, Inc. 198 5,148
Southside Bancshares, Inc. 200 4,582
Southwest Bancorp, Inc. 284 7,296
Sterling Bancorp 368 6,661
Sterling Bancshares, Inc. 1,154 12,902
Sterling Financial Corp./PA 540 11,988
Sterling Financial Corp./WA 161 5,022
Suffolk Bancorp 196 6,327
Sun Bancorp, Inc. 276 5,131
Superior Bancorp* 436 4,709
SY Bancorp, Inc. 244 6,066
Taylor Capital Group, Inc. 384 13,440
Temecula Valley Bancorp, Inc.* 236 5,039
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 47
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Texas Capital Bancshares, Inc.* 468 $ 9,594
Tompkins Trustco, Inc. 168 7,032
Trico Bancshares 332 7,858
Union Bankshares Corp. 256 6,641
Univest Corp. of Pennsylvania 268 6,638
USB Holding Co., Inc. 428 9,711
Vineyard National Bancorp 272 6,267
Virginia Commerce Bancorp* 352 7,621
Virginia Financial Group, Inc. 224 5,808
W Holding Co., Inc. 3,906 19,530
Washington Trust Bancorp, Inc. 284 7,614
WesBanco, Inc. 360 11,113
West Bancorp Inc. 360 5,432
West Coast Bancorp 276 8,824
Western Alliance Bancorp* 352 10,926
Wilshire Bancorp, Inc. 564 9,250
Yardville National Bancorp 156 5,664
-----------
Total Commercial Banks 1,014,979
-------------------------------------------------------------------------------
Commercial Services & Supplies - 5.7%
ABM Industries, Inc. 516 13,617
Advisory Board Co. (The)* 136 6,884
American Ecology Corp. 256 4,918
Amrep Corp. 96 7,416
Barrett Business Services 212 4,887
Bowne & Co., Inc. 316 4,971
CBIZ, Inc.* 1,202 8,534
CDI Corp. 260 7,519
Central Parking Corp. 240 5,323
Clean Harbors, Inc.* 300 13,566
COMSYS IT Partners, Inc.* 432 8,597
Consolidated Graphics, Inc.* 228 16,883
CoStar Group, Inc.* 104 4,647
CRA International, Inc.* 164 8,558
Diamond Management & Technology
Consultants, Inc. 392 4,582
Ennis, Inc. 588 15,735
First Advantage Corp. Class A* 810 19,416
First Consulting Group, Inc.* 380 3,458
FTI Consulting, Inc.* 492 16,526
G&K Services, Inc. Class A 348 12,625
Geo Group, Inc. (The)* 168 7,614
Healthcare Services Group, Inc. 264 7,564
Heidrick & Struggles International, Inc.* 260 12,597
Huron Consulting Group, Inc.* 168 10,221
ICT Group, Inc.* 180 3,150
Interface, Inc. Class A 620 9,914
John H. Harland Co. 552 28,280
Kelly Services, Inc. Class A 572 18,418
Kenexa Corp.* 136 4,234
Kforce, Inc.* 778 10,713
Knoll, Inc. 782 18,635
Korn/Ferry International* 786 18,031
Labor Ready, Inc.* 1,194 22,675
Layne Christensen Co.* 176 6,410
LECG Corp.* 404 5,850
M&F Worldwide Corp.* 588 27,994
McGrath Rentcorp 432 13,681
Mobile Mini, Inc.* 440 11,783
Navigant Consulting, Inc.* 914 18,061
On Assignment, Inc.* 376 4,666
PeopleSupport, Inc.* 336 3,847
Pike Electric Corp.* 368 6,653
Schawk, Inc. 496 8,983
School Specialty, Inc.* 136 4,911
Spherion Corp.* 926 8,167
Standard Parking Corp.* 140 4,952
Standard Register Co. (The) 368 4,655
Synagro Technologies, Inc. 862 4,913
Tetra Tech, Inc.* 658 12,541
UTEK Corp. 572 7,550
Viad Corp. 432 16,675
Volt Information Sciences, Inc.* 272 7,124
Waste Industries USA, Inc. 192 5,274
-----------
Total Commercial Services & Supplies 545,398
-------------------------------------------------------------------------------
Communications Equipment - 1.6%
Bel Fuse, Inc. Class B 192 7,432
Black Box Corp. 144 5,262
Comtech Group, Inc.* 332 5,803
Comtech Telecommunications Corp.* 380 14,717
Dycom Industries, Inc.* 452 11,779
EFJ, Inc.* 782 4,176
Extreme Networks* 1,106 4,678
Inter-Tel, Inc. 368 8,700
Ixia* 484 4,501
Mastec, Inc.* 966 10,636
Netgear, Inc.* 404 11,526
Oplink Communications, Inc.* 288 5,175
Packeteer, Inc.* 376 4,670
Plantronics, Inc. 990 23,385
SafeNet, Inc.* 188 5,320
Sirenza Microdevices, Inc.* 652 5,620
Sycamore Networks, Inc.* 2,014 7,532
Symmetricom, Inc.* 560 4,648
Viasat, Inc.* 148 4,880
-----------
Total Communications Equipment 150,440
-------------------------------------------------------------------------------
Computers & Peripherals - 0.3%
Adaptec, Inc.* 1,336 5,170
Hutchinson Technology, Inc.* 244 5,698
Rackable Systems, Inc.* 296 5,023
STEC, Inc.* 564 3,971
Synaptics, Inc.* 192 4,911
-----------
Total Computers & Peripherals 24,773
-------------------------------------------------------------------------------
Construction & Engineering - 0.4%
Comfort Systems USA, Inc. 706 8,458
InfraSource Services, Inc.* 348 10,624
See Notes to Financial Statements.
48 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Insituform Technologies, Inc. Class A* 220 $ 4,574
Perini Corp.* 352 12,975
Sterling Construction Co., Inc.* 244 4,651
-----------
Total Construction & Engineering 41,282
-------------------------------------------------------------------------------
Construction Materials - 0.4%
Headwaters, Inc.* 1,388 30,328
U.S. Concrete, Inc.* 1,066 8,336
-----------
Total Construction Materials 38,664
-------------------------------------------------------------------------------
Consumer Finance - 0.6%
Credit Acceptance Corp.* 742 20,175
Dollar Financial Corp.* 168 4,250
Ezcorp, Inc. Class A* 604 8,897
First Cash Financial Services, Inc.* 396 8,823
United PanAm Financial Corp.* 576 7,200
World Acceptance Corp.* 308 12,305
-----------
Total Consumer Finance 61,650
-------------------------------------------------------------------------------
Containers & Packaging - 0.3%
AEP Industries, Inc.* 156 6,708
Myers Industries, Inc. 616 11,507
Rock-Tenn Co. Class A 340 11,288
-----------
Total Containers & Packaging 29,503
-------------------------------------------------------------------------------
Distributors - 0.6%
Building Materials Holding Corp. 1,736 31,439
Core-Mark Holding Co., Inc.* 204 7,279
DXP Enterprises, Inc.* 148 5,654
Handleman Co. 658 4,586
Keystone Automotive Industries, Inc.* 252 8,492
Source Interlink Cos., Inc.* 690 4,630
-----------
Total Distributors 62,080
-------------------------------------------------------------------------------
Diversified Consumer Services - 1.0%
Bright Horizons Family Solutions, Inc.* 348 13,136
Coinstar, Inc.* 196 6,135
Corinthian Colleges, Inc.* 826 11,358
CPI Corp. 108 5,671
Home Solutions of America, Inc.* 842 4,000
Lincoln Educational Services Corp.* 436 6,196
Pre-Paid Legal Services, Inc.* 392 19,642
Stewart Enterprises, Inc. Class A 1,286 10,365
Universal Technical Institute, Inc.* 412 9,509
Vertrue, Inc.* 260 12,509
-----------
Total Diversified Consumer Services 98,521
-------------------------------------------------------------------------------
Diversified Financial Services - 0.8%
Asset Acceptance Capital Corp.* 934 14,449
Asta Funding, Inc. 508 21,935
Encore Capital Group, Inc.* 620 6,163
Financial Federal Corp. 484 12,739
Marlin Business Services Corp.* 288 6,301
Portfolio Recovery Associates, Inc.* 304 13,574
Resource America, Inc. Class A 184 4,348
-----------
Total Diversified Financial Services 79,509
-------------------------------------------------------------------------------
Diversified Telecommunication Services - 1.3%
Alaska Communications Systems Group, Inc. 296 4,366
Atlantic Tele-Network, Inc. 220 5,749
Cincinnati Bell, Inc.* 4,590 21,572
Citizens Communications Co. 402 6,010
Consolidated Communications Holdings, Inc. 220 4,376
CT Communications, Inc. 1,018 24,533
FairPoint Communications, Inc. 432 8,299
General Communication, Inc. Class A* 508 7,112
Iowa Telecommunications Services, Inc. 706 14,120
North Pittsburgh Systems, Inc. 284 6,183
Premiere Global Services, Inc.* 1,198 13,442
SureWest Communications 184 4,576
-----------
Total Diversified Telecommunication Services 120,338
-------------------------------------------------------------------------------
Electric Utilities - 0.7%
Central Vermont Public Service Corp. 192 5,533
Empire District Electric Co. (The) 468 11,606
MGE Energy, Inc. 392 13,900
Otter Tail Corp. 536 18,354
UIL Holdings Corp. 432 14,990
-----------
Total Electric Utilities 64,383
-------------------------------------------------------------------------------
Electrical Equipment - 1.8%
A.O. Smith Corp. 662 25,302
Baldor Electric Co. 484 18,266
Encore Wire Corp. 2,058 52,108
EnerSys, Inc.* 858 14,740
II-VI, Inc.* 360 12,186
Lamson & Sessions Co. (The)* 662 18,397
LSI Industries Inc. 292 4,888
Powell Industries, Inc.* 152 4,864
Power-One, Inc.* 750 4,290
Superior Essex, Inc.* 468 16,226
Vicor Corp. 452 4,529
-----------
Total Electrical Equipment 175,796
-------------------------------------------------------------------------------
Electronic Equipment & Instruments - 3.5%
Aeroflex, Inc.* 870 11,441
Agilysys, Inc. 620 13,931
Brightpoint, Inc. 946 10,822
Checkpoint Systems, Inc.* 452 10,694
Cogent, Inc.* 958 12,885
Cognex Corp. 552 11,962
Coherent, Inc.* 292 9,268
Color Kinetics, Inc.* 252 4,896
CTS Corp. 352 4,865
DTS, Inc.* 200 4,846
Electro Scientific Industries, Inc.* 268 5,156
Excel Technology, Inc.* 188 5,138
Gerber Scientific, Inc.* 408 4,329
Global Imaging Systems, Inc.* 794 15,483
Insight Enterprises, Inc.* 958 17,225
Keithley Instruments, Inc. 344 5,260
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 49
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Littelfuse, Inc.* 244 $ 9,906
LoJack Corp.* 372 7,061
Measurement Specialties, Inc.* 216 4,873
Methode Electronics, Inc. 480 7,090
MTS Systems Corp. 328 12,740
Multi-Fineline Electronix, Inc.* 620 9,517
Newport Corp.* 480 7,858
OYO Geospace Corp.* 72 5,106
Park Electrochemical Corp. 380 10,306
Paxar Corp.* 312 8,954
Plexus Corp.* 1,336 22,913
Rofin-Sinar Technologies, Inc.* 280 16,570
Scansource, Inc.* 460 12,346
SYNNEX Corp.* 706 14,995
Technitrol, Inc. 628 16,447
TTM Technologies, Inc.* 1,364 13,013
Zygo Corp.* 324 5,187
-----------
Total Electronic Equipment & Instruments 333,083
-------------------------------------------------------------------------------
Energy Equipment & Services - 2.7%
Allis-Chalmers Energy, Inc.* 352 5,544
Bristow Group, Inc.* 608 22,161
Bronco Drilling Co., Inc.* 870 14,416
CARBO Ceramics, Inc. 416 19,365
Dawson Geophysical Co.* 132 6,538
Gulf Island Fabrication, Inc. 172 4,599
Gulfmark Offshore, Inc.* 516 22,522
Horizon Offshore, Inc.* 308 4,454
Hornbeck Offshore Services, Inc.* 632 18,107
Input/Output, Inc.* 702 9,674
Lufkin Industries, Inc. 336 18,876
Matrix Service Co.* 264 5,341
Metretek Technologies, Inc.* 400 5,336
NATCO Group, Inc. Class A* 288 9,827
Natural Gas Services Group, Inc.* 360 5,101
Newpark Resources* 790 5,570
Parker Drilling Co.* 3,326 31,230
PHI, Inc.* 164 4,438
Pioneer Drilling Co.* 1,724 21,878
Superior Well Services, Inc.* 336 7,678
Trico Marine Services, Inc.* 460 17,140
-----------
Total Energy Equipment & Services 259,795
-------------------------------------------------------------------------------
Financials - 0.2%
21st Century Holding Co. 240 4,291
Harleysville National Corp. 576 10,265
-----------
Total Financials 14,556
-------------------------------------------------------------------------------
Food & Staples Retailing - 1.5%
Andersons, Inc. (The) 280 12,432
Central European Distribution Corp.* 368 10,712
Ingles Markets, Inc. Class A 508 20,747
Nash Finch Co. 168 5,789
Pantry, Inc. (The)* 608 27,493
Performance Food Group Co.* 572 17,658
Pricesmart, Inc. 324 4,977
Smart & Final, Inc.* 404 8,795
Spartan Stores, Inc. 332 8,898
Weis Markets, Inc. 488 21,814
Wild Oats Markets Inc.* 320 5,824
-----------
Total Food & Staples Retailing 145,139
-------------------------------------------------------------------------------
Food Products - 0.7%
Darling International, Inc.* 854 5,551
Green Mountain Coffee Roasters, Inc.* 80 5,044
Imperial Sugar Co. 572 19,179
J&J Snack Foods Corp. 232 9,162
Lance, Inc. 248 5,020
Premium Standard Farms, Inc. 652 13,718
Reddy Ice Holdings, Inc. 236 7,122
TreeHouse Foods, Inc.* 156 4,753
-----------
Total Food Products 69,549
-------------------------------------------------------------------------------
Gas Utilities - 0.4%
Cascade Natural Gas Corp. 188 4,954
EnergySouth, Inc. 124 5,199
Laclede Group, Inc. (The) 436 13,551
South Jersey Industries, Inc. 472 17,960
-----------
Total Gas Utilities 41,664
-------------------------------------------------------------------------------
Health Care Equipment & Supplies - 2.2%
Abaxis, Inc.* 232 5,654
Adeza Biomedical Corp.* 204 4,872
Analogic Corp. 84 5,282
Angiodynamics, Inc.* 196 3,310
Arthrocare Corp.* 232 8,361
Biosite, Inc.* 268 22,505
Conmed Corp.* 204 5,963
Cutera, Inc.* 148 5,356
Datascope Corp. 220 7,962
DJO, Inc.* 136 5,154
Greatbatch, Inc.* 184 4,692
ICU Medical, Inc.* 188 7,370
I-Flow Corp.* 316 4,658
Intralase Corp.* 200 4,996
Invacare Corp. 244 4,255
Medical Action Industries, Inc.* 204 4,876
Meridian Bioscience, Inc. 240 6,662
Merit Medical Systems, Inc.* 300 3,765
Nutraceutical International Corp.* 292 4,818
OraSure Technologies, Inc.* 1,002 7,365
Palomar Medical Technologies, Inc.* 232 9,268
PolyMedica Corp. 228 9,651
Quidel Corp.* 356 4,272
SonoSite, Inc.* 144 4,069
SurModics, Inc.* 252 9,072
Symmetry Medical, Inc.* 604 9,863
Thoratec Corp.* 276 5,768
Viasys Healthcare, Inc.* 320 10,878
Vital Signs, Inc. 196 10,188
See Notes to Financial Statements.
50 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Wright Medical Group, Inc.* 224 $ 4,993
Zoll Medical Corp.* 76 2,025
-----------
Total Health Care Equipment & Supplies 207,923
-------------------------------------------------------------------------------
Health Care Providers & Services - 3.2%
Air Methods Corp.* 200 4,804
Alliance Imaging, Inc.* 962 8,398
Amedisys, Inc.* 336 10,896
AMN Healthcare Services, Inc.* 368 8,324
Amsurg Corp.* 528 12,931
Apria Healthcare Group, Inc.* 834 26,897
Bio-Reference Labs, Inc.* 204 5,182
Centene Corp.* 208 4,366
Chemed Corp. 444 21,738
Corvel Corp.* 136 4,114
Cross Country Healthcare, Inc.* 248 4,521
Genesis HealthCare Corp.* 252 15,904
Gentiva Health Services, Inc.* 272 5,486
HealthExtras, Inc.* 360 10,361
HMS Holdings Corp.* 232 5,081
Horizon Health Corp.* 248 4,848
inVentiv Health, Inc.* 608 23,280
Kindred Healthcare, Inc.* 802 26,290
Landauer, Inc. 128 6,461
LCA-Vision, Inc. 356 14,664
LHC Group, Inc.* 200 6,486
Matria Healthcare, Inc.* 192 5,061
Medcath Corp.* 160 4,368
Molina Healthcare, Inc.* 444 13,582
MWI Veterinary Supply, Inc.* 144 4,752
National Healthcare Corp. 196 9,992
Odyssey HealthCare, Inc.* 380 4,989
Option Care, Inc. 504 6,703
Radiation Therapy Services, Inc.* 284 8,702
Res-Care, Inc.* 432 7,560
Sun Healthcare Group, Inc.* 364 4,495
Symbion, Inc.* 232 4,550
-----------
Total Health Care Providers & Services 305,786
-------------------------------------------------------------------------------
Health Care Technology - 0.2%
Eclipsys Corp.* 248 4,779
Omnicell, Inc.* 236 4,937
Trizetto Group* 372 7,444
-----------
Total Health Care Technology 17,160
-------------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 2.5%
AFC Enterprises, Inc.* 280 5,614
Ambassadors Group, Inc. 312 10,371
Ambassadors International, Inc. 112 5,168
BJ's Restaurants, Inc.* 244 5,156
Bluegreen Corp.* 970 10,951
Buffalo Wild Wings, Inc.* 104 6,625
California Pizza Kitchen, Inc.* 204 6,710
Churchill Downs, Inc. 116 5,265
Denny's Corp.* 1,548 7,585
Dover Downs Gaming & Entertainment, Inc. 612 7,883
IHOP Corp. 272 15,953
Interstate Hotels & Resorts, Inc.* 1,042 6,575
Isle of Capri Casinos, Inc.* 176 4,509
Landry's Restaurants, Inc. 344 10,182
Luby's, Inc.* 624 6,096
Marcus Corp. 304 7,071
McCormick & Schmick's Seafood Restaurants, Inc.* 192 5,148
Monarch Casino & Resort, Inc.* 292 7,592
O'Charleys, Inc.* 224 4,321
Papa John's International, Inc.* 640 18,815
Peet's Coffee & Tea, Inc.* 188 5,193
PF Chang's China Bistro, Inc.* 292 12,229
Rare Hospitality International, Inc.* 456 13,721
Red Robin Gourmet Burgers, Inc.* 236 9,162
Ruth's Chris Steak House* 268 5,456
Shuffle Master, Inc.* 192 3,504
Steak N Shake Co. (The)* 524 8,787
Texas Roadhouse, Inc. Class A* 738 10,517
WMS Industries, Inc.* 304 11,929
-----------
Total Hotels, Restaurants & Leisure 238,088
-------------------------------------------------------------------------------
Household Durables - 3.9%
Avatar Holdings, Inc.* 412 29,433
Blyth, Inc. 822 17,352
Brookfield Homes Corp. 1,916 61,505
California Coastal Communities, Inc.* 412 8,359
Champion Enterprises, Inc.* 5,054 44,475
CSS Industries, Inc. 200 7,496
Furniture Brands International, Inc. 1,432 22,597
Hooker Furniture Corp. 300 6,015
Kimball International, Inc. Class B 324 6,247
La-Z-Boy, Inc. 388 4,803
Levitt Corp. Class A 352 3,277
Lifetime Brands, Inc. 252 5,264
M/I Homes, Inc. 786 20,868
National Presto Industries, Inc. 144 8,876
Orleans Homebuilders, Inc. 1,198 10,602
Palm Harbor Homes, Inc.* 392 5,621
Skyline Corp. 132 4,454
Stanley Furniture Co., Inc. 288 5,990
Tarragon Corp. 1,990 20,636
Technical Olympic USA, Inc. 7,414 29,582
Universal Electronics, Inc.* 232 6,464
WCI Communities, Inc.* 2,134 45,541
-----------
Total Household Durables 375,457
-------------------------------------------------------------------------------
Household Products - 0.1%
WD-40 Co. 272 8,625
-------------------------------------------------------------------------------
Industrial Conglomerates - 0.2%
Raven Industries, Inc. 296 8,303
Standex International Corp. 224 6,386
Tredegar Corp. 348 7,931
-----------
Total Industrial Conglomerates 22,620
-------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 51
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Insurance - 5.7%
Affirmative Insurance Holdings, Inc. 296 $ 5,121
American Equity Investment Life Holding Co. 1,580 20,745
American Physicians Capital, Inc.* 320 12,826
Argonaut Group, Inc.* 862 27,894
Baldwin & Lyons, Inc. Class B 332 8,449
Bristol West Holdings, Inc. 850 18,845
CNA Surety Corp.* 1,206 25,447
Crawford & Co. Class B 1,054 6,113
Direct General Corp. 412 8,759
Donegal Group Inc. Class A 624 10,596
EMC Insurance Group, Inc. 548 14,138
First Acceptance Corp.* 710 7,434
Fpic Insurance Group, Inc.* 276 12,329
Great American Financial Resources, Inc. 734 17,968
Harleysville Group, Inc. 694 22,548
Horace Mann Educators Corp. 1,352 27,784
Infinity Property & Casualty Corp. 644 30,178
James River Group, Inc. 380 11,898
LandAmerica Financial Group, Inc. 608 44,937
Meadowbrook Insurance Group, Inc.* 706 7,759
Midland Co. (The) 476 20,192
National Interstate Corp. 412 10,613
National Western Life Insurance Co. Class A 100 24,480
Navigators Group, Inc.* 460 23,078
NYMAGIC, Inc. 272 11,111
PMA Capital Corp. Class A* 532 4,995
Presidential Life Corp. 666 13,134
ProCentury Corp. 248 5,754
Safety Insurance Group, Inc. 722 28,967
SeaBright Insurance Holdings, Inc.* 576 10,598
Stewart Information Services Corp. 316 13,206
Tower Group, Inc. 336 10,826
Universal American Financial Corp.* 870 16,861
USI Holdings Corp.* 488 8,223
-----------
Total Insurance 543,806
-------------------------------------------------------------------------------
Internet & Catalog Retail - 0.5%
1-800-FLOWERS.COM, Inc. Class A* 658 5,119
Blue Nile, Inc.* 124 5,042
FTD Group, Inc. 504 8,331
Gaiam, Inc. Class A* 396 6,233
Stamps.com, Inc.* 344 4,943
Systemax, Inc.* 846 15,846
-----------
Total Internet & Catalog Retail 45,514
-------------------------------------------------------------------------------
Internet Software & Services - 1.3%
Bankrate, Inc.* 116 4,088
CMGI, Inc.* 3,626 7,687
CyberSource Corp.* 404 5,054
Earthlink, Inc.* 2,628 19,315
eCollege.com, Inc.* 288 5,170
Imergent, Inc. 1,448 28,177
Knot, Inc. (The)* 204 4,392
Netratings, Inc.* 236 4,909
Openwave Systems, Inc.* 564 4,597
Perficient, Inc.* 252 4,985
Sohu.com, Inc.* 364 7,801
Travelzoo, Inc.* 144 5,295
United Online, Inc. 1,054 14,788
Vignette Corp.* 264 4,902
-----------
Total Internet Software & Services 121,160
-------------------------------------------------------------------------------
IT Services - 1.2%
Ciber, Inc.* 998 7,854
Covansys Corp.* 532 13,129
Forrester Research, Inc.* 180 5,105
Gevity HR, Inc. 500 9,870
Heartland Payment Systems, Inc. 296 6,997
Infocrossing, Inc.* 288 4,283
infoUSA, Inc. 766 7,369
Keane Inc.* 652 8,854
Lightbridge, Inc.* 308 5,412
MAXIMUS, Inc. 164 5,655
Ness Technologies, Inc.* 448 5,725
Sapient Corp.* 810 5,557
SYKES Enterprises, Inc.* 632 11,528
TALX Corp. 376 12,457
Tyler Technologies, Inc.* 352 4,470
-----------
Total IT Services 114,265
-------------------------------------------------------------------------------
Leisure Equipment & Products - 1.0%
Arctic Cat, Inc. 340 6,627
Callaway Golf Co. 336 5,295
Cybex International, Inc.* 1,122 5,980
Jakks Pacific, Inc.* 842 20,125
K2, Inc.* 842 10,180
Marine Products Corp. 588 5,627
MarineMax, Inc.* 480 11,126
Nautilus, Inc. 388 5,987
RC2 Corp.* 396 15,994
Smith & Wesson Holding Corp.* 380 4,974
-----------
Total Leisure Equipment & Products 91,915
-------------------------------------------------------------------------------
Life Sciences Tools & Services - 0.4%
Bruker BioSciences Corp.* 616 6,480
Kendle International, Inc.* 184 6,536
Parexel International Corp.* 308 11,079
PharmaNet Development Group, Inc.* 232 6,032
PRA International* 356 7,675
-----------
Total Life Sciences Tools & Services 37,802
-------------------------------------------------------------------------------
Machinery - 4.4%
Accuride Corp.* 1,864 27,215
Albany International Corp. Class A 730 26,236
American Science & Engineering, Inc.* 108 5,688
Ampco-Pittsburgh Corp. 224 6,471
Astec Industries, Inc.* 336 13,524
ASV, Inc.* 496 7,569
See Notes to Financial Statements.
52 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Badger Meter, Inc. 164 $ 4,354
Barnes Group, Inc. 914 21,031
Blount International, Inc.* 2,174 27,066
Cascade Corp. 260 15,569
CIRCOR International, Inc. 204 7,283
Columbus McKinnon Corp.* 882 19,748
Commercial Vehicle Group, Inc.* 906 18,664
Dynamic Materials Corp. 184 6,020
EnPro Industries, Inc.* 572 20,621
Federal Signal Corp. 790 12,261
Flow International Corp.* 436 4,683
Freightcar America, Inc. 690 33,238
Gehl Co.* 360 9,137
Gorman-Rupp Co. (The) 212 6,790
Greenbrier Cos., Inc. 372 9,932
Hurco Cos., Inc.* 196 8,399
Kadant, Inc.* 192 4,869
Kaydon Corp. 552 23,493
LB Foster Co. Class A* 188 3,875
Lindsay Corp. 144 4,578
Middleby Corp.* 124 16,348
Miller Industries, Inc.* 332 7,241
RBC Bearings, Inc.* 272 9,093
Robbins & Myers, Inc. 120 4,475
Sun Hydraulics Corp. 228 6,094
Tennant Co. 300 9,447
Titan International, Inc. 228 5,775
Twin Disc, Inc. 152 6,490
Wabash National Corp. 734 11,318
-----------
Total Machinery 424,595
-------------------------------------------------------------------------------
Media - 1.6%
Citadel Broadcasting Corp. 1,692 16,091
Courier Corp. 236 9,221
Entercom Communications Corp. Class A 504 14,203
Fisher Communications, Inc.* 116 5,638
Harris Interactive, Inc.* 962 5,801
Journal Communications, Inc. Class A 632 8,286
Journal Register Co. 1,198 7,140
Media General, Inc. Class A 484 18,468
Playboy Enterprises, Inc. Class B* 440 4,528
Radio One, Inc. Class D* 1,222 7,894
Salem Communications Holding Corp. Class A* 396 4,950
Sinclair Broadcast Group, Inc. Class A 1,174 18,138
Valassis Communications, Inc.* 1,074 18,462
Westwood One, Inc. 1,924 13,218
-----------
Total Media 152,038
-------------------------------------------------------------------------------
Metals & Mining - 2.1%
A.M. Castle & Co. 588 17,264
AMCOL International Corp. 520 15,418
Brush Engineered Materials, Inc.* 192 9,306
Compass Minerals International, Inc. 372 12,425
Gibraltar Industries, Inc. 770 17,417
Hecla Mining Co.* 678 6,143
Mesabi Trust 264 6,204
Metal Management, Inc. 802 37,052
NN, Inc. 388 4,846
Northwest Pipe Co.* 136 5,417
Olympic Steel, Inc. 492 15,247
Royal Gold, Inc. 148 4,455
Ryerson, Inc. 978 38,749
Steel Technologies, Inc. 276 8,164
Universal Stainless & Alloy* 160 7,595
-----------
Total Metals & Mining 205,702
-------------------------------------------------------------------------------
Multiline Retail - 0.3%
99 Cents Only Stores* 320 4,714
Fred's, Inc. 702 10,319
Tuesday Morning Corp. 842 12,495
-----------
Total Multiline Retail 27,528
-------------------------------------------------------------------------------
Multi-Utilities - 0.2%
CH Energy Group, Inc. 356 17,334
-------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 2.7%
Adams Resources & Energy, Inc. 176 6,452
Alpha Natural Resources, Inc.* 1,612 25,196
Arena Resources, Inc.* 152 7,618
Atlas America, Inc.* 200 11,298
Bois d'Arc Energy, Inc.* 1,202 15,902
Brigham Exploration Co.* 1,058 6,581
Callon Petroleum Co.* 742 10,069
Carrizo Oil & Gas, Inc.* 280 9,789
Clayton Williams Energy, Inc.* 232 6,582
Enbridge Energy Management LLC.* 216 11,666
Exploration Co. of Delaware, Inc. (The)* 416 4,514
Giant Industries, Inc.* 240 18,156
GMX Resources, Inc.* 136 4,179
Goodrich Petroleum Corp.* 216 7,264
Gulfport Energy Corp.* 448 5,985
Markwest Hydrocarbon, Inc. 92 5,704
NGP Capital Resources Co. 312 4,933
Parallel Petroleum Corp.* 400 9,180
Petroleum Development Corp.* 220 11,785
Petroquest Energy, Inc.* 758 8,861
Stone Energy Corp.* 524 15,558
Toreador Resources Corp.* 196 3,557
USEC, Inc.* 2,286 37,147
Vaalco Energy, Inc.* 1,688 8,744
Westmoreland Coal Co.* 232 4,675
-----------
Total Oil, Gas & Consumable Fuels 261,395
-------------------------------------------------------------------------------
Paper & Forest Products - 0.2%
Deltic Timber Corp. 96 4,604
Mercer International, Inc.* 548 6,554
Wausau Paper Corp. 336 4,825
-----------
Total Paper & Forest Products 15,983
-------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 53
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Personal Products - 0.7%
American Oriental Bioengineering, Inc.* 608 $ 5,709
Chattem, Inc.* 156 9,195
Elizabeth Arden, Inc.* 516 11,259
Inter Parfums, Inc. 268 5,628
Mannatech, Inc. 778 12,495
Playtex Products, Inc.* 348 4,722
Prestige Brands Holdings, Inc.* 762 9,030
USANA Health Sciences, Inc.* 220 10,311
-----------
Total Personal Products 68,349
-------------------------------------------------------------------------------
Pharmaceuticals - 0.7%
Bradley Pharmaceuticals, Inc.* 228 4,375
Noven Pharmaceuticals, Inc.* 180 4,176
Pain Therapeutics, Inc.* 580 4,547
Salix Pharmaceuticals Ltd.* 348 4,385
Sciele Pharma, Inc.* 624 14,776
Viropharma, Inc.* 2,628 37,712
-----------
Total Pharmaceuticals 69,971
-------------------------------------------------------------------------------
Real Estate Investment Trusts - 1.7%
Acadia Realty Trust 220 5,735
American Campus Communities, Inc. 152 4,604
Ashford Hospitality Trust, Inc. 384 4,585
Cedar Shopping Centers, Inc. 296 4,795
Equity Inns, Inc. 296 4,848
Feldman Mall Properties, Inc. 556 6,750
First Potomac Realty Trust 156 4,457
Getty Realty Corp. 444 12,761
Glimcher Realty Trust 168 4,539
Highland Hospitality Corp. 316 5,625
Innkeepers USA Trust 372 6,056
Investors Real Estate Trust 770 8,154
Kite Realty Group Trust 272 5,426
LTC Properties, Inc. 324 8,395
Medical Properties Trust, Inc. 694 10,195
National Health Investors, Inc. 512 16,046
Omega Healthcare Investors, Inc. 698 11,971
Parkway Properties, Inc. 88 4,598
Ramco-Gershenson Properties Trust 136 4,857
Saul Centers, Inc. 136 7,738
Universal Health Realty Income Trust 276 9,867
Urstadt Biddle Properties, Inc. Class A 260 5,086
Winthrop Realty Trust 1,396 9,228
-----------
Total Real Estate Investment Trusts 166,316
-------------------------------------------------------------------------------
Real Estate Management & Development - 0.1%
Consolidated-Tomoka Land Co. 64 4,829
ZipRealty, Inc.* 798 5,650
-----------
Total Real Estate Management & Development 10,479
-------------------------------------------------------------------------------
Road & Rail - 1.4%
Arkansas Best Corp. 842 29,934
Celadon Group, Inc.* 424 7,081
Dollar Thrifty Automotive Group, Inc.* 356 18,170
Genesee & Wyoming, Inc. Class A* 176 4,683
Marten Transport Ltd.* 456 7,241
Old Dominion Freight Line, Inc.* 894 25,756
P.A.M. Transportation Services, Inc.* 252 5,196
Patriot Transportation Holding Inc.* 60 5,377
Quality Distribution, Inc.* 1,142 9,878
Saia, Inc.* 348 8,265
Universal Truckload Services, Inc.* 292 7,069
U.S. Xpress Enterprises, Inc. Class A* 352 6,076
USA Truck, Inc.* 284 4,413
-----------
Total Road & Rail 139,139
-------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 2.7%
Actel Corp.* 308 5,088
Advanced Energy Industries, Inc.* 814 17,127
AMIS Holdings, Inc.* 838 9,176
Axcelis Technologies, Inc. 818 6,250
Brooks Automation, Inc.* 580 9,947
Cabot Microelectronics Corp.* 324 10,857
Cirrus Logic, Inc.* 1,400 10,724
Cohu, Inc. 392 7,370
Diodes, Inc.* 380 13,243
DSP Group, Inc.* 372 7,068
Exar Corp.* 380 5,031
Intevac, Inc.* 408 10,759
IXYS Corp.* 1,146 11,724
Kulicke & Soffa Industries, Inc.* 3,008 27,823
Mattson Technology, Inc.* 644 5,860
Micrel, Inc.* 1,090 12,012
MIPS Technologies, Inc.* 144 1,286
Monolithic Power Systems, Inc.* 364 4,696
Netlogic Microsystems, Inc.* 204 5,430
Omnivision Technologies, Inc.* 1,744 22,601
Photronics Inc.* 520 8,086
Rudolph Technologies, Inc.* 308 5,372
Semtech Corp.* 568 7,657
Silicon Image, Inc.* 698 5,696
Silicon Storage Technology, Inc.* 1,316 6,488
Standard Microsystems Corp.* 264 8,063
Supertex, Inc.* 152 5,048
Triquint Semiconductor, Inc.* 1,006 5,030
Veeco Instruments, Inc.* 248 4,836
-----------
Total Semiconductors & Semiconductor Equipment 260,348
-------------------------------------------------------------------------------
Software - 1.8%
Advent Software, Inc.* 136 4,742
Altiris, Inc.* 148 4,871
Ansoft Corp.* 208 6,581
Aspen Technology, Inc.* 392 5,096
Blackboard, Inc.* 148 4,977
Concur Technologies, Inc.* 738 12,885
Epicor Software Corp.* 520 7,233
EPIQ Systems, Inc.* 726 14,797
i2 Technologies, Inc.* 612 14,688
See Notes to Financial Statements.
54 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Informatica Corp.* 830 $ 11,147
Kronos, Inc.* 376 20,117
MSC.Software Corp.* 320 4,400
Progress Software Corp.* 232 7,238
Quality Systems, Inc.* 228 9,120
Radiant Systems, Inc.* 488 6,359
Renaissance Learning, Inc. 336 4,425
Smith Micro Software, Inc.* 396 7,377
SPSS, Inc.* 184 6,642
Ultimate Software Group, Inc.* 196 5,133
VASCO Data Security International, Inc.* 336 6,004
Wind River Systems, Inc.* 448 4,453
Witness Systems, Inc.* 184 4,959
-----------
Total Software 173,244
-------------------------------------------------------------------------------
Specialty Retail - 3.5%
A.C. Moore Arts & Crafts, Inc.* 244 5,207
America's Car-Mart, Inc.* 448 5,985
Asbury Automotive Group, Inc. 846 23,899
Big 5 Sporting Goods Corp. 376 9,746
Blockbuster, Inc. Class A* 3,278 21,109
Buckle, Inc. (The) 468 16,708
Build-A-Bear Workshop, Inc.* 276 7,582
Cache, Inc.* 216 3,834
Casual Male Retail Group, Inc.* 384 4,543
Cato Corp. (The) Class A 674 15,765
Charlotte Russe Holding, Inc.* 380 10,971
Christopher & Banks Corp. 628 12,227
Citi Trends, Inc.* 140 5,984
Conn's, Inc.* 604 14,949
DEB Shops, Inc. 296 8,016
Finish Line, Inc. (The) Class A 974 12,272
Genesco, Inc.* 532 22,093
Haverty Furniture Cos., Inc. 336 4,704
Hibbett Sports, Inc.* 312 8,920
HOT Topic, Inc.* 460 5,106
JOS A Bank Clothiers, Inc.* 384 13,574
Lithia Motors, Inc. Class A 524 14,363
Monro Muffler, Inc. 188 6,599
New York & Co., Inc.* 854 13,485
Select Comfort Corp.* 950 16,910
Shoe Carnival, Inc.* 216 7,193
Stage Stores, Inc. 632 14,732
Stein Mart, Inc. 790 12,893
United Retail Group, Inc.* 682 8,198
Zumiez, Inc.* 160 6,419
-----------
Total Specialty Retail 333,986
-------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 1.6%
Cherokee, Inc. 140 6,028
Deckers Outdoor Corp.* 176 12,500
Hartmarx Corp.* 738 5,461
Iconix Brand Group, Inc.* 440 8,976
Kellwood Co. 280 8,212
Kenneth Cole Productions, Inc. Class A 328 8,420
Maidenform Brands, Inc.* 408 9,413
Movado Group, Inc. 368 10,838
Oxford Industries, Inc. 320 15,820
Perry Ellis International, Inc.* 208 6,654
Steven Madden Ltd.* 396 11,563
Stride Rite Corp. 652 10,034
True Religion Apparel, Inc.* 512 8,315
UniFirst Corp. 328 12,585
Volcom, Inc.* 296 10,171
Xerium Technologies, Inc. 1,290 10,346
-----------
Total Textiles, Apparel & Luxury Goods 155,336
-------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 4.0%
Accredited Home Lenders Holding Co.* 1,628 15,092
Anchor Bancorp Wisconsin, Inc. 484 13,721
Bank Mutual Corp. 568 6,458
BankAtlantic Bancorp, Inc. Class A 368 4,033
BankUnited Financial Corp. Class A 1,006 21,337
Berkshire Hills Bancorp, Inc. 144 4,846
Brookline Bancorp, Inc. 488 6,183
Citizens First Bancorp, Inc. 172 3,918
City Bank/Lynnwood WA 216 6,936
Clifton Savings Bancorp, Inc. 400 4,776
Coastal Financial Corp. 436 6,815
Delta Financial Corp. 866 7,162
Dime Community Bancshares, Inc. 714 9,446
Federal Agricultural Mortgage Corp. Class C 336 9,139
First Busey Corp. 396 8,486
First Financial Holdings, Inc. 212 7,335
First Place Financial Corp. 328 7,036
FirstFed Financial Corp.* 616 35,007
Flagstar Bancorp, Inc. 1,940 23,183
Flushing Financial Corp. 420 6,817
Franklin Bank Corp.* 376 6,719
ITLA Capital Corp. 136 7,075
KNBT Bancorp, Inc. 436 6,427
OceanFirst Financial Corp. 244 4,233
Ocwen Financial Corp.* 4,096 52,715
Partners Trust Financial Group, Inc. 702 8,024
PennFed Financial Services, Inc. 236 5,114
PFF Bancorp, Inc. 536 16,257
Provident Financial Holdings, Inc. 172 4,733
Provident New York Bancorp 420 5,943
TierOne Corp. 400 10,816
Triad Guaranty, Inc.* 412 17,061
TrustCo Bank Corp. 1,332 12,761
United Community Financial Corp. 624 6,895
WSFS Financial Corp. 148 9,543
-----------
Total Thrifts & Mortgage Finance 382,042
-------------------------------------------------------------------------------
Tobacco - 0.1%
Vector Group Ltd. 460 8,607
-------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 55
Schedule of Investments (concluded)
WisdomTree SmallCap Earnings Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Trading Companies & Distributors - 0.8%
Beacon Roofing Supply, Inc.* 846 $ 13,688
BlueLinx Holdings, Inc. 1,138 11,949
Electro Rent Corp.* 436 6,278
Interline Brands, Inc.* 404 8,856
Kaman Corp. 444 10,350
Lawson Products, Inc. 120 4,546
Nuco2, Inc.* 204 5,145
Rush Enterprises, Inc. Class A* 1,006 19,325
-----------
Total Trading Companies & Distributors 80,137
-------------------------------------------------------------------------------
Water Utilities - 0.3%
American States Water Co. 192 7,079
California Water Service Group. 192 7,357
SJW Corp. 196 7,934
Southwest Water Co. 376 5,422
-----------
Total Water Utilities 27,792
-------------------------------------------------------------------------------
Wireless Telecommunication Services - 0.2%
Syniverse Holdings, Inc.* 1,082 11,404
USA Mobility, Inc. 560 11,161
-----------
Total Wireless Telecommunication Services 22,565
-------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 99.5%
(Cost: $9,768,059) 9,558,821
Cash and Other Assets in Excess of Liabilities - 0.5% 48,138
-----------
NET ASSETS - 100.0% $ 9,606,959
===============================================================================
* Non-income producing security.
See Notes to Financial Statements.
56 WisdomTree Domestic Earnings Funds
Schedule of Investments
WisdomTree Earnings Top 100 Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.9%
Aerospace & Defense - 2.3%
Honeywell International, Inc. 4,050 $ 186,543
Lockheed Martin Corp. 2,105 204,227
Raytheon Co. 3,380 177,315
-----------
Total Aerospace & Defense 568,085
-------------------------------------------------------------------------------
Auto Components - 0.9%
Johnson Controls, Inc. 2,228 210,813
-------------------------------------------------------------------------------
Building Products - 0.9%
Masco Corp. 8,425 230,845
-------------------------------------------------------------------------------
Capital Markets - 4.5%
Bear, Stearns & Co., Inc. (The) 2,020 303,707
Goldman Sachs Group, Inc. 1,499 309,738
Merrill Lynch & Co., Inc. 2,468 201,562
Morgan Stanley 3,630 285,899
-----------
Total Capital Markets 1,100,906
-------------------------------------------------------------------------------
Chemicals - 2.8%
Dow Chemical Co. (The) 6,435 295,109
PPG Industries, Inc. 3,060 215,149
Rohm & Haas Co. 3,470 179,468
-----------
Total Chemicals 689,726
-------------------------------------------------------------------------------
Commercial Banks - 9.6%
BB&T Corp. 4,770 195,665
Fifth Third Bancorp 4,700 181,843
KeyCorp 6,290 235,686
M&T Bank Corp. 1,480 171,428
Marshall & Ilsley Corp. 4,060 188,019
National City Corp. 6,510 242,498
PNC Financial Services Group, Inc. (The) 4,830 347,615
SunTrust Banks, Inc. 2,350 195,144
U.S. Bancorp 6,300 220,311
Wachovia Corp. 3,400 187,170
Wells Fargo & Co. 5,891 202,827
-----------
Total Commercial Banks 2,368,206
-------------------------------------------------------------------------------
Communications Equipment - 0.6%
Motorola, Inc. 8,741 154,453
-------------------------------------------------------------------------------
Computers & Peripherals - 0.7%
International Business Machines Corp. 1,938 182,676
-------------------------------------------------------------------------------
Consumer Finance - 2.1%
Capital One Financial Corp. 3,953 298,294
SLM Corp. 5,138 210,144
-----------
Total Consumer Finance 508,438
-------------------------------------------------------------------------------
Diversified Financial Services - 4.3%
Bank of America Corp. 4,561 232,702
CIT Group, Inc. 5,475 289,737
Citigroup, Inc. 5,494 282,062
JPMorgan Chase & Co. 5,262 254,576
-----------
Total Diversified Financial Services 1,059,077
-------------------------------------------------------------------------------
Diversified Telecommunication Services - 0.8%
Verizon Communications, Inc. 4,935 187,135
-------------------------------------------------------------------------------
Electric Utilities - 1.8%
Edison International 4,660 228,946
PPL Corp. 5,070 207,363
-----------
Total Electric Utilities 436,309
-------------------------------------------------------------------------------
Energy Equipment & Services - 1.7%
BJ Services Co. 7,200 200,880
Halliburton Co. 6,780 215,197
-----------
Total Energy Equipment & Services 416,077
-------------------------------------------------------------------------------
Food & Staples Retailing - 0.9%
Kroger Co. (The) 7,707 217,723
-------------------------------------------------------------------------------
Food Products - 0.9%
Archer-Daniels-Midland Co. 6,009 220,530
-------------------------------------------------------------------------------
Health Care Providers & Services - 2.8%
Aetna, Inc. 4,990 218,512
Cigna Corp. 1,977 282,039
WellPoint, Inc.* 2,377 192,775
-----------
Total Health Care Providers & Services 693,326
-------------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 0.9%
Starwood Hotels & Resorts Worldwide, Inc. 3,449 223,668
-------------------------------------------------------------------------------
Household Durables - 0.7%
Fortune Brands, Inc. 2,125 167,493
-------------------------------------------------------------------------------
Independent Power Producers & Energy - 1.2%
TXU Corp. 4,757 304,924
-------------------------------------------------------------------------------
Insurance - 12.6%
Allstate Corp. (The) 5,370 322,523
American Family Life Assurance Co., Inc. 4,130 194,358
American International Group, Inc. 2,660 178,805
Chubb Corp. (The) 5,860 302,786
Genworth Financial, Inc. Class A 7,300 255,062
Hartford Financial Services Group, Inc. (The) 3,312 316,561
Lincoln National Corp. 2,820 191,168
Loews Corp. 4,980 226,241
Metlife, Inc. 4,080 257,652
Principal Financial Group, Inc. 3,100 185,597
Progressive Corp. (The) 10,810 235,874
Prudential Financial, Inc. 2,243 202,453
Travelers Cos., Inc. (The) 4,730 244,872
-----------
Total Insurance 3,113,952
-------------------------------------------------------------------------------
Machinery - 6.0%
Caterpillar, Inc. 4,240 284,207
Deere & Co. 1,990 216,194
Eaton Corp. 3,090 258,200
Illinois Tool Works, Inc. 3,880 200,208
Paccar, Inc. 3,870 284,058
Parker Hannifin Corp. 2,780 239,942
-----------
Total Machinery 1,482,809
-------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 57
Schedule of Investments (concluded)
WisdomTree Earnings Top 100 Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Media - 2.1%
Gannett Co., Inc. 3,643 $ 205,064
News Corp. Class A 13,694 316,606
-----------
Total Media 521,670
-------------------------------------------------------------------------------
Metals & Mining - 5.3%
Alcoa, Inc. 7,210 244,419
Freeport-McMoRan Copper & Gold Inc. Class B 5,654 374,238
Nucor Corp. 4,518 294,257
Southern Copper Corp. 5,650 404,880
-----------
Total Metals & Mining 1,317,794
-------------------------------------------------------------------------------
Multiline Retail - 0.8%
J.C. Penney Co., Inc. 2,301 189,050
-------------------------------------------------------------------------------
Multi-Utilities - 2.0%
PG&E Corp. 4,220 203,699
Sempra Energy 4,885 298,034
-----------
Total Multi-Utilities 501,733
-------------------------------------------------------------------------------
Office Electronics - 0.9%
Xerox Corp.* 13,391 226,174
-------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 19.8%
Anadarko Petroleum Corp. 9,260 397,995
Apache Corp. 5,111 361,348
Chesapeake Energy Corp. 11,690 360,987
Chevron Corp. 4,290 317,288
ConocoPhillips 5,800 396,430
Devon Energy Corp. 4,070 281,725
EOG Resources, Inc. 3,730 266,098
Exxon Mobil Corp. 3,300 248,985
Hess Corp. 7,214 400,161
Marathon Oil Corp. 4,630 457,583
Murphy Oil Corp. 3,830 204,522
Occidental Petroleum Corp. 5,990 295,367
Valero Energy Corp. 8,720 562,352
XTO Energy, Inc. 5,920 324,475
-----------
Total Oil, Gas & Consumable Fuels 4,875,316
-------------------------------------------------------------------------------
Pharmaceuticals - 0.7%
Wyeth 3,638 182,009
-------------------------------------------------------------------------------
Real Estate Investment Trusts - 0.8%
Boston Properties, Inc. 1,710 200,754
-------------------------------------------------------------------------------
Road & Rail - 2.6%
Burlington Northern Santa Fe Corp. 2,643 212,576
CSX Corp. 5,898 236,215
Norfolk Southern Corp. 3,930 198,858
-----------
Total Road & Rail 647,649
-------------------------------------------------------------------------------
Specialty Retail - 1.6%
Home Depot, Inc. 5,680 208,683
Lowe's Cos., Inc. 6,297 198,293
-----------
Total Specialty Retail 406,976
-------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 1.9%
Countrywide Financial Corp. 8,090 272,148
Washington Mutual, Inc. 4,930 199,073
-----------
Total Thrifts & Mortgage Finance 471,221
-------------------------------------------------------------------------------
Tobacco - 2.4%
Altria Group, Inc. 2,200 193,182
Reynolds American, Inc. 6,288 392,434
-----------
Total Tobacco 585,616
-------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 99.9%
(Cost: $24,996,554) 24,663,133
Other Assets in Excess of Liabilities - 0.1% 24,670
-----------
NET ASSETS - 100.0% $24,687,803
===============================================================================
* Non-income producing security.
See Notes to Financial Statements.
58 WisdomTree Domestic Earnings Funds
Schedule of Investments
WisdomTree Low P/E Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.9%
Aerospace & Defense - 1.8%
Alliant Techsystems, Inc.* 140 $ 12,309
Armor Holdings, Inc.* 190 12,793
BE Aerospace, Inc.* 420 13,314
Ceradyne, Inc.* 230 12,590
Goodrich Corp. 480 24,710
Hexcel Corp.* 650 12,903
Honeywell International, Inc. 2,320 106,859
Lockheed Martin Corp. 1,229 119,238
Northrop Grumman Corp. 950 70,509
Raytheon Co. 1,270 66,624
-----------
Total Aerospace & Defense 451,849
-------------------------------------------------------------------------------
Airlines - 0.1%
Continental Airlines, Inc. Class B* 300 10,917
Skywest, Inc. 460 12,342
-----------
Total Airlines 23,259
-------------------------------------------------------------------------------
Auto Components - 0.6%
ArvinMeritor, Inc. 620 11,315
Autoliv, Inc. 335 19,132
BorgWarner, Inc. 228 17,196
Goodyear Tire & Rubber Co. (The)* 780 24,328
Johnson Controls, Inc. 570 53,933
TRW Automotive Holdings Corp.* 440 15,321
-----------
Total Auto Components 141,225
-------------------------------------------------------------------------------
Automobiles - 0.1%
Thor Industries, Inc. 313 12,329
-------------------------------------------------------------------------------
Beverages - 0.1%
Pepsi Bottling Group, Inc. 700 22,323
PepsiAmericas, Inc. 570 12,722
-----------
Total Beverages 35,045
-------------------------------------------------------------------------------
Biotechnology - 0.1%
ImClone Systems, Inc.* 757 30,863
-------------------------------------------------------------------------------
Building Products - 0.3%
Lennox International, Inc. 350 12,495
Masco Corp. 1,480 40,552
Simpson Manufacturing Co., Inc. 370 11,411
USG Corp.* 300 14,004
-----------
Total Building Products 78,462
-------------------------------------------------------------------------------
Capital Markets - 5.3%
AG Edwards, Inc. 210 14,528
Allied Capital Corp. 790 22,760
American Capital Strategies Ltd. 700 31,017
Apollo Investment Corp. 530 11,342
Bear, Stearns & Cos., Inc. (The) 560 84,196
Goldman Sachs Group, Inc. 1,870 386,398
Knight Capital Group, Inc. Class A* 700 11,088
LaBranche & Co., Inc.* 1,834 14,965
Lehman Brothers Holdings, Inc. 2,300 161,161
Merrill Lynch & Co., Inc. 2,650 216,426
Morgan Stanley 4,280 337,093
-----------
Total Capital Markets 1,290,974
-------------------------------------------------------------------------------
Chemicals - 1.6%
Celanese Corp. Series A 570 17,579
Dow Chemical Co. (The) 3,920 179,770
Eastman Chemical Co. 320 20,266
Huntsman Corp. 820 15,654
Lubrizol Corp. 250 12,883
Lyondell Chemical Co. 1,140 34,166
Olin Corp. 760 12,874
OM Group, Inc.* 250 11,170
PPG Industries, Inc. 530 37,264
Rohm & Haas Co. 650 33,618
Valspar Corp. (The) 440 12,245
Westlake Chemical Corp. 451 12,245
-----------
Total Chemicals 399,734
-------------------------------------------------------------------------------
Commercial Banks - 7.9%
Associated Banc-Corp 440 14,784
BancorpSouth, Inc. 480 11,736
Bank of Hawaii Corp. 240 12,727
BB&T Corp. 1,800 73,836
BOK Financial Corp. 240 11,887
Cathay General Bancorp 360 12,233
Chittenden Corp. 400 12,076
Citizens Banking Corp. 500 11,080
City National Corp. 170 12,512
Colonial BancGroup, Inc. (The) 490 12,128
Comerica, Inc. 620 36,654
Commerce Bancshares, Inc. 250 12,078
Compass Bancshares, Inc. 350 24,080
Cullen/Frost Bankers, Inc. 230 12,036
East West Bancorp, Inc. 330 12,134
Fifth Third Bancorp 1,690 65,386
FirstMerit Corp. 550 11,611
Fulton Financial Corp. 780 11,333
Greater Bay Bancorp 460 12,369
Huntington Bancshares, Inc. 900 19,665
International Bancshares Corp. 430 12,758
KeyCorp 1,490 55,830
M&T Bank Corp. 320 37,066
Marshall & Ilsley Corp. 770 35,659
National City Corp. 2,320 86,420
Pacific Capital Bancorp 380 12,206
Park National Corp. 130 12,282
PNC Financial Services Group, Inc. (The) 1,640 118,031
Sky Financial Group, Inc. 440 11,818
SunTrust Banks, Inc. 1,140 94,666
Synovus Financial Corp. 900 29,106
TCF Financial Corp. 460 12,126
Trustmark Corp. 420 11,777
U.S. Bancorp 6,150 215,066
UnionBanCal Corp. 530 33,613
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 59
Schedule of Investments (continued)
WisdomTree Low P/E Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Wachovia Corp. 5,750 $ 316,537
Wells Fargo & Co. 10,680 367,711
Westamerica Bancorp 250 12,043
Whitney Holding Corp. 380 11,620
Wilmington Trust Corp. 290 12,229
Zions Bancorp. 330 27,892
-----------
Total Commercial Banks 1,928,801
-------------------------------------------------------------------------------
Commercial Services & Supplies - 0.2%
Deluxe Corp. 373 12,507
PHH Corp.* 415 12,682
United Stationers, Inc.* 232 13,902
-----------
Total Commercial Services & Supplies 39,091
-------------------------------------------------------------------------------
Communications Equipment - 0.7%
Arris Group, Inc.* 840 11,827
CommScope, Inc.* 334 14,329
Motorola, Inc. 7,562 133,620
-----------
Total Communications Equipment 159,776
-------------------------------------------------------------------------------
Computers & Peripherals - 1.8%
International Business Machines Corp. 4,299 405,223
Palm, Inc.* 1,120 20,306
Western Digital Corp.* 1,000 16,810
-----------
Total Computers & Peripherals 442,339
-------------------------------------------------------------------------------
Construction Materials - 0.1%
Eagle Materials, Inc. 318 14,192
Florida Rock Industries, Inc. 270 18,169
-----------
Total Construction Materials 32,361
-------------------------------------------------------------------------------
Consumer Finance - 0.9%
AmeriCredit Corp.* 808 18,471
Capital One Financial Corp. 1,420 107,153
CompuCredit Corp.* 360 11,239
First Marblehead Corp. (The) 340 15,263
SLM Corp. 1,470 60,123
Student Loan Corp. (The) 70 13,014
-----------
Total Consumer Finance 225,263
-------------------------------------------------------------------------------
Containers & Packaging - 0.1%
Ball Corp. 310 14,214
Temple-Inland, Inc. 320 19,116
-----------
Total Containers & Packaging 33,330
-------------------------------------------------------------------------------
Diversified Consumer Services - 0.1%
Career Education Corp.* 419 12,780
-------------------------------------------------------------------------------
Diversified Financial Services - 9.9%
Bank of America Corp. 17,270 881,115
CIT Group, Inc. 860 45,511
Citigroup, Inc. 18,080 928,228
JPMorgan Chase & Co. 11,800 570,884
-----------
Total Diversified Financial Services 2,425,738
-------------------------------------------------------------------------------
Diversified Telecommunication Services - 1.5%
CenturyTel, Inc. 340 15,365
Cincinnati Bell, Inc.* 2,550 11,985
Verizon Communications, Inc. 8,118 307,834
Windstream Corp. 1,380 20,272
-----------
Total Diversified Telecommunication Services 355,456
-------------------------------------------------------------------------------
Electric Utilities - 0.8%
Edison International 1,140 56,008
FirstEnergy Corp. 910 60,279
Pinnacle West Capital Corp. 280 13,510
PPL Corp. 1,150 47,035
Sierra Pacific Resources* 750 13,035
Westar Energy, Inc. 450 12,384
-----------
Total Electric Utilities 202,251
-------------------------------------------------------------------------------
Electrical Equipment - 0.1%
Genlyte Group, Inc.* 170 11,994
Regal-Beloit Corp. 270 12,522
-----------
Total Electrical Equipment 24,516
-------------------------------------------------------------------------------
Electronic Equipment & Instruments - 0.3%
Anixter International, Inc.* 209 13,781
Arrow Electronics, Inc.* 490 18,498
Avnet, Inc.* 460 16,624
Benchmark Electronics, Inc.* 550 11,363
Ingram Micro, Inc. Class A* 640 12,358
Vishay Intertechnology, Inc.* 870 12,163
-----------
Total Electronic Equipment & Instruments 84,787
-------------------------------------------------------------------------------
Energy Equipment & Services - 1.6%
BJ Services Co. 1,190 33,201
Diamond Offshore Drilling, Inc. 340 27,523
ENSCO International, Inc. 560 30,464
Global Industries Ltd.* 900 16,461
Grant Prideco, Inc.* 440 21,930
Halliburton Co. 3,840 121,881
Helmerich & Payne, Inc. 480 14,563
Lone Star Technologies, Inc.* 260 17,168
Oil States International, Inc.* 420 13,478
Patterson-UTI Energy, Inc. 1,200 26,928
Rowan Cos., Inc. 400 12,988
RPC, Inc. 750 12,495
SEACOR Holdings, Inc.* 120 11,808
Tidewater, Inc. 240 14,059
Todco* 370 14,922
Unit Corp.* 290 14,671
-----------
Total Energy Equipment & Services 404,540
-------------------------------------------------------------------------------
Food & Staples Retailing - 2.8%
Kroger Co. (The) 1,930 54,523
Rite Aid Corp.* 11,767 67,896
Wal-Mart Stores, Inc. 11,830 555,418
-----------
Total Food & Staples Retailing 677,837
-------------------------------------------------------------------------------
Food Products - 0.4%
Archer-Daniels-Midland Co. 2,201 80,777
Seaboard Corp. 10 22,600
-----------
Total Food Products 103,377
-------------------------------------------------------------------------------
See Notes to Financial Statements.
60 WisdomTree Domestic Earnings Funds
Schedule of Investments (continued)
WisdomTree Low P/E Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Gas Utilities - 0.2%
AGL Resources Inc. 300 $ 12,816
Energen Corp. 260 13,232
Nicor, Inc. 270 13,073
-----------
Total Gas Utilities 39,121
-------------------------------------------------------------------------------
Health Care Equipment & Supplies - 0.1%
Kinetic Concepts, Inc.* 240 12,154
-------------------------------------------------------------------------------
Health Care Providers & Services - 1.5%
Aetna, Inc. 1,840 80,573
Cigna Corp. 410 58,491
Coventry Health Care, Inc.* 490 27,465
Health Net, Inc.* 320 17,219
LifePoint Hospitals, Inc.* 340 12,995
Lincare Holdings, Inc.* 320 11,728
Sierra Health Services, Inc.* 309 12,722
Triad Hospitals, Inc.* 260 13,585
WellPoint, Inc.* 1,782 144,519
-----------
Total Health Care Providers & Services 379,297
-------------------------------------------------------------------------------
Hotels, Restaurants & Leisure - 0.4%
CBRL Group, Inc. 258 11,945
CKE Restaurants, Inc. 640 12,070
Ruby Tuesday, Inc. 364 10,410
Speedway Motorsports, Inc. 308 11,935
Starwood Hotels & Resorts Worldwide, Inc. 780 50,584
-----------
Total Hotels, Restaurants & Leisure 96,944
-------------------------------------------------------------------------------
Household Durables - 2.2%
American Greetings Corp. Class A 510 11,837
Beazer Homes USA, Inc. 483 14,021
Black & Decker Corp. (The) 310 25,302
Centex Corp. 800 33,424
D.R. Horton, Inc. 2,160 47,520
Ethan Allen Interiors, Inc. 330 11,662
Fortune Brands, Inc. 430 33,893
Hovnanian Enterprises, Inc. Class A* 550 13,838
KB Home 610 26,029
Leggett & Platt, Inc. 530 12,015
Lennar Corp. Class A 1,210 51,073
MDC Holdings, Inc. 350 16,825
Meritage Homes Corp.* 443 14,229
Mohawk Industries, Inc.* 260 21,333
NVR, Inc.* 50 33,250
Pulte Homes, Inc. 1,720 45,511
Ryland Group, Inc. (The) 380 16,032
Standard-Pacific Corp. 670 13,983
Stanley Works (The) 260 14,394
Technical Olympic USA, Inc. 2,035 8,120
Tempur-Pedic International, Inc. 500 12,995
Toll Brothers, Inc.* 1,200 32,856
Tupperware Brands Corp. 530 13,213
Whirlpool Corp. 260 22,077
-----------
Total Household Durables 545,432
-------------------------------------------------------------------------------
Household Products - 0.1%
Energizer Holdings, Inc.* 180 15,359
-------------------------------------------------------------------------------
Independent Power Producers & Energy - 0.9%
Mirant Corp.* 1,290 52,193
NRG Energy, Inc.* 500 36,020
TXU Corp. 1,998 128,072
-----------
Total Independent Power Producers & Energy 216,285
-------------------------------------------------------------------------------
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc. 280 12,020
-------------------------------------------------------------------------------
Insurance - 9.9%
21st Century Insurance Group 580 12,296
Alfa Corp. 650 12,012
Alleghany Corp.* 30 11,208
Allstate Corp. (The) 3,500 210,210
AMBAC Financial Group, Inc. 450 38,876
American Family Life Assurance Co., Inc. 1,438 67,672
American Financial Group, Inc. 480 16,339
American International Group, Inc. 7,890 530,366
Assurant, Inc. 600 32,178
Chubb Corp. (The) 2,040 105,407
Cincinnati Financial Corp. 540 22,896
Commerce Group, Inc. 410 12,316
Conseco, Inc.* 620 10,726
Delphi Financial Group, Inc. Class A 320 12,874
Erie Indemnity Co. Class A 230 12,137
First American Corp. 310 15,723
Genworth Financial, Inc. Class A 1,780 62,193
Hanover Insurance Group, Inc. (The) 260 11,991
Hartford Financial Services Group, Inc. (The) 1,330 127,121
HCC Insurance Holdings, Inc. 390 12,012
LandAmerica Financial Group, Inc. 200 14,782
Lincoln National Corp. 840 56,944
Loews Corp. 1,790 81,320
Markel Corp.* 40 19,393
MBIA, Inc. 520 34,055
Mercury General Corp. 230 12,199
Metlife, Inc. 2,970 187,556
Nationwide Financial Services, Inc. Class A 610 32,855
Odyssey Re Holdings Corp. 330 12,972
Ohio Casualty Corp. 390 11,681
Old Republic International Corp. 940 20,793
Philadelphia Consolidated Holding Co.* 290 12,757
Principal Financial Group, Inc. 790 47,297
ProAssurance Corp.* 240 12,276
Progressive Corp. (The) 3,070 66,987
Protective Life Corp. 270 11,891
Prudential Financial, Inc. 1,327 119,775
Reinsurance Group of America, Inc. 250 14,430
RLI Corp. 220 12,085
Safeco Corp. 540 35,872
Selective Insurance Group, Inc. 480 12,221
Stancorp Financial Group, Inc. 260 12,784
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 61
Schedule of Investments (continued)
WisdomTree Low P/E Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Torchmark Corp. 370 $ 24,268
Transatlantic Holdings, Inc. 240 15,629
Travelers Cos., Inc. (The) 2,760 142,885
Unitrin, Inc. 270 12,709
W.R. Berkley Corp. 890 29,477
Zenith National Insurance Corp. 260 12,290
-----------
Total Insurance 2,416,736
-------------------------------------------------------------------------------
Internet Software & Services - 0.1%
VeriSign, Inc.* 876 22,005
-------------------------------------------------------------------------------
IT Services - 0.1%
Wright Express Corp.* 440 13,345
-------------------------------------------------------------------------------
Leisure Equipment & Products - 0.2%
Brunswick Corp. 440 14,014
Mattel, Inc. 1,170 32,257
Polaris Industries, Inc. 260 12,475
-----------
Total Leisure Equipment & Products 58,746
-------------------------------------------------------------------------------
Machinery - 2.8%
Actuant Corp. Class A 250 12,703
Briggs & Stratton Corp. 430 13,266
Caterpillar, Inc. 2,820 189,024
Crane Co. 320 12,934
Cummins, Inc. 280 40,522
Deere & Co. 699 75,939
Eaton Corp. 580 48,465
Gardner Denver, Inc.* 350 12,198
Harsco Corp. 300 13,458
Illinois Tool Works, Inc. 1,625 83,849
Joy Global, Inc. 410 17,589
Lincoln Electric Holdings, Inc. 190 11,316
Paccar, Inc. 1,030 75,602
Parker Hannifin Corp. 450 38,840
Terex Corp.* 280 20,093
Timken Co. (The) 530 16,064
Toro Co. (The) 240 12,298
-----------
Total Machinery 694,160
-------------------------------------------------------------------------------
Media - 1.6%
Belo Corp. Class A 670 12,509
Gannett Co., Inc. 820 46,158
Getty Images, Inc.* 240 11,671
News Corp. Class A 14,410 333,159
-----------
Total Media 403,497
-------------------------------------------------------------------------------
Metals & Mining - 2.9%
A.M. Castle & Co. 458 13,447
AK Steel Holding Corp.* 600 14,034
Alcoa, Inc. 3,522 119,395
Allegheny Technologies, Inc. 344 36,701
Carpenter Technology Corp. 137 16,544
Chaparral Steel Co. 275 15,997
Cleveland-Cliffs, Inc. 280 17,923
Commercial Metals Co. 953 29,877
Freeport-McMoRan Copper & Gold, Inc. 1,257 83,201
Nucor Corp. 1,350 87,926
Quanex Corp. 330 13,976
Reliance Steel & Aluminum Co. 670 32,428
Ryerson, Inc. 273 10,816
Southern Copper Corp. 1,581 113,293
Steel Dynamics, Inc. 500 21,600
United States Steel Corp. 816 80,923
Worthington Industries, Inc. 670 13,789
-----------
Total Metals & Mining 721,870
-------------------------------------------------------------------------------
Multiline Retail - 0.2%
J.C. Penney Co., Inc. 630 51,761
-------------------------------------------------------------------------------
Multi-Utilities - 1.3%
Centerpoint Energy, Inc. 1,300 23,322
DTE Energy Co. 590 28,261
Integrys Energy Group, Inc. 220 12,212
KeySpan Corp. 570 23,456
MDU Resources Group, Inc. 550 15,807
OGE Energy Corp. 310 12,028
PG&E Corp. 1,100 53,097
SCANA Corp. 330 14,246
Sempra Energy 1,120 68,332
TECO Energy, Inc. 730 12,563
Vectren Corp. 440 12,584
Wisconsin Energy Corp. 320 15,526
Xcel Energy, Inc. 1,120 27,653
-----------
Total Multi-Utilities 319,087
-------------------------------------------------------------------------------
Office Electronics - 0.2%
Xerox Corp.* 3,460 58,439
-------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels - 21.7%
Anadarko Petroleum Corp. 3,430 147,421
Apache Corp. 1,800 127,260
Cabot Oil & Gas Corp. 190 12,791
Chesapeake Energy Corp. 2,760 85,229
Chevron Corp. 11,100 820,955
Cimarex Energy Co. 550 20,361
ConocoPhillips 10,470 715,625
Devon Energy Corp. 2,160 149,515
Encore Acquisition Co.* 470 11,369
EOG Resources, Inc. 1,040 74,194
Exxon Mobil Corp. 24,600 1,856,069
Forest Oil Corp.* 380 12,681
Frontier Oil Corp. 570 18,605
Helix Energy Solutions Group, Inc.* 380 14,170
Hess Corp. 1,540 85,424
Holly Corp. 230 13,639
Houston Exploration Co.* 230 12,409
Marathon Oil Corp. 2,550 252,017
Murphy Oil Corp. 630 33,642
Newfield Exploration Co.* 630 26,277
Noble Energy, Inc. 540 32,211
Occidental Petroleum Corp. 4,240 209,074
Overseas Shipholding Group, Inc. 300 18,780
See Notes to Financial Statements.
62 WisdomTree Domestic Earnings Funds
Schedule of Investments (concluded)
WisdomTree Low P/E Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
Penn Virginia Corp. 170 $ 12,478
Pogo Producing Co. 340 16,354
St. Mary Land & Exploration Co. 340 12,471
Sunoco, Inc. 810 57,056
Tesoro Corp. 470 47,202
Valero Energy Corp. 4,790 308,907
W&T Offshore, Inc. 390 11,283
Whiting Petroleum Corp.* 280 11,035
XTO Energy, Inc. 1,790 98,110
-----------
Total Oil, Gas & Consumable Fuels 5,324,614
-------------------------------------------------------------------------------
Paper & Forest Products - 0.0%
Louisiana-Pacific Corp. 580 11,635
-------------------------------------------------------------------------------
Personal Products - 0.0%
Alberto-Culver Co. 530 12,126
-------------------------------------------------------------------------------
Pharmaceuticals - 4.2%
Barr Pharmaceuticals, Inc.* 367 17,010
Merck & Co., Inc. 6,070 268,112
Pfizer, Inc. 22,200 560,773
Wyeth 3,840 192,115
-----------
Total Pharmaceuticals 1,038,010
-------------------------------------------------------------------------------
Real Estate Investment Trusts - 0.2%
Boston Properties, Inc. 320 37,568
Cousins Properties, Inc. 330 10,844
Equity One, Inc. 440 11,660
-----------
Total Real Estate Investment Trusts 60,072
-------------------------------------------------------------------------------
Road & Rail - 1.3%
Amerco, Inc.* 190 13,298
Burlington Northern Santa Fe Corp. 1,160 93,298
Con-way, Inc. 260 12,958
CSX Corp. 1,500 60,075
JB Hunt Transport Services, Inc. 490 12,858
Norfolk Southern Corp. 1,310 66,285
Ryder System, Inc. 240 11,842
Swift Transportation Co., Inc.* 410 12,776
Werner Enterprises, Inc. 650 11,811
YRC Worldwide, Inc.* 390 15,686
-----------
Total Road & Rail 310,887
-------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment - 0.8%
Amkor Technology, Inc.* 1,110 13,853
Lam Research Corp.* 410 19,409
MKS Instruments, Inc.* 529 13,500
ON Semiconductor Corp.* 1,300 11,596
Teradyne, Inc.* 800 13,232
Texas Instruments, Inc. 4,221 127,052
-----------
Total Semiconductors & Semiconductor Equipment 198,642
-------------------------------------------------------------------------------
Specialty Retail - 2.5%
Abercrombie & Fitch Co. Class A 240 18,163
Advance Auto Parts, Inc. 320 12,336
AutoNation, Inc.* 760 16,142
Autozone, Inc.* 230 29,472
Foot Locker, Inc. 540 12,717
Group 1 Automotive, Inc. 230 9,147
Home Depot, Inc. 7,249 266,329
Lowe's Cos., Inc. 4,562 143,657
Men's Wearhouse, Inc. (The) 290 13,645
Pacific Sunwear Of California* 618 12,873
Rent-A-Center, Inc.* 410 11,472
Sherwin-Williams Co. (The) 410 27,076
Sonic Automotive, Inc. Class A 380 10,830
TJX Cos., Inc. (The) 1,210 32,622
-----------
Total Specialty Retail 616,481
-------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods - 0.2%
Jones Apparel Group, Inc. 370 11,370
VF Corp. 330 27,265
-----------
Total Textiles, Apparel & Luxury Goods 38,635
-------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 1.6%
Astoria Financial Corp. 420 11,168
Countrywide Financial Corp. 3,040 102,266
Downey Financial Corp. 180 11,617
First Niagara Financial Group, Inc. 840 11,684
IndyMac Bancorp, Inc. 465 14,903
MAF Bancorp, Inc. 280 11,575
MGIC Investment Corp. 440 25,925
PMI Group, Inc. (The) 430 19,445
Radian Group, Inc. 440 24,147
Washington Federal, Inc. 520 12,199
Washington Mutual, Inc. 3,380 136,485
-----------
Total Thrifts & Mortgage Finance 381,414
-------------------------------------------------------------------------------
Tobacco - 2.8%
Altria Group, Inc. 6,310 554,081
Reynolds American, Inc. 1,930 120,451
-----------
Total Tobacco 674,532
-------------------------------------------------------------------------------
Trading Companies & Distributors - 0.2%
United Rentals, Inc.* 440 12,100
W.W. Grainger, Inc. 260 20,083
Watsco, Inc. 230 11,746
WESCO International, Inc.* 190 11,928
-----------
Total Trading Companies & Distributors 55,857
-------------------------------------------------------------------------------
Wireless Telecommunication Services - 0.4%
Telephone & Data Systems, Inc. 1,570 93,603
-------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 99.9%
(Cost: $25,051,824) 24,508,749
Other Assets in Excess of Liabilities - 0.1% 20,075
-----------
NET ASSETS - 100.0% $24,528,824
===============================================================================
* Non-income producing security.
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 63
Statements of Assets and Liabilities
WisdomTree Domestic Earnings Funds
March 31, 2007
====================================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree
Total Earnings MidCap SmallCap Earnings Top Low
Earnings Fund 500 Fund Earnings Fund Earnings Fund 100 Fund P/E Fund
------------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost: $25,061,911 $19,939,803 $4,999,246 $9,768,059 $24,996,554 $25,051,824
------------------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value 24,486,942 19,497,993 4,865,672 9,558,821 24,663,133 24,508,749
Cash -- 19,469 9,342 42,263 -- --
Receivables:
Dividends 30,043 25,404 3,905 8,950 39,361 32,208
------------------------------------------------------------------------------------------------------------------------------------
Total Assets 24,516,985 19,542,866 4,878,919 9,610,034 24,702,494 24,540,957
====================================================================================================================================
LIABILITIES:
Custodian bank 14,023 -- -- -- 6,827 4,312
Payables:
Investment advisory fees (Note 3) 5,767 4,599 1,557 3,075 7,864 7,821
------------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 19,790 4,599 1,557 3,075 14,691 12,133
====================================================================================================================================
NET ASSETS $24,497,195 $19,538,267 $4,877,362 $9,606,959 $24,687,803 $24,528,824
====================================================================================================================================
NET ASSETS:
Paid-in capital $25,083,251 $19,977,082 $5,009,790 $9,811,939 $25,039,954 $25,066,502
Undistributed net investment income 10,398 8,182 1,689 4,305 14,820 6,749
Accumulated net realized loss on
investments (21,485) (5,187) (543) (47) (33,550) (1,352)
Net unrealized depreciation on
investments (574,969) (441,810) (133,574) (209,238) (333,421) (543,075)
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $24,497,195 $19,538,267 $4,877,362 $9,606,959 $24,687,803 $24,528,824
====================================================================================================================================
Beneficial interest shares of $0.001 par
value (unlimited number of shares
authorized) 500,002 400,002 100,002 200,002 500,002 500,002
------------------------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 48.99 $ 48.85 $ 48.77 $ 48.03 $ 49.38 $ 49.06
====================================================================================================================================
See Notes to Financial Statements.
64 WisdomTree Domestic Earnings Funds
Statements of Operations
WisdomTree Domestic Earnings Funds
For the Period February 23, 2007* through March 31, 2007
====================================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree
Total Earnings MidCap SmallCap Earnings Top Low
Earnings Fund 500 Fund Earnings Fund Earnings Fund 100 Fund P/E Fund
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 61,395 $ 49,569 $ 9,092 $ 15,753 $ 59,873 $ 58,334
------------------------------------------------------------------------------------------------------------------------------------
Total investment income 61,395 49,569 9,092 15,753 59,873 58,334
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees (Note 3) 6,912 5,511 1,867 3,386 9,423 9,375
Chief compliance officer fees 706 706 706 706 706 706
Trustee fees 703 703 703 703 703 703
Legal fees 341 341 341 341 341 341
------------------------------------------------------------------------------------------------------------------------------------
Total expenses 8,662 7,261 3,617 5,136 11,173 11,125
------------------------------------------------------------------------------------------------------------------------------------
Expense reimbursements (Note 3) (1,750) (1,750) (1,750) (1,750) (1,750) (1,750)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 6,912 5,511 1,867 3,386 9,423 9,375
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 54,483 44,058 7,225 12,367 50,450 48,959
====================================================================================================================================
NET REALIZED AND UNREALIZED LOSS
ON INVESTMENTS:
Net realized loss from:
Investment transactions (21,485) (5,187) (543) (47) (33,550) (1,352)
------------------------------------------------------------------------------------------------------------------------------------
Net realized loss (21,485) (5,187) (543) (47) (33,550) (1,352)
------------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation on
investments (574,969) (441,810) (133,574) (209,238) (333,421) (543,075)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on
investments (596,454) (446,997) (134,117) (209,285) (366,971) (544,427)
====================================================================================================================================
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS $(541,971) $(402,939) $(126,892) $(196,918) $(316,521) $(495,468)
====================================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree Domestic Earnings Funds 65
Statements of Changes in Net Assets
WisdomTree Domestic Earnings Funds
For the Period February 23, 2007* through March 31, 2007
====================================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree
Total Earnings MidCap SmallCap Earnings Top Low
Earnings Fund 500 Fund Earnings Fund Earnings Fund 100 Fund P/E Fund
------------------------------------------------------------------------------------------------------------------------------------
INCREASE IN NET ASSETS
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 54,483 $ 44,058 $ 7,225 $ 12,367 $ 50,450 $ 48,959
Net realized loss on investments (21,485) (5,187) (543) (47) (33,550) (1,352)
Net change unrealized depreciation
on investments (574,969) (441,810) (133,574) (209,238) (333,421) (543,075)
------------------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations (541,971) (402,939) (126,892) (196,918) (316,521) (495,468)
====================================================================================================================================
DIVIDENDS:
Net investment income (44,085) (35,876) (5,536) (8,062) (35,630) (42,210)
------------------------------------------------------------------------------------------------------------------------------------
Total dividends (44,085) (35,876) (5,536) (8,062) (35,630) (42,210)
====================================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares 25,083,151 19,976,982 5,009,690 9,811,839 25,039,854 25,066,402
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from capital share transactions 25,083,151 19,976,982 5,009,690 9,811,839 25,039,854 25,066,402
====================================================================================================================================
Net Increase in Net Assets 24,497,095 19,538,167 4,877,262 9,606,859 24,687,703 24,528,724
====================================================================================================================================
NET ASSETS:
Beginning of period $ 100 $ 100 $ 100 $ 100 $ 100 $ 100
End of period $24,497,195 $19,538,267 $4,877,362 $9,606,959 $24,687,803 $24,528,824
====================================================================================================================================
Undistributed net investment income
included in net assets at end of
period $ 10,398 $ 8,182 $ 1,689 $ 4,305 $ 14,820 $ 6,749
====================================================================================================================================
SHARES CREATED AND REDEEMED:
Shares created 500,002 400,002 100,002 200,002 500,002 500,002
------------------------------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 500,002 400,002 100,002 200,002 500,002 500,002
====================================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
66 WisdomTree Domestic Earnings Funds
Financial Highlights
WisdomTree Domestic Earnings Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
February 23, 2007(1)
through
WisdomTree Total Earnings Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.97
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.11
Net realized and unrealized loss (1.00)
--------------------------------------------------------------------------------
Total from investment operations (0.89)
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.09)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.09)
--------------------------------------------------------------------------------
Net asset value, end of period $ 48.99
================================================================================
TOTAL RETURN(3) (1.79)%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $24,497
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.28%(4)
Expenses, prior to expense reimbursements 0.35%(4)
Net investment income 2.21%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 1%
================================================================================
================================================================================
For the period
February 23, 2007(1)
through
WisdomTree Earnings 500 Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.77
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.11
Net realized and unrealized loss (0.94)
--------------------------------------------------------------------------------
Total from investment operations (0.83)
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.09)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.09)
--------------------------------------------------------------------------------
Net asset value, end of period $ 48.85
================================================================================
TOTAL RETURN(3) (1.67)%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $19,538
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.28%(4)
Expenses prior to expense reimbursements 0.37%(4)
Net investment income 2.24%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor (Note
3).
(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 Earnings Funds 67
Financial Highlights (continued)
WisdomTree Domestic Earnings Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
February 23, 2007(1)
through
WisdomTree MidCap Earnings Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $50.01
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.07
Net realized and unrealized loss (1.25)
--------------------------------------------------------------------------------
Total from investment operations (1.18)
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.06)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.06)
--------------------------------------------------------------------------------
Net asset value, end of period $48.77
================================================================================
TOTAL RETURN(3) (2.37)%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $4,877
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.38%(4)
Expenses, prior to expense reimbursements 0.74%(4)
Net investment income 1.47%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 0%(6)
================================================================================
================================================================================
For the period
February 23, 2007(1)
through
WisdomTree SmallCap Earnings Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $50.03
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.06
Net realized and unrealized loss (2.02)
--------------------------------------------------------------------------------
Total from investments operations (1.96)
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.04)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.04)
--------------------------------------------------------------------------------
Net asset value, end of period $48.03
================================================================================
TOTAL RETURN(3) (3.92)%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $9,607
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.38%(4)
Expenses, prior to expense reimbursements 0.58%(4)
Net investment income 1.39%(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 advisor (Note
3).
(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.
68 WisdomTree Domestic Earnings Funds
Financial Highlights (concluded)
WisdomTree Domestic Earnings Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
February 23, 2007(1)
through
WisdomTree Earnings Top 100 Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.15
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.10
Net realized and unrealized loss (0.80)
--------------------------------------------------------------------------------
Total from investment operations (0.70)
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.07)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.07)
--------------------------------------------------------------------------------
Net asset value, end of period $ 49.38
================================================================================
TOTAL RETURN(3) (1.39)%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $24,688
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.38%(4)
Expenses, prior to expense reimbursements 0.45%(4)
Net investment income 2.03%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 2%
================================================================================
================================================================================
For the period
February 23, 2007(1)
through
WisdomTree Low P/E Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.99
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.10
Net realized and unrealized loss (0.95)
--------------------------------------------------------------------------------
Total from investments operations (0.85)
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.08)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.08)
--------------------------------------------------------------------------------
Net asset value, end of period $ 49.06
================================================================================
TOTAL RETURN(3) (1.69)%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $24,529
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.38%(4)
Expenses, prior to expense reimbursements 0.45%(4)
Net investment income 1.98%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor (Note
3).
(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 Earnings Funds 69
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, 2007, the Trust offered 36
investment funds (each a "Fund", collectively, the "Funds"). Each Fund is
considered to be non-diversified. The Funds commenced operations on June 16,
2006, with the exception of the international dividend sector funds and domestic
earnings funds that commenced operations on October 13, 2006 and February 23,
2007, respectively.
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"), and WisdomTree Low P/E Fund ("Low P/E Fund"),
together the "Domestic Earnings 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 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. 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 ("WTA") has agreed to
pay all expenses of the Trust, except for: (i) brokerage expenses and other
expenses (such as stamp taxes) connected with the execution of portfolio
transactions or in connection with creation and redemption transactions; (ii)
legal fees or expenses in connection with any arbitration, litigation or pending
or threatened arbitration or litigation, including any settlements
70 WisdomTree Domestic Earnings Funds
Notes to Financial Statements (continued)
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 WTA. Pursuant to a separate contractual
arrangement WTA has agreed to pay the expenses described in (iii), (iv) and (v)
through July 31, 2007.
(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 would be disclosed on the
Statements of Operations. However, there was no securities lending for the
period ended March 31, 2007.
(f) 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.
(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 Earnings Funds 71
Notes to Financial Statements (continued)
3. ADVISER FEES AND TRANSACTIONS
Adviser Fees - WTA provides investment management services to each Fund pursuant
to an Investment Advisory Agreement between the Trust and WTA. As compensation
for services rendered, facilities furnished, and expenses borne by WTA, each
Fund pays WTA a fee, as listed below, which is accrued daily and paid monthly,
based on the average daily net assets of the Fund.
=========================================================
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
---------------------------------------------------------
For the period ended March 31, 2007, the advisory expense reimbursements were as
follows:
=========================================================
Advisory Expense
Fund Reimbursements
---------------------------------------------------------
Total Earnings Fund $1,750
---------------------------------------------------------
Earnings 500 Fund 1,750
---------------------------------------------------------
MidCap Earnings Fund 1,750
---------------------------------------------------------
SmallCap Earnings Fund 1,750
---------------------------------------------------------
Earnings Top 100 Fund 1,750
---------------------------------------------------------
Low P/E Fund 1,750
---------------------------------------------------------
Each Fund may purchase shares of an affiliated exchange traded fund(s) in
secondary market transactions. For the period ending March 31, 2007, there were
no affiliated transactions.
4. CAPITAL SHARE TRANSACTIONS
As of March 31, 2007, there were an unlimited number of $0.001 par value shares
of beneficial interest authorized by the Trust. Shares are issued and redeemed
by each Fund only in Creation Units or multiples thereof. 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 period ended March 31, 2007 were as follows:
================================================================================
Fund Purchases Sales
--------------------------------------------------------------------------------
Total Earnings Fund $333,755 $333,510
--------------------------------------------------------------------------------
Earnings 500 Fund 348,122 156,442
--------------------------------------------------------------------------------
MidCap Earnings Fund -- 9,902
--------------------------------------------------------------------------------
SmallCap Earnings Fund 30,066 66,580
--------------------------------------------------------------------------------
Earnings Top 100 Fund 472,918 482,669
--------------------------------------------------------------------------------
Low P/E Fund 160,539 173,765
--------------------------------------------------------------------------------
For the period ended March 31, 2007, the cost of in-kind purchases and proceeds
from in-kind redemptions were as follows:
72 WisdomTree Domestic Earnings Funds
Notes to Financial Statements (continued)
================================================================================
Fund Purchases Redemptions
--------------------------------------------------------------------------------
Total Earnings Fund $25,083,152 $--
--------------------------------------------------------------------------------
Earnings 500 Fund 19,753,309 --
--------------------------------------------------------------------------------
MidCap Earnings Fund 5,009,690 --
--------------------------------------------------------------------------------
SmallCap Earnings Fund 9,804,620 --
--------------------------------------------------------------------------------
Earnings Top 100 Fund 25,039,854 --
--------------------------------------------------------------------------------
Low P/E Fund 25,066,403 --
--------------------------------------------------------------------------------
Gains and losses on in-kind redemptions are not recognized at the Fund level
for tax purposes.
6. FEDERAL INCOME TAXES
At March 31, 2007, 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 $25,061,911 $362,994 $(937,963) $(574,969)
-------------------------------------------------------------------------------------------
Earnings 500 Fund 19,939,803 248,401 (690,211) (441,810)
-------------------------------------------------------------------------------------------
MidCap Earnings Fund 4,999,246 94,026 (227,600) (133,574)
-------------------------------------------------------------------------------------------
SmallCap Earnings Fund 9,768,059 253,188 (462,426) (209,238)
-------------------------------------------------------------------------------------------
Earnings Top 100 Fund 24,996,554 526,686 (860,107) (333,421)
-------------------------------------------------------------------------------------------
Low P/E Fund 25,051,824 416,497 (959,572) (543,075)
-------------------------------------------------------------------------------------------
At March 31, 2007, the components of accumulated earnings/loss on a tax-basis
were as follows:
=================================================================================================
Undistributed
Undistributed Capital and Other Net Unrealized Total Accumulated
Fund Ordinary Income Gains/(Losses) Depreciation Loss
-------------------------------------------------------------------------------------------------
Total Earnings Fund $10,398 $(21,485) $(574,969) $(586,056)
-------------------------------------------------------------------------------------------------
Earnings 500 Fund 8,182 (5,187) (441,810) (438,815)
-------------------------------------------------------------------------------------------------
MidCap Earnings Fund 1,689 (543) (133,574) (132,428)
-------------------------------------------------------------------------------------------------
SmallCap Earnings Fund 4,305 (47) (209,238) (204,980)
-------------------------------------------------------------------------------------------------
Earnings Top 100 Fund 14,820 (33,550) (333,421) (352,151)
-------------------------------------------------------------------------------------------------
Low P/E Fund 6,749 (1,352) (543,075) (537,678)
-------------------------------------------------------------------------------------------------
The tax character of distributions paid during the period ended March 31, 2007,
was as follows:
================================================================================
Distributions Paid
from Ordinary
Fund Income
--------------------------------------------------------------------------------
Total Earnings Fund $44,085
--------------------------------------------------------------------------------
Earnings 500 Fund 35,876
--------------------------------------------------------------------------------
MidCap Earnings Fund 5,536
--------------------------------------------------------------------------------
SmallCap Earnings Fund 8,062
--------------------------------------------------------------------------------
Earnings Top 100 Fund 35,630
--------------------------------------------------------------------------------
Low P/E Fund 42,210
--------------------------------------------------------------------------------
Capital losses incurred after October 31 ("post-October losses") within the
taxable year are deemed to arise on the first business day of each Fund's next
taxable year.
WisdomTree Domestic Earnings Funds 73
Notes to Financial Statements (concluded)
During the period ended March 31, 2007, the following Funds incurred and will
elect to defer net post-October losses as follows:
================================================================================
Post-October
Fund Capital Losses
--------------------------------------------------------------------------------
Total Earnings Fund $21,485
--------------------------------------------------------------------------------
Earnings 500 Fund 5,187
--------------------------------------------------------------------------------
MidCap Earnings Fund 543
--------------------------------------------------------------------------------
SmallCap Earnings Fund 47
--------------------------------------------------------------------------------
Earnings Top 100 Fund 33,550
--------------------------------------------------------------------------------
Low P/E Fund 1,352
--------------------------------------------------------------------------------
7. NEW ACCOUNTING PRONOUNCEMENTS
On July 13, 2006, the Financial Accounting Standards Board ("FASB") released
FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN
48"). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in financial statements. FIN 48
requires the evaluation of tax positions taken or expected to be taken in the
course of preparing a fund's tax returns to determine whether the tax positions
are "more-likely-than-not" of being sustained by the applicable tax authority.
Tax positions not deemed to meet a more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. On December 22, 2006, the
Securities and Exchange Commission notified the industry that the implementation
of FIN 48 must be incorporated no later than the last day on which a NAV is
calculated preceding a fund's 2007 semi-annual report (i.e. September 28, 2007
for the funds). At this time, management is evaluating the implications of FIN
48 and its impact on the financial statements has not yet been determined.
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. At this time, management is evaluating the implications
of FAS 157 and its impact in the financial statements has not yet been
determined.
74 WisdomTree Domestic Earnings 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 Earnings Fund, WisdomTree
Earnings 500 Fund, WisdomTree MidCap Earnings Fund, WisdomTree SmallCap Earnings
Fund, WisdomTree Earnings Top 100 Fund and WisdomTree Low P/E Fund (six of the
investment funds constituting the WisdomTree Trust (the "Trust")) as of March
31, 2007, and the related statements of operations and changes in net assets and
financial highlights for the period February 23, 2007 (commencement of
investment operations) through March 31, 2007. 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, 2007, by correspondence with the custodian. 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 and WisdomTree Low P/E Fund of WisdomTree Trust at March 31, 2007, the
results of their operations, the changes in their net assets and the financial
highlights for the period February 23, 2007 (commencement of investment
operations) through March 31, 2007, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
New York, New York
May 21, 2007
WisdomTree Domestic Earnings Funds 75
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 the Trust'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 (the "Advisory Agreement").
At a meeting held on December 4, 2006, the Board of Trustees, including a
majority of the Independent Trustees, approved the Investment Advisory Agreement
with WisdomTree Asset Management ("WTA") with respect to the Funds. In approving
the Advisory Agreement with WTA, the Board reviewed and analyzed the factors it
deemed relevant, including: (1) the nature, quality and extent of the services
to be provided to the Funds by WTA; (2) WTA's personnel and operations; (3)
WTA's financial condition; (4) the level and method of computing each Fund's
advisory fee; (5) the possibility of "fall-out" benefits to WTA and its
affiliates (i.e., ancillary benefits that may be realized by WTA or its
affiliates from WTA's relationship with the Funds); (6) the anticipated effect
of growth and size on each Fund's performance and expenses; and (7) possible
conflicts of interest.
The Board also considered the nature and quality of the services to be provided
by WTA to the Funds, recognizing WTA's operational capabilities and resources.
The Board also noted the extensive responsibilities that WTA 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 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 WTA, the Board concluded
that the level of the fees paid to WTA 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 the same criteria it used for
WTA. 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
also evaluated the performance of comparable funds managed by BNYIA in
comparison to a peer group, and the expertise and performance of the BNYIA
personnel. The Board also noted that The Bank of New York ("BNY"), an affiliate
of BNYIA, was proposed to serve as the Funds' administrator, accountant,
custodian and transfer agent and will receive compensation for acting in these
capacities and will be 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 WTA, 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 WTA 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.
76 WisdomTree Domestic Earnings 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 Net
Equal to Net Asset Value Asset Value
------------------------------------------------------------------------------- -----------------------
Basis Point Number Percentage of Number Percentage of
Differential* of Days Total Days of Days Total Days
---------------------------------------------------------------------------------------------------------
WisdomTree Total Earnings Fund
February 23, 2007** - March 31, 2007 0 - 24.9 12 46.15% 13 50.00%
------------------------------------------------------------------
25 - 49.9 0 0.00% 0 0.00%
------------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
------------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
>100.0 1 3.85% 0 0.00%
------------------------------------------------------------------
Total 13 50.00% 13 50.00%
=========================================================================================================
WisdomTree Earnings 500 Fund
February 23, 2007** - March 31, 2007 0 - 24.9 14 53.85% 12 46.15%
------------------------------------------------------------------
25 - 49.9 0 0.00% 0 0.00%
------------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
------------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
>100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
Total 14 53.85% 12 46.15%
=========================================================================================================
WisdomTree MidCap Earnings Fund
February 23, 2007** - March 31, 2007 0 - 24.9 23 88.46% 3 11.54%
------------------------------------------------------------------
25 - 49.9 0 0.00% 0 0.00%
------------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
------------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
>100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
Total 23 88.46% 3 11.54%
=========================================================================================================
WisdomTree SmallCap Earnings Fund
February 23, 2007** - March 31, 2007 0 - 24.9 18 69.23% 5 19.23%
------------------------------------------------------------------
25 - 49.9 3 11.54% 0 0.00%
------------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
------------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
>100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
Total 21 80.77% 5 19.23%
=========================================================================================================
WisdomTree Earnings Top 100 Fund
February 23, 2007** - March 31, 2007 0 - 24.9 15 57.69% 11 42.31%
------------------------------------------------------------------
25 - 49.9 0 0.00% 0 0.00%
------------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
------------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
>100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
Total 15 57.69% 11 42.31%
=========================================================================================================
WisdomTree Low P/E Fund
February 23, 2007** - March 31, 2007 0 - 24.9 13 50.00% 13 50.00%
------------------------------------------------------------------
25 - 49.9 0 0.00% 0 0.00%
------------------------------------------------------------------
50 - 74.9 0 0.00% 0 0.00%
------------------------------------------------------------------
75 - 100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
>100.0 0 0.00% 0 0.00%
------------------------------------------------------------------
Total 13 50.00% 13 50.00%
=========================================================================================================
* A basis point equals one-hundredth of one percent (0.01%).
** Commencement of investment operations.
WisdomTree Domestic Earnings Funds 77
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 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.
The address of each Trustee and Officer is c/o WisdomTree Asset Management,
Inc., 48 Wall Street, 11th Floor, New York, NY 10005.
Interested Trustee and Officers
Number of
Portfolios in
Fund
Complex
Term of Office Overseen by
Name and Length Principal Occupation(s) Trustee and Other Directorships Held
(year of birth) Position of Time Served During the Past 5 Years Officer by Trustee and Officer
------------------ ----------- --------------- -------------------------------- ------------- ------------------------
Jonathan Steinberg Trustee, Trustee and Chief Executive Officer of 36 None.
(1964) President* Officer WisdomTree Investments, Inc.
since 2005 (formerly, Index Development
Partners, Inc.) and Director of
WisdomTree Investments, Inc.
(since 1989).
Marc Ruskin Treasurer*, Officer Chief Financial Officer of 36 None.
(1952) Assistant since 2005 WisdomTree Investments, Inc.
Secretary* (formerly, Index Development
Partners, Inc.); Chief Financial
Officer, RiskMetrics Group, Inc.
(2003 to 2004); Chief Financial
Officer of Cognet Corp. (1999
to 2002).
Richard Morris Secretary*, Officer Deputy General Counsel of 36 None.
(1967) Chief since 2005 WisdomTree Investments, Inc.
Legal (since 2005); Senior Counsel at
Officer* 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.
78 WisdomTree Domestic Earnings Funds
Trustee and Officer Information (unaudited) (concluded)
Independent Trustees
Number of
Portfolios in
Fund
Term of Office Complex Other
Name and Length Principal Occupation(s) Overseen by Directorships Held
(year of birth) Position of Time Served During the Past 5 Years Trustee by Trustee and Officer
--------------- -------- -------------- ------------------------------- ------------- -----------------------
Gregory Barton Trustee Trustee Executive Vice President of 36 None.
(1961)* since 2006 Licensing and Legal Affairs,
General Counsel and Secretary
of Ziff Davis Media Inc. (since
2003); Executive Vice President
of Legal Affairs, General Coun-
sel 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 36 None.
(1955)** since 2006 James 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 (since 2005); 36 Trustee on Board of
(1947) Chairman since 2006 President and Chief Executive Trustees of Naismith
of the Officer of William D. Witter, Memorial Basketball
Board of Inc. (2005 to August 2006); Hall of Fame; Member
Trustees Consultant to AXA Enterprise in of the Board of Direc-
2004; Chairman, President and tors of William D.
Chief Executive Officer of Witter, Inc.; Member of
Enterprise Capital Management the Board of Overseers
(subsidiary of The MONY of the Hoover Institu-
Group, Inc.) and Enterprise tion at Stanford
Group of Funds, Chairman of University.
MONY Securities Corp., and
Chairman of the Fund Board of
Enterprise Group of Funds
(1991 to 2004).
-----------------------------------------------------------------------------------------------------------------------
* Chairman of the Audit Committee.
** Chairman of the Nominating Committee.
WisdomTree Domestic Earnings Funds 79
Supplemental Information (unaudited)
Federal Income Tax Information
The following Federal tax information related to the Funds fiscal year ended
March 31, 2007, 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 2008.
The following represents the percentage of dividends 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 100.00
--------------------------------------------------------------------------------
SmallCap Earnings Fund 100.00
--------------------------------------------------------------------------------
Earnings Top 100 Fund 100.00
--------------------------------------------------------------------------------
Low P/E Fund 100.00
--------------------------------------------------------------------------------
80 WisdomTree Domestic Earnings 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, 2006, 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 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 at
www.wisdomtree.com.
WisdomTree Domestic Earnings Funds 81
The WisdomTree Trust
Investment Adviser
WisdomTree Asset Management, Inc.
48 Wall Street, Suite 1100
New York, NY 10005
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.
1625 Broadway
Denver, CO 80202
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 Family of Funds
The following is a list of WisdomTree Funds being offered, along with their
respective ticker symbols:
WisdomTree Domestic Dividend Funds
WisdomTree Total Dividend Fund (DTD)
WisdomTree High-Yielding Equity Fund (DHS)
WisdomTree Large Cap Dividend Fund (DLN)
WisdomTree Dividend Top 100 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 Fund (DOO)
WisdomTree International MidCap Dividend Fund (DIM)
WisdomTree International SmallCap Dividend Fund (DLS)
WisdomTree International Dividend Sector Funds
WisdomTree International Basic Material 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 Domestic 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)
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 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.
In addition to the normal risks associated with investing, foreign investing
involves special risks, such as risk of loss from currency fluctuation or
political or economic uncertainty. Funds focusing on a single country, sector,
and/or funds that emphasize investments in smaller companies may experience
greater price volatility. 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.
This is not part of the Annual Report
[LOGO] WISDOMTREE(SM)
48 Wall Street, Suite 1100
New York, NY 10005
1.866.900.WISE (9473)
www.wisdomtree.com
WisdomTree Domestic 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
This report when not used for the general information of shareholders of the
Fund, is to be distributed only if preceded or accompanied by a current Fund
Prospectus.
WisdomTree Fund shares are distributed by ALPS Distributors, Inc.
[LOGO] WISDOMTREE
--------------------------------------------------------------------------------
WisdomTree Trust
International Dividend Funds
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 100SM Fund
WisdomTree International MidCap Dividend Fund
WisdomTree International SmallCap Dividend Fund
Annual Report
For the period June 16, 2006 (commencement of investment operations) through
March 31, 2007
Table of Contents
--------------------------------------------------------------------------------
Letter to Shareholders ......................................... 1
Management's Discussion of Funds' Performance .................. 2
Performance Summaries .......................................... 4
Shareholder Expense Examples ................................... 32
Schedules of Investments
WisdomTree DEFA Fund ......................................... 34
WisdomTree DEFA High-Yielding Equity Fund .................... 41
WisdomTree Europe Total Dividend Fund ........................ 46
WisdomTree Europe High-Yielding Equity Fund .................. 50
WisdomTree Europe SmallCap Dividend Fund ..................... 53
WisdomTree Japan Total Dividend Fund ......................... 57
WisdomTree Japan High-Yielding Equity Fund ................... 62
WisdomTree Japan SmallCap Dividend Fund ...................... 66
WisdomTree Pacific ex-Japan Total Dividend Fund .............. 72
WisdomTree Pacific ex-Japan High-Yielding Equity Fund ........ 75
WisdomTree International LargeCap Dividend Fund .............. 77
WisdomTree International Dividend Top 100 Fund ............... 81
WisdomTree International MidCap Dividend Fund ................ 83
WisdomTree International SmallCap Dividend Fund .............. 88
Statements of Assets and Liabilities ........................... 94
Statements of Operations ....................................... 97
Statements of Changes in Net Assets ............................ 100
Financial Highlights ........................................... 103
Notes to the Financial Statements .............................. 110
Report of Independent Registered Public Accounting Firm ........ 119
Approval of Investment Advisory and Sub-Advisory Agreement
(unaudited) .................................................. 120
Frequency Distribution of Discounts & Premiums (unaudited) ..... 121
Trustees and Officers Information (unaudited) .................. 124
Supplemental Information (unaudited) ........................... 126
General Information (unaudited) ................................ 128
"WisdomTree", "WisdomTree Investments" and "Dividend Top 100" are service 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 to you highlights for the funds of the WisdomTree
Trust for the fiscal year ended March 31, 2007. The Trust's initial year of
operations was marked by several milestones and industry firsts.
In less than a year, WisdomTree launched 36 exchange traded funds (ETFs) and
quickly established itself as a market leader, with the broadest menu of
fundamentally weighted ETFs issued in the U.S. WisdomTree believes that
fundamentally weighted index funds, where initial index weights are anchored to
a measure of fundamental value, such as earnings or dividends, have the
potential to overcome what WisdomTree believes is an inherent flaw of market
capitalization-weighted index funds: their tendency to overweight overvalued
stocks, overvalued sectors and overvalued regions of the world. The historic
launch of 20 ETFs on a single day in June of 2006 was a testament to
WisdomTree's conviction in this idea. The June listing gave U.S. investors the
opportunity, for the first time, to invest in dividend-weighted portfolios
throughout the developed world. WisdomTree's international small cap and
international high-yielding offerings were the first of their kind. In October
of 2006, WisdomTree pioneered another industry first by launching ten pure
international sector ETFs. These are derived from the WisdomTree DEFA Index,
which measures the performance of dividend-paying companies in the developed
world outside the U.S. and Canada. In February of 2007, WisdomTree unveiled six
new domestic earnings-based ETFs to complement its existing domestic dividend
family. Although weighting indexes by fundamental factors is not a new concept,
it was commercialized nearly two decades ago, WisdomTree's application of the
idea in the ETF format broke new ground. By March 31, 2007, assets under
management in the WisdomTree Trust stood at approximately $3 billion, up from
$1.5 billion at the end of 2006. Moreover, in the first quarter of 2007,
WisdomTree took in approximately 13% of the net inflows into the U.S. ETF
industry, according to an April 2007 Morgan Stanley report.
Just as our products have found quick acceptance in the market, WisdomTree's
unique perspective is also changing the way advisors, fiduciaries and
self-directed investors view indexing. WisdomTree is engaged in a pivotal debate
that could redefine the direction of equity index investing, a debate which
pivots on a key question: do fundamentally weighted index funds better serve
investors than market capitalization-weighted index funds? In the years to come,
fund performance data included in these reports will provide some of the
real-time results necessary to help resolve this debate.
In the interim, WisdomTree is committed to leading the fundamentally weighted
index category, giving equity investors a fundamental choice in every major
region where they currently use a market capitalization-weighted index fund. We
have resolved to do so through competitively priced ETFs designed to provide the
transparency, liquidity and tax advantages that have made exchange traded funds
so popular.
Although launching any new enterprise is never easy, our work has been aided by
the conviction that we are serving investors and by the confidence you have
shown in us. Thank you for your continued support.
Best Regards,
/s/ Jonathan Steinberg
Jonathan Steinberg
President, WisdomTree Trust
CEO, WisdomTree Asset Management, Inc.
The sources, opinions and forecasts expressed are as of March 31, 2007 and may
not actually come to pass. 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.
WisdomTree International Dividend Funds 1
Management's Discussion of Funds' Performance
Solid economic growth, low inflation, strong profit gains, combined with high
levels of merger and acquisition activity and abundant liquidity, fueled
financial markets around the globe in the fiscal year ended March 31, 2007.
Since the inception of the WisdomTree Funds, Europe showed surprisingly healthy
growth, with Germany leading the way. Japan also showed renewed vigor, breaking
out of a prolonged period of sub-par economic performance. Economic growth in
many regions accelerated even as the pace of expansion in the U.S. slowed. As a
result, inflows into internationally-based funds have continued to grow as U.S.
investors looked for increased exposure to overseas markets. Moreover, continued
weakness in the dollar has reinforced the appeal of investing abroad among
dollar-based investors.
WisdomTree's broad-based international ETFs benefited from this environment,
with many of the WisdomTree Funds generating solid, double-digit returns since
their inception. For example, in the fiscal year that ended March 31, 2007, the
WisdomTree DEFA Fund (DWM), a broad-based ETF consisting of dividend-paying
companies outside the United States and Canada, returned 28.94% since the
inception of the fund on June 16, 2006. This was 3.5 percentage points higher
than the total return generated over the same time period by the MSCI EAFE
Index*, a market capitalization-weighted index that measures the performance of
stocks in the developed world outside of the U.S. and Canada. The performance of
WisdomTree's broad-based international ETFs was aided by appreciation in the
British pound, the Australian dollar and the euro, all of which increased in
value relative to the U.S. dollar for the period ended March 31, 2007.
In all, 11 of the first 14 international funds introduced by WisdomTree in June
of 2006 outperformed their comparable market capitalization-weighted benchmark
through the fiscal year ended March 31, 2007. The best performing region of the
developed world for this period was the Pacific Region, excluding Japan. In this
part of the world, WisdomTree's Pacific ex-Japan Total Dividend Fund (DND)
returned 36.80% from inception of the Fund through March 31, 2007, approximately
2.7 percentage points higher than the total return generated by the
capitalization-weighted MSCI Pacific ex-Japan Index over the same period*.
International small-cap stocks exhibited the highest returns for any size
segment of the industrialized world. The WisdomTree International SmallCap
Dividend Fund (DLS) returned 35.21% since inception, outpacing the MSCI EAFE
SmallCap Index by more than 11 percentage points for the period ended March 31,
2007*.
The WisdomTree Europe SmallCap Dividend Fund recorded the best absolute
performance, returning 40.14% since inception, 2.6 percentage points higher than
the MSCI Europe SmallCap Index over the same time period. The lowest returns for
the period occurred in the small company segment of the Japanese stock market.
WisdomTree's Japan SmallCap Dividend Fund (JSC) returned 3.34% since inception
through March 31, 2007, approximately 4 percentage points higher than the MSCI
Japan SmallCap Index for the same period. Although WisdomTree's Europe Total
Dividend Fund (DEB) and Europe High-Yielding Equity Fund (DEW) both generated
returns that exceeded 27% since inception, both ETFs lagged their comparable
MSCI benchmarks for the period, by 1.2 percentage points and 1.5 percentage
points, respectively. This marked the worst relative performance for any of
WisdomTree's non-sector international funds for the period that ended March 31,
2007.
The views expressed in this report reflect those of the portfolio managers only
through the end of the period of the report as started 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.
2 WisdomTree International Dividend Funds
Management's Discussion of Funds' Performance (concluded)
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; the MSCI EAFE Value Index measures
the performance of value stocks in the MSCI EAFE Index; the MSCI EAFE Small Cap
Index measures the performance of small cap stocks in the MSCI EAFE Index; the
MSCI Europe Index is a subset of the MSCI EAFE Index and represents the
performance of Western Europe, developed market equity performance; the MSCI
Europe Small Cap Index measures the performance of small cap stocks in the MSCI
Europe Index; the MSCI Europe Value Index measures the performance of value
stocks within the MSCI Europe Index; the MSCI Japan Index is a market
capitalization-weighted index that measures the performance of the Japanese
equity markets; the MSCI Japan Value Index measures the performance of value
stocks in the MSCI Japan Index; the MSCI Japan Small Cap Index measures the
performance of small cap stocks in the MSCI Japan 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; the
MSCI Pacific ex-Japan Value Index measures the performance of value stocks in
the MSCI Pacific ex-Japan Index. 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 EAFE 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
WisdomTree DEFA Fund
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 28.94% at NAV, since its inception on
6/16/2006 (for more complete performance information, please see below).
Financials contributed most significantly to this performance; the sector
comprised on average 33.79% of the Fund and returned 29.76% over the period.
DaimlerChrysler AG was the top contributor to performance for the period.
Information Technology was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree MSCI EAFE
Net Asset Value Market Price DEFA Index Index
--------------------------------------------------------------------------------
Since Inception(1) 28.94% 29.65% 30.08% 25.42%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
Date WisdomTree DEFA Fund MSCI 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
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 (concluded)
WisdomTree DEFA Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
% of Net
Description Shares Market Value Assets
--------------------------------------------------------------------------------
HSBC Holdings PLC 145,488 $2,538,214 2.0%
--------------------------------------------------------------------------------
Eni SpA 67,552 2,190,496 1.7%
--------------------------------------------------------------------------------
France Telecom S.A. 82,915 2,182,060 1.7%
--------------------------------------------------------------------------------
BP PLC 199,116 2,155,758 1.7%
--------------------------------------------------------------------------------
TOTAL S.A. 28,893 2,017,275 1.6%
--------------------------------------------------------------------------------
Vodafone Group PLC 681,567 1,811,352 1.4%
--------------------------------------------------------------------------------
DaimlerChrysler AG 19,194 1,568,776 1.2%
--------------------------------------------------------------------------------
China Mobile Ltd. 172,124 1,565,014 1.2%
--------------------------------------------------------------------------------
GlaxoSmithKline PLC 52,305 1,433,159 1.1%
--------------------------------------------------------------------------------
Royal Bank of Scotland Group (The) PLC 34,873 1,357,020 1.1%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 32.0%
Consumer Non-Cyclical 13.4%
Communications 13.1%
Energy 8.7%
Consumer Cyclical 8.6%
Industrial 8.0%
Utilities 8.0%
Basic Materials 5.8%
Other 2.4%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 5
Performance Summary
WisdomTree DEFA High-Yielding Equity Fund
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 28.41% at NAV,
since its inception on 6/16/2006 (for more complete performance information,
please see below). Financials contributed most significantly to this
performance; the sector comprised on average 42.95% of the Fund and returned
29.97% over the period. ABN AMRO Holdings N.V. was the top contributor to
performance for the period. Information Technology was the biggest detractor to
the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
DEFA MSCI EAFE
High-Yielding Value
Net Asset Value Market Price Equity Index Index
--------------------------------------------------------------------------------
Since Inception(1) 28.41% 29.06% 30.78% 26.94%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree DEFA MSCI EAFE
Date High-Yielding Equity 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
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 (concluded)
WisdomTree DEFA High-Yielding Equity Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
% of Net
Description Shares Market Value Assets
--------------------------------------------------------------------------------
HSBC Holdings PLC 344,192 $6,004,845 3.3%
--------------------------------------------------------------------------------
Eni SpA 165,539 5,367,902 2.9%
--------------------------------------------------------------------------------
BP PLC 468,823 5,075,783 2.8%
--------------------------------------------------------------------------------
TOTAL S.A. 70,417 4,916,433 2.7%
--------------------------------------------------------------------------------
France Telecom S.A. 172,566 4,541,393 2.5%
--------------------------------------------------------------------------------
Vodafone Group PLC 1,668,131 4,433,274 2.4%
--------------------------------------------------------------------------------
GlaxoSmithKline PLC 123,667 3,388,483 1.8%
--------------------------------------------------------------------------------
Royal Bank of Scotland Group (The) PLC 82,472 3,209,249 1.7%
--------------------------------------------------------------------------------
Royal Dutch Shell PLC Class A 92,783 3,075,352 1.7%
--------------------------------------------------------------------------------
Lloyds TSB Group PLC 278,738 3,061,535 1.7%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 41.6%
Communications 15.1%
Energy 10.4%
Utilities 10.1%
Consumer Non-Cyclical 8.4%
Consumer Cyclical 5.5%
Industrial 5.1%
Basic Materials 2.4%
Other 1.4%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 7
Performance Summary
WisdomTree Europe Total Dividend Fund
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 27.84% at NAV, since
its inception on 6/16/2006 (for more complete performance information, please
see below). Financials contributed most significantly to this performance; the
sector comprised on average 33.96% of the Fund and returned 28.71% over the
period. ABN AMRO Holdings N.V. was the top contributor to performance for the
period. Information Technology was the biggest detractor to the Fund for the
period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree MSCI
Europe Europe
Net Asset Value Market Price Dividend Index Index
--------------------------------------------------------------------------------
Since Inception(1) 27.84% 27.80% 31.61% 29.06%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
Date WisdomTree Europe Dividend Fund MSCI 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
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 (concluded)
WisdomTree Europe Total Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
% of Net
Description Shares Market Value Assets
--------------------------------------------------------------------------------
HSBC Holdings PLC 56,109 $978,889 2.6%
--------------------------------------------------------------------------------
Eni SpA 28,812 934,281 2.4%
--------------------------------------------------------------------------------
TOTAL S.A. 11,677 815,274 2.1%
--------------------------------------------------------------------------------
Vodafone Group PLC 261,316 694,480 1.8%
--------------------------------------------------------------------------------
France Telecom S.A. 25,846 680,185 1.8%
--------------------------------------------------------------------------------
Royal Dutch Shell PLC Class A 19,748 654,560 1.7%
--------------------------------------------------------------------------------
GlaxoSmithKline PLC 23,734 650,314 1.7%
--------------------------------------------------------------------------------
Lloyds TSB Group PLC 54,606 599,768 1.6%
--------------------------------------------------------------------------------
Royal Bank of Scotland Group (The) PLC 13,714 533,655 1.4%
--------------------------------------------------------------------------------
Barclays PLC 33,318 471,161 1.2%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 31.8%
Consumer Non-Cyclical 15.2%
Communications 13.2%
Energy 9.5%
Utilities 8.4%
Industrial 7.6%
Consumer Cyclical 6.8%
Basic Materials 5.2%
Other 2.3%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 9
Performance Summary
WisdomTree Europe High-Yielding Equity Fund
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 27.39% at NAV,
since its inception on 6/16/2006 (for more complete performance information,
please see below). Financials contributed most significantly to this
performance; the sector comprised on average 42.63% of the Fund and returned
27.48% over the period. ABN AMRO Holdings N.V. was the top contributor to
performance for the period. Health Care was the biggest detractor to the Fund
for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Europe
Net Asset Market High-Yielding MSCI Europe
Value Price Equity Index Value Index
--------------------------------------------------------------------------------
Since Inception(1) 27.39% 27.07% 28.97% 28.90%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
----------------------------------------------------
WisdomTree Europe MSCI Europe
Date High-Yielding Equity 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
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 (concluded)
WisdomTree Europe High-Yielding Equity Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
% of Net
Description Shares Market Value Assets
--------------------------------------------------------------------------------
HSBC Holdings PLC 157,751 $2,752,157 5.4%
--------------------------------------------------------------------------------
Eni SpA 82,418 2,672,553 5.3%
--------------------------------------------------------------------------------
Vodafone Group PLC 745,007 1,979,951 3.9%
--------------------------------------------------------------------------------
Royal Dutch Shell PLC Class A 55,250 1,831,297 3.6%
--------------------------------------------------------------------------------
France Telecom S.A. 63,143 1,661,723 3.3%
--------------------------------------------------------------------------------
Lloyds TSB Group PLC 137,919 1,514,842 3.0%
--------------------------------------------------------------------------------
Royal Bank of Scotland Group (The) PLC 34,192 1,330,519 2.6%
--------------------------------------------------------------------------------
Barclays PLC 84,682 1,197,516 2.4%
--------------------------------------------------------------------------------
Banco Santander Central Hispano, S.A. 64,764 1,151,774 2.3%
--------------------------------------------------------------------------------
Deutsche Telekom AG 69,595 1,146,900 2.3%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 40.6%
Communications 18.5%
Utilities 10.3%
Energy 8.9%
Consumer Non-Cyclical 8.1%
Industrial 5.6%
Consumer Cyclical 5.5%
Other 2.5%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 11
Performance Summary
WisdomTree Europe SmallCap Dividend Fund
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 40.14% at NAV, since
its inception on 6/16/2006 (for more complete performance information, please
see below). Industrials contributed most significantly to this performance; the
sector comprised on average 25.36% of the Fund and returned 48.13% over the
period. Cie Maritime Marfret was the top contributor to performance for the
period. Utilities was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Europe
Net Asset Market SmallCap MSCI Europe
Value Price Dividend Index Small Cap Index
--------------------------------------------------------------------------------
Since Inception(1) 40.14% 39.17% 40.39% 37.52%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
WisdomTree Europe MSCI Europe
Date SmallCap 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
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 (concluded)
WisdomTree Europe SmallCap Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Compagnie Maritime Belge S.A. 61,844 $4,091,485 2.8%
--------------------------------------------------------------------------------
A/S Dampskibsselskabet TORM 39,660 2,738,422 1.9%
--------------------------------------------------------------------------------
Brit Insurance Holdings PLC 319,178 2,018,912 1.4%
--------------------------------------------------------------------------------
Fabege AB 72,526 1,814,158 1.2%
--------------------------------------------------------------------------------
Euronav N.V. 52,312 1,754,109 1.2%
--------------------------------------------------------------------------------
Northern Foods PLC 645,685 1,567,186 1.1%
--------------------------------------------------------------------------------
Acta Holding ASA 280,728 1,554,464 1.1%
--------------------------------------------------------------------------------
Kungsleden Fastighets AB 86,354 1,544,651 1.0%
--------------------------------------------------------------------------------
Jardine Lloyd Thompson Group PLC 166,434 1,436,315 1.0%
--------------------------------------------------------------------------------
DS Smith PLC 311,070 1,365,138 0.9%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Industrial 31.3%
Financial 18.6%
Consumer Non-Cyclical 18.6%
Consumer Cyclical 16.0%
Basic Materials 5.2%
Communications 3.3%
Technology 3.2%
Other 3.8%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 13
Performance Summary
WisdomTree Japan Total Dividend Fund
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 13.71% at NAV, since its
inception on 6/16/2006 (for more complete performance information, please see
below). Industrials contributed most significantly to this performance; the
sector comprised on average 16.57% of the Fund and returned 18.61% over the
period. Toyota Motor Corp. was the top contributor to performance for the
period. Financials was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market Japan MSCI Japan
Value Price Dividend Index Index
--------------------------------------------------------------------------------
Since Inception(1) 13.71% 14.31% 14.06% 12.74%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Japan
Date Total Dividend Fund MSCI Japan Index
---------------------------------------------------
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
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 (concluded)
WisdomTree Japan Total Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Toyota Motor Corp. 60,200 $3,849,332 7.5%
--------------------------------------------------------------------------------
NTT DoCoMo, Inc. 1,054 1,945,984 3.8%
--------------------------------------------------------------------------------
Tokyo Electric Power Co., Inc. (The) 36,300 1,238,950 2.4%
--------------------------------------------------------------------------------
Nissan Motor Co., Ltd. 112,100 1,199,087 2.3%
--------------------------------------------------------------------------------
Nippon Telegraph & Telephone Corp. 227 1,197,722 2.3%
--------------------------------------------------------------------------------
Canon Inc. 22,000 1,179,420 2.3%
--------------------------------------------------------------------------------
Takeda Pharmaceutical Co., Ltd. 15,800 1,034,377 2.0%
--------------------------------------------------------------------------------
Honda Motor Co., Ltd. 25,400 884,133 1.7%
--------------------------------------------------------------------------------
Mitsubishi UFJ Financial Group, Inc. 74 833,537 1.6%
--------------------------------------------------------------------------------
Nippon Steel Corp. 108,000 757,350 1.5%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Consumer Cyclical 26.5%
Industrial 17.7%
Financial 11.9%
Consumer Non-Cyclical 11.0%
Utilities 9.4%
Basic Materials 8.5%
Communications 7.4%
Technology 5.5%
Energy 2.1%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 15
Performance Summary
WisdomTree Japan High-Yielding Equity Fund
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 19.22% at NAV,
since its inception on 6/16/2006 (for more complete performance information,
please see below). Utilities contributed most significantly to this performance;
the sector comprised on average 17.08% of the Fund and returned 28.17% over the
period. Toyota Motor Corp. was the top contributor to performance for the
period. Financials was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
-------------------------------------------------------------------------------
WisdomTree
Japan
High-Yielding MSCI Japan
Net Asset Value Market Price Equity Index Value Index
-------------------------------------------------------------------------------
Since Inception(1) 19.22% 20.14% 19.78% 19.51%
-------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
Date WisdomTree Japan High-Yielding Equity Fund MSCI Japan 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
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 (concluded)
WisdomTree Japan High-Yielding Equity Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Toyota Motor Corp. 231,600 $14,809,063 15.6%
--------------------------------------------------------------------------------
NTT DoCoMo, Inc. 4,104 7,577,151 8.0%
--------------------------------------------------------------------------------
Tokyo Electric Power Co., Inc. (The) 141,800 4,839,755 5.1%
--------------------------------------------------------------------------------
Nissan Motor Co., Ltd. 447,200 4,783,516 5.0%
--------------------------------------------------------------------------------
Canon Inc. 85,550 4,586,335 4.8%
--------------------------------------------------------------------------------
Takeda Pharmaceutical Co., Ltd. 61,800 4,045,853 4.3%
--------------------------------------------------------------------------------
Honda Motor Co., Ltd. 98,400 3,425,145 3.6%
--------------------------------------------------------------------------------
Nippon Steel Corp. 416,000 2,917,197 3.1%
--------------------------------------------------------------------------------
Chubu Electric Power Co., Inc. 82,300 2,822,910 3.0%
--------------------------------------------------------------------------------
Kansai Electric Power Co., Inc. (The) 94,600 2,716,020 2.9%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Consumer Cyclical 32.1%
Utilities 17.9%
Consumer Non-Cyclical 10.7%
Communications 8.1%
Basic Materials 8.1%
Industrial 7.9%
Technology 7.2%
Financial 4.4%
Energy 3.6%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 17
Performance Summary
WisdomTree Japan SmallCap Dividend Fund
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 3.34% at NAV, since
its inception on 6/16/2006 (for more complete performance information, please
see below). Industrials contributed most significantly to this performance; the
sector comprised on average 25.17% of the Fund and returned 6.54% over the
period. Pacific Metals Co. was the top contributor to performance for the
period. Financials was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Japan MSCI Japan
Value Market Price SmallCap Index SmallCap Index
--------------------------------------------------------------------------------
Since Inception1 3.34% 4.91% 3.96% -0.65%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Japan MSCI Japan
Date SmallCap 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
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 (concluded)
WisdomTree Japan SmallCap Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Yokohama Rubber Co., Ltd. (The) 168,000 $1,030,126 1.0%
--------------------------------------------------------------------------------
TOHO Gas Co., Ltd. 184,000 944,349 1.0%
--------------------------------------------------------------------------------
Pacific Metals Co., Ltd. 59,000 821,978 0.8%
--------------------------------------------------------------------------------
Bosch Corp. 164,000 741,698 0.7%
--------------------------------------------------------------------------------
Sanwa Shutter Corp. 109,000 677,586 0.7%
--------------------------------------------------------------------------------
Ebara Corp. 141,000 667,533 0.7%
--------------------------------------------------------------------------------
Minebea Co., Ltd. 107,000 661,529 0.7%
--------------------------------------------------------------------------------
Mitsumi Electric Co., Ltd. 18,900 624,264 0.6%
--------------------------------------------------------------------------------
Nippon Suisan Kaisha Ltd. 92,200 602,043 0.6%
--------------------------------------------------------------------------------
Toyobo Co., Ltd. 202,000 600,483 0.6%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Industrial 27.8%
Consumer Cyclical 25.2%
Consumer Non-Cyclical 18.4%
Basic Materials 10.7%
Financial 10.5%
Technology 3.8%
Other 3.6%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 19
Performance Summary
WisdomTree Pacific ex-Japan Total Dividend Fund
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 36.80% at
NAV, since its inception on 6/16/2006 (for more complete performance
information, please see below). Financials contributed most significantly to
this performance; the sector comprised on average 45.46% of the Fund and
returned 36.27% over the period. China Mobile Ltd. was the top contributor to
performance for the period. Information Technology was the biggest detractor to
the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Net Asset Market Pacific ex-Japan MSCI Pacific
Value Price Dividend Index ex-Japan Index
--------------------------------------------------------------------------------
Since Inception(1) 36.80% 37.90% 37.59% 34.13%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Pacific ex-Japan MSCI Pacific
Date Total Dividend Fund ex-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
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
Performance Summary (concluded)
WisdomTree Pacific ex-Japan Total Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
% of Net
Description Shares Market Value Assets
--------------------------------------------------------------------------------
China Mobile Ltd. 495,113 $4,501,747 6.1%
--------------------------------------------------------------------------------
Commonwealth Bank of Australia 98,581 4,002,637 5.4%
--------------------------------------------------------------------------------
National Australia Bank Ltd. 115,797 3,779,281 5.1%
--------------------------------------------------------------------------------
Telstra Corp. Ltd. 841,409 3,167,551 4.3%
--------------------------------------------------------------------------------
Australia & New Zealand Banking Group Ltd. 128,072 3,072,848 4.1%
--------------------------------------------------------------------------------
Westpac Banking Corp. 130,043 2,768,205 3.7%
--------------------------------------------------------------------------------
BHP Billiton Ltd. 85,814 2,072,120 2.8%
--------------------------------------------------------------------------------
Hang Seng Bank Ltd. 123,627 1,756,099 2.4%
--------------------------------------------------------------------------------
BOC Hong Kong (Holdings) Ltd. 573,391 1,389,772 1.9%
--------------------------------------------------------------------------------
Wesfarmers Ltd. 41,138 1,254,559 1.7%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 42.4%
Communications 17.7%
Industrial 9.1%
Consumer Cyclical 7.1%
Basic Materials 6.7%
Consumer Non-Cyclical 6.6%
Utilities 3.4%
Diversified 3.0%
Other 4.0%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and may
change over time.
WisdomTree International Dividend Funds 21
Performance Summary
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
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 38.02%
at NAV, since its inception on 6/16/2006 (for more complete performance
information, please see below). Financials contributed most significantly to
this performance; the sector comprised on average 49.35% of the Fund and
returned 35.64% over the period. Telstra Corp. was the top contributor to
performance for the period. Health Care was the biggest detractor to the Fund
for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
Pacific ex-Japan MSCI Pacific
Net Asset Market High-Yielding ex-Japan
Value Price Equity Index Value Index
--------------------------------------------------------------------------------
Since Inception(1) 38.02% 38.80% 39.04% 33.42%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree Pacific
ex-Japan High-Yielding MSCI Pacific
Date Equity Fund ex-Japan 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
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.
22 WisdomTree International Dividend Funds
Performance Summary (concluded)
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
Top Ten Holdings2 as of 3/31/07
================================================================================
% of Net
Description Shares Market Value Assets
--------------------------------------------------------------------------------
Commonwealth Bank of Australia 180,480 $7,327,945 8.4%
--------------------------------------------------------------------------------
National Australia Bank Ltd. 219,577 7,166,363 8.2%
--------------------------------------------------------------------------------
Telstra Corp. Ltd. 1,884,258 7,093,440 8.1%
--------------------------------------------------------------------------------
Australia & New Zealand Banking Group Ltd. 291,681 6,998,342 8.0%
--------------------------------------------------------------------------------
Westpac Banking Corp. 299,598 6,377,495 7.3%
--------------------------------------------------------------------------------
Wesfarmers Ltd. 107,610 3,281,709 3.8%
--------------------------------------------------------------------------------
St.George Bank Ltd. 115,395 3,265,560 3.7%
--------------------------------------------------------------------------------
Suncorp-Metway Ltd. 191,013 3,209,644 3.7%
--------------------------------------------------------------------------------
Qantas Airways Ltd. 660,923 2,803,114 3.2%
--------------------------------------------------------------------------------
Telecom Corp. of New Zealand Ltd. 799,324 2,703,276 3.1%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 45.3%
Communications 17.6%
Industrial 12.0%
Consumer Cyclical 11.1%
Basic Materials 5.2%
Consumer Non-Cyclical 4.6%
Other 4.2%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 23
Performance Summary
WisdomTree International LargeCap Dividend Fund
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 26.08% at
NAV, since its inception on 6/16/2006 (for more complete performance
information, please see below). Financials contributed most significantly to
this performance; the sector comprised on average 37.25% of the Fund and
returned 27.83% over the period. China Mobile Ltd. was the top contributor to
performance for the period. Information Technology was the biggest detractor to
the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
Net Asset LargeCap MSCI EAFE
Value Market Price Dividend Index Index
--------------------------------------------------------------------------------
Since Inception(1) 26.08% 25.94% 28.08% 25.42%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date LargeCap Dividend Fund MSCI 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
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.
24 WisdomTree International Dividend Funds
Performance Summary (concluded)
WisdomTree International LargeCap Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
HSBC Holdings PLC 138,707 $2,419,911 2.8%
--------------------------------------------------------------------------------
BP PLC 188,917 2,045,339 2.3%
--------------------------------------------------------------------------------
Eni SpA 62,151 2,015,359 2.3%
--------------------------------------------------------------------------------
TOTAL S.A. 28,641 1,999,681 2.3%
--------------------------------------------------------------------------------
Vodafone Group PLC 553,601 1,471,267 1.7%
--------------------------------------------------------------------------------
France Telecom S.A. 54,705 1,439,664 1.6%
--------------------------------------------------------------------------------
GlaxoSmithKline PLC 52,166 1,429,351 1.6%
--------------------------------------------------------------------------------
Royal Bank of Scotland Group (The)
PLC 33,257 1,294,136 1.5%
--------------------------------------------------------------------------------
Royal Dutch Shell PLC Class A 37,387 1,239,216 1.4%
--------------------------------------------------------------------------------
Lloyds TSB Group PLC 112,319 1,233,662 1.4%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 36.5%
Communications 14.5%
Consumer Non-Cyclical 12.8%
Energy 11.0%
Utilities 8.5%
Industrial 5.6%
Consumer Cyclical 5.2%
Basic Materials 4.3%
Other 1.6%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 25
Performance Summary
WisdomTree International Dividend Top 100 Fund
WisdomTree International Dividend Top 100 Fund seeks investment results that
closely correspond to the price and yield performance, before fees and expenses,
of the WisdomTree International Dividend Top 100 Index.
The WisdomTree International Dividend Top 100 Fund (DOO) returned 33.83% at NAV,
since its inception on 6/16/2006 (for more complete performance information,
please see below). Financials contributed most significantly to this
performance; the sector comprised on average 47.72% of the Fund and returned
32.61% over the period. Telstra Corp. was the top contributor to performance for
the period. Health Care was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
Dividend MSCI EAFE
Net Asset Value Market Price Top 100 Index Value Index
--------------------------------------------------------------------------------
Since Inception(1) 33.83% 33.79% 35.00% 26.94%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Dividend Top 100 Fund MSCI EAFE 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
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.
26 WisdomTree International Dividend Funds
Performance Summary (concluded)
WisdomTree International Dividend Top 100 Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Telstra Corp. Ltd. 2,259,493 $8,506,042 3.1%
--------------------------------------------------------------------------------
Banca Intesa SpA 809,647 6,127,075 2.2%
--------------------------------------------------------------------------------
Scottish Power PLC 351,389 5,513,573 2.0%
--------------------------------------------------------------------------------
Lloyds TSB Group PLC 426,223 4,681,445 1.7%
--------------------------------------------------------------------------------
Enel SpA 438,231 4,672,644 1.7%
--------------------------------------------------------------------------------
St.George Bank Ltd. 162,774 4,606,337 1.7%
--------------------------------------------------------------------------------
BT Group PLC 733,665 4,370,883 1.6%
--------------------------------------------------------------------------------
Belgacom S.A. 96,833 4,285,901 1.5%
--------------------------------------------------------------------------------
AB Volvo Class B 50,763 4,254,307 1.5%
--------------------------------------------------------------------------------
ABN AMRO Holding N.V. 97,569 4,184,702 1.5%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 46.1%
Communications 19.1%
Utilities 16.1%
Consumer Non-Cyclical 6.7%
Industrial 3.8%
Energy 3.4%
Other 4.8%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 27
Performance Summary
WisdomTree International MidCap Dividend Fund
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 35.57% at NAV,
since its inception on 6/16/2006 (for more complete performance information,
please see below). Financials contributed most significantly to this
performance; the sector comprised on average 25.14% of the Fund and returned
33.23% over the period. Qantas Airways Ltd. was the top contributor to
performance for the period. Information Technology was the biggest detractor to
the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
MidCap MSCI EAFE
Net Asset Value Market Price Dividend Index Index
--------------------------------------------------------------------------------
Since Inception(1) 35.57% 35.55% 36.88% 25.42%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date MidCap Dividend Fund MSCI 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
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.
28 WisdomTree International Dividend Funds
Performance Summary (concluded)
WisdomTree International MidCap Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Boots Group PLC 106,028 $2,134,688 1.3%
--------------------------------------------------------------------------------
United Utilities PLC 141,123 2,091,159 1.2%
--------------------------------------------------------------------------------
Suncorp-Metway Ltd. 104,106 1,749,321 1.0%
--------------------------------------------------------------------------------
Telecom Corp. of New Zealand Ltd. 511,316 1,729,245 1.0%
--------------------------------------------------------------------------------
Wesfarmers Ltd. 55,573 1,694,771 1.0%
--------------------------------------------------------------------------------
Qantas Airways Ltd. 367,629 1,559,192 0.9%
--------------------------------------------------------------------------------
Snam Rete Gas SpA 239,811 1,517,114 0.9%
--------------------------------------------------------------------------------
Kingfisher PLC 271,016 1,479,058 0.9%
--------------------------------------------------------------------------------
Scottish & Newcastle PLC 120,191 1,417,955 0.8%
--------------------------------------------------------------------------------
Coles Myer Ltd. 105,806 1,388,974 0.8%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Financial 19.1%
Consumer Cyclical 18.9%
Industrial 16.4%
Consumer Non-Cyclical 13.4%
Communications 10.7%
Basic Materials 9.0%
Utilities 6.3%
Other 6.2%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 29
Performance Summary
WisdomTree International SmallCap Dividend Fund
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 35.21% at
NAV, since its inception on 6/16/2006 (for more complete performance
information, please see below). Financials contributed most significantly to
this performance; the sector comprised on average 22.50% of the Fund and
returned 44.32% over the period. Cie Maritime Marfret was the top contributor to
performance for the period. Telecomm Services was the biggest detractor to the
Fund for the period.
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.
Performance as of 3/31/07
============================================================================
Cumulative Total Return
----------------------------------------------------------------------------
WisdomTree
International MSCI EAFE
SmallCap SmallCap
Net Asset Value Market Price Dividend Index Index
----------------------------------------------------------------------------
Since Inception(1) 35.21% 35.50% 34.61% 24.18%
----------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, June 16, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International MSCI EAFE
Date SmallCap Dividend 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
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.
30 WisdomTree International Dividend Funds
Performance Summary (concluded)
WisdomTree International SmallCap Dividend Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Compagnie Maritime Belge S.A. 60,743 $4,018,647 1.3%
--------------------------------------------------------------------------------
Alinta Ltd. 245,245 2,876,719 1.0%
--------------------------------------------------------------------------------
A/S Dampskibsselskabet TORM 33,172 2,290,443 0.8%
--------------------------------------------------------------------------------
Electrocomponents PLC 340,322 1,932,385 0.6%
--------------------------------------------------------------------------------
Acta Holding ASA 339,463 1,879,695 0.6%
--------------------------------------------------------------------------------
West Australian Newspapers Holdings
Ltd. 148,680 1,877,336 0.6%
--------------------------------------------------------------------------------
Energy Resources of Australia Ltd. 83,561 1,876,630 0.6%
--------------------------------------------------------------------------------
Jubilee Mines NL 127,056 1,798,291 0.6%
--------------------------------------------------------------------------------
Rallye S.A. 25,738 1,665,091 0.6%
--------------------------------------------------------------------------------
Sims Group Ltd. 82,991 1,566,154 0.5%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Sector Breakdown*
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Industrial 27.0%
Consumer Cyclical 17.6%
Consumer Non-Cyclical 17.2%
Financial 14.9%
Basic Materials 9.0%
Communications 6.5%
Other 7.8%
--------------------------------------------------------------------------------
* A sector may comprise several industries.
+ The Fund's sector breakdown is expressed as a percentage of net assets and
may change over time.
WisdomTree International Dividend Funds 31
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, 2006 to March 31, 2007.
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 10/01/06 to 3/31/07" 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.
32 WisdomTree International Dividend Funds
Shareholder Expense Examples (unaudited) (concluded)
---------------------------------------------------------------------------------------------------------------------
Annualized
Expense Ratio Expenses Paid
Based on the During the
Beginning Ending Period Period+
Account Value Account Value 10/01/06 to 10/01/06 to
10/01/06 3/31/07 3/31/07 3/31/07
---------------------------------------------------------------------------------------------------------------------
WisdomTree DEFA Fund
Actual $1,000.00 $1,168.45 0.48% $2.59
Hypothetical (5% return before expenses) $1,000.00 $1,022.54 0.48% $2.42
---------------------------------------------------------------------------------------------------------------------
WisdomTree DEFA High-Yielding Equity Fund
Actual $1,000.00 $1,162.19 0.58% $3.13
Hypothetical (5% return before expenses) $1,000.00 $1,022.04 0.58% $2.92
---------------------------------------------------------------------------------------------------------------------
WisdomTree Europe Total Dividend Fund
Actual $1,000.00 $1,151.20 0.48% $2.57
Hypothetical (5% return before expenses) $1,000.00 $1,022.54 0.48% $2.42
---------------------------------------------------------------------------------------------------------------------
WisdomTree Europe High-Yielding Equity Fund
Actual $1,000.00 $1,145.62 0.58% $3.10
Hypothetical (5% return before expenses) $1,000.00 $1,022.04 0.58% $2.92
---------------------------------------------------------------------------------------------------------------------
WisdomTree Europe SmallCap Dividend Fund
Actual $1,000.00 $1,269.70 0.58% $3.28
Hypothetical (5% return before expenses) $1,000.00 $1,022.04 0.58% $2.92
---------------------------------------------------------------------------------------------------------------------
WisdomTree Japan Total Dividend Fund
Actual $1,000.00 $1,099.29 0.48% $2.51
Hypothetical (5% return before expenses) $1,000.00 $1,022.54 0.48% $2.42
---------------------------------------------------------------------------------------------------------------------
WisdomTree Japan High-Yielding Equity Fund
Actual $1,000.00 $1,144.90 0.58% $3.10
Hypothetical (5% return before expenses) $1,000.00 $1,022.04 0.58% $2.92
---------------------------------------------------------------------------------------------------------------------
WisdomTree Japan SmallCap Dividend Fund
Actual $1,000.00 $1,048.09 0.58% $2.96
Hypothetical (5% return before expenses) $1,000.00 $1,022.04 0.58% $2.92
---------------------------------------------------------------------------------------------------------------------
WisdomTree Pacific ex-Japan Total Dividend Fund
Actual $1,000.00 $1,261.17 0.48% $2.71
Hypothetical (5% return before expenses) $1,000.00 $1,022.54 0.48% $2.42
---------------------------------------------------------------------------------------------------------------------
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
Actual $1,000.00 $1,283.29 0.58% $3.30
Hypothetical (5% return before expenses) $1,000.00 $1,022.04 0.58% $2.92
---------------------------------------------------------------------------------------------------------------------
WisdomTree International LargeCap Dividend Fund
Actual $1,000.00 $1,143.78 0.48% $2.57
Hypothetical (5% return before expenses) $1,000.00 $1,022.54 0.48% $2.42
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Dividend Top 100 Fund
Actual $1,000.00 $1,192.43 0.58% $3.17
Hypothetical (5% return before expenses) $1,000.00 $1,022.04 0.58% $2.92
---------------------------------------------------------------------------------------------------------------------
WisdomTree International MidCap Dividend Fund
Actual $1,000.00 $1,210.59 0.58% $3.20
Hypothetical (5% return before expenses) $1,000.00 $1,022.04 0.58% $2.92
---------------------------------------------------------------------------------------------------------------------
WisdomTree International SmallCap Dividend Fund
Actual $1,000.00 $1,250.79 0.58% $3.25
Hypothetical (5% return before expenses) $1,000.00 $1,022.04 0.58% $2.92
---------------------------------------------------------------------------------------------------------------------
+ Expenses are calculating using each Fund's annualized expense ratio,
multiplied by the average account value for the period, multiplied by
182/365 (to reflect the fiscal period).
WisdomTree International Dividend Funds 33
Schedule of Investments
WisdomTree DEFA Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Australia - 8.6%
Alinta Ltd.(a) 19,511 $ 228,864
Alumina Ltd. 21,129 124,775
Amcor Ltd. 21,592 131,695
AMP Ltd. 24,011 201,538
Aristocrat Leisure Ltd.(a) 10,527 139,469
Australia & New Zealand Banking Group Ltd. 30,320 727,472
Australian Stock Exchange Ltd. 4,489 159,563
AXA Asia Pacific Holdings Ltd. 23,730 138,409
BHP Billiton Ltd. 20,289 489,911
Billabong International Ltd.(a) 9,948 134,209
BlueScope Steel Ltd. 17,912 151,937
Caltex Australia Ltd.(a) 6,863 132,286
Coca-Cola Amatil Ltd. 19,631 139,558
Coles Myer Ltd. 16,261 213,467
Commonwealth Bank of Australia 23,343 947,785
Computershare Ltd. 13,337 116,901
CSL Ltd. 2,609 173,610
CSR Ltd. 44,049 121,345
Foster's Group Ltd. 29,197 161,570
Harvey Norman Holdings Ltd. 35,511 135,405
Insurance Australia Group Ltd. 32,612 154,385
John Fairfax Holdings Ltd.(a) 36,831 148,174
Leighton Holdings Ltd. 7,931 214,765
Lend Lease Corp. Ltd. 9,972 161,037
Lion Nathan Ltd. 18,161 129,695
Macquarie Bank Ltd. 2,480 165,787
National Australia Bank Ltd. 27,418 894,845
Newcrest Mining Ltd. 7,058 135,646
Orica Ltd. 6,429 131,659
Perpetual Ltd.(a) 2,088 130,895
Publishing & Broadcasting Ltd.(a) 7,764 124,502
Qantas Airways Ltd. 48,283 204,778
QBE Insurance Group Ltd. 8,411 214,309
Rinker Group Ltd. 8,395 122,413
Rio Tinto Ltd.(a) 2,424 154,328
Santos Ltd. 12,773 104,734
Sonic Healthcare Ltd. 10,055 119,813
St.George Bank Ltd.(a) 9,600 271,670
Suncorp-Metway Ltd. 17,138 287,975
TABCORP Holdings Ltd. 11,358 151,305
Telstra Corp. Ltd.(a) 195,702 736,736
Toll Holdings Ltd. 9,560 158,322
Wesfarmers Ltd. 8,179 249,429
Westpac Banking Corp. 30,796 655,550
Woodside Petroleum Ltd. 5,667 180,789
Woolworths Ltd. 13,488 296,270
------------
Total Australia 111,069,580
-------------------------------------------------------------------------------
Austria - 0.4%
Andritz AG 56 13,999
Bank Austria Creditanstalt AG 1,046 192,998
BOEHLER-UDDEHOLM AG 368 35,270
Erste Bank der oesterreichischen Sparkassen AG 998 77,451
Flughafen Wien AG 184 17,956
OMV AG 863 54,165
Schoeller-Bleckmann Oilfield Equipment AG 144 7,476
Semperit AG Holding 184 8,083
Telekom Austria AG 1,853 46,150
UNIQA Versicherungen AG 272 9,052
voestalpine AG 614 44,381
Wiener Staedtische AG 328 23,184
Wienerberger AG 632 39,330
------------
Total Austria 569,495
-------------------------------------------------------------------------------
Belgium - 2.1%
Almancora SCA 472 71,312
Barco N.V 288 26,506
Bekaert S.A 264 35,764
Belgacom S.A 6,008 265,919
Compagnie Maritime Belge S.A 1,432 94,739
Delhaize Group 568 52,027
Dexia N.V 9,123 271,299
Euronav N.V 1,168 39,165
Fortis N.V 21,049 957,983
Groep Colruyt S.A 200 45,608
InBev N.V 2,144 154,258
KBC Groep N.V 3,117 386,332
Mobistar S.A 689 58,056
Solvay S.A 697 106,735
Tessenderlo Chemie N.V 798 38,581
UCB S.A 871 50,516
Umicore 184 32,600
------------
Total Belgium 2,687,400
-------------------------------------------------------------------------------
Denmark - 0.6%
A/S Dampskibsselskabet TORM 901 62,212
Amagerbanken A/S 25 1,715
Bang & Olufsen A/S Class B 60 7,407
Carlsberg A/S, Class B 150 16,266
Codan A/S 200 18,830
Danisco A/S 300 23,555
Danske Bank A/S 7,807 361,926
DSV A/S 50 8,736
FLSmidth & Co. A/S 100 6,753
H. Lundbeck A/S 1,401 32,662
NKT Holding A/S 175 14,006
Novo Nordisk A/S Class B 1,501 136,489
Novozymes A/S Class B 100 8,915
Spar Nord Bank A/S 500 12,371
Sydbank A/S 150 8,039
------------
Total Denmark 719,882
-------------------------------------------------------------------------------
Finland - 1.9%
Amer Sports Oyj 1,208 26,388
Elisa Oyj Class A 2,016 58,207
Finnair Oyj 1,614 27,887
Fortum Oyj 15,060 437,629
See Notes to Financial Statements.
34 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree DEFA Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
KCI Konecranes Oyj 1,208 $ 40,362
Kemira Oyj 1,614 36,825
Kesko Oyj Class B 807 42,894
Metso Oyj 807 42,486
M-real Oyj Class B 3,829 29,664
Nokia Oyj 31,303 717,957
Nokian Renkaat Oyj 1,614 44,044
OKO Bank PLC Class A(a) 2,416 41,037
Outokumpu Oyj(a) 1,614 55,280
Ramirent Oyj 441 35,222
Rautaruukki Oyj 2,416 112,208
Sampo Oyj Class A 6,454 195,193
Sanoma-WSOY Oyj 2,096 61,968
Stora Enso Oyj Class R(a) 6,454 111,686
TietoEnator Oyj 807 23,418
UPM-Kymmene Corp.(a) 6,454 163,835
Uponor Corp. 807 28,424
Vaisala Oyj Class A 400 18,625
Wartsila Oyj Class B 807 49,726
YIT Oyj 807 27,715
------------
Total Finland 2,428,680
-------------------------------------------------------------------------------
France - 12.6%
Accor S.A. 2,958 281,692
Air France-KLM 3,114 141,559
Assurances Generales de France 1,858 310,075
AXA S.A. 22,438 948,021
BNP Paribas 9,051 942,052
Bouygues S.A. 3,210 247,193
Carrefour S.A. 5,879 428,464
Casino Guichard Perrachon S.A. 2,168 218,119
Christian Dior S.A. 1,752 212,228
Cie de Saint-Gobain S.A. 2,998 292,006
CNP Assurances S.A. 1,752 203,319
Compagnie Generale des Etablissements Michelin
Class B 2,658 292,503
Credit Agricole S.A. 6,605 256,646
France Telecom S.A. 82,915 2,182,060
Gaz de France 4,833 223,498
Groupe Danone 1,802 293,365
Hermes International 1,950 268,867
Lafarge S.A. 1,632 255,674
Lagardere SCA 2,184 167,573
L'Air Liquide S.A. 1,072 260,426
L'Oreal S.A. 3,561 387,419
LVMH Moet Hennessy Louis Vuitton S.A. 2,641 291,968
Natixis 6,742 163,428
PPR S.A. 1,432 228,192
Renault S.A. 2,869 334,360
Sanofi-Aventis 8,171 708,082
Schneider Electric S.A. 2,280 288,418
Societe Des Autoroutes Paris-Rhin-Rhone 1,999 181,478
Societe Generale 4,385 755,145
Sodexho Alliance S.A. 2,280 166,350
Suez S.A. 15,901 835,658
Technip S.A. 3,159 230,944
TOTAL S.A. 28,893 2,017,275
Veolia Environnement S.A. 2,926 216,793
VINCI S.A. 2,240 345,946
Vivendi S.A. 15,220 616,312
------------
Total France 16,193,108
-------------------------------------------------------------------------------
Germany - 7.3%
Allianz SE 2,958 605,240
ALTANA AG 1,456 94,233
AMB Generali Holding AG 592 92,130
BASF AG 4,401 493,745
Bayer AG 5,684 361,970
Bayerische Motoren Werke AG 2,746 161,456
Beiersdorf AG 1,810 122,999
Commerzbank AG 3,062 134,997
Continental AG 839 108,065
DaimlerChrysler AG(a) 19,194 1,568,776
Deutsche Bank AG 2,695 361,758
Deutsche Boerse AG 665 151,814
Deutsche Lufthansa AG 4,745 128,411
Deutsche Post AG 11,190 337,534
Deutsche Postbank AG 1,264 109,822
Deutsche Telekom AG 70,609 1,163,611
E.ON AG 6,112 828,081
Fraport AG Frankfurt Airport Services Worldwide 1,288 93,750
Fresenius Medical Care AG & Co. KGaA 759 110,047
Henkel KGaA 49 6,546
Hypo Real Estate Holding AG 1,424 90,494
Linde AG 1,072 115,087
MAN AG 1,272 147,480
Metro AG 2,040 143,951
Muenchener Ruckversicherungs AG 1,834 309,097
MVV Energie AG 2,937 111,032
RWE AG 3,984 419,969
Salzgitter AG 583 84,839
Siemens AG 4,841 515,657
ThyssenKrupp AG 3,833 188,989
Volkswagen AG 1,648 246,795
------------
Total Germany 9,408,375
-------------------------------------------------------------------------------
Hong Kong - 3.8%
Bank of East Asia Ltd. 17,618 102,472
BOC Hong Kong (Holdings) Ltd. 140,140 339,668
Cathay Pacific Airways Ltd. 47,000 119,571
Cheung Kong (Holdings) Ltd. 16,016 202,704
China Merchants Holdings (International) Co., Ltd. 16,016 67,431
China Mobile Ltd. 172,124 1,565,014
China Overseas Land & Investment Ltd. 32,034 40,256
China Resources Enterprise, Ltd. 16,016 53,494
China Travel International Investment Hong Kong Ltd. 64,067 29,925
China Unicom Ltd. 48,051 69,239
CITIC International Financial Holdings Ltd. 56,060 48,568
See Notes to Financial Statements.
WisdomTree International Dividend Funds 35
Schedule of Investments (continued)
WisdomTree DEFA Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
CITIC Pacific Ltd. 30,025 $ 111,044
CLP Holdings Ltd. 32,034 233,873
CNOOC Ltd. 144,153 126,365
Dah Sing Financial Holdings Ltd. 3,203 27,955
Denway Motors Ltd. 48,051 20,969
Hang Seng Bank Ltd. 28,729 408,090
Henderson Investment Ltd. 16,016 32,752
Hong Kong & China Gas Co., Ltd. (The) 16,016 35,786
Hong Kong Aircraft Engineering Co., Ltd. 400 6,091
Hong Kong Exchanges and Clearing Ltd. 5,000 48,725
Hongkong Electric Holdings Ltd. 24,025 123,288
Hopewell Holdings Ltd. 8,008 31,154
Hutchison Whampoa Ltd. 31,025 298,369
Industrial & Commercial Bank of China Ltd. 16,016 35,048
Lenovo Group Ltd.(a) 48,051 17,587
MTR Corp. 32,034 80,185
New World Development Ltd. 24,025 54,480
PCCW Ltd. 56,060 33,646
Shanghai Industrial Holdings Ltd. 7,008 16,179
Shun TAK Holdings Ltd. 16,016 21,275
Singamas Container Holdings Ltd. 32,034 18,038
Sino Land Ltd. 16,016 34,474
Sun Hung Kai Properties Ltd. 18,016 208,420
Television Broadcasts Ltd. 8,008 50,061
Wharf Holdings Ltd. 16,016 59,438
Wing Hang Bank Ltd. 4,005 49,305
Wing Lung Bank Ltd. 3,203 35,333
------------
Total Hong Kong 4,856,272
--------------------------------------------------------------------------------
Ireland - 0.6%
Allied Irish Banks PLC 9,106 269,096
Anglo Irish Bank Corp. PLC 2,136 45,493
Bank of Ireland 9,306 199,689
CRH PLC 2,309 98,295
DCC PLC 464 16,232
FBD Holdings PLC 168 8,722
Fyffes PLC 5,008 7,600
Glanbia PLC 2,154 10,853
Greencore Group PLC 1,802 10,920
IAWS Group PLC 432 10,017
Independent News & Media PLC 8,803 39,842
Irish Life & Permanent PLC 2,232 60,760
Kerry Group PLC Class A 408 11,297
Kingspan Group PLC 472 12,535
McInerney Holdings PLC 496 10,312
United Drug PLC 1,762 9,253
------------
Total Ireland 820,916
--------------------------------------------------------------------------------
Italy - 6.7%
AEM SpA 40,773 146,542
Alleanza Assicurazioni SpA 8,835 112,374
Assicurazioni Generali SpA 5,379 227,983
Autogrill SpA 4,001 76,374
Autostrade SpA 3,304 105,555
Banca Carige SpA 20,407 101,053
Banca Intesa SpA 124,078 938,971
Banca Lombarda e Piemontese SpA* 3,721 91,585
Banca Monte dei Paschi di Siena SpA 16,333 101,968
Banca Popolare di Milano S.c.r.l. 7,819 120,632
Banca Popolare di Verona e Novara S.c.r.l. 3,417 105,754
Banca Popolare Italiana 34,988 544,919
Banche Popolari Unite S.c.r.l. 2,405 70,911
Capitalia SpA 22,763 204,986
Enel SpA 91,471 975,310
Eni SpA 67,552 2,190,496
Finmeccanica SpA 4,305 128,996
Fondiaria-Sai SpA 2,585 118,268
Hera SpA 17,725 74,323
Ifil Investments SpA 17,021 165,740
Italcementi SpA 4,104 122,481
Luxottica Group SpA 3,729 118,487
Mediobanca SpA 6,581 146,034
Mediolanum SpA 14,007 113,178
Saipem SpA 4,401 127,713
Snam Rete Gas SpA 30,192 191,003
Terna SpA 33,652 124,533
UniCredito Italiano SpA 95,713 907,785
Unipol SpA 30,208 116,412
------------
Total Italy 8,570,366
--------------------------------------------------------------------------------
Japan - 8.2%
Asahi Glass Co., Ltd. 8,000 112,403
Astellas Pharma, Inc. 3,200 137,675
Bridgestone Corp. 5,600 111,692
Canon Inc. 4,800 257,328
Chubu Electric Power Co., Inc. 4,800 164,641
Chugai Pharmaceutical Co., Ltd. 5,600 141,334
Dai Nippon Printing Co., Ltd. 8,000 125,615
Daiwa House Industry Co., Ltd. 8,000 130,968
Daiwa Securities Group, Inc. 8,000 96,413
DENSO CORP. 3,200 118,704
East Japan Railway Co. 16 124,396
Eisai Co., Ltd. 2,400 114,842
Fanuc Ltd. 1,600 148,651
Fuji Photo Film Co., Ltd. 3,200 130,629
Hitachi Ltd. 16,000 123,853
Honda Motor Co., Ltd. 4,800 167,080
ITOCHU Corp. 16,000 158,272
Japan Tobacco, Inc. 32 156,917
JFE Holdings, Inc. 3,200 188,897
Kansai Electric Power Co., Inc. (The) 5,600 160,779
Kao Corp. 8,000 233,750
Kirin Brewery Co., Ltd. 8,000 115,317
Kobe Steel Ltd. 37,000 148,846
Komatsu Ltd. 8,000 168,029
Kyocera Corp. 1,600 150,548
Kyushu Electric Power Co., Inc. 5,600 158,882
Matsushita Electric Industrial Co., Ltd. 8,000 160,915
See Notes to Financial Statements.
36 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree DEFA Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Mitsubishi Corp. 6,400 $ 148,245
Mitsubishi Electric Corp. 16,000 164,506
Mitsubishi Estate Co., Ltd. 8,000 262,206
Mitsubishi Heavy Industries Ltd. 32,000 206,513
Mitsubishi UFJ Financial Group, Inc. 16 180,224
Mitsui & Co., Ltd. 8,000 149,058
Mitsui Fudosan Co., Ltd. 8,000 234,427
Mitsui Sumitomo Insurance Co., Ltd. 8,000 100,208
Mizuho Financial Group, Inc. 16 102,850
Nippon Oil Corp. 16,000 129,545
Nippon Steel Corp. 32,000 224,400
Nippon Telegraph & Telephone Corp. 48 253,263
Nissan Motor Co., Ltd. 23,200 248,161
Nomura Holdings, Inc. 6,400 133,068
NTT DoCoMo, Inc. 216 398,797
Ricoh Co., Ltd. 8,000 179,886
Secom Co., Ltd. 4,000 185,306
Sekisui House Ltd. 8,000 124,260
Sharp Corp. 8,000 153,801
Shin-Etsu Chemical Co., Ltd. 2,400 146,144
Sony Corp. 2,400 121,753
Sumitomo Chemical Co., Ltd. 16,000 120,601
Sumitomo Corp. 8,000 143,638
Sumitomo Electric Industries Ltd. 4,600 69,813
Sumitomo Metal Industries Ltd. 32,000 165,048
Sumitomo Mitsui Financial Group, Inc. 8 72,496
Sumitomo Trust & Banking Co., Ltd. (The) 16,000 166,538
Suzuki Motor Corp. 5,600 145,128
T&D Holdings, Inc. 1,600 110,167
Takeda Pharmaceutical Co., Ltd. 3,200 209,494
Tohoku Electric Power Co., Inc. 5,600 141,808
Tokyo Electric Power Co., Inc. (The) 7,200 245,742
Tokyo Gas Co., Ltd. 24,000 133,542
Toray Industries, Inc. 9,000 64,942
Toshiba Corp. 16,000 106,644
Toyota Motor Corp. 12,000 767,309
------------
Total Japan 110,516,907
--------------------------------------------------------------------------------
Netherlands - 4.3%
ABN AMRO Holding N.V. 25,424 1,090,427
Aegon N.V. 15,196 301,804
Akzo Nobel N.V. 2,232 168,909
CSM N.V. 1,720 61,132
Euronext N.V. 1,818 216,472
Heineken Holding N.V. 1,320 58,231
Heineken N.V. 1,688 87,992
Hunter Douglas N.V. 705 61,938
ING Groep N.V. 23,981 1,010,341
Koninklijke DSM N.V. 1,672 74,649
Koninklijke Philips Electronics N.V. 6,613 251,675
Koninklijke Vopak N.V. 1,175 65,692
Mittal Steel Co. N.V. 6,239 330,126
OCE N.V. 3,473 63,429
Randstad Holding N.V. 831 64,225
Reed Elsevier N.V. 6,573 115,845
Royal KPN N.V. 30,863 479,031
SBM Offshore N.V. 1,153 41,425
STMicroelectronics N.V. 10,551 202,388
TNT N.V. 2,877 131,474
Unilever N.V. 16,636 482,761
Vedior N.V. 2,312 51,150
Wolters Kluwer N.V. 2,529 75,611
------------
Total Netherlands 5,486,727
--------------------------------------------------------------------------------
New Zealand - 0.5%
Air New Zealand Ltd. 16,411 27,457
Auckland International Airport Ltd. 19,704 33,953
CanWest MediaWorks (NZ) Ltd. 5,839 9,185
Contact Energy Ltd. 6,395 42,112
Fisher & Paykel Appliances Holdings Ltd. 4,489 11,779
Fisher & Paykel Healthcare Corp. 5,232 13,579
Fletcher Building Ltd. 7,805 61,386
Freightways Ltd. 2,512 7,813
Hallenstein Glasson Holdings Ltd. 1,799 6,444
Infratil Ltd. 2,312 9,290
Mainfreight Ltd. 1,728 9,019
New Zealand Refining Co., Ltd. (The) 4,832 21,248
Nuplex Industries Ltd. 1,448 7,610
Port of Tauranga Ltd. 2,056 8,967
Pumpkin Patch Ltd. 2,288 7,084
Ryman Healthcare Ltd. 3,567 5,764
Sanford Ltd. 1,842 6,374
Sky City Entertainment Group Ltd. 7,820 26,111
Steel & Tube Holdings Ltd. 2,464 7,681
Telecom Corp. of New Zealand Ltd. 68,450 231,495
Vector Ltd. 9,163 19,524
Warehouse Group Ltd. (The) 5,047 24,358
------------
Total New Zealand 598,233
--------------------------------------------------------------------------------
Norway - 1.2%
ABG Sundal Collier ASA 7,000 16,169
Acta Holding ASA 8,008 44,342
Aker ASA Class A 481 30,495
Aker Yards AS 800 13,761
Aktiv Kapital ASA 801 11,154
DnB NOR ASA 16,016 225,123
EDB Business Partner ASA 1,602 13,844
Ekornes ASA 801 19,093
Norsk Hydro ASA 9,109 300,694
Norske Skogindustrier ASA 3,203 54,572
Orkla ASA 1,442 101,227
ProSafe ASA 800 12,189
Schibsted ASA 400 17,562
Solstad Offshore ASA 900 21,379
Statoil ASA 11,961 324,298
Storebrand ASA 4,705 75,075
Telenor ASA 9,509 168,243
Tomra Systems ASA 1,602 11,482
See Notes to Financial Statements.
WisdomTree International Dividend Funds 37
Schedule of Investments (continued)
WisdomTree DEFA Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Veidekke ASA 400 $ 22,542
Wilh. Wilhelmsen ASA Class A 400 16,186
Yara International ASA 2,402 66,011
------------
Total Norway 1,565,441
--------------------------------------------------------------------------------
Portugal - 0.7%
Banco BPI, S.A. 4,385 37,941
Banco Comercial Portugues, S.A. Class R 31,902 115,084
Banco Espirito Santo, S.A. 4,601 87,521
Brisa-Auto-estradas de Portugal S.A. 4,920 64,314
CIMPOR - Cimentos de Portugal SGPS, S.A. 6,333 52,942
Corticeira Amorim-Industria S.A. 4,384 12,197
EDP-Energias de Portugal S.A. 37,074 198,391
Finibanco Holding, SGPS, S.A. 1,734 8,933
Jeronimo Martins, SGPS, S.A. 1,080 28,034
Mota-Engil SGPS, S.A. 1,752 13,830
Portucel-Empresa Produtora De Pasta E Papel, S.A. 5,277 18,545
Portugal Telecom, SGPS, S.A. 16,443 219,538
PT Multimedia - Servicos de Telecomunicacoes e
Multimedia, SGPS, S.A. 2,704 39,954
SAG Gest-Solucoes Automovel Globais, SGPS, S.A. 3,785 9,472
Semapa-Sociedade de Investimento e Gestao,
SGPS, S.A. 1,680 25,539
Sonae SGPS, S.A. 10,879 24,474
------------
Total Portugal 956,709
--------------------------------------------------------------------------------
Singapore - 1.5%
City Developments Ltd. 1,000 9,615
ComfortDelgro Corp., Ltd. 24,000 31,454
Cosco Corp. (Singapore) Ltd. 8,000 15,121
DBS Group Holdings Ltd. 18,000 253,688
Fraser and Neave Ltd. 10,807 36,299
Great Eastern Holdings Ltd. 2,000 25,948
Guocoland Ltd. 8,000 22,129
Hotel Properties Ltd. 15,000 50,382
Jaya Holdings Ltd. 24,000 22,919
Keppel Corp. Ltd. 6,000 75,079
Keppel Land Ltd. 8,000 50,053
Keppel Telecommunications & Transportation Ltd. 16,000 25,290
MobileOne Ltd. 16,000 23,077
Oversea-Chinese Banking Corp. Ltd. 32,000 189,673
Parkway Holdings Ltd. 16,000 34,563
SBS Transit Ltd. 12,000 22,761
SembCorp Industries Ltd. 8,000 26,870
SembCorp Marine Ltd. 8,000 18,546
SIA Engineering Co., Ltd. 8,000 24,763
Singapore Airlines Ltd. 10,000 109,326
Singapore Airport Terminal Services Ltd. 16,000 28,978
Singapore Exchange Ltd. 8,000 34,510
Singapore Post Ltd. 32,000 23,393
Singapore Press Holdings Ltd. 16,000 46,365
Singapore Technologies Engineering Ltd. 8,000 17,492
Singapore Telecommunications Ltd. 135,150 291,947
SMRT Corp. Ltd. 24,000 23,551
StarHub Ltd. 23,571 44,242
Straits Trading Co., Ltd. 8,000 21,812
United Overseas Bank Ltd. 17,000 235,116
Venture Corp., Ltd. 5,000 48,077
------------
Total Singapore 1,883,039
--------------------------------------------------------------------------------
Spain - 5.4%
Abertis Infraestructuras S.A. 4,000 128,057
Acciona, S.A. 400 86,338
Acerinox S.A. 2,054 52,086
ACS, Actividades Construccion y Servicios, S.A. 1,552 93,897
Altadis, S.A. 1,898 121,450
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 30,368 743,000
Banco Pastor S.A.(a) 3,753 86,178
Banco Popular Espanol, S.A. 10,697 219,855
Banco Sabadell S.A. 2,072 98,355
Banco Santander Central Hispano S.A. 72,164 1,283,378
Bankinter S.A. 911 74,398
Cia Espanola De Petroleos, S.A.(a) 1,712 147,105
Corporacion Mapfre S.A. 11,118 56,831
Ebro Puleva S.A. 3,222 75,786
Enagas 2,877 74,067
Endesa S.A. 16,004 862,375
Fadesa Inmobiliaria S.A. 1,882 85,428
Fomento de Construcciones y Contratas S.A. 863 88,399
Gas Natural SDG, S.A. 4,024 188,283
Gestevision Telecinco S.A. 4,345 125,105
Grupo Ferrovial S.A. 871 87,827
IBERDROLA S.A.(a) 8,187 385,685
Inditex S.A. 1,640 101,579
Red Electrica de Espana 1,214 56,997
Repsol YPF, S.A. 9,091 305,442
Sacyr Vallehermoso, S.A. 2,040 113,890
Telefonica S.A. 46,541 1,022,226
Union Fenosa S.A. 1,818 97,697
Zardoya-Otis S.A. 1,616 55,284
------------
Total Spain 6,916,998
--------------------------------------------------------------------------------
Sweden - 3.1%
AB Volvo Class A 1,602 137,228
AB Volvo Class B 4,005 335,648
Alfa Laval AB 1,602 82,656
Assa Abloy AB Class B 3,203 73,272
Atlas Copco AB Class A 3,203 105,913
Atlas Copco AB Class B 1,602 50,804
Axfood AB 1,201 47,245
Electrolux AB Series B 3,203 80,804
Fabege AB 2,402 60,083
Getinge AB Class B 3,000 67,986
H&M Hennes & Mauritz AB Class B 7,207 412,938
Holmen AB Class B 801 32,823
Investment AB Kinnevik Class B 3,203 61,516
JM AB 3,203 109,793
L E Lundbergforetagen AB Class B 801 53,601
Nordea Bank AB 28,729 456,562
See Notes to Financial Statements.
38 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree DEFA Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Ratos AB Class B 3,203 $ 100,891
Sandvik AB 9,610 169,844
Scania AB Class A 1,602 128,094
Scania AB Class B 1,602 125,126
Securitas AB Class B 3,203 48,620
Skandinaviska Enskilda Banken AB 4,806 153,097
Skanska AB Class B 4,806 106,517
SKF AB Class B 3,203 66,310
SSAB Svenskt Stal AB Series A 3,102 95,278
Svenska Cellulosa Aktiebolaget SCA Class B 1,602 85,396
Svenska Handelsbanken AB Class A 6,407 189,486
Swedbank AB Class A 5,606 195,360
Tele2 AB Class B 4,005 65,360
TeliaSonera AB 36,038 309,472
------------
Total Sweden 4,007,723
--------------------------------------------------------------------------------
Switzerland - 4.0%
Adecco S.A. 887 56,055
Baloise Holding AG 406 42,070
Ciba Specialty Chemicals Holding Inc. 935 61,310
Credit Suisse Group 9,745 696,071
Givaudan S.A. 64 58,925
Holcim Ltd. 1,096 109,259
Julius Baer Holding Ltd. 640 86,920
Kuehne + Nagel International AG 743 60,831
Nestle S.A. 2,917 1,130,790
Nobel Biocare Holding AG 189 68,584
Novartis AG 12,789 730,171
Roche Holding AG 2,545 448,210
Serono S.A. 80 72,084
SGS S.A. 56 66,560
Swatch Group Ltd. (The) Class B 328 86,312
Swiss Reinsurance Co. 2,762 251,132
Swisscom AG 841 302,596
UBS AG 14,420 852,821
------------
Total Switzerland 5,180,701
--------------------------------------------------------------------------------
United Kingdom - 26.0%
Anglo American PLC 10,882 571,363
AstraZeneca PLC 11,957 641,174
Aviva PLC 27,063 397,304
BAE SYSTEMS PLC 53,695 484,447
Barclays PLC 86,487 1,223,041
BG Group PLC 28,152 404,733
BHP Billiton PLC 20,337 451,931
BP PLC 199,116 2,155,758
British American Tobacco PLC 22,755 709,179
British Sky Broadcasting PLC 34,032 376,462
BT Group PLC 123,979 738,617
Cable & Wireless PLC 46,231 151,065
Cadbury Schweppes PLC 37,824 483,693
Centrica PLC 68,216 517,119
Compass Group PLC 48,511 323,500
Diageo PLC 30,133 608,448
GlaxoSmithKline PLC 52,305 1,433,159
HBOS PLC 47,068 966,557
HSBC Holdings PLC 145,488 2,538,214
Imperial Tobacco Group PLC 11,569 516,217
J. Sainsbury PLC 26,938 290,327
Kingfisher PLC 86,318 471,077
Legal & General Group PLC 156,660 488,551
Lloyds TSB Group PLC 117,805 1,293,919
Man Group PLC 50,037 544,677
Marks & Spencer Group PLC 35,343 468,950
National Grid PLC 37,182 581,592
Old Mutual PLC 124,003 399,113
Pearson PLC 26,647 455,743
Prudential PLC 34,437 484,621
Reckitt Benckiser PLC 9,688 502,781
Reed Elsevier PLC 35,865 427,339
Rio Tinto PLC 7,363 419,090
Royal Bank of Scotland Group (The) PLC 34,873 1,357,020
Royal Dutch Shell PLC Class A 39,216 1,299,839
Royal Dutch Shell PLC Class B 27,538 913,337
SABMiller PLC 20,543 449,256
Sage Group (The) PLC 89,141 451,515
Scottish & Southern Energy PLC 16,877 510,097
Scottish Power PLC 33,968 532,985
Smith & Nephew PLC 11,694 148,167
Smiths Group PLC 22,566 454,991
Standard Chartered PLC 15,325 440,044
Tesco PLC 59,012 514,189
Unilever PLC 16,556 497,148
Vodafone Group PLC 681,567 1,811,352
Wolseley PLC 17,272 403,468
WPP Group PLC 29,846 450,746
Xstrata PLC 10,479 536,844
------------
Total United Kingdom 33,290,759
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $118,452,487) 127,727,311
================================================================================
RIGHTS* - 0.0%
Australia - 0.0%
Suncorp-Metway Ltd., expiring on 4/05/07 10,415 --
--------------------------------------------------------------------------------
Sweden - 0.0%
Fabege AB, expiring on 4/24/07 2,402 --
--------------------------------------------------------------------------------
TOTAL RIGHTS
(Cost: $0) --
================================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $118,452,487) 127,727,311
================================================================================
See Notes to Financial Statements.
WisdomTree International Dividend Funds 39
Schedule of Investments (concluded)
WisdomTree DEFA Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED - 3.1%
MONEY MARKET FUNDS(b) - 3.1%
UBS Enhanced Yield Portfolio, 5.25% 2,103,262 $ 2,103,262
UBS Private Money Market Fund LLC, 5.26% 1,823,008 1,823,008
------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED(Cost: $3,926,270)(c) 3,926,270
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 102.6%
(Cost: $122,378,757) 131,653,581
Liabilities in Excess of Foreign Currency and
Other Assets - (2.6)% (3,350,311)
------------
NET ASSETS - 100.0% $128,303,270
================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $3,733,284 and the total market value of the collateral held by the
Fund was $3,926,270.
See Notes to Financial Statements.
40 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree DEFA High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.2%
Australia - 12.6%
Adelaide Bank Ltd. 2,613 $ 29,025
Alinta Ltd.(a) 24,840 291,373
Alumina Ltd. 30,139 177,982
Amcor Ltd. 31,417 191,621
AMP Ltd. 56,741 476,259
APN News & Media Ltd.(a) 32,560 154,665
Aristocrat Leisure Ltd.(a) 12,324 163,277
Australia & New Zealand Banking Group Ltd. 75,264 1,805,819
Australian Stock Exchange Ltd. 7,573 269,185
AWB Ltd.(a) 65,283 187,223
Bendigo Bank Ltd.(a) 12,470 171,256
Billabong International Ltd.(a) 11,653 157,212
BlueScope Steel Ltd. 38,405 325,767
Boral Ltd. 20,064 133,560
Caltex Australia Ltd.(a) 8,018 154,549
Challenger Financial Services Group Ltd. 54,047 208,267
Coca-Cola Amatil Ltd. 31,832 226,296
Coles Myer Ltd. 38,463 504,925
Commonwealth Bank of Australia 57,103 2,318,526
CSR Ltd. 47,616 131,171
David Jones Ltd. 3,155 11,597
Downer EDI Ltd. 20,941 115,375
Flight Centre Ltd. 729 9,647
Foster's Group Ltd. 69,055 382,135
Insurance Australia Group Ltd. 77,149 365,223
Iress Market Technology Ltd. 4,445 29,122
John Fairfax Holdings Ltd.(a) 43,153 173,608
Jubilee Mines NL 2,977 42,135
Leighton Holdings Ltd. 9,261 250,780
Lend Lease Corp. Ltd. 15,845 255,880
Lion Nathan Ltd. 21,289 152,033
Macquarie Bank Ltd. 5,845 390,736
McGuigan Simeon Wines Ltd. 10,080 23,859
Minara Resources Ltd.(a) 30,861 184,240
Mortgage Choice Ltd. 3,356 8,296
National Australia Bank Ltd. 64,807 2,115,114
New Hope Corp. Ltd. 13,737 16,924
Nufarm Ltd.(a) 15,961 159,887
OneSteel Ltd.(a) 43,660 181,997
Orica Ltd. 7,525 154,104
Origin Energy Ltd. 23,830 173,452
Pacific Brands Ltd. 21,313 52,858
Perpetual Ltd.(a) 2,463 154,403
Primary Health Care Ltd. 2,668 26,295
Publishing & Broadcasting Ltd.(a) 18,173 291,419
Qantas Airways Ltd. 114,205 484,368
QBE Insurance Group Ltd. 19,889 506,763
Rural Press Ltd. 15,323 168,350
Santos Ltd. 18,674 153,121
Seven Network Ltd.(a) 19,603 180,850
Sims Group Ltd.(a) 9,058 170,937
Sonic Healthcare Ltd. 11,769 140,237
SP Telemedia Ltd. 215,116 156,403
St.George Bank Ltd.(a) 22,681 641,849
Suncorp-Metway Ltd. 34,512 579,915
Sunland Group Ltd. 8,803 23,895
TABCORP Holdings Ltd.(a) 26,902 358,373
Telstra Corp. Ltd.(a) 566,453 2,132,457
Transfield Services Ltd.(a) 18,322 176,433
United Group Ltd.(a) 12,353 136,019
Veda Advantage Ltd.(a) 51,217 135,712
Washington H. Soul Pattinson & Co., Ltd. 19,574 142,632
Wesfarmers Ltd. 19,342 589,859
West Australian Newspapers Holdings Ltd.(a) 18,994 239,831
Westpac Banking Corp. 73,082 1,555,685
Woolworths Ltd. 31,890 700,478
------------
Total Australia 23,173,244
--------------------------------------------------------------------------------
Austria - 0.1%
BOEHLER-UDDEHOLM AG 916 87,792
Flughafen Wien AG 456 44,500
Semperit AG Holding 410 18,010
Wienerberger AG 1,543 96,023
------------
Total Austria 246,325
--------------------------------------------------------------------------------
Belgium - 2.8%
Almancora SCA 1,104 166,798
Belgacom S.A. 15,840 701,090
Compagnie Maritime Belge S.A. 2,270 150,179
Cumerio N.V. 1,211 35,545
Dexia N.V. 22,345 664,493
Euronav N.V. 2,755 92,380
Fortis N.V. 49,050 2,232,365
KBC Groep N.V. 7,266 900,573
Melexis N.V. 1,384 25,977
Mobistar S.A. 2,931 246,971
Tessenderlo Chemie N.V. 668 32,296
------------
Total Belgium 5,248,667
--------------------------------------------------------------------------------
Denmark - 0.6%
A/S Dampskibsselskabet TORM 2,302 158,947
Danske Bank A/S 18,308 848,743
------------
Total Denmark 1,007,690
--------------------------------------------------------------------------------
Finland - 1.8%
Amer Sports Oyj 2,929 63,982
Citycon Oyj 8,448 65,899
Elcoteq SE 4,004 42,053
Elisa Oyj(a) 7,775 224,485
Fortum Oyj 35,228 1,023,691
Kesko Oyj Class B 1,355 72,022
OKO Bank PLC Class A(a) 5,845 99,280
Rautaruukki Oyj(a) 5,845 271,464
Sampo Oyj Class A 14,658 443,313
Sanoma-WSOY Oyj 4,976 147,115
Stora Enso Oyj Class R(a) 17,583 304,273
See Notes to Financial Statements.
WisdomTree International Dividend Funds 41
Schedule of Investments (continued)
WisdomTree DEFA High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
TietoEnator Oyj 1,767 $ 51,277
UPM-Kymmene Corp.(a) 15,645 397,150
Uponor Corp. 2,824 99,468
------------
Total Finland 3,305,472
--------------------------------------------------------------------------------
France - 11.6%
Assurances Generales de France 4,422 737,971
AXA S.A. 55,115 2,328,648
BNP Paribas 22,161 2,306,575
Casino Guichard Perrachon S.A. 2,929 294,682
Euler Hermes S.A. 1,189 166,884
France Telecom S.A. 172,566 4,541,393
Klepierre 1,218 234,835
M6, Metropole Television S.A. 4,625 168,813
Rallye S.A. 2,813 181,984
Societe Generale 10,354 1,783,072
Suez S.A. 37,618 1,976,969
TOTAL S.A. 70,417 4,916,433
Valeo S.A. 3,874 226,438
Viel et Compagnie 24,062 160,151
Vivendi S.A. 36,042 1,459,470
------------
Total France 21,484,318
--------------------------------------------------------------------------------
Germany - 5.1%
AWD Holding AG 3,244 153,082
Balda AG 14,250 198,225
BASF AG 13,436 1,507,377
DaimlerChrysler AG(a) 32,322 2,641,761
Deutsche Lufthansa AG 11,793 319,146
Deutsche Post AG 41,081 1,239,161
E.ON AG 17,987 2,436,960
Indus Holding AG 7,810 296,190
MPC Muenchmeyer Petersen Capital AG 3,062 257,969
MVV Energie AG 4,449 168,193
Norddeutsche Affinerie AG 5,359 169,067
Vossloh AG 957 91,607
------------
Total Germany 9,478,738
--------------------------------------------------------------------------------
Hong Kong - 2.3%
Bank of East Asia Ltd. 45,612 265,293
BOC Hong Kong (Holdings) Ltd. 329,341 798,249
Cathay Pacific Airways Ltd. 114,000 290,024
China Netcom Group Corp. Ltd. 15,504 40,475
China Travel International Investment Hong Kong Ltd. 140,058 65,420
Chong Hing Bank Ltd. 11,000 29,069
CITIC International Financial Holdings Ltd. 87,028 75,398
CITIC Pacific Ltd. 66,018 244,159
CLP Holdings Ltd. 81,024 591,537
Dah Sing Banking Group Ltd. 11,604 25,957
Fountain Set (Holdings) Ltd. 58,018 20,195
Fubon Bank (Hong Kong) Ltd. 4,000 2,319
Hang Seng Bank Ltd. 67,318 956,240
Hongkong Electric Holdings Ltd. 69,018 354,176
Hopewell Holdings Ltd. 26,008 101,180
Industrial & Commercial Bank of China Ltd. 35,008 76,608
Oriental Press Group Ltd. 116,038 21,680
PCCW Ltd. 206,048 123,667
Television Broadcasts Ltd. 4,000 25,006
Wing Hang Bank Ltd. 5,500 67,710
Wing Lung Bank Ltd. 5,800 63,981
------------
Total Hong Kong 4,238,343
--------------------------------------------------------------------------------
Ireland - 0.8%
Abbey PLC 609 9,592
Allied Irish Banks PLC 21,398 632,344
Bank of Ireland 21,656 464,698
Fyffes PLC 15,705 23,833
Greencore Group PLC 4,408 26,713
Independent News & Media PLC 20,923 94,696
Irish Life & Permanent PLC 5,644 153,641
------------
Total Ireland 1,405,517
--------------------------------------------------------------------------------
Italy - 9.7%
ACEA SpA 7,873 146,722
AEM SpA 46,467 167,007
Alleanza Assicurazioni SpA 20,883 265,614
Arnoldo Mondadori Editore SpA(a) 21,197 220,652
ASM 19,546 125,865
Autostrada Torino-Milano SpA 8,133 199,636
Banca Intesa SpA 307,269 2,325,286
Banca Lombarda e Piemontese SpA* 6,423 158,089
Banca Popolare di Verona e Novara S.c.r.l. 5,613 173,718
Banca Popolare Italiana 19,674 306,412
Banca Profilo SpA 17,008 61,129
Banche Popolari Unite S.c.r.l. 14,300 421,635
Capitalia SpA 85,629 771,109
Credito Artigiano SpA 12,437 63,573
Cremonini SpA 17,286 62,070
Enel SpA 224,381 2,392,466
Eni SpA 165,539 5,367,902
Fiera Milano SpA 4,386 51,962
Fondiaria-Sai SpA 2,958 135,333
Gruppo Editoriale L'Espresso SpA 78,348 416,129
Milano Assicurazioni SpA 20,738 178,469
Piccolo Credito Valtellinese Scarl 6,949 114,610
Pirelli & C. Real Estate SpA 3,157 238,657
Premuda SpA 116,781 244,994
Snam Rete Gas SpA 71,384 451,596
Societa Cattolica di Assicurazioni S.c.r.l.(a) 2,086 125,455
Societa Iniziative Autostradali e Servizi SpA 4,430 69,408
Sogefi SpA 489 4,657
Terna SpA 74,929 277,282
UniCredito Italiano SpA 232,291 2,203,151
Unipol SpA 44,603 171,886
------------
Total Italy 17,912,474
--------------------------------------------------------------------------------
Japan - 0.3%
Best Denki Co., Ltd. 1,500 8,461
Denki Kogyo Co., Ltd. 1,000 8,842
Hokuto Corp. 500 8,850
See Notes to Financial Statements.
42 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree DEFA High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Marusan Securities Co., Ltd. 500 $ 6,919
Nikko Cordial Corp. 14,000 199,551
Oracle Corp. Japan 2,300 110,447
TonenGeneral Sekiyu K.K. 11,000 122,600
Yushiro Chemical Industry Co., Ltd. 300 6,352
------------
Total Japan 472,022
--------------------------------------------------------------------------------
Netherlands - 4.7%
ABN AMRO Holding N.V. 59,741 2,562,271
Aegon N.V. 35,955 714,094
Heijmans N.V. 980 55,664
Hunter Douglas N.V. 725 63,696
ING Groep N.V. 56,406 2,376,436
Nutreco Holding N.V. 774 57,749
OCE N.V. 4,067 74,277
Reed Elsevier N.V. 15,555 274,148
Royal KPN N.V. 79,132 1,228,225
SBM Offshore N.V. 1,550 55,688
Unilever N.V. 40,696 1,180,960
------------
Total Netherlands 8,643,208
--------------------------------------------------------------------------------
New Zealand - 0.7%
Air New Zealand Ltd. 38,800 64,916
Auckland International Airport Ltd. 46,596 80,292
CanWest MediaWorks (NZ) Ltd. 12,653 19,903
Contact Energy Ltd. 14,213 93,595
Fisher & Paykel Appliances Holdings Ltd. 10,615 27,854
Fletcher Building Ltd. 18,155 142,789
Freightways Ltd. 5,553 17,271
Infratil Ltd. 5,321 21,381
New Zealand Refining Co., Ltd. (The) 11,189 49,201
Nuplex Industries Ltd. 3,393 17,831
Sanford Ltd. 4,174 14,445
Telecom Corp. of New Zealand Ltd.(a) 190,756 645,127
Vector Ltd. 21,662 46,155
Warehouse Group Ltd. (The) 13,977 67,457
------------
Total New Zealand 1,308,217
--------------------------------------------------------------------------------
Norway - 0.6%
Acta Holding ASA 15,704 86,957
Aker Yards ASA 2,900 49,885
Aktiv Kapital ASA 2,902 40,411
DnB NOR ASA 37,724 530,253
Ekornes ASA 2,150 51,248
Norske Skogindustrier ASA 8,702 148,262
Sparebanken Midt-Norge 100 1,302
Storebrand ASA 11,804 188,350
Veidekke ASA 1,452 81,828
------------
Total Norway 1,178,496
--------------------------------------------------------------------------------
Portugal - 1.1%
Banco Comercial Portugues, S.A. Class R 74,810 269,871
Banco Espirito Santo, S.A. 9,220 175,384
Brisa-Auto-estradas de Portugal S.A. 7,545 98,627
CIMPOR - Cimentos de Portugal SGPS, S.A. 14,951 124,985
EDP-Energias de Portugal S.A. 87,120 466,199
Jeronimo Martins, SGPS, S.A. 2,550 66,191
Portugal Telecom, SGPS, S.A. 47,542 634,754
PT Multimedia - Servicos de Telecomunicacoes e
Multimedia, SGPS, S.A. 6,391 94,432
SAG Gest-Solucoes Automovel Globais, SGPS, S.A. 7,518 18,814
Semapa-Sociedade de Investimento e Gestao, SGPS,
S.A. 4,000 60,807
------------
Total Portugal 2,010,064
--------------------------------------------------------------------------------
Singapore - 1.9%
ComfortDelgro Corp., Ltd. 58,000 76,014
DBS Group Holdings Ltd. 47,000 662,408
Fraser and Neave Ltd. 28,062 94,255
Guocoland Ltd. 12,000 33,193
Jaya Holdings Ltd. 29,000 27,694
MobileOne Ltd. 46,000 66,346
Oversea-Chinese Banking Corp. Ltd. 79,000 468,256
Parkway Holdings Ltd. 29,000 62,645
SembCorp Marine Ltd. 29,000 67,229
Singapore Airlines Ltd. 27,000 295,179
Singapore Airport Terminal Services Ltd. 29,000 52,522
Singapore Post Ltd. 77,000 56,290
Singapore Press Holdings Ltd. 41,000 118,809
Singapore Telecommunications Ltd. 328,900 710,479
SMRT Corp. Ltd. 58,000 56,915
StarHub Ltd. 57,428 107,791
United Overseas Bank Ltd. 39,000 539,384
UOB-Kay Hian Holdings Ltd. 29,000 29,413
------------
Total Singapore 3,524,822
--------------------------------------------------------------------------------
Spain - 5.2%
Antena 3 de Television, S.A.(a) 6,109 136,130
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 73,480 1,797,801
Banco Popular Espanol, S.A. 25,305 520,093
Banco Santander Central Hispano S.A. 156,105 2,776,197
Endesa S.A. 20,731 1,117,089
Gas Natural SDG, S.A. 9,482 443,662
Gestevision Telecinco, S.A. 10,489 302,007
IBERDROLA, S.A.(a) 20,601 970,501
Telefonica, S.A. 69,936 1,536,073
------------
Total Spain 9,599,553
--------------------------------------------------------------------------------
Sweden - 3.2%
AB Volvo Class A 4,502 385,642
Axfood AB 1,502 59,086
Bilia AB Class A 1,600 30,786
Brostrom AB Class B 2,000 41,048
D. Carnegie & Co. AB 2,902 60,078
Electrolux AB Series B 8,200 206,867
Fabege AB 3,202 80,095
H&M Hennes & Mauritz AB Class B 17,904 1,025,842
HiQ International AB(a) 5,200 26,385
Intrum Justitia AB 5,800 77,707
Kungsleden Fastighets AB 3,902 69,797
See Notes to Financial Statements.
WisdomTree International Dividend Funds 43
Schedule of Investments (continued)
WisdomTree DEFA High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Nolato AB Class B 5,200 $ 53,363
Nordea Bank AB 68,018 1,080,943
Oresund Investment AB 802 18,575
Ratos AB Class B 4,800 151,195
Sandvik AB 23,406 413,669
Scania AB Class A 3,002 240,037
Skanska AB Class B 11,604 257,183
SKF AB Class B 10,804 223,669
Svenska Cellulosa Aktiebolaget SCA Class B 5,400 287,852
Svenska Handelsbanken Class A 15,704 464,443
Swedbank AB Class A 14,504 505,441
Trelleborg AB Class B 1,800 46,564
------------
Total Sweden 5,806,267
--------------------------------------------------------------------------------
Switzerland - 0.5%
Ciba Specialty Chemicals Holding Inc. 1,880 123,275
EMS-Chemie Holding AG 468 58,653
Swisscom AG 1,856 667,798
Vontobel Holding AG 1,477 75,435
------------
Total Switzerland 925,161
--------------------------------------------------------------------------------
United Kingdom - 33.6%
Alliance & Leicester PLC 17,248 383,625
Aviva PLC 80,416 1,180,563
BAE SYSTEMS PLC 60,583 546,591
Barclays PLC 204,390 2,890,347
Boots Group PLC 27,614 555,960
BP PLC 468,823 5,075,783
Bradford & Bingley PLC 48,866 435,368
British American Tobacco PLC 53,793 1,676,504
BT Group PLC 374,188 2,229,263
Cable & Wireless PLC 143,939 470,336
Centrica PLC 91,571 694,165
Compass Group PLC 86,111 574,239
Diageo PLC 71,297 1,439,636
Electrocomponents PLC 3,577 20,311
FirstGroup PLC 34,337 447,520
Friends Provident PLC 117,587 443,961
Gallaher Group PLC 24,580 546,219
GlaxoSmithKline PLC 123,667 3,388,483
Hanson PLC 32,064 514,115
HBOS PLC 111,354 2,286,691
HMV Group PLC 15,458 33,502
HSBC Holdings PLC 344,192 6,004,845
Imperial Tobacco Group PLC 17,219 768,324
Inmarsat PLC 46,166 347,703
iSOFT Group PLC 58,134 39,337
ITV PLC 194,113 414,989
Kelda Group PLC 26,670 490,660
Kingfisher PLC 90,626 494,587
Ladbrokes PLC 52,544 414,805
Legal & General Group PLC 164,586 513,269
Lloyds TSB Group PLC 278,738 3,061,535
LogicaCMG PLC 127,741 445,969
National Grid PLC 87,942 1,375,568
Northern Foods PLC 8,918 21,646
Northern Rock PLC 20,620 463,073
Old Mutual PLC 130,212 419,097
Pearson PLC 27,991 478,729
Persimmon PLC 18,144 500,349
Prudential PLC 46,730 657,617
Reed Elsevier PLC 37,676 448,917
Rentokil Initial PLC 140,530 449,274
Resolution PLC 28,673 348,955
Royal & Sun Alliance Insurance Group 75,678 240,458
Royal Bank of Scotland Group (The) PLC 82,472 3,209,249
Royal Dutch Shell PLC Class A 92,783 3,075,352
Scottish & Newcastle PLC 40,505 477,858
Scottish & Southern Energy PLC 25,305 764,828
Scottish Power PLC 47,353 743,006
Severn Trent PLC 10,680 300,383
Smiths Group PLC 23,652 476,888
Standard Chartered PLC 24,783 711,623
Tesco PLC 139,543 1,215,879
Tomkins PLC 44,531 233,200
Unilever PLC 35,199 1,056,965
United Utilities PLC 44,224 655,311
Vodafone Group PLC 1,668,131 4,433,274
Yell Group PLC 39,797 466,774
------------
Total United Kingdom 62,053,478
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $172,061,377) 183,022,076
================================================================================
RIGHTS* - 0.0%
Australia - 0.0%
Suncorp-Metway Ltd., expiring on 4/05/07 22,932 --
--------------------------------------------------------------------------------
Sweden - 0.0%
Fabege AB, expiring on 4/24/07 3,202 --
--------------------------------------------------------------------------------
TOTAL RIGHTS
(Cost: $0) --
--------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS
(Cost: $172,061,377) 183,022,076
================================================================================
SHORT-TERM INVESTMENT - 0.0%
MONEY MARKET FUND - 0.0%
United States - 0.0%
Columbia Cash Reserves Fund, 4.95%(b)
(Cost: $53,170) 53,170 53,170
================================================================================
INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED - 5.5%
MONEY MARKET FUNDS(c) - 5.5%
UBS Enhanced Yield Portfolio, 5.25% 6,709,958 6,709,958
UBS Private Money Market Fund LLC, 5.26% 3,441,791 3,441,791
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED (Cost: $10,151,749)(d) 10,151,749
================================================================================
See Notes to Financial Statements.
44 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree DEFA High-Yielding Equity Fund
March 31, 2007
===============================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 104.7%
(Cost: $182,266,296) $193,226,995
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (4.7)% (8,728,690)
------------
NET ASSETS - 100.0% $184,498,305
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2007.
(c) Interest rates shown reflect yields as of March 31, 2007.
(d) At March 31, 2007, the total market value of the Fund's securities on loan
was $9,636,657 and the total market value of the collateral held by the
Fund was $10,151,749.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 45
Schedule of Investments
WisdomTree Europe Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Austria - 0.7%
Andritz AG 24 $ 5,999
Bank Austria Creditanstalt AG 413 76,203
BOEHLER-UDDEHOLM AG 144 13,801
Erste Bank der oesterreichischen Sparkassen AG 354 27,473
Flughafen Wien AG 72 7,026
OMV AG 664 41,675
Semperit AG Holding 102 4,481
Telekom Austria AG 1,084 26,998
UNIQA Versicherungen AG 108 3,594
voestalpine AG 265 19,155
Wiener Staedtische AG 126 8,906
Wienerberger AG 240 14,936
------------
Total Austria 250,247
--------------------------------------------------------------------------------
Belgium - 2.7%
Almancora SCA 180 27,195
Barco N.V. 203 18,683
Belgacom S.A. 2,315 102,464
Compagnie Maritime Belge S.A. 552 36,519
Delhaize Group 222 20,334
Dexia N.V. 3,530 104,975
Euronav N.V. 546 18,308
Fortis N.V. 7,960 362,276
Groep Colruyt S.A. 90 20,524
InBev N.V. 828 59,574
KBC Groep N.V. 1,303 161,498
Mobistar S.A. 415 34,969
Solvay S.A. 270 41,347
UCB S.A. 342 19,835
Umicore 102 18,072
------------
Total Belgium 1,046,573
--------------------------------------------------------------------------------
Denmark - 0.7%
A/S Dampskibsselskabet TORM 350 24,167
Carlsberg A/S Class B 100 10,844
Codan A/S 125 11,768
Danisco A/S 50 3,926
Danske Bank A/S 3,003 139,217
H. Lundbeck A/S 501 11,680
Novo-Nordisk A/S Class B 551 50,103
Novozymes A/S Class B 50 4,457
Sydbank A/S 50 2,680
------------
Total Denmark 258,842
--------------------------------------------------------------------------------
Finland - 2.4%
Elcoteq SE 2,206 23,169
Elisa Oyj Class A 905 26,130
Fortum Oyj 6,020 174,935
KCI Konecranes Oyj 467 15,603
Kemira Oyj 605 13,804
Kesko Oyj Class B 300 15,946
Metso Oyj 605 31,851
Nokia Oyj 10,010 229,587
Nokian Renkaat Oyj 905 24,696
OKO Bank PLC Class A 605 10,276
Outokumpu Oyj 606 20,756
Rautaruukki Oyj 1,576 73,195
Sampo Oyj Class A 2,408 72,827
Sanoma-WSOY Oyj 580 17,148
Stora Enso Oyj Class R(a) 2,408 41,670
TietoEnator Oyj 485 14,074
UPM-Kymmene Corp.(a) 2,408 61,127
Uponor Corp. 300 10,567
Wartsila Oyj Class B 305 18,794
YIT Oyj 605 20,778
------------
Total Finland 916,933
--------------------------------------------------------------------------------
France - 16.0%
Accor S.A. 1,613 153,607
Air France-KLM 2,519 114,511
Assurances Generales de France 768 128,169
Assystem 324 6,620
AXA S.A. 10,414 439,999
BNP Paribas 3,500 364,289
Bouygues S.A. 1,769 136,225
Carrefour S.A. 2,267 165,220
Casino Guichard Perrachon S.A. 1,180 118,718
Christian Dior S.A. 954 115,562
Cie de Saint-Gobain S.A. 1,403 136,653
CNP Assurances S.A. 954 110,711
Compagnie Generale des Etablissements Michelin
Class B 1,253 137,888
Credit Agricole S.A. 2,549 99,045
France Telecom S.A. 25,846 680,185
Gaz de France 2,609 120,651
Groupe Danone 756 123,077
Lafarge S.A. 810 126,897
Lagardere SCA 1,192 91,459
L'Air Liquide S.A. 480 116,609
L'Oreal S.A. 1,396 151,878
LVMH Moet Hennessy Louis Vuitton S.A. 1,026 113,427
Oberthur Card Systems S.A. 5,712 39,843
PPR S.A. 774 123,338
Renault S.A. 1,249 145,561
Schneider Electric S.A. 936 118,403
Societe Generale 1,703 293,275
Ste Industrielle d'Aviation Latecoere S.A. 1,544 46,552
Suez S.A. 6,579 345,751
Technip S.A. 457 33,410
TOTAL S.A. 11,677 815,274
VINCI S.A. 966 149,189
Vivendi S.A. 5,877 237,981
------------
Total France 6,099,977
--------------------------------------------------------------------------------
Germany - 9.2%
adidas AG 966 52,632
Allianz SE 1,145 234,280
See Notes to Financial Statements.
46 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Europe Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
BASF AG 1,709 $ 191,732
Bayer AG 2,195 139,782
Bayerische Motoren Werke AG 1,072 63,030
Beiersdorf AG 408 27,726
Celesio AG 1,021 63,932
Commerzbank AG 1,343 59,210
Continental AG 456 58,734
DaimlerChrysler AG 4,850 396,402
Deutsche Bank AG 1,042 139,871
Deutsche Boerse AG 360 82,185
Deutsche Lufthansa AG 2,567 69,469
Deutsche Post AG 4,322 130,368
Deutsche Postbank AG 690 59,950
Deutsche Telekom AG 27,475 452,778
E.ON AG 2,381 322,589
Fresenius Medical Care AG & Co. KGaA 414 60,025
Hypo Real Estate Holding AG 768 48,806
Linde AG 582 62,482
MAN AG 690 80,001
Metro AG 816 57,580
Muenchener Ruckversicherungs-Gesellschaft AG 708 119,324
RWE AG 1,558 164,235
Siemens AG 1,871 199,296
ThyssenKrupp AG 1,493 73,614
Volkswagen AG 678 101,533
------------
Total Germany 3,511,566
--------------------------------------------------------------------------------
Ireland - 0.8%
Allied Irish Banks PLC 3,479 102,810
Anglo Irish Bank Corp. PLC 828 17,635
Bank of Ireland 3,464 74,331
CRH PLC 852 36,270
DCC PLC 168 5,877
FBD Holdings PLC 90 4,672
Fyffes PLC 3,989 6,053
Glanbia PLC 1,276 6,429
IAWS Group PLC 234 5,426
Independent News & Media PLC 2,210 10,002
Irish Life & Permanent PLC 864 23,520
Kerry Group PLC Class A 192 5,316
Kingspan Group PLC 252 6,692
McInerney Holdings PLC 264 5,489
------------
Total Ireland 310,522
--------------------------------------------------------------------------------
Italy - 8.9%
AEM SpA 22,019 79,139
Alleanza Assicurazioni SpA 4,520 57,491
Assicurazioni Generali SpA 2,087 88,455
Autogrill SpA 3,236 61,771
Autostrade SpA 1,799 57,474
Banca Carige SpA 11,019 54,565
Banca Intesa SpA 47,887 362,389
Banca Lombarda e Piemontese SpA* 3,017 74,257
Banca Monte dei Paschi di Siena SpA 8,843 55,208
Banca Popolare Italiana 5,745 89,475
Banche Popolari Unite S.c.r.l. 1,949 57,466
Capitalia SpA 8,789 79,147
Enel SpA 35,287 376,247
Eni SpA 28,812 934,281
ERG SpA 3,648 99,452
Finmeccanica SpA 2,327 69,727
Ifil Investments SpA 9,191 89,496
Luxottica Group SpA 2,015 64,026
Mediobanca SpA 2,579 57,229
Pirelli & C. Real Estate SpA 388 29,331
Premuda SpA 22,800 47,832
Recordati SpA 4,383 34,744
Snam Rete Gas SpA 11,644 73,663
Terna SpA 18,178 67,269
UniCredito Italiano SpA 36,628 347,396
------------
Total Italy 3,407,530
--------------------------------------------------------------------------------
Netherlands - 5.5%
ABN AMRO Holding N.V. 9,407 403,463
Aegon N.V. 5,865 116,483
Akzo Nobel N.V. 864 65,384
Euronext N.V. 990 117,881
European Aeronautic Defence & Space Co. EADS
N.V 343 10,602
Heineken Holding N.V. 720 31,762
Heineken N.V. 654 34,092
Hunter Douglas N.V. 384 33,737
ING Groep N.V. 9,269 390,511
Koninklijke DSM N.V. 648 28,931
Koninklijke Philips Electronics N.V. 2,555 97,237
Mittal Steel Co. N.V. 834 44,130
Randstad Holding N.V. 723 55,878
Reed Elsevier N.V. 1,647 29,027
Royal KPN N.V. 11,523 178,851
SBM Offshore N.V. 33 1,186
STMicroelectronics N.V. 6,027 115,609
TNT N.V. 1,120 51,182
Unilever N.V. 6,419 186,273
USG People N.V. 707 29,062
Van der Moolen Holding N.V. 7,098 37,794
Vedior N.V. 1,258 27,832
Wolters Kluwer N.V. 1,085 32,439
------------
Total Netherlands 2,119,346
--------------------------------------------------------------------------------
Norway - 1.6%
Acta Holding ASA 3,203 17,736
Aker ASA Class A 120 7,608
Aker Yards ASA 600 10,321
Aktiv Kapital ASA 601 8,369
DnB NOR ASA 6,506 91,449
Ekornes ASA 500 11,918
Norsk Hydro ASA 4,253 140,394
Norske Skogindustrier ASA 1,202 20,479
See Notes to Financial Statements.
WisdomTree International Dividend Funds 47
Schedule of Investments (continued)
WisdomTree Europe Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Orkla ASA 601 $ 42,189
ProSafe ASA 600 9,141
Statoil ASA 4,505 122,144
Storebrand ASA 2,203 35,152
Telenor ASA 3,604 63,766
Yara International ASA 1,101 30,257
------------
Total Norway 610,923
--------------------------------------------------------------------------------
Portugal - 1.0%
Banco BPI, S.A. 1,703 14,735
Banco Comercial Portugues S.A. Class R 12,070 43,542
Banco Espirito Santo, S.A. 1,787 33,993
Brisa-Auto-estradas de Portugal S.A. 1,895 24,771
CIMPOR - Cimentos de Portugal SGPS, S.A. 2,441 20,406
EDP-Energias de Portugal, S.A. 13,737 73,510
Finibanco Holding SGPS, S.A. 1,246 6,419
Jeronimo Martins, SGPS, S.A. 420 10,902
Mota-Engil, SGPS, S.A. 828 6,536
Portucel-Empresa Produtora De Pasta E Papel, S.A. 2,015 7,081
Portugal Telecom, SGPS, S.A. 6,931 92,539
PT Multimedia - Servicos de Telecomunicacoes e
Multimedia, SGPS, S.A. 1,050 15,515
SAG Gest-Solucoes Automovel Globais, SGPS, S.A. 2,045 5,118
Semapa-Sociedade de Investimento e Gestao, SGPS,
S.A. 654 9,942
Sonae SGPS, S.A. 4,211 9,473
------------
Total Portugal 374,482
--------------------------------------------------------------------------------
Spain - 6.6%
Abertis Infraestructuras S.A. 1,553 49,718
Acciona, S.A. 222 47,918
ACS, Actividades Construccion y Servicios, S.A. 840 50,821
Altadis, S.A. 738 47,223
Antena 3 de Television, S.A. 499 11,119
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 11,710 286,503
Banco Popular Espanol, S.A. 4,136 85,007
Banco Sabadell, S.A. 936 44,431
Banco Santander Central Hispano S.A 24,410 434,112
Bankinter, S.A. 498 40,670
Campofrio Alimentacion S.A. 1,379 25,148
Cia Espanola De Petroleos, S.A.(a) 666 57,227
Enagas 1,571 40,445
Endesa S.A. 5,065 272,927
Fomento de Construcciones y Contratas S.A. 456 46,709
Gas Natural SDG, S.A. 1,559 72,946
Gestevision Telecinco, S.A. 1,038 29,887
Grupo Ferrovial S.A. 468 47,191
IBERDROLA, S.A. 3,161 148,913
Inditex S.A. 846 52,400
Red Electrica de Espana, S.A. 1,030 48,358
Repsol YPF, S.A. 3,512 117,997
Telefonica, S.A. 19,518 428,693
Union Fenosa, S.A. 828 44,496
------------
Total Spain 2,530,859
--------------------------------------------------------------------------------
Sweden - 4.5%
AB SKF Class B 1,202 24,884
AB Volvo Class A 601 51,482
AB Volvo Class B 1,702 142,640
Alfa Laval AB 601 31,009
Assa Abloy AB Class B 1,202 27,497
Atlas Copco AB Class A 1,202 39,746
Atlas Copco AB Class B 1,202 38,119
Brostrom AB Class B 700 14,367
Electrolux AB Series B 1,803 45,486
Eniro AB 803 10,100
Getinge AB Class B 1,200 27,195
H&M Hennes & Mauritz AB Class B 2,702 154,816
Hexagon AB Class B 601 24,285
Investment AB Kinnevik Class B 1,803 34,628
L E Lundbergforetagen AB Class B 300 20,075
Nordea Bank AB 12,012 190,895
Sandvik AB 3,604 63,696
Scania AB Class A 1,001 80,039
Scania AB Class B 601 46,942
Securitas AB Class B 1,202 18,246
Skandinaviska Enskilda Banken AB 2,402 76,516
Skanska AB Class B 1,202 26,640
SSAB Svenskt Stal AB Series A 1,103 33,879
Svenska Cellulosa Aktiebolaget SCA Class B 601 32,037
Svenska Handelsbanken AB Class A 2,402 71,039
Swedbank AB Class A 2,402 83,706
Swedish Match AB 1,202 21,372
Telefonaktiebolaget LM Ericsson Class A 6,006 22,128
Telefonaktiebolaget LM Ericsson Class B 32,030 117,326
TeliaSonera AB 15,015 128,940
------------
Total Sweden 1,699,730
--------------------------------------------------------------------------------
Switzerland - 5.2%
Adecco S.A. 486 30,713
Baloise Holding AG 336 34,817
Ciba Specialty Chemicals Holding Inc. 510 33,442
Credit Suisse Group 3,764 268,857
Givaudan S.A. 36 33,145
Holcim Ltd. 426 42,467
Julius Baer Holding Ltd. 354 48,078
Kuehne + Nagel International AG 402 32,913
Nestle S.A. 1,090 422,546
Novartis AG 4,940 282,043
Roche Holding AG 990 174,353
Serono S.A. 42 37,844
Swatch Group AG (The) 154 40,525
Swiss Reinsurance Co. 1,078 98,016
Swisscom AG 264 94,989
UBS AG 5,349 316,348
------------
Total Switzerland 1,991,096
--------------------------------------------------------------------------------
United Kingdom - 33.7%
Abbot Group PLC 8,187 42,593
See Notes to Financial Statements.
48 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree Europe Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Aero Inventory PLC 1,055 $ 7,739
Alphameric PLC 34,756 33,573
Anglo American PLC 6,532 342,964
AstraZeneca PLC 6,222 333,644
Aviva PLC 14,407 211,505
BAE SYSTEMS PLC 25,283 228,108
Barclays PLC 33,318 471,161
BG Group PLC 13,483 193,841
BHP Billiton PLC 10,990 244,221
Blacks Leisure Group PLC 7,744 47,237
British American Tobacco PLC 11,821 368,412
British Sky Broadcasting PLC 16,499 182,512
BT Group PLC 63,577 378,766
Burren Energy PLC 8,990 140,884
Centrica PLC 33,872 256,771
Compass Group PLC 21,413 142,794
Dawson Holdings PLC 11,569 24,506
Dechra Pharmaceuticals PLC 2,373 14,812
Diageo PLC 11,619 234,612
Erinaceous Group PLC 3,094 12,804
Expro International Group PLC 5,010 86,767
Genus PLC 3,803 45,873
GlaxoSmithKline PLC 23,734 650,314
HBOS PLC 19,506 400,562
HSBC Holdings PLC 56,109 978,889
Hunting PLC 6,554 97,181
Imperial Tobacco Group PLC 3,567 159,162
Inmarsat PLC 6,718 50,597
iSOFT Group PLC* 41,001 27,744
James Fisher & Sons PLC 3,878 45,865
John Wood Group PLC 11,704 61,693
Johnson Service Group PLC 4,170 26,172
Kensington Group PLC 2,751 35,881
Kingfisher PLC 2,179 11,892
Lloyds TSB Group PLC 54,606 599,768
Marks & Spencer Group PLC 14,288 189,581
National Grid PLC 17,275 270,211
Nichols PLC 208 1,253
Old Mutual PLC 61,899 199,227
Pearson PLC 11,927 203,987
Prudential PLC 17,878 251,591
Reckitt Benckiser PLC 4,249 220,512
Reed Elsevier PLC 15,813 188,415
Rio Tinto PLC 4,382 249,416
Royal Bank of Scotland Group (The) PLC 13,714 533,655
Royal Dutch Shell PLC Class A 19,748 654,560
SABMiller PLC 9,638 210,774
Sage Group PLC (The) 27,611 139,855
Scottish & Southern Energy PLC 8,838 267,123
Sportingbet PLC 40,505 53,029
Standard Chartered PLC 8,292 238,098
Tesco PLC 36,476 317,826
Tribal Group PLC 20,708 49,551
Tullow Oil PLC 13,955 99,834
Unilever PLC 8,957 268,963
Vodafone Group PLC 261,316 694,480
Wagon PLC 15,135 40,001
Wolseley PLC 6,759 157,888
WPP Group PLC 10,767 162,607
------------
Total United Kingdom 12,854,256
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $35,139,646) 37,982,882
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 1.3%
MONEY MARKET FUNDS(b) - 1.3%
UBS Enhanced Yield Portfolio, 5.25% 500,000 500,000
UBS Private Money Market Fund LLC, 5.26% 2,380 2,380
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $502,380)(c) 502,380
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 100.8%
(Cost: $35,642,026) 38,485,262
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (0.8)% (299,804)
------------
NET ASSETS - 100.0% $ 38,185,458
================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $132,830 and the total market value of the collateral held by the Fund
was $502,380.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 49
Schedule of Investments
WisdomTree Europe High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.2%
Austria - 0.1%
BOEHLER-UDDEHOLM AG 384 $ 36,804
--------------------------------------------------------------------------------
Belgium - 3.6%
Almancora SCA 154 23,267
Belgacom S.A. 6,042 267,423
Compagnie Maritime Belge S.A. 615 40,687
Dexia N.V. 5,268 156,659
Euronav N.V. 10,336 346,583
Fortis N.V. 20,648 939,732
Melexis N.V. 148 2,778
Mobistar S.A. 381 32,104
------------
Total Belgium 1,809,233
--------------------------------------------------------------------------------
Denmark - 0.8%
A/S Dampskibsselskabet TORM 2,701 186,497
Danske Bank A/S 5,108 236,803
------------
Total Denmark 423,300
--------------------------------------------------------------------------------
Finland - 2.7%
Citycon Oyj 2,004 15,632
Elisa Oyj Class A 2,009 58,005
Fiskars Oyj Abp Class A 1,205 19,441
Fortum Oyj 15,063 437,716
Kemira GrowHow Oyj 2,355 31,631
Kesko Oyj Class B 605 32,157
OKO Bank PLC Class A(a) 2,411 40,952
Poyry Oyj 1,609 29,557
Rautaruukki Oyj 2,411 111,976
Sampo Oyj Class A 6,228 188,358
Sanoma-WSOY Oyj 2,009 59,396
Stora Enso Oyj Class R(a) 6,829 118,176
TietoEnator Oyj 806 23,389
UPM-Kymmene Corp.(a) 6,429 163,200
Uponor Corp. 805 28,354
------------
Total Finland 1,357,940
--------------------------------------------------------------------------------
France - 9.3%
Assurances Generales de France 1,828 305,068
BNP Paribas 9,315 969,530
Casino Guichard Perrachon S.A. 1,212 121,937
Euler Hermes S.A. 680 95,442
France Telecom S.A. 63,143 1,661,723
M6, Metropole Television 2,279 83,184
Rallye S.A. 685 44,315
Societe Generale 4,423 761,689
Valeo S.A. 1,186 69,323
Vivendi S.A. 14,936 604,812
------------
Total France 4,717,023
--------------------------------------------------------------------------------
Germany - 4.4%
AWD Holding AG 495 23,359
DaimlerChrysler AG 10,856 887,290
Deutsche Lufthansa AG 4,547 123,052
Deutsche Telekom AG 69,595 1,146,900
Norddeutsche Affinerie AG 1,340 42,275
-------------
Total Germany 2,222,876
--------------------------------------------------------------------------------
Ireland - 0.6%
Allied Irish Banks PLC 9,017 266,467
Fyffes PLC 4,915 7,459
Independent News & Media PLC 9,056 40,987
------------
Total Ireland 314,913
--------------------------------------------------------------------------------
Italy - 13.6%
AEM SpA 19,132 68,762
Alleanza Assicurazioni SpA 9,142 116,278
Arnoldo Mondadori Editore SpA 6,502 67,683
ASM SpA 7,145 46,010
Autostrada Torino-Milano SpA 2,011 49,363
Banca Intesa SpA 127,596 965,594
Banche Popolari Unite S.c.r.l. 3,955 116,613
Enel SpA 89,667 956,075
Eni SpA 82,418 2,672,553
Milano Assicurazioni SpA 8,041 69,200
Pirelli & C. Real Estate SpA 1,050 79,376
Premuda SpA 194,077 407,154
Snam Rete Gas SpA 29,599 187,252
Terna SpA 36,820 136,256
UniCredito Italiano SpA 97,639 926,052
------------
Total Italy 6,864,221
--------------------------------------------------------------------------------
Netherlands - 6.8%
ABN AMRO Holding N.V. 25,113 1,077,088
Aegon N.V. 15,634 310,503
Heijmans N.V. 1,004 57,027
ING Groep N.V. 23,689 998,039
Koninklijke Wessanen N.V. 2,409 36,204
Royal KPN N.V. 30,688 476,315
Unilever N.V. 16,308 473,243
------------
Total Netherlands 3,428,419
--------------------------------------------------------------------------------
Norway - 1.0%
ABG Sundal Collier ASA 8,009 18,500
Acta Holding ASA 6,109 33,827
Aker Yards ASA 1,300 22,362
Aktiv Kapital ASA 800 11,140
Camillo Eitzen & Co. ASA 611 6,406
DnB NOR ASA 15,917 223,731
Ekornes ASA 701 16,709
See Notes to Financial Statements.
50 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Europe High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Norske Skogindustrier ASA 3,404 $ 57,996
Sparebanken Midt-Norge 701 9,130
Storebrand ASA 4,405 70,288
Veidekke ASA 400 22,542
------------
Total Norway 492,631
--------------------------------------------------------------------------------
Portugal - 1.0%
CIMPOR - Cimentos de Portugal SGPS, S.A. 6,516 54,471
EDP-Energias de Portugal, S.A. 36,762 196,722
Portugal Telecom, SGPS, S.A. 16,309 217,749
SAG Gest-Solucoes Automovel Globais,
SGPS, S.A. 3,335 8,346
Semapa-Sociedade de Investimento e Gestao, SGPS,
S.A. 1,652 25,113
------------
Total Portugal 502,401
--------------------------------------------------------------------------------
Spain - 6.0%
Antena 3 de Television, S.A.(a) 2,554 56,912
Banco Santander Central Hispano, S.A. 64,764 1,151,774
Endesa S.A. 9,045 487,389
Gas Natural SDG, S.A. 3,939 184,306
Gestevision Telecinco, S.A. 4,267 122,859
IBERDROLA, S.A.(a) 8,431 397,179
Telefonica S.A. 29,323 644,050
------------
Total Spain 3,044,469
--------------------------------------------------------------------------------
Sweden - 4.2%
AB Volvo Class A 802 68,699
Axfood AB 601 23,642
Brostrom AB Class B 14,500 297,601
D. Carnegie & Co. AB 1,400 28,983
Electrolux AB Series B 2,004 50,556
Fabege AB 1,602 40,072
H&M Hennes & Mauritz AB Class B 6,908 395,806
Holmen AB Class B 401 16,432
Kungsleden Fastighets AB 2,403 42,984
Nordea Bank AB 28,732 456,610
Ratos AB Class B 1,602 50,461
Scania AB Class A 702 56,131
Skanska AB Class B 4,806 106,517
Svenska Cellulosa Aktiebolaget SCA Class B 1,202 64,074
Svenska Handelsbanken AB Class A 6,407 189,486
Swedbank AB Class A 5,906 205,815
Trelleborg AB Class B 800 20,695
------------
Total Sweden 2,114,564
--------------------------------------------------------------------------------
Switzerland - 0.7%
Ciba Specialty Chemicals Holding Inc. 826 54,162
EMS-Chemie Holding AG 217 27,196
Swisscom AG 766 275,611
------------
Total Switzerland 356,969
--------------------------------------------------------------------------------
United Kingdom - 44.4%
Alba PLC 1,677 6,208
Alexon Group PLC 21,561 88,172
Alliance & Leicester PLC 15,250 339,186
Aviva PLC 26,536 389,567
Barclays PLC 84,682 1,197,516
BBA Aviation PLC 1,923 10,598
Boots PLC 13,706 275,946
British American Tobacco PLC 22,315 695,466
BT Group PLC 155,364 925,597
Cable & Wireless PLC 25,125 82,099
Centrica PLC 63,255 479,512
Compass Group PLC 37,163 247,825
Computacenter PLC 9,442 51,622
Diageo PLC 29,551 596,697
Electrocomponents PLC 27,451 155,870
Emap Plc 8,750 129,829
Future PLC 20,339 16,755
Gallaher Group PLC 5,426 120,577
Hanson PLC 26,408 423,428
HBOS PLC 46,142 947,541
HMV Group PLC 27,066 58,660
HSBC Holdings PLC 157,751 2,752,157
Imperial Tobacco Group PLC 10,736 479,048
Kingfisher PLC 80,036 436,794
Legal & General Group PLC 145,259 452,997
Lloyds TSB Group PLC 137,919 1,514,842
Misys PLC 26,068 122,069
National Grid PLC 36,452 570,174
Northern Foods PLC 51,164 124,184
Old Mutual PLC 114,967 370,030
Pearson PLC 24,716 422,717
Rentokil Initial PLC 124,076 396,671
Royal Bank of Scotland Group (The) PLC 34,192 1,330,519
Royal Dutch Shell PLC Class A 55,250 1,831,297
Scottish & Newcastle PLC 20,446 241,212
Scottish & Southern Energy PLC 15,658 473,254
Scottish Power PLC 38,677 606,873
Smiths Group PLC 20,933 422,066
Unilever PLC 20,775 623,837
Vodafone Group PLC 745,007 1,979,951
Wagon PLC 21,944 57,996
Wincanton PLC 661 4,826
------------
Total United Kingdom 22,452,185
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $45,636,980) 50,137,948
================================================================================
RIGHTS* - 0.0%
Sweden - 0.0%
Fabege AB, expiring on 4/27/07 (Cost: $0) 1,602 --
================================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $45,636,980) 50,137,948
================================================================================
See Notes to Financial Statements.
WisdomTree International Dividend Funds 51
Schedule of Investments (concluded)
WisdomTree Europe High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 3.0%
MONEY MARKET FUNDS(b) - 3.0%
UBS Enhanced Yield Portfolio, 5.25% 205,982 $ 205,982
UBS Private Money Market Fund LLC, 5.26% 1,316,769 1,316,769
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $1,522,751)(c) 1,522,751
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 102.2%
(Cost: $47,159,731) 51,660,699
Liabilities in Excess of Foreign Currency and Other
Assets - (2.2) % (1,140,576)
------------
NET ASSETS - 100.0% $ 50,520,123
================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $670,337 and the total market value of the collateral held by the Fund
was $1,522,751.
See Notes to Financial Statements.
52 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree Europe SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.4%
Austria - 1.0%
AT&S Austria Technologie & Systemtechnik AG 7,405 $ 191,229
Flughafen Wien AG 8,111 791,525
Schoeller-Bleckmann Oilfield Equipment AG 2,069 107,412
Semperit AG Holding 7,232 317,687
------------
Total Austria 1,407,853
--------------------------------------------------------------------------------
Belgium - 5.6%
Barco N.V. 5,470 503,435
Compagnie Maritime Belge S.A. 61,844 4,091,485
Cumerio N.V. 12,714 373,180
Econocom Group S.A./N.V. 13,259 141,198
Euronav N.V.(a) 52,312 1,754,109
EVS Broadcast Equipment S.A. 5,136 326,252
Melexis N.V. 17,686 331,952
Tessenderlo Chemie N.V. 15,399 744,501
------------
Total Belgium 8,266,112
--------------------------------------------------------------------------------
Bermuda - 0.5%
Hiscox Ltd. 149,103 787,403
--------------------------------------------------------------------------------
Denmark - 2.9%
A/S Dampskibsselskabet TORM(a) 39,660 2,738,422
Amagerbanken A/S 1,930 132,400
Auriga Industries A/S Class B(a) 8,661 250,658
Bang & Olufsen A/S Class B(a) 2,555 315,404
NKT Holding A/S 6,711 537,110
Spar Nord Bank A/S 9,317 230,528
------------
Total Denmark 4,204,522
--------------------------------------------------------------------------------
Finland - 5.4%
Amer Sports Oyj 31,212 681,800
Aspo Oyj 27,093 254,257
Citycon Oyj(a) 76,419 596,110
Comptel PLC(a) 51,764 128,165
Finnair Oyj 29,398 507,948
Finnlines Oyj 12,991 289,657
Fiskars Oyj Abp Class A 28,392 458,064
HK-Ruokatalo Oyj Class A 10,275 221,577
KCI Konecranes Oyj 13,186 440,569
Kemira GrowHow Oyj 47,937 643,857
Lassila & Tikanoja Oyj 11,781 394,409
M-real Oyj Class B(a) 117,505 910,346
Ponsse Oyj 15,549 269,075
Poyry Oyj 26,909 494,315
Raisio PLC Class V(a) 70,949 175,665
Ramirent Oyj 6,235 497,983
Rapala VMC Oyj 20,431 161,005
Talentum Oyj 70,735 320,140
Technopolis PLC 11,522 116,565
Vacon PLC 3,392 126,382
Vaisala Oyj Class A 6,116 284,783
------------
Total Finland 7,972,672
--------------------------------------------------------------------------------
France - 2.9%
Alain Afflelou S.A. 3,068 165,482
Bacou Dalloz 1,499 199,539
Canal Plus S.A. 57,610 662,581
CFF RECYCLING 4,887 260,994
Groupe FONCIA S.A. 5,203 275,308
Groupe Steria SCA 3,137 204,657
Haulotte Group 3,619 115,570
Kaufman & Broad S.A. 5,065 379,118
Lectra S.A. 22,383 188,007
Manitou BF S.A. 12,010 636,287
Oberthur Card Systems S.A. 46,821 326,587
Provimi S.A. 3,598 150,390
Rodriguez Group 4,006 198,906
TRIGANO S.A. 5,666 319,190
Viel et Compagnie 19,525 129,954
------------
Total France 4,212,570
--------------------------------------------------------------------------------
Germany - 6.0%
AWD Holding AG(a) 21,049 993,287
Balda AG 13,989 194,594
BayWa AG 5,027 218,551
Bechtle AG 7,593 221,858
Comdirect Bank AG(a) 47,129 747,182
Curanum AG 12,494 119,746
DAB Bank AG 25,481 301,879
ElringKlinger AG 4,897 379,450
Gerry Weber International AG 5,988 141,245
Grammer AG 6,527 201,571
IDS Scheer AG 7,552 153,708
Indus Holding AG 10,253 388,840
Krones AG 1,723 337,155
Leoni AG 7,302 299,669
Medion AG(a) 20,477 273,943
MPC Muenchmeyer Petersen Capital AG 9,189 774,159
MVV Energie AG(a) 21,469 811,628
Norddeutsche Affinerie AG(a) 23,956 755,770
Sixt AG(a) 3,015 171,574
Software AG 6,766 575,609
Takkt AG 10,772 192,718
Vossloh AG(a) 5,506 527,051
------------
Total Germany 8,781,187
--------------------------------------------------------------------------------
Ireland - 1.4%
Abbey PLC 14,078 221,723
Fyffes PLC 234,881 356,435
Glanbia PLC 77,886 392,421
Greencore Group PLC 78,138 473,521
McInerney Holdings PLC 8,299 172,539
Paddy Power PLC 10,354 272,898
United Drug PLC 44,263 232,448
------------
Total Ireland 2,121,985
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Funds 53
Schedule of Investments (continued)
WisdomTree Europe SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Italy - 7.1%
AEM Torino SpA 161,111 $ 542,055
Astaldi SpA 18,937 187,547
Azimut Holding SpA 11,235 165,258
Banca Intermobiliare SpA(a) 61,184 659,705
Banca Popolare dell'Etruria e del Lazio(a) 10,492 212,150
Banca Popolare di Intra Scarl(a) 9,189 155,101
Banca Profilo SpA 92,331 331,847
Banco di Desio e della Brianza SpA 18,133 233,533
Brembo SpA 22,491 302,383
Caltagirone SpA 17,489 204,868
Cementir - Cementerie del Tirreno SpA 28,439 359,448
COFIDE - Compagnia Finanziaria De Benedetti SpA 107,764 186,055
Credito Artigiano SpA 64,166 327,992
Cremonini SpA 180,871 649,468
ERGO Previdenza SpA(a) 38,933 276,749
Fiera Milano SpA 14,578 172,709
Gewiss SpA 18,569 160,173
GranitiFiandre SpA 6,664 75,668
I.M.A. - Industria Macchine Automatiche SpA 16,201 301,492
Indesit Co. SpA 46,628 993,102
Interpump Group SpA 21,662 241,352
Isagro SpA 12,533 125,709
Marzotto SpA 33,828 157,831
Mirato SpA 6,585 80,731
Navigazione Montanari SpA 33,100 175,363
Permasteelisa SpA 7,355 186,022
Piccolo Credito Valtellinese Scarl 39,926 658,498
Premafin Finanziaria SpA 35,160 112,445
Premuda SpA 102,210 214,426
Recordati SpA 57,860 458,656
Societa Iniziative Autostradali e Servizi SpA 59,222 927,869
SOGEFI SpA 41,148 391,909
SOL SpA 17,736 122,296
Vittoria Assicurazioni SpA 6,379 105,124
------------
Total Italy 10,455,534
--------------------------------------------------------------------------------
Netherlands - 3.8%
ARCADIS N.V. 3,324 212,388
Beter Bed Holding N.V. 10,000 336,781
Heijmans N.V. 10,682 606,740
Imtech N.V. 8,964 642,561
Koninklijke Wessanen N.V. 54,204 814,615
Macintosh Retail Group N.V. 7,475 298,411
OCE N.V. 61,268 1,118,962
Smit Internationale N.V. 7,649 487,207
Telegraaf Media Groep N.V. 16,005 547,540
Ten Cate N.V. 7,804 299,183
Wegener N.V. 9,005 184,960
------------
Total Netherlands 5,549,348
--------------------------------------------------------------------------------
Norway - 4.4%
ABG Sundal Collier ASA 399,020 921,705
Acta Holding ASA 280,728 1,554,464
Aker Yards ASA 54,485 937,227
Camillo Eitzen & Co. ASA 37,644 394,688
Expert ASA 12,817 254,068
Hafslund ASA Class B 14,122 323,894
Leroy Seafood Group ASA 5,005 108,232
Solstad Offshore ASA 7,205 171,151
Sparebanken Midt-Norge 52,588 684,908
Tomra Systems ASA 33,228 238,156
Veidekke ASA 16,178 911,720
------------
Total Norway 6,500,213
--------------------------------------------------------------------------------
Portugal - 1.5%
Corticeira Amorim-Industria S.A. 47,554 132,300
Finibanco Holding SGPS S.A. 31,558 162,573
Mota-Engil, SGPS, S.A.(a) 56,760 448,048
SAG Gest-Solucoes Automovel Globais, SGPS, S.A. 171,652 429,570
Semapa-Sociedade de Investimento e Gestao, SGPS, S.A. 72,900 1,108,207
------------
Total Portugal 2,280,698
--------------------------------------------------------------------------------
Spain - 2.0%
Campofrio Alimentacion S.A. 23,936 436,515
Europistas, Concesionaria Espanola S.A. 30,112 318,264
FAES FARMA, S.A.(a) 19,108 483,277
Grupo Duro Felguera S.A.(a) 16,727 203,513
Grupo Empresarial Ence S.A.(a) 8,492 545,989
Miquel y Costas & Miquel, S.A. 3,878 137,624
Prosegur Cia de Seguridad S.A. 12,175 460,110
Tubacex S.A. 17,253 137,798
Tubos Reunidos, S.A. 7,409 189,064
------------
Total Spain 2,912,154
--------------------------------------------------------------------------------
Sweden - 9.0%
AddTech AB Class B 11,117 237,279
Axfood AB 30,955 1,217,710
Bergman & Beving AB Class B 7,411 226,045
Bilia AB Class A 30,638 589,520
Billerud AB 35,838 535,059
Cardo AB 15,922 608,186
Clas Ohlson AB Class B(a) 24,522 512,033
D. Carnegie & Co. AB(a) 62,305 1,289,862
Fabege AB(a) 72,526 1,814,158
Intrum Justitia AB 38,855 520,570
Invik & Co. AB 7,411 195,941
JM AB 25,343 868,715
Kungsleden Fastighets AB 86,354 1,544,651
NCC AB Class B 28,544 913,346
Nibe Industrier AB Class B 11,522 186,803
ORC Software AB 13,617 290,153
Peab AB 24,649 737,773
SSAB Svenskt Stal AB Series B 22,549 644,386
Svenska Handelsbanken Class B 12,116 357,465
------------
Total Sweden 13,289,655
--------------------------------------------------------------------------------
Switzerland - 0.4%
Ascom Holding AG 6,389 110,426
See Notes to Financial Statements.
54 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Europe SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Kudelski S.A. 6,508 $ 228,164
Swiss Steel AG 2,710 231,087
------------
Total Switzerland 569,677
--------------------------------------------------------------------------------
United Kingdom - 45.5%
Abacus Group PLC 51,678 146,717
Abbot Group PLC 67,481 351,069
Aero Inventory PLC 27,400 200,991
Aga Foodservice Group PLC 51,133 398,902
Aggreko PLC 82,073 817,747
Alexon Group PLC 56,118 229,490
Amstrad PLC 62,429 175,709
Arla Foods UK PLC 237,482 328,379
Atkins WS PLC 23,069 439,116
Babcock International Group PLC 40,142 314,930
Beazley Group PLC 187,585 581,313
Bespak PLC 11,946 182,170
Big Yellow Group PLC 12,102 158,677
Bodycote International PLC 118,408 721,685
Bovis Homes Group PLC 46,713 1,055,467
BPP Holdings PLC 22,278 277,026
Brewin Dolphin Holdings PLC 87,866 318,822
Brit Insurance Holdings PLC 319,178 2,018,912
British Polythene Industries 23,615 231,123
BSS Group PLC 21,344 202,303
Business Post Group PLC 24,625 221,689
Capital & Regional PLC 15,810 477,538
Carillion PLC 94,821 745,303
Castings PLC 28,372 150,248
Centaur Media PLC 42,942 117,914
Charles Taylor Consulting PLC 19,941 161,334
Chaucer Holdings PLC 198,917 366,737
Chemring Group PLC 4,988 181,674
Chesnara PLC 112,203 407,128
Chloride Group PLC 64,778 206,778
Clarkson PLC 8,305 158,003
Clinton Cards PLC 287,944 345,915
Cranswick PLC 14,679 270,632
Crest Nicholson PLC 42,945 521,806
Croda International PLC 47,445 593,699
Dairy Crest Group PLC 77,388 1,011,647
Dart Group PLC 33,804 86,855
Datamonitor PLC 15,844 183,502
Davis Service Group PLC 104,067 1,188,951
Dawson Holdings PLC 103,792 219,858
De La Rue PLC 81,202 1,138,748
Dechra Pharmaceuticals PLC 19,007 118,642
Devro PLC 85,037 226,831
Diploma PLC 12,253 216,051
Domestic & General Group PLC 14,988 344,529
Domino Printing Sciences PLC 36,882 261,865
Domino's Pizza UK & IRL PLC 11,183 142,131
DS Smith PLC 311,070 1,365,138
DTZ Holdings PLC 12,695 164,834
E2V Technologies PLC 21,037 159,680
Elementis PLC 131,256 231,051
Ennstone PLC 226,818 209,089
Enterprise PLC 21,260 249,773
Euromoney Institutional Investor PLC 53,053 624,333
Expro International Group PLC 18,055 312,689
Fenner PLC 68,795 289,090
Findel PLC 35,392 481,748
FKI PLC 360,970 823,037
Forth Ports PLC 15,809 643,395
Future PLC 279,782 230,475
Galliford Try PLC 71,357 239,325
Game Group PLC 136,356 375,756
Games Workshop Group PLC 31,623 218,634
Genus PLC 14,550 175,506
Go-Ahead Group PLC 19,563 978,432
Greggs PLC 4,970 471,311
Halfords Group PLC 138,387 1,037,522
Halma PLC 191,372 826,703
Hardy Underwriting Group PLC 21,640 120,964
Headlam Group PLC 38,213 447,446
Helphire PLC 32,253 279,607
Highway Insurance Holdings PLC 237,880 331,262
Hill & Smith Holdings PLC 22,602 152,940
HMV Group PLC 296,815 643,285
Holidaybreak PLC 29,008 435,245
Homeserve PLC 12,012 420,070
Hornby PLC 18,265 105,860
Hunting PLC 24,774 367,344
IG Group Holdings PLC 30,093 175,446
Interior Services Group PLC 16,788 105,038
Intermediate Capital Group PLC 31,591 1,210,718
Interserve PLC 57,160 545,699
ITE Group PLC 77,805 239,205
J D Wetherspoon PLC 24,595 362,278
James Fisher & Sons PLC 14,216 168,132
James Halstead PLC 35,079 409,373
Jardine Lloyd Thompson Group PLC 166,434 1,436,315
JJB Sports PLC 173,464 854,812
John Menzies PLC 37,258 387,668
Keller Group PLC 17,818 321,865
Kensington Group PLC 19,031 248,221
Kier Group PLC 7,613 358,511
Kiln PLC 163,939 379,419
Laird Group PLC 68,994 738,178
Liontrust Asset Management PLC 17,122 131,558
London Scottish Bank PLC 98,224 222,994
Lookers PLC 47,496 190,039
Luminar PLC 29,084 430,681
Majestic Wine PLC 18,200 139,217
Marshalls PLC 85,632 582,382
McBride PLC 69,910 328,740
McKay Securities PLC 17,470 159,760
See Notes to Financial Statements.
WisdomTree International Dividend Funds 55
Schedule of Investments (concluded)
WisdomTree Europe SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Metalrax Group PLC 157,652 $ 247,369
Mitie Group PLC 82,257 371,473
MJ Gleeson Group PLC 21,611 174,421
Morgan Sindall PLC 15,881 390,287
Morse PLC 149,925 272,736
Mothercare PLC 35,729 285,214
MP Evans Group PLC 27,012 162,516
N. Brown Group PLC 99,330 631,707
Nichols PLC 21,725 130,878
Northern Foods PLC 645,685 1,567,186
Northgate PLC 23,690 501,351
Numis Corp PLC 28,059 170,604
Office2office PLC 40,799 179,847
Pendragon PLC 252,743 599,818
Premier Foods PLC 183,039 1,050,983
Psion PLC 61,653 204,360
PZ Cussons PLC 153,591 515,883
RAB Capital PLC 70,317 136,192
Redrow PLC 57,800 738,580
Renishaw PLC 30,445 450,835
Rensburg Sheppards PLC 12,662 216,434
Restaurant Group PLC 67,168 480,851
Ricardo PLC 27,850 192,275
RM PLC 66,225 247,116
Robert Walters PLC 13,456 84,322
ROK PLC 8,684 182,331
Rotork PLC 29,499 490,345
royalblue group PLC 6,891 150,024
RPC Group PLC 58,436 289,972
RPS Group PLC 30,023 191,525
Savills PLC 43,473 564,459
Schroders PLC 27,748 637,844
Senior PLC 167,792 265,747
Severfield-Rowen PLC 6,727 243,429
Shanks Group PLC 112,913 596,286
SMG PLC 218,025 271,541
Spectris PLC 43,486 750,563
Speedy Hire PLC 9,439 216,604
Spirax-Sarco Engineering PLC 26,934 544,910
SSL International PLC 59,637 468,168
St. Ives Group PLC 115,129 706,780
T. Clarke PLC 42,480 191,840
TDG PLC 73,566 418,437
Ted Baker PLC 15,151 174,138
Thorntons PLC 52,943 189,508
Titan Europe PLC 36,707 167,029
Topps Tiles PLC 110,167 649,308
TT electronics PLC 142,076 667,392
Ultra Electronics Holdings PLC 14,868 363,059
Umbro PLC 82,003 270,205
Umeco PLC 25,024 230,557
Uniq PLC 80,783 303,816
UNITE Group PLC 13,865 141,137
UTV PLC 31,524 264,785
Vitec Group (The) PLC 19,430 226,368
Vp PLC 16,386 115,699
VT Group PLC 54,611 526,452
White Young Green PLC 10,800 92,144
Wilmington Group PLC 25,467 127,122
Wincanton PLC 64,344 469,784
Woolworths Group PLC 1,154,492 696,291
WSP Group PLC 13,225 180,794
Xansa PLC 239,587 410,000
XP Power PLC 12,050 124,553
Yule Catto & Co. PLC 115,263 539,179
Zetex PLC 100,323 176,600
------------
Total United Kingdom 67,044,312
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $133,999,470) 146,355,895
================================================================================
RIGHTS* - 0.0%
Sweden - 0.0%
Fabege AB, expiring on 4/24/07 (Cost: $0) 69,626 --
================================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $133,999,470) 146,355,895
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 7.5%
MONEY MARKET FUNDS(b) - 7.5%
UBS Enhanced Yield Portfolio, 5.25% 5,611,645 5,611,645
UBS Private Money Market Fund LLC, 5.26% 5,479,413 5,479,413
------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost: $11,091,058)(c) 11,091,058
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 106.9%
(Cost: $145,090,528) 157,446,953
Liabilities in Excess of Foreign Currency and
Other Assets - (6.9)% (10,131,410)
-------------
NET ASSETS - 100.0% $147,315,543
================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $10,549,859 and the total market value of the collateral held by the
Fund was $11,091,058.
See Notes to Financial Statements.
56 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree Japan Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Japan - 99.5%
COMMON STOCKS - 99.5%
Advertising - 0.1%
Hakuhodo DY Holdings, Inc. 900 $ 62,808
--------------------------------------------------------------------------------
Agriculture - 0.9%
Japan Tobacco, Inc. 90 441,330
--------------------------------------------------------------------------------
Airlines - 0.1%
All Nippon Airways Co., Ltd. 18,000 70,582
--------------------------------------------------------------------------------
Apparel - 0.2%
Onward Kashiyama Co., Ltd. 8,160 113,269
--------------------------------------------------------------------------------
Auto Manufacturers - 12.5%
Daihatsu Motor Co., Ltd. 9,000 85,522
Fuji Heavy Industries Ltd. 18,000 93,297
Hino Motors Ltd. 9,000 47,868
Honda Motor Co., Ltd. 25,400 884,133
Isuzu Motors Ltd. 27,000 135,143
Mazda Motor Corp. 9,000 49,697
Nissan Motor Co., Ltd. 112,100 1,199,087
Suzuki Motor Corp. 3,600 93,297
Toyota Motor Corp. 60,200 3,849,332
------------
Total Auto Manufacturers 6,437,376
--------------------------------------------------------------------------------
Auto Parts & Equipment - 2.5%
Aisin Seiki Co., Ltd. 2,700 94,440
Bridgestone Corp. 9,900 197,455
DENSO CORP. 10,800 400,626
JTEKT Corp. 3,600 62,960
NGK Spark Plug Co., Ltd. 2,000 37,349
NHK Spring Co., Ltd. 9,000 90,172
NOK Corp. 2,700 45,848
Sumitomo Rubber Industries, Inc. 6,300 68,882
Tokai Rika Co., Ltd. 3,300 78,116
Toyoda Gosei Co., Ltd. 3,600 84,912
Toyota Boshoku Corp. 4,500 106,331
------------
Total Auto Parts & Equipment 1,267,091
--------------------------------------------------------------------------------
Banks - 6.3%
Bank of Fukuoka Ltd. (The) 9,000 72,488
Bank of Kyoto Ltd. (The) 9,000 103,129
Bank of Yokohama Ltd. (The) 18,000 134,000
Chiba Bank Ltd. (The) 9,000 79,272
Chugoku Bank Ltd. (The) 9,000 118,069
Gunma Bank Ltd. (The) 9,000 63,646
Hachijuni Bank Ltd. (The) 9,000 62,503
Hiroshima Bank Ltd. (The) 9,000 49,469
Hokuhoku Financial Group, Inc. 18,000 61,893
Iyo Bank Ltd. (The) 9,000 90,248
Joyo Bank Ltd. (The) 9,000 56,100
Mitsubishi UFJ Financial Group, Inc. 74 833,537
Mitsui Trust Holdings, Inc. 9,000 88,571
Mizuho Financial Group, Inc. 63 404,970
Mizuho Trust & Banking Co., Ltd. 27,000 59,682
Nishi-Nippon City Bank Ltd. (The) 18,000 79,729
Shinsei Bank Ltd. 9,000 43,066
Shizuoka Bank Ltd. (The) 9,000 95,660
Sumitomo Mitsui Financial Group, Inc. 27 244,675
Sumitomo Trust & Banking Co., Ltd. (The) 36,000 374,711
Suruga Bank Ltd. 9,000 117,078
------------
Total Banks 3,232,496
--------------------------------------------------------------------------------
Beverages - 0.7%
Asahi Breweries Ltd. 7,200 115,249
Coca-Cola West Japan Co., Ltd. 2,700 58,425
ITO EN, Ltd. 1,800 58,539
Kirin Brewery Co., Ltd. 9,000 129,731
------------
Total Beverages 361,944
--------------------------------------------------------------------------------
Building Materials - 1.4%
Asahi Glass Co., Ltd. 18,000 252,907
Daikin Industries Ltd. 1,800 62,503
JS Group Corp. 7,200 155,799
Matsushita Electric Works Ltd. 9,000 102,977
Nippon Sheet Glass Co., Ltd. 17,000 88,977
Taiheiyo Cement Corp. 18,000 79,424
------------
Total Building Materials 742,587
--------------------------------------------------------------------------------
Chemicals - 3.1%
Asahi Kasei Corp. 18,000 130,798
Daicel Chemical Industries Ltd. 9,000 61,359
Dainippon Ink & Chemicals, Inc. 18,000 71,344
Hitachi Chemical Co., Ltd. 2,700 63,341
JSR Corp. 2,700 62,198
Kaneka Corp. 9,000 85,674
Mitsubishi Gas Chemical Co., Inc. 9,000 86,132
Mitsui Chemicals, Inc. 9,000 78,509
Nitto Denko Corp. 1,800 84,302
Shin-Etsu Chemical Co., Ltd. 2,700 164,413
Showa Denko K.K. 18,000 67,533
Sumitomo Chemical Co., Ltd. 18,000 135,677
Taiyo Nippon Sanso Corp. 9,000 81,101
Tokuyama Corp. 9,000 157,020
Tosoh Corp. 18,000 92,534
Ube Industries Ltd. 27,000 85,522
Zeon Corp. 9,000 92,763
------------
Total Chemicals 1,600,220
--------------------------------------------------------------------------------
Commercial Services - 1.2%
Dai Nippon Printing Co., Ltd. 11,000 172,721
Kamigumi Co., Ltd. 9,000 77,290
Park24 Co., Ltd. 5,300 71,145
Secom Co., Ltd. 2,700 125,082
Sohgo Security Services Co., Ltd. 3,600 65,856
Toppan Printing Co., Ltd. 9,000 93,754
------------
Total Commercial Services 605,848
--------------------------------------------------------------------------------
Computers - 1.0%
CSK Holdings Corp. 1,800 75,308
Fujitsu Ltd. 18,000 119,670
See Notes to Financial Statements.
WisdomTree International Dividend Funds 57
Schedule of Investments (continued)
WisdomTree Japan Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Itochu Techno-Solutions Corp. 1,100 $ 52,636
Otsuka Corp. 900 85,979
TDK Corp. 1,800 155,799
------------
Total Computers 489,392
--------------------------------------------------------------------------------
Cosmetics/Personal Care - 1.1%
Kao Corp. 10,000 292,188
KOSE Corp. 1,800 53,051
Shiseido Co., Ltd. 9,000 182,553
UniCharm Corp. 900 56,862
------------
Total Cosmetics/Personal Care 584,654
--------------------------------------------------------------------------------
Distribution/Wholesale - 3.8%
Canon Marketing Japan, Inc. 3,600 75,308
Hitachi High-Technologies Corp. 2,700 73,631
ITOCHU Corp. 27,000 267,084
Marubeni Corp. 18,000 109,151
Mitsubishi Corp. 22,700 525,806
Mitsui & Co., Ltd. 27,000 503,070
Sumitomo Corp. 18,100 324,980
Tokai Corp. 1,000 3,820
Toyota Tsusho Corp. 3,600 91,772
------------
Total Distribution/Wholesale 1,974,622
--------------------------------------------------------------------------------
Diversified Financial Services - 2.7%
Daiwa Securities Group, Inc. 27,000 325,395
Mitsubishi UFJ Securities Co. 7,000 79,797
Nikko Cordial Corp. 27,000 384,849
Nomura Holdings, Inc. 24,500 509,400
Shinko Securities Co., Ltd. 18,000 91,010
------------
Total Diversified Financial Services 1,390,451
--------------------------------------------------------------------------------
Electric - 8.3%
Chubu Electric Power Co., Inc. 20,800 713,445
Chugoku Electric Power Co., Inc. (The) 10,800 241,016
Electric Power Development Co. 3,600 180,800
Hokkaido Electric Power Co., Inc. 5,400 143,146
Hokuriku Electric Power Co. 5,400 119,136
Kansai Electric Power Co., Inc. (The) 24,500 703,409
Kyushu Electric Power Co., Inc. 15,300 434,089
Shikoku Electric Power Co., Inc.(a) 6,300 150,197
Tohoku Electric Power Co., Inc. 12,600 319,068
Tokyo Electric Power Co., Inc. (The) 36,300 1,238,950
------------
Total Electric 4,243,256
--------------------------------------------------------------------------------
Electrical Components & Equipment - 3.6%
Brother Industries Ltd. 7,000 94,618
Casio Computer Co., Ltd. 4,500 98,327
Fujikura Ltd. 9,000 63,341
Hitachi Cable Ltd. 15,000 85,242
Hitachi Ltd. 63,000 487,674
Mitsubishi Electric Corp. 18,000 185,069
Sharp Corp. 18,000 346,051
Stanley Electric Co., Ltd. 3,600 73,021
Sumitomo Electric Industries Ltd. 6,300 95,614
Toshiba Corp. 36,000 239,949
USHIO INC. 3,600 69,363
------------
Total Electrical Components & Equipment 1,838,269
--------------------------------------------------------------------------------
Electronics - 3.2%
Advantest Corp. 1,800 79,729
Fanuc Ltd. 1,800 167,233
Hirose Electric Co., Ltd. 900 108,008
Hoya Corp. 7,200 238,425
IBIDEN Co., Ltd. 1,800 93,144
Keyence Corp. 200 45,039
Kyocera Corp. 2,700 254,050
Mabuchi Motor Co., Ltd. 1,500 92,611
MINEBEA CO., Ltd. 9,000 55,643
NEC Corp. 27,000 144,518
NGK Insulators Ltd. 9,000 185,221
Nippon Electric Glass Co., Ltd. 5,000 87,444
Yokogawa Electric Corp. 5,400 82,595
------------
Total Electronics 1,633,660
--------------------------------------------------------------------------------
Engineering & Construction - 0.9%
Chiyoda Corp. 2,000 43,786
JGC Corp. 6,000 98,276
Kajima Corp. 18,000 91,772
Obayashi Corp. 9,000 57,929
Shimizu Corp. 16,000 97,972
Taisei Corp. 18,000 66,619
------------
Total Engineering & Construction 456,354
--------------------------------------------------------------------------------
Entertainment - 0.4%
Oriental Land Co., Ltd. 1,600 94,991
Toho Co., Ltd. 4,500 87,656
------------
Total Entertainment 182,647
--------------------------------------------------------------------------------
Environmental Control - 0.2%
Kurita Water Industries Ltd. 3,600 86,894
--------------------------------------------------------------------------------
Food - 1.9%
Ajinomoto Co., Inc. 9,000 103,358
Kikkoman Corp. 9,000 115,096
Meiji Dairies Corp. 9,000 70,506
Meiji Seika Kaisha Ltd. 18,000 83,388
Nippon Meat Packers, Inc. 9,000 109,837
Nisshin Seifun Group, Inc. 8,000 81,237
Nissin Food Products Co., Ltd. 1,800 65,856
Toyo Suisan Kaisha Ltd. 9,000 176,838
Yakult Honsha Co., Ltd. 3,600 91,772
Yamazaki Baking Co., Ltd. 9,000 81,939
------------
Total Food 979,827
--------------------------------------------------------------------------------
Forest Products & Paper - 0.3%
OJI Paper Co., Ltd. 27,000 142,918
--------------------------------------------------------------------------------
Gas - 1.2%
Osaka Gas Co., Ltd. 45,000 174,169
Saibu Gas Co., Ltd. 35,000 83,887
See Notes to Financial Statements.
58 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Japan Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
TOHO GAS Co., Ltd. 18,000 $ 92,382
Tokyo Gas Co., Ltd. 45,000 250,392
------------
Total Gas 600,830
--------------------------------------------------------------------------------
Hand/Machine Tools - 0.7%
Fuji Electric Holdings Co., Ltd. 18,000 83,388
Makita Corp. 2,700 99,928
SMC Corp. 900 120,508
THK Co., Ltd. 2,700 63,455
------------
Total Hand/Machine Tools 367,279
--------------------------------------------------------------------------------
Healthcare-Products - 0.3%
Shimadzu Corp. 9,000 77,824
Terumo Corp. 1,800 69,972
------------
Total Healthcare-Products 147,796
--------------------------------------------------------------------------------
Home Builders - 0.8%
Daiwa House Industry Co., Ltd. 9,000 147,339
Sekisui Chemical Co., Ltd. 9,000 71,573
Sekisui House, Ltd. 11,000 170,857
------------
Total Home Builders 389,769
--------------------------------------------------------------------------------
Home Furnishings - 1.9%
Matsushita Electric Industrial Co., Ltd. 25,000 502,858
Pioneer Corp. 4,500 58,692
Sony Corp. 6,300 319,602
Yamaha Corp. 3,600 80,186
------------
Total Home Furnishings 961,338
--------------------------------------------------------------------------------
Housewares - 0.2%
TOTO Ltd. 9,000 90,019
--------------------------------------------------------------------------------
Insurance - 1.2%
Aioi Insurance Co., Ltd. 9,000 62,655
Mitsui Sumitomo Insurance Co., Ltd. 18,000 225,467
Nipponkoa Insurance Co., Ltd. 9,000 76,985
Sompo Japan Insurance, Inc. 9,000 111,971
T&D Holdings, Inc. 1,800 123,938
------------
Total Insurance 601,016
--------------------------------------------------------------------------------
Internet - 0.5%
SBI Holdings, Inc. 181 68,522
Trend Micro, Inc. 4,500 122,718
Yahoo Japan Corp. 175 60,248
------------
Total Internet 251,488
--------------------------------------------------------------------------------
Iron/Steel - 4.2%
Daido Steel Co., Ltd. 9,000 58,310
Hitachi Metals Ltd. 9,000 99,852
JFE Holdings, Inc. 7,200 425,018
Kobe Steel Ltd. 36,000 144,823
Nippon Steel Corp. 108,000 757,350
Nisshin Steel Co., Ltd. 27,000 116,163
Sumitomo Metal Industries Ltd. 99,000 510,616
Tokyo Steel Manufacturing Co., Ltd. 3,600 52,929
------------
Total Iron/Steel 2,165,061
--------------------------------------------------------------------------------
Leisure Time - 0.5%
Sankyo Co., Ltd. 1,600 70,193
Sega Sammy Holdings, Inc. 4,500 104,805
Yamaha Motor Co., Ltd. 2,700 75,461
------------
Total Leisure Time 250,459
--------------------------------------------------------------------------------
Machinery-Construction & Mining - 0.6%
Hitachi Construction Machinery Co., Ltd. 3,600 97,260
Komatsu Ltd. 9,000 189,033
------------
Total Machinery-Construction & Mining 286,293
--------------------------------------------------------------------------------
Machinery-Diversified - 0.9%
Amada Co., Ltd. 9,000 102,672
Japan Steel Works Ltd. (The) 9,000 108,008
Kubota Corp. 18,000 157,475
Sumitomo Heavy Industries Ltd. 9,000 89,486
------------
Total Machinery-Diversified 457,641
--------------------------------------------------------------------------------
Media - 0.4%
Nippon Television Network Corp. 540 88,860
Tokyo Broadcasting System, Inc. 2,700 99,700
------------
Total Media 188,560
--------------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.3%
NSK Ltd. 9,000 85,675
NTN Corp. 9,000 77,747
------------
Total Metal Fabricate/Hardware 163,422
--------------------------------------------------------------------------------
Mining - 0.8%
Dowa Holdings Co., Ltd. 9,000 91,315
Mitsubishi Materials Corp. 18,000 85,217
Mitsui Mining & Smelting Co., Ltd. 16,000 87,673
Sumitomo Metal Mining Co., Ltd. 9,000 173,407
------------
Total Mining 437,612
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 1.2%
Fuji Photo Film Co., Ltd. 4,500 183,697
Kawasaki Heavy Industries Ltd. 27,000 114,105
Mitsubishi Heavy Industries Ltd. 36,000 232,327
Nikon Corp. 2,000 42,092
Olympus Corp. 2,000 68,262
------------
Total Miscellaneous Manufacturing 640,483
--------------------------------------------------------------------------------
Office Furnishings - 0.1%
Kokuyo Co., Ltd. 4,500 59,416
--------------------------------------------------------------------------------
Office/Business Equipment - 2.8%
Canon Inc. 22,000 1,179,420
Ricoh Co., Ltd. 9,000 202,371
Seiko Epson Corp. 2,700 79,348
------------
Total Office/Business Equipment 1,461,139
--------------------------------------------------------------------------------
Oil & Gas - 1.6%
Cosmo Oil Co., Ltd. 18,000 75,308
Nippon Mining Holdings, Inc. 9,000 77,519
Nippon Oil Corp. 27,000 218,607
Showa Shell Sekiyu K.K. 10,800 131,987
TonenGeneral Sekiyu K.K. 27,000 300,927
------------
Total Oil & Gas 804,348
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Funds 59
Schedule of Investments (continued)
WisdomTree Japan Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Packaging & Containers - 0.1%
Toyo Seikan Kaisha Ltd. 3,600 $ 72,412
--------------------------------------------------------------------------------
Pharmaceuticals - 4.9%
Astellas Pharma, Inc. 8,100 348,491
Chugai Pharmaceutical Co., Ltd. 7,200 181,715
Dainippon Sumitomo Pharma Co., Ltd. 9,000 95,964
Eisai Co., Ltd. 5,400 258,395
Hisamitsu Pharmaceutical Co., Inc. 2,500 73,682
Kyowa Hakko Kogyo Co., Ltd. 16,000 147,703
Mediceo Paltac Holdings Co., Ltd. 3,600 68,448
Shionogi & Co., Ltd. 2,000 35,909
Suzuken Co., Ltd. 1,900 67,262
Taisho Pharmaceutical Co., Ltd. 7,000 128,054
Takeda Pharmaceutical Co., Ltd. 15,800 1,034,377
Tanabe Seiyaku Co., Ltd. 7,000 95,033
------------
Total Pharmaceuticals 2,535,033
--------------------------------------------------------------------------------
Real Estate - 1.7%
Daito Trust Construction Co., Ltd. 1,800 84,607
Leopalace21 Corp. 1,800 59,454
Mitsubishi Estate Co., Ltd. 9,000 294,981
Mitsui Fudosan Co., Ltd. 2,000 58,607
Sumitomo Realty & Development Co., Ltd. 2,000 75,715
Tokyo Tatemono Co., Ltd. 9,000 135,524
Tokyu Land Corp. 9,000 102,367
Urban Corp. 4,600 67,437
------------
Total Real Estate 878,692
--------------------------------------------------------------------------------
Retail - 2.7%
AEON Co., Ltd. 5,400 107,474
Citizen Watch Co., Ltd. 7,200 67,442
Daimaru, Inc. (The) 9,000 116,392
FamilyMart Co., Ltd. 2,700 75,003
Fast Retailing Co., Ltd. 1,800 139,487
Isetan Co., Ltd. 3,600 62,655
Izumi Co., Ltd. 3,800 70,481
Lawson, Inc. 2,700 103,587
Marui Co., Ltd. 5,400 66,085
Mitsukoshi Ltd. 16,000 73,309
Nitori Co., Ltd. 1,350 67,000
Shimamura Co., Ltd. 900 98,785
Takashimaya Co., Ltd. 9,000 110,599
UNY Co., Ltd. 9,000 123,252
Yamada Denki Co., Ltd. 900 83,693
------------
Total Retail 1,365,244
--------------------------------------------------------------------------------
Semiconductors - 0.5%
Shinko Electric Industries Co., Ltd. 2,800 63,079
SUMCO Corp. 1,800 74,698
Tokyo Electron Ltd. 1,800 125,615
------------
Total Semiconductors 263,392
--------------------------------------------------------------------------------
Shipbuilding - 0.2%
Mitsui Engineering & Shipbuilding Co., Ltd. 27,000 114,105
--------------------------------------------------------------------------------
Software - 1.2%
Konami Corp. 3,600 96,041
Nomura Research Institute Ltd. 8,500 249,799
Oracle Corp. Japan 4,500 216,091
Square Enix Co., Ltd. 2,700 69,515
------------
Total Software 631,446
--------------------------------------------------------------------------------
Storage/Warehousing - 0.3%
Mitsubishi Logistics Corp. 9,000 152,827
--------------------------------------------------------------------------------
Telecommunications - 6.4%
Hikari Tsushin, Inc. 1,700 77,315
Nippon Telegraph & Telephone Corp. 227 1,197,722
NTT DoCoMo, Inc. 1,054 1,945,984
SOFTBANK CORP. 2,636 67,644
------------
Total Telecommunications 3,288,665
--------------------------------------------------------------------------------
Textiles - 0.6%
Kuraray Co., Ltd. 4,500 48,516
Mitsubishi Rayon Co., Ltd. 9,000 59,835
Teijin Ltd. 9,000 50,688
Toray Industries, Inc. 18,000 129,883
------------
Total Textiles 288,922
--------------------------------------------------------------------------------
Transportation - 4.3%
East Japan Railway Co. 45 349,863
Hankyu Holdings, Inc. 18,000 108,694
Kawasaki Kisen Kaisha Ltd. 18,000 170,434
Keihin Electric Express Railway Co., Ltd.(a) 9,000 68,905
Keio Corp. 9,000 62,426
Keisei Electric Railway Co., Ltd. 11,000 70,896
Kintetsu Corp. 18,000 56,557
Mitsui O.S.K. Lines Ltd. 36,000 398,798
Nagoya Railroad Co., Ltd. 18,000 55,185
Nippon Express Co., Ltd. 18,000 112,657
Nippon Yusen K.K. 36,000 288,122
Odakyu Electric Railway Co., Ltd. 9,000 65,628
Seino Holdings Corp. 9,000 84,836
Tobu Railway Co., Ltd. 18,000 86,284
Tokyu Corp. 9,000 69,972
Yamato Holdings Co., Ltd. 9,000 144,823
------------
Total Transportation 2,194,080
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $47,689,764) 51,047,282
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.2%
MONEY MARKET FUNDS(b) - 0.2%
UBS Enhanced Yield Portfolio, 5.25% 120,406 120,406
UBS Private Money Market Fund LLC, 5.26% 1,389 1,389
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $121,795)(c) 121,795
================================================================================
See Notes to Financial Statements.
60 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree Japan Total Dividend Fund
March 31, 2007
===============================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 99.7%
(Cost: $47,811,559) $ 51,169,077
Foreign Currency and Other Assets in Excess of
Liabilities - 0.3% 131,651
------------
NET ASSETS - 100.0% $ 51,300,728
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $115,678 and the total market value of the collateral held by the Fund
was $121,795.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 61
Schedule of Investments
WisdomTree Japan High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Japan - 99.2%
COMMON STOCKS - 99.2%
Agriculture - 0.1%
Hokuto Corp. 3,200 $ 56,642
Nosan Corp. 15,000 38,111
------------
Total Agriculture 94,753
--------------------------------------------------------------------------------
Apparel - 0.1%
Daidoh Ltd. 3,200 38,538
Nagaileben Co., Ltd. 1,600 33,674
------------
Total Apparel 72,212
--------------------------------------------------------------------------------
Auto Manufacturers - 24.7%
Hino Motors Ltd. 32,000 170,197
Honda Motor Co., Ltd. 98,400 3,425,145
Kanto Auto Works Ltd. 4,800 60,775
Nippon Sharyo Ltd. 15,000 41,160
Nissan Motor Co., Ltd. 447,200 4,783,516
Shinmaywa Industries Ltd. 14,000 72,327
Toyota Auto Body Co., Ltd. 8,000 150,074
Toyota Motor Corp. 231,600 14,809,063
------------
Total Auto Manufacturers 23,512,257
--------------------------------------------------------------------------------
Auto Parts & Equipment - 0.7%
Bosch Corp. 34,000 153,767
Ichikoh Industries Ltd. 15,000 41,541
Nifco, Inc. 5,000 129,155
Sanden Corp. 16,000 69,922
T RAD Co., Ltd. 2,000 9,113
Toyo Tire & Rubber Co., Ltd. 16,000 66,669
Yokohama Rubber Co., Ltd. (The) 34,000 208,478
------------
Total Auto Parts & Equipment 678,645
--------------------------------------------------------------------------------
Banks - 0.6%
Bank of Yokohama Ltd. (The) 63,000 468,999
Ehime Bank Ltd. (The) 16,000 55,422
Hokuetsu Bank Ltd. (The) 32,000 82,388
------------
Total Banks 606,809
--------------------------------------------------------------------------------
Beverages - 0.2%
Coca-Cola West Japan Co., Ltd. 6,400 138,489
Mercian Corp. 14,000 37,586
Mikuni Coca-Cola Bottling Co., Ltd. 4,800 50,124
------------
Total Beverages 226,199
--------------------------------------------------------------------------------
Building Materials - 1.8%
Asahi Organic Chemicals Industry Co., Ltd. 2,000 8,452
Bunka Shutter Co., Ltd. 2,000 12,297
Central Glass Co., Ltd. 16,000 107,999
Cleanup Corp. 4,800 44,311
JS Group Corp. 28,800 623,197
Matsushita Electric Works Ltd. 34,000 389,024
PanaHome Corp. 16,000 106,238
Sankyo-Tateyama Holdings, Inc. 32,000 69,380
Sanwa Shutter Corp. 32,000 198,924
Takara Standard Co., Ltd. 14,000 80,627
Wood One Co., Ltd. 2,000 16,938
------------
Total Building Materials 1,657,387
--------------------------------------------------------------------------------
Chemicals - 1.3%
Aica Kogyo Co., Ltd. 4,800 65,613
Asahi Kasei Corp. 82,000 595,859
Earth Chemical Co., Ltd. 1,600 36,655
Gun-Ei Chemical Industry Co., Ltd. 15,000 43,574
Koatsu Gas Kogyo Co., Ltd. 2,000 13,381
Nippon Kayaku Co., Ltd. 14,000 115,367
NOF Corp. 16,000 81,575
Sanyo Chemical Industries Ltd. 14,000 95,922
Takasago International Corp. 2,000 10,654
Toagosei Co., Ltd. 18,000 74,698
Toyo Ink Manufacturing Co., Ltd. 18,000 67,076
Yushiro Chemical Industry Co., Ltd. 1,600 33,877
------------
Total Chemicals 1,234,251
--------------------------------------------------------------------------------
Commercial Services - 0.3%
Kyodo Printing Co., Ltd. 14,000 54,304
Meitec Corp. 3,400 109,422
Secom Techno Service Co., Ltd. 500 21,385
Toppan Forms Co., Ltd. 8,000 101,495
------------
Total Commercial Services 286,606
--------------------------------------------------------------------------------
Computers - 0.2%
Daiwabo Information System Co., Ltd. 500 6,843
Hitachi Systems & Services Ltd. 1,600 33,877
Information Services International-Dentsu Ltd.(a) 3,300 34,544
NEC Fielding Ltd. 4,800 63,011
------------
Total Computers 138,275
--------------------------------------------------------------------------------
Cosmetics/Personal Care - 2.2%
Aderans Co., Ltd. 3,200 77,510
Kao Corp. 46,000 1,344,061
Mandom Corp. 3,200 79,949
Shiseido Co., Ltd. 31,000 628,795
------------
Total Cosmetics/Personal Care 2,130,315
--------------------------------------------------------------------------------
Distribution/Wholesale - 4.4%
Advan Co., Ltd. 1,600 20,543
Doshisha Co., Ltd. 1,600 32,318
Hakuto Co., Ltd. 3,200 49,325
Hanwa Co., Ltd. 32,000 159,356
Impact 21 Co., Ltd. 1,600 28,118
Inaba Denki Sangyo Co., Ltd. 1,700 59,318
Itochu Enex Co., Ltd. 8,000 60,436
Japan Pulp & Paper Co., Ltd. 16,000 62,333
Mitsui & Co. Ltd. 110,000 2,049,545
Mitsuuroko Co., Ltd. 4,800 33,863
Ryoden Trading Co., Ltd. 1,000 8,300
Ryoyo Electro Corp. 4,800 62,076
San-Ai Oil Co., Ltd. 2,000 9,502
Sankyo Seiko Co., Ltd. 4,800 27,603
Shaddy Co., Ltd. 1,600 19,798
Sinanen Co., Ltd. 2,000 10,146
See Notes to Financial Statements.
62 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Japan High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Sumitomo Corp. 76,300 $ 1,369,943
Trusco Nakayama Corp. 3,200 64,637
------------
Total Distribution/Wholesale 4,127,160
--------------------------------------------------------------------------------
Diversified Financial Services - 3.4%
Daiwa Securities Group, Inc. 96,000 1,156,959
Ichiyoshi Securities Co., Ltd. 4,800 76,914
Mito Securities Co., Ltd. 4,000 20,428
Nikko Cordial Corp. 103,500 1,475,252
Okasan Holdings, Inc. 16,000 124,667
Sanyo Electric Credit Co., Ltd. 3,200 87,538
Shinko Securities Co., Ltd. 33,000 166,852
Tokai Tokyo Securities Co., Ltd. 17,000 100,783
Toyo Securities Co., Ltd. 6,000 27,593
------------
Total Diversified Financial Services 3,236,986
--------------------------------------------------------------------------------
Electric - 16.8%
Chubu Electric Power Co., Inc. 82,300 2,822,910
Chugoku Electric Power Co., Inc. (The) 41,500 926,127
Hokkaido Electric Power Co., Inc. 22,300 591,141
Hokuriku Electric Power Co. 22,400 494,194
Kansai Electric Power Co., Inc. (The) 94,600 2,716,020
Kyushu Electric Power Co., Inc. 60,700 1,722,168
Shikoku Electric Power Co., Inc. 25,800 615,092
Tohoku Electric Power Co., Inc. 49,500 1,253,483
Tokyo Electric Power Co., Inc. (The) 141,800 4,839,755
------------
Total Electric 15,980,890
--------------------------------------------------------------------------------
Electrical Components & Equipment - 0.1%
Sumida Corp. 1,600 28,592
Toshiba TEC Corp. 17,000 101,503
------------
Total Electrical Components & Equipment 130,095
--------------------------------------------------------------------------------
Electronics - 0.5%
Eizo Nanao Corp. 1,600 52,712
Idec Corp. 3,200 51,764
Kaga Electronics Co., Ltd. 1,600 28,660
Nidec Copal Electronics Corp. 4,800 29,391
Nitto Kogyo Corp. 3,200 51,222
Ryosan Co., Ltd. 4,800 123,176
Sanshin Electronics Co., Ltd. 3,200 40,083
Toyo Corp.(a) 1,600 21,166
Yamatake Corp. 4,800 110,980
------------
Total Electronics 509,154
--------------------------------------------------------------------------------
Engineering & Construction - 0.8%
Airport Facilities Co., Ltd. 4,800 30,286
Hibiya Engineering Ltd. 2,000 17,294
Hitachi Plant Technologies Ltd. 16,000 96,346
Kyudenko Corp. 2,000 12,585
Maeda Road Construction Co., Ltd. 2,000 15,753
Nippon Koei Co., Ltd. 6,000 18,192
Nishimatsu Construction Co., Ltd.(a) 32,000 103,255
Okumura Corp. 16,000 87,538
Raito Kogyo Co., Ltd. 8,000 25,814
Sanki Engineering Co., Ltd. 2,000 12,822
Taikisha Ltd. 4,800 54,515
Takasago Thermal Engineering Co., Ltd. 3,000 27,059
TOA CORP. 19,000 20,275
Toda Corp. 17,000 81,203
Toenec Corp. 13,000 54,830
Toshiba Plant Systems & Services Corp. 14,000 106,118
Yurtec Corp. 2,000 10,570
------------
Total Engineering & Construction 774,455
--------------------------------------------------------------------------------
Food - 0.2%
Inageya Co., Ltd. 1,000 7,893
Morinaga & Co., Ltd. 31,000 72,725
Nagatanien Co., Ltd. 1,000 7,538
Nippon Beet Sugar Manufacturing Co., Ltd. 16,000 46,208
Nissin Food Products Co., Ltd. 195 7,134
Showa Sangyo Co., Ltd. 16,000 39,297
Yokohama Reito Co., Ltd. 1,000 7,910
------------
Total Food 188,705
--------------------------------------------------------------------------------
Forest Products & Paper - 0.7%
Chuetsu Pulp & Paper Co., Ltd. 16,000 34,554
Daiken Corp. 16,000 54,203
Hokuetsu Paper Mills Ltd. 16,000 82,117
OJI Paper Co., Ltd. 96,000 508,152
------------
Total Forest Products & Paper 679,026
--------------------------------------------------------------------------------
Gas - 1.1%
Osaka Gas Co., Ltd. 176,000 681,194
Saibu Gas Co., Ltd. 32,000 76,697
TOHO Gas Co., Ltd. 48,000 246,352
------------
Total Gas 1,004,243
--------------------------------------------------------------------------------
Healthcare-Products - 0.3%
Nihon Kohden Corp. 3,200 74,529
Nipro Corp. 2,000 38,958
Paramount Bed Co., Ltd.(a) 3,200 62,875
Paris Miki, Inc. 8,000 132,120
------------
Total Healthcare-Products 308,482
--------------------------------------------------------------------------------
Home Builders - 0.0%
Mitsui Home Co., Ltd. 2,000 12,788
--------------------------------------------------------------------------------
Home Furnishings - 0.0%
France Bed Holdings Co., Ltd. 16,000 32,386
TOA Corp. 1,000 7,639
------------
Total Home Furnishings 40,025
--------------------------------------------------------------------------------
Housewares - 0.1%
Sangetsu Co., Ltd. 5,000 118,780
--------------------------------------------------------------------------------
Insurance - 0.2%
Fuji Fire & Marine Insurance Co., Ltd. (The) 33,000 135,549
--------------------------------------------------------------------------------
Internet - 0.1%
Matsui Securities Co., Ltd. 12,800 111,983
--------------------------------------------------------------------------------
Iron/Steel - 6.0%
JFE Holdings, Inc. 28,900 1,705,975
Kobe Steel Ltd. 128,000 514,927
Nippon Metal Industry Co., Ltd. 16,000 72,496
See Notes to Financial Statements.
WisdomTree International Dividend Funds 63
Schedule of Investments (continued)
WisdomTree Japan High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Nippon Steel Corp. 416,000 $ 2,917,197
Nisshin Steel Co., Ltd. 80,000 344,188
Topy Industries Ltd. 16,000 64,230
Yodogawa Steel Works Ltd. 18,000 110,523
------------
Total Iron/Steel 5,729,536
--------------------------------------------------------------------------------
Leisure Time - 0.5%
Daikoku Denki Co., Ltd. 1,600 29,066
Heiwa Corp. 6,400 78,919
Sega Sammy Holdings, Inc. 16,000 372,645
------------
Total Leisure Time 480,630
--------------------------------------------------------------------------------
Machinery-Diversified - 0.2%
Max Co., Ltd. 1,000 15,084
Miura Co., Ltd. 3,200 82,930
Nitto Kohki Co., Ltd. 1,600 37,197
Tokyo Kikai Seisakusho Ltd. 14,000 45,530
------------
Total Machinery-Diversified 180,741
--------------------------------------------------------------------------------
Metal Fabricate/Hardware - 0.1%
Kitz Corp. 4,000 36,248
Oiles Corp. 1,860 40,721
Onoken Co., Ltd. 400 5,712
------------
Total Metal Fabricate/Hardware 82,681
--------------------------------------------------------------------------------
Mining - 0.1%
Nippon Light Metal Co., Ltd. 32,000 90,519
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 0.3%
Amano Corp. 6,400 77,998
Bando Chemical Industries Ltd. 2,000 10,332
Kureha Corp. 16,000 80,221
Mitsuboshi Belting Co., Ltd. 1,739 11,620
Nippon Valqua Industries Ltd. 14,000 53,830
Okamoto Industries, Inc. 16,000 56,100
------------
Total Miscellaneous Manufacturing 290,101
--------------------------------------------------------------------------------
Office Furnishings - 0.0%
Inaba Seisakusho Co., Ltd. 1,600 25,069
--------------------------------------------------------------------------------
Office/Business Equipment - 4.8%
Canon Inc. 85,550 4,586,335
--------------------------------------------------------------------------------
Oil & Gas - 2.8%
Cosmo Oil Co., Ltd. 48,000 200,822
Nippon Oil Corp. 111,000 898,717
Showa Shell Sekiyu K.K. 43,100 526,727
TonenGeneral Sekiyu K.K. 94,000 1,047,673
------------
Total Oil & Gas 2,673,939
--------------------------------------------------------------------------------
Packaging & Containers - 0.1%
Nihon Yamamura Glass Co., Ltd. 15,000 44,971
--------------------------------------------------------------------------------
Pharmaceuticals - 7.3%
Astellas Pharma, Inc. 30,600 1,316,519
Eisai Co., Ltd. 22,500 1,076,646
Kaken Pharmaceutical Co., Ltd. 14,000 113,707
Seikagaku Corp. 3,200 34,148
SSP Co., Ltd. 16,000 92,822
Takeda Pharmaceutical Co., Ltd. 61,800 4,045,853
Tanabe Seiyaku Co., Ltd. 17,000 230,794
ZERIA Pharmaceutical Co., Ltd. 1,000 9,037
------------
Total Pharmaceuticals 6,919,526
--------------------------------------------------------------------------------
Real Estate - 0.2%
Arnest One Corp. 3,200 40,950
Iida Home Max 3,200 56,371
Touei Housing Corp. 3,200 49,568
Urban Corp. 4,800 70,370
------------
Total Real Estate 217,259
--------------------------------------------------------------------------------
Retail - 1.4%
Arcs Co., Ltd. 4,875 69,899
Best Denki Co., Ltd. 16,000 90,248
Circle K Sunkus Co. Ltd. 6,310 117,569
FamilyMart Co., Ltd. 6,400 177,785
Kasumi Co., Ltd. 2,000 11,010
Kojima Co., Ltd. 3,400 28,968
Lawson, Inc. 9,700 372,144
Marui Co., Ltd. 20,800 254,550
Ministop Co., Ltd. 3,200 55,287
MOS Food Services, Inc. 1,600 21,912
Plenus Co., Ltd. 3,200 68,838
Yellow Hat Ltd. 1,000 7,631
------------
Total Retail 1,275,841
--------------------------------------------------------------------------------
Software - 2.2%
Capcom Co., Ltd. 4,800 68,783
Koei Co., Ltd.(a) 6,400 108,243
Konami Corp. 14,400 384,163
NEC Mobiling Ltd. 1,700 32,179
Nomura Research Institute Ltd. 17,000 499,598
Oracle Corp. Japan(a) 17,400 835,553
Square Enix Co., Ltd.(a) 6,400 164,777
------------
Total Software 2,093,296
--------------------------------------------------------------------------------
Telecommunications - 8.0%
Denki Kogyo Co., Ltd. 2,000 17,684
Nippon Denwa Shisetsu Co., Ltd. 5,000 19,013
NTT DoCoMo, Inc. 4,104 7,577,151
Uniden Corp. 4,000 30,963
------------
Total Telecommunications 7,644,811
--------------------------------------------------------------------------------
Textiles - 0.2%
Toyobo Co., Ltd. 50,000 148,634
--------------------------------------------------------------------------------
Transportation - 4.1%
Daiichi Chuo Kisen Kaisha 32,000 94,855
Fukuyama Transporting Co., Ltd. 18,000 72,716
Kawasaki Kisen Kaisha Ltd.(a) 79,000 748,016
Maruzen Showa Unyu Co., Ltd. 14,000 50,392
Mitsui O.S.K. Lines Ltd. 130,000 1,440,102
Nippon Yusen K.K.(a) 158,000 1,264,535
Senko Co., Ltd. 16,000 54,203
Shinwa Kaiun Kaisha Ltd. 18,000 90,858
Tonami Transportation Co., Ltd. 14,000 37,823
------------
Total Transportation 3,853,500
--------------------------------------------------------------------------------
See Notes to Financial Statements.
64 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree Japan High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $91,219,990) $ 94,333,419
------------
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 1.1%
MONEY MARKET FUNDS(b) - 1.1%
AIM Liquid Assets Portfolio, 5.23% 11,078 11,078
AIM Prime Portfolio, 5.21% 41,523 41,523
UBS Enhanced Yield Portfolio, 5.25% 640,110 640,110
UBS Private Money Market Fund LLC, 5.26% 379,519 379,519
------------
TOTAL INVESTMENTS OF CASH
COLLATERAL FOR SECURITIES LOANED
(Cost: $1,072,230)(c) 1,072,230
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 100.3%
(Cost: $92,292,220) 95,405,649
Liabilities in Excess of Foreign Currency and Other
Assets - (0.3)% (336,783)
------------
NET ASSETS - 100.0% $ 95,068,866
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $1,018,553 and the total market value of the collateral held by the
Fund was $1,072,230.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 65
Schedule of Investments
WisdomTree Japan SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Japan - 99.2%
COMMON STOCKS - 99.2%
Advertising - 0.3%
Asatsu-DK, Inc. 7,600 $ 239,441
Moshi Moshi Hotline, Inc. 2,100 97,108
------------
Total Advertising 336,549
-------------------------------------------------------------------------------
Aerospace/Defense - 0.2%
Japan Aviation Electronics Industry Ltd. 14,000 174,652
-------------------------------------------------------------------------------
Agriculture - 0.5%
Hokuto Corp. 11,900 210,637
Nosan Corp. 34,000 86,386
Sakata Seed Corp. 11,600 143,827
------------
Total Agriculture 440,850
-------------------------------------------------------------------------------
Apparel - 2.0%
ASICS Corp. 15,000 167,563
Daidoh Ltd.(a) 11,000 132,475
Gunze Ltd. 41,000 237,857
Japan Wool Textile Co., Ltd. (The) 19,000 166,225
Nagaileben Co., Ltd. 7,600 159,949
Sanyo Shokai Ltd. 52,000 465,502
Tokyo Style Co., Ltd. 21,000 229,430
Wacoal Holdings Corp. 34,000 429,913
------------
Total Apparel 1,988,914
-------------------------------------------------------------------------------
Auto Manufacturers - 1.1%
Kanto Auto Works Ltd. 18,300 231,704
Nippon Sharyo Ltd. 43,000 117,993
Nissan Shatai Co., Ltd. 23,000 116,875
Shinmaywa Industries Ltd. 25,000 129,155
Toyota Auto Body Co., Ltd. 28,500 534,639
------------
Total Auto Manufacturers 1,130,366
-------------------------------------------------------------------------------
Auto Parts & Equipment - 6.2%
Aisan Industry Co., Ltd. 11,400 129,086
Akebono Brake Industry Co., Ltd. 15,000 130,214
Bosch Corp. 164,000 741,698
Calsonic Kansei Corp. 43,000 206,487
Exedy Corp. 5,700 162,202
FCC Co., Ltd. 7,300 166,310
Futaba Industrial Co., Ltd. 10,900 264,019
Ichikoh Industries Ltd. 32,000 88,622
Kayaba Industry Co., Ltd. 57,000 314,266
Keihin Corp. 9,500 215,223
Koito Manufacturing Co., Ltd. 32,000 438,501
Musashi Seimitsu Industry Co., Ltd.(a) 5,700 153,513
Nifco, Inc. 22,400 578,615
Nissin Kogyo Co., Ltd. 11,100 271,683
Press Kogyo Co., Ltd. 19,000 93,652
Riken Corp. 22,000 139,742
Sanden Corp. 43,000 187,914
Showa Corp. 11,400 166,836
T RAD Co., Ltd. 19,000 86,572
Tokai Rika Co., Ltd. 13,700 324,298
Toyo Tire & Rubber Co., Ltd. 72,000 300,013
Yokohama Rubber Co., Ltd. (The) 168,000 1,030,126
------------
Total Auto Parts & Equipment 6,189,592
-------------------------------------------------------------------------------
Banks - 7.2%
Akita Bank Ltd. (The) 32,000 163,693
Aomori Bank Ltd. (The) 38,000 157,053
Awa Bank Ltd. (The) 39,000 221,300
Bank of Ikeda Ltd. (The) 4,000 187,339
Bank of Iwate Ltd. (The) 2,300 132,848
Bank of Nagoya Ltd. (The) 24,000 143,502
Bank of Okinawa Ltd. (The) 4,100 151,395
Bank of Saga Ltd. (The) 38,000 139,352
Chukyo Bank Ltd. (The) 53,000 168,774
Daisan Bank Ltd. (The) 41,000 138,895
Daishi Bank Ltd. (The) 90,000 380,350
Ehime Bank Ltd. (The) 38,000 131,628
Eighteenth Bank Ltd. (The) 23,000 107,330
Fukui Bank Ltd. (The) 53,000 175,956
Higo Bank Ltd. (The) 36,000 244,523
Hokkoku Bank Ltd. (The) 74,000 322,761
Hokuetsu Bank Ltd. (The) 108,000 278,061
Hyakugo Bank Ltd. (The) 40,000 256,447
Hyakujushi Bank Ltd. (The) 51,000 307,965
Juroku Bank Ltd. (The) 59,000 334,288
Kagoshima Bank Ltd. (The) 25,000 181,664
Keiyo Bank Ltd. (The) 50,000 323,523
Michinoku Bank Ltd. (The) 25,000 88,080
Mie Bank Ltd. (The) 21,000 103,866
Miyazaki Bank Ltd. (The) 22,000 97,633
Musashino Bank Ltd. (The) 5,300 283,235
Ogaki Kyoritsu Bank Ltd. (The) 51,000 221,148
Oita Bank Ltd. (The) 17,000 122,524
San-In Godo Bank Ltd. (The) 20,000 189,032
Shiga Bank Ltd. (The) 34,000 235,833
Shikoku Bank Ltd. 38,000 146,754
Tochigi Bank Ltd. (The) 16,000 90,248
Toho Bank Ltd. (The) 38,000 164,455
Tokyo Tomin Bank Ltd. (The) 7,600 290,934
Tomato Bank Ltd. 38,000 83,676
Towa Bank Ltd. (The) 51,000 96,320
Yamagata Bank Ltd. (The) 23,000 122,524
Yamanashi Chuo Bank Ltd. (The) 20,000 135,846
------------
Total Banks 7,120,755
-------------------------------------------------------------------------------
Beverages - 2.1%
Asahi Soft Drinks Co., Ltd. 8,000 118,772
Calpis Co., Ltd. 18,000 163,726
Coca-Cola West Japan Co., Ltd. 22,000 476,053
Kagome Co., Ltd.(a) 16,800 266,780
Mercian Corp.(a) 38,000 102,020
Mikuni Coca-Cola Bottling Co., Ltd. 15,000 156,638
See Notes to Financial Statements.
66 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Japan SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Sapporo Holdings Ltd.(a) 76,000 $ 533,593
Takara Holdings, Inc.(a) 40,000 281,855
------------
Total Beverages 2,099,437
--------------------------------------------------------------------------------
Building Materials - 3.6%
Asahi Organic Chemicals Industry Co., Ltd. 25,000 105,653
Bunka Shutter Co., Ltd. 21,000 129,121
Central Glass Co., Ltd. 57,000 384,747
Chofu Seisakusho Co., Ltd. 7,200 153,970
Cleanup Corp. 15,200 140,318
Fujitec Co., Ltd. 21,000 143,705
Nice Corp. 21,000 78,611
Nichias Corp. 33,000 284,235
Nichiha Corp. 5,700 79,556
PanaHome Corp. 52,000 345,272
Rinnai Corp. 7,600 202,109
Sankyo-Tateyama Holdings, Inc. 114,000 247,165
Sanwa Shutter Corp. 109,000 677,586
Sumitomo Osaka Cement Co., Ltd. 82,000 245,844
Takara Standard Co., Ltd. 38,000 218,844
Wood One Co., Ltd. 16,000 135,507
------------
Total Building Materials 3,572,243
--------------------------------------------------------------------------------
Chemicals - 5.8%
ADEKA Corp. 19,000 219,166
Aica Kogyo Co., Ltd. 18,800 256,982
Air Water, Inc.(a) 38,000 465,687
Arisawa Manufacturing Co., Ltd.(a) 13,400 140,724
Dainichiseika Color & Chemicals Manufacturing Co.,
Ltd. 22,000 126,699
Denki Kagaku Kogyo K.K. 115,000 537,624
Earth Chemical Co., Ltd. 5,700 130,582
Gun-Ei Chemical Industry Co., Ltd. 22,000 63,909
Koatsu Gas Kogyo Co., Ltd. 19,000 127,123
Lintec Corp. 7,600 149,651
Nihon Parkerizing Co., Ltd. 15,000 251,789
Nippon Kayaku Co., Ltd. 39,000 321,380
Nippon Paint Co., Ltd. 75,000 421,131
NOF Corp. 51,000 260,021
S.T. Chemical Co., Ltd.(a) 7,600 100,282
Sanyo Chemical Industries Ltd. 35,000 239,805
Sumitomo Bakelite Co., Ltd. 41,000 295,846
Sumitomo Seika Chemicals Co., Ltd. 19,000 107,974
Taiyo Ink Manufacturing Co., Ltd. 5,600 165,996
Takasago International Corp. 25,000 133,178
Toagosei Co., Ltd. 76,000 315,393
Tokai Carbon Co., Ltd. 34,000 279,314
Tokyo Ohka Kogyo Co., Ltd. 7,600 189,879
Toyo Ink Manufacturing Co., Ltd. 90,000 335,380
Yushiro Chemical Industry Co., Ltd.(a) 7,300 154,563
------------
Total Chemicals 5,790,078
--------------------------------------------------------------------------------
Commercial Services - 3.4%
Goodwill Group, Inc. (The) 374 293,942
Kamigumi Co., Ltd. 44,000 377,862
Kyodo Printing Co., Ltd. 22,000 85,336
Meitec Corp. 14,700 473,088
Nichii Gakkan Co.(a) 5,700 102,583
Nippon Kanzai Co., Ltd. 3,800 103,307
Nissha Printing Co., Ltd. 5,700 150,616
Nissin Corp. 32,000 115,181
Nomura Co., Ltd. 19,000 102,664
Secom Techno Service Co., Ltd. 7,000 299,386
Sohgo Security Services Co., Ltd. 25,200 460,995
TIS, Inc. 7,600 180,224
TKC Corp. 5,900 102,935
Toppan Forms Co., Ltd. 30,500 386,949
Zenrin Co., Ltd. 3,800 101,698
------------
Total Commercial Services 3,336,766
--------------------------------------------------------------------------------
Computers - 1.3%
Daiwabo Information System Co., Ltd. 8,000 109,490
Hitachi Information Systems Ltd. 9,900 218,416
Hitachi Systems & Services Ltd. 5,200 110,100
Information Services International-Dentsu Ltd.(a) 9,500 99,445
NEC Fielding Ltd. 19,600 257,294
NS Solutions Corp. 8,100 204,086
Obic Co., Ltd. 1,010 199,391
Roland DG Corp. 3,800 132,272
------------
Total Computers 1,330,494
--------------------------------------------------------------------------------
Cosmetics/Personal Care - 1.5%
Aderans Co., Ltd. 9,800 237,375
Fancl Corp. 11,000 152,318
KOSE Corp. 9,000 265,255
Lion Corp. 72,000 437,214
Mandom Corp. 9,500 237,349
T. Hasegawa Co., Ltd.(a) 10,000 164,387
------------
Total Cosmetics/Personal Care 1,493,898
--------------------------------------------------------------------------------
Distribution/Wholesale - 3.7%
ABC-Mart, Inc. 16,200 357,408
Advan Co., Ltd.(a) 5,700 73,184
Doshisha Co., Ltd. 3,800 76,756
Hakuto Co., Ltd. 9,500 146,432
Hanwa Co., Ltd. 115,000 572,688
Impact 21 Co., Ltd. 7,600 133,559
Inaba Denki Sangyo Co., Ltd. 7,600 265,187
Itochu Enex Co., Ltd. 31,400 237,212
Iwatani International Corp.(a) 43,000 128,190
Japan Pulp & Paper Co., Ltd. 40,000 155,833
Mitsuuroko Co., Ltd. 20,300 143,213
Nagase & Co., Ltd. 17,000 213,805
Ryoden Trading Co., Ltd. 16,000 132,797
Ryoshoku Ltd. 5,400 118,679
Ryoyo Electro Corp. 15,600 201,746
San-Ai Oil Co., Ltd. 22,000 104,527
Sankyo Seiko Co., Ltd. 20,300 116,737
Shaddy Co., Ltd. 5,700 70,529
Sinanen Co., Ltd. 25,000 126,826
See Notes to Financial Statements.
WisdomTree International Dividend Funds 67
Schedule of Investments (continued)
WisdomTree Japan SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Tokai Corp. 18,000 $ 68,753
Trusco Nakayama Corp. 9,500 191,891
------------
Total Distribution/Wholesale 3,635,952
--------------------------------------------------------------------------------
Diversified Financial Services - 2.0%
Century Leasing System, Inc. 9,500 133,398
Cosmo Securities Co., Ltd.(a) 90,000 170,739
Ichiyoshi Securities Co., Ltd. 14,800 237,151
Okasan Holdings, Inc. 44,000 342,833
Sanyo Electric Credit Co., Ltd. 9,500 259,877
Tokai Tokyo Securities Co., Ltd. 98,000 580,987
Tokyo Leasing Co., Ltd. 9,500 152,547
Toyo Securities Co., Ltd. 32,000 147,161
------------
Total Diversified Financial Services 2,024,693
--------------------------------------------------------------------------------
Electrical Components & Equipment - 1.2%
Hitachi Cable Ltd. 82,000 465,992
Nippon Signal Co., Ltd. (The) 9,400 67,430
SMK Corp. 19,000 122,456
Sumida Corp. 5,700 101,859
Toshiba TEC Corp. 76,000 453,779
------------
Total Electrical Components & Equipment 1,211,516
--------------------------------------------------------------------------------
Electronics - 5.3%
Anritsu Corp. 21,000 99,953
CMK Corp.(a) 5,700 69,081
Cosel Co., Ltd.(a) 7,100 126,276
Eizo Nanao Corp. 5,700 187,787
Fujitsu Devices, Inc. 5,000 68,177
Hamamatsu Photonics K.K. 9,400 284,209
Horiba Ltd. 4,300 145,306
Idec Corp.(a) 11,400 184,408
Kaga Electronics Co., Ltd. 8,000 143,299
Minebea Co., Ltd. 107,000 661,529
Mitsumi Electric Co., Ltd. 18,900 624,264
Nichicon Corp. 16,300 220,048
Nidec Copal Corp. 13,300 144,855
Nidec Copal Electronics Corp.(a) 11,100 67,968
Nippon Chemi-Con Corp. 19,000 168,478
Nitto Kogyo Corp. 9,500 152,064
Ryosan Co., Ltd. 15,100 387,491
Sanshin Electronics Co., Ltd. 9,500 118,996
Sanyo Denki Co., Ltd. 16,000 122,092
Star Micronics Co., Ltd. 7,500 161,656
Taiyo Yuden Co., Ltd. 17,000 353,462
Tokyo Seimitsu Co., Ltd. 3,800 128,732
Toyo Corp.(a) 7,600 100,539
ULVAC, Inc. 5,200 156,782
Yamatake Corp. 16,200 374,559
------------
Total Electronics 5,252,011
--------------------------------------------------------------------------------
Engineering & Construction - 5.0%
Airport Facilities Co., Ltd. 15,200 95,905
COMSYS Holdings Corp. 24,000 257,125
Hibiya Engineering Ltd. 15,000 129,706
Hitachi Plant Technologies Ltd. 57,000 343,231
Japan Airport Terminal Co., Ltd. 13,300 193,629
Japan Foundation Engineering Co., Ltd. 26,700 98,592
Kandenko Co., Ltd. 42,000 287,766
Kyowa Exeo Corp. 19,000 207,902
Kyudenko Corp. 21,000 132,145
Maeda Corp.(a) 43,000 156,231
Maeda Road Construction Co., Ltd. 24,000 189,032
NEC Networks & System Integration Corp. 7,600 95,970
Nippo Corp. 19,000 147,398
Nippon Densetsu Kogyo Co., Ltd. 19,000 136,938
Nippon Koei Co., Ltd. 22,000 66,703
Nishimatsu Construction Co., Ltd.(a) 100,000 322,676
Okumura Corp. 60,000 328,266
Raito Kogyo Co., Ltd. 24,400 78,733
Sanki Engineering Co., Ltd. 19,000 121,812
Taikisha Ltd. 15,100 171,494
Takasago Thermal Engineering Co., Ltd. 23,000 207,453
Takuma Co., Ltd.(a) 19,000 128,571
TOA CORP. 57,000 60,826
Toda Corp. 76,000 363,023
Toenec Corp. 19,000 80,136
Toshiba Plant Systems & Services Corp. 36,000 272,877
Tsukishima Kikai Co., Ltd.(a) 14,000 145,128
Yurtec Corp. 22,000 116,265
------------
Total Engineering & Construction 4,935,533
--------------------------------------------------------------------------------
Entertainment - 0.6%
Avex Group Holdings, Inc. 10,000 162,185
RESORTTRUST, Inc. 9,360 217,996
Toei Co., Ltd. 19,000 106,204
Tokyotokeiba Co., Ltd. 38,000 104,595
------------
Total Entertainment 590,980
--------------------------------------------------------------------------------
Environmental Control - 0.2%
Asahi Pretec Corp. 5,700 142,892
--------------------------------------------------------------------------------
Food - 6.6%
Ariake Japan Co., Ltd. 6,000 123,227
Ezaki Glico Co., Ltd. 22,000 260,479
Fuji Oil Co., Ltd. 20,600 172,546
House Foods Corp. 25,200 428,982
Inageya Co., Ltd. 18,000 142,079
Itoham Foods, Inc.(a) 72,000 328,672
J-Oil Mills, Inc. 24,000 92,890
Kato Sangyo Co., Ltd. 9,500 124,950
Katokichi Co., Ltd. 33,400 209,607
Maruha Group, Inc. 60,000 112,810
Meiji Dairies Corp. 42,000 329,028
Meiji Seika Kaisha Ltd. 89,000 412,306
Mitsui Sugar Co., Ltd. 23,000 85,319
Morinaga & Co., Ltd. 79,000 185,331
Morinaga Milk Industry Co., Ltd. 70,000 344,442
Nagatanien Co., Ltd. 16,000 120,601
Nichirei Corp. 55,000 320,940
See Notes to Financial Statements.
68 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Japan SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Nippon Beet Sugar Manufacturing Co., Ltd. 38,000 $ 109,744
Nippon Flour Mills Co., Ltd. 36,000 145,128
Nippon Suisan Kaisha Ltd. 92,200 602,043
Nisshin Oillio Group Ltd. (The) 24,000 152,039
Nissin Food Products Co., Ltd.(a) 1,755 64,210
QP Corp. 33,900 306,916
Showa Sangyo Co., Ltd. 59,000 144,908
Tokyu Store Chain Co., Ltd. 17,000 99,056
Toyo Suisan Kaisha Ltd. 18,000 353,674
Valor Co., Ltd. 4,200 48,945
Yamazaki Baking Co., Ltd. 54,000 491,637
Yaoko Co., Ltd. 3,800 101,376
Yokohama Reito Co., Ltd. (The) 16,000 126,564
------------
Total Food 6,540,449
--------------------------------------------------------------------------------
Forest Products & Paper - 1.0%
Chuetsu Pulp & Paper Co., Ltd. 40,000 86,386
Daiken Corp. 40,000 135,507
Daio Paper Corp. 21,000 167,893
Hokuetsu Paper Mills Ltd.(a) 59,000 302,808
Rengo Co., Ltd. 38,000 215,304
Tomoku Co., Ltd. 38,000 84,641
------------
Total Forest Products & Paper 992,539
--------------------------------------------------------------------------------
Gas - 1.3%
Saibu Gas Co., Ltd. 132,000 316,375
TOHO Gas Co., Ltd. 184,000 944,349
------------
Total Gas 1,260,724
--------------------------------------------------------------------------------
Hand/Machine Tools - 1.2%
Asahi Diamond Industrial Co., Ltd. 19,000 138,708
Disco Corp. 3,200 195,130
Hitachi Koki Co., Ltd. 24,000 366,479
Meidensha Corp.(a) 38,000 122,617
OSG Corp. 20,600 311,595
Union Tool Co. 2,100 86,259
------------
Total Hand/Machine Tools 1,220,788
--------------------------------------------------------------------------------
Healthcare-Products - 2.1%
Hitachi Medical Corp. 5,000 50,985
Hogy Medical Co., Ltd. 2,200 102,664
Nihon Kohden Corp. 12,000 279,483
Nipro Corp.(a) 19,024 370,571
Paramount Bed Co., Ltd.(a) 13,000 255,431
Paris Miki, Inc. 28,400 469,024
Shimadzu Corp. 40,000 345,882
Sysmex Corp. 4,200 152,242
TOPCON Corp. 5,500 83,845
------------
Total Healthcare-Products 2,110,127
--------------------------------------------------------------------------------
Home Builders - 0.1%
Mitsui Home Co., Ltd. 19,000 121,491
--------------------------------------------------------------------------------
Home Furnishings - 1.5%
Alpine Electronics, Inc. 16,000 287,275
Canon Electronics, Inc. 9,400 305,704
France Bed Holdings Co., Ltd. 82,000 165,979
Hitachi Maxell Ltd. 21,900 299,172
Kenwood Corp. 57,000 86,411
Noritz Corp.(a) 12,900 246,911
Toa Corp. 15,000 114,588
------------
Total Home Furnishings 1,506,040
--------------------------------------------------------------------------------
Housewares - 0.7%
Noritake Co., Ltd. 38,000 189,236
Sangetsu Co., Ltd. 19,900 472,746
------------
Total Housewares 661,982
--------------------------------------------------------------------------------
Insurance - 0.6%
Fuji Fire & Marine Insurance Co., Ltd. (The) 131,000 538,090
--------------------------------------------------------------------------------
Iron/Steel - 2.4%
Aichi Steel Corp.(a) 34,000 205,598
Godo Steel Ltd. 36,000 192,081
Mitsubishi Steel Manufacturing Co., Ltd. 18,000 94,821
Nakayama Steel Works Ltd. 43,000 165,336
Nippon Metal Industry Co., Ltd. 98,000 444,040
Sanyo Special Steel Co., Ltd. 20,000 140,927
Topy Industries Ltd. 41,000 164,590
Yamato Kogyo Co., Ltd. 17,100 535,846
Yodogawa Steel Works Ltd. 76,000 466,653
------------
Total Iron/Steel 2,409,892
--------------------------------------------------------------------------------
Leisure Time - 0.9%
Daikoku Denki Co., Ltd. 3,600 65,399
Heiwa Corp. 24,000 295,948
HIS Co., Ltd. 3,800 109,100
Mars Engineering Corp. 4,400 89,621
Mizuno Corp. 33,000 208,215
TOKYO DOME CORP. 21,000 113,470
------------
Total Leisure Time 881,753
--------------------------------------------------------------------------------
Machinery-Construction & Mining - 0.4%
Aichi Corp. 11,400 106,686
Tadano Ltd. 20,000 236,799
------------
Total Machinery-Construction & Mining 343,485
--------------------------------------------------------------------------------
Machinery-Diversified - 3.6%
Aida Engineering Ltd. 19,000 133,237
CKD Corp. 9,500 88,423
Daifuku Co., Ltd. 17,500 253,144
Ebara Corp.(a) 141,000 667,533
Iseki & Co., Ltd.(a) 22,000 45,463
Komori Corp. 16,000 371,967
Makino Milling Machine Co., Ltd. 17,000 217,116
Max Co., Ltd. 17,000 256,422
Miura Co., Ltd. 10,000 259,157
Nabtesco Corp. 17,000 223,163
Nippon Thompson Co., Ltd. 15,000 138,598
Nitto Kohki Co., Ltd. 5,700 132,513
Okuma Holdings, Inc. 15,000 175,058
Sato Corp. 7,300 147,144
Tokyo Kikai Seisakusho Ltd.(a) 22,000 71,548
Toshiba Machine Co., Ltd. 19,000 194,385
See Notes to Financial Statements.
WisdomTree International Dividend Funds 69
Schedule of Investments (continued)
WisdomTree Japan SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Tsubakimoto Chain Co. 35,000 $ 219,649
------------
Total Machinery-Diversified 3,594,520
--------------------------------------------------------------------------------
Metal Fabricate/Hardware - 1.4%
Kitz Corp. 33,000 299,047
MISUMI Group, Inc. 10,800 192,996
Nachi-Fujikoshi Corp.(a) 43,000 216,320
Oiles Corp. 6,560 143,617
Onoken Co., Ltd. 7,600 108,521
Ryobi Ltd. 33,000 265,230
Toho Zinc Co., Ltd.(a) 16,000 144,586
------------
Total Metal Fabricate/Hardware 1,370,317
--------------------------------------------------------------------------------
Mining - 1.5%
Nippon Denko Co., Ltd. 40,000 180,224
Nippon Light Metal Co., Ltd. 114,000 322,473
Pacific Metals Co., Ltd. 59,000 821,978
Sumitomo Light Metal Industries Ltd. 55,000 135,549
------------
Total Mining 1,460,224
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 1.7%
Achilles Corp. 41,000 71,878
Amano Corp. 22,300 271,774
Bando Chemical Industries Ltd. 24,000 123,989
Kureha Corp. 57,000 285,784
Mitsuboshi Belting Co., Ltd. 19,000 126,962
Nikkiso Co., Ltd. 15,000 112,429
Nippon Valqua Industries Ltd. 24,000 92,280
Okamoto Industries, Inc. 38,000 133,237
Pentax Corp. 19,000 111,031
Shin-Etsu Polymer Co., Ltd. 7,900 96,279
Tokai Rubber Industries, Inc. 13,900 268,994
------------
Total Miscellaneous Manufacturing 1,694,637
--------------------------------------------------------------------------------
Office Furnishings - 0.5%
Inaba Seisakusho Co., Ltd. 5,700 89,308
Kokuyo Co., Ltd. 17,100 225,779
Okamura Corp. 19,000 208,224
------------
Total Office Furnishings 523,311
--------------------------------------------------------------------------------
Office/Business Equipment - 0.1%
Canon Finetech, Inc. 7,100 135,596
--------------------------------------------------------------------------------
Oil & Gas - 0.1%
AOC Holdings, Inc. 7,200 117,688
--------------------------------------------------------------------------------
Packaging & Containers - 0.2%
Fuji Seal International, Inc. 4,400 87,758
Nihon Yamamura Glass Co., Ltd. 38,000 113,927
------------
Total Packaging & Containers 201,685
--------------------------------------------------------------------------------
Pharmaceuticals - 2.3%
Alfresa Holdings Corp. 6,100 387,465
Fuso Pharmaceutical Industries, Ltd. 18,000 53,051
Kaken Pharmaceutical Co., Ltd. 33,000 268,025
Kobayashi Pharmaceutical Co., Ltd. 5,700 215,787
Miraca Holdings, Inc. 4,200 87,859
Mochida Pharmaceutical Co., Ltd. 21,000 201,685
Nippon Shinyaku Co., Ltd. 16,000 134,694
Seikagaku Corp. 14,900 159,001
SSP Co., Ltd. 44,000 255,261
Toho Pharmaceutical Co., Ltd. 5,400 97,413
Towa Pharmaceutical Co., Ltd. 4,300 136,202
Tsumura & Co. 7,063 165,995
ZERIA Pharmaceutical Co., Ltd. 16,000 144,586
------------
Total Pharmaceuticals 2,307,024
--------------------------------------------------------------------------------
Real Estate - 0.8%
Arnest One Corp. 12,800 163,801
Iida Home Max 13,100 230,769
Sumitomo Real Estate Sales Co., Ltd. 2,630 203,361
Touei Housing Corp. 9,500 147,156
------------
Total Real Estate 745,087
--------------------------------------------------------------------------------
Retail - 5.6%
AOKI Holdings, Inc. 7,600 144,823
Arcs Co., Ltd. 18,910 271,138
Belluna Co., Ltd. 4,750 65,130
Best Denki Co., Ltd. 65,500 369,451
Chiyoda Co., Ltd. 11,900 291,264
Circle K Sunkus Co. Ltd. 22,400 417,361
Don Quijote Co., Ltd. 5,700 111,514
Edion Corp. 15,100 210,371
Gigas K's Denki Corp. 3,800 101,054
Hankyu Department Stores, Inc. 38,000 352,081
Heiwado Co., Ltd. 9,500 148,283
Izumiya Co., Ltd. 20,000 154,139
Kasumi Co., Ltd. 20,000 110,100
Kojima Co., Ltd.(a) 7,600 64,752
Komeri Co., Ltd. 7,600 243,947
Konaka Co., Ltd. 3,820 43,643
Life Corp. 7,600 98,544
Matsumotokiyoshi Co., Ltd. 9,500 217,235
Ministop Co., Ltd. 9,100 157,222
MOS Food Services, Inc. 9,000 123,252
Nishimatsuya Chain Co., Ltd. 6,100 102,808
Parco Co., Ltd. 13,300 168,960
Plenus Co., Ltd. 11,200 240,932
Point, Inc. 2,030 128,772
Right On Co., Ltd. 4,100 119,450
Seiko Corp. 15,000 92,738
Senshukai Co., Ltd. 15,000 204,912
Shimachu Co., Ltd. 5,700 168,478
Sundrug Co., Ltd. 9,500 194,304
USS Co., Ltd. 4,670 304,148
Xebio Co., Ltd. 4,100 114,241
Yellow Hat Ltd. 7,600 57,994
------------
Total Retail 5,593,041
--------------------------------------------------------------------------------
Semiconductors - 0.3%
Mimasu Semiconductor Industry Co., Ltd. 5,300 112,666
Sanken Electric Co., Ltd. 17,000 177,954
------------
Total Semiconductors 290,620
--------------------------------------------------------------------------------
See Notes to Financial Statements.
70 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree Japan SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Software - 2.0%
Capcom Co., Ltd. 18,000 $ 257,938
Fuji Soft ABC, Inc. 3,800 112,962
Hitachi Software Engineering Co., Ltd. 11,700 242,769
Koei Co., Ltd.(a) 25,600 432,972
NEC Mobiling Ltd. 5,700 107,893
Nihon Unisys Ltd. 8,000 114,775
Nippon System Development Co., Ltd. 7,200 111,224
OBIC Business Consultants Ltd. 3,700 217,785
Sumisho Computer Systems Corp. 12,700 266,746
Trans Cosmos, Inc. 7,100 144,616
------------
Total Software 2,009,680
--------------------------------------------------------------------------------
Storage/Warehousing - 0.6%
Mitsui-Soko Co., Ltd. 33,000 217,718
Sumitomo Warehouse Co., Ltd. (The) 53,000 418,344
------------
Total Storage/Warehousing 636,062
--------------------------------------------------------------------------------
Telecommunications - 1.0%
Denki Kogyo Co., Ltd. 22,000 194,520
Hitachi Kokusai Electric, Inc. 15,000 173,661
INVOICE, INC. 8,734 440,121
Nippon Denwa Shisetsu Co., Ltd. 21,000 79,856
Uniden Corp. 19,000 147,076
------------
Total Telecommunications 1,035,234
--------------------------------------------------------------------------------
Textiles - 1.5%
Kurabo Industries Ltd. 61,000 168,935
Nisshinbo Industries, Inc. 38,000 475,342
Nitto Boseki Co., Ltd. 38,000 138,708
Toyobo Co., Ltd. 202,000 600,483
Unitika Ltd. 78,000 108,338
------------
Total Textiles 1,491,806
--------------------------------------------------------------------------------
Toys/Games/Hobbies - 0.1%
TOMY Co., Ltd.(a) 20,600 131,198
--------------------------------------------------------------------------------
Transportation - 3.9%
Daiichi Chuo Kisen Kaisha 110,000 326,064
Fukuyama Transporting Co., Ltd. 76,000 307,025
Hitachi Transport System Ltd. 24,000 274,199
Iino Kaiun Kaisha, Ltd. 47,600 507,143
Keisei Electric Railway Co., Ltd. 41,000 264,247
Kintetsu World Express, Inc. 3,800 134,525
Maruzen Showa Unyu Co., Ltd. 34,000 122,380
Nippon Konpo Unyu Soko Co., Ltd. 17,000 237,561
Nishi-Nippon Railroad Co., Ltd. 81,000 337,514
Sagami Railway Co., Ltd. 100,000 344,696
Sankyu, Inc. 22,000 118,128
Seino Holdings Corp. 36,000 339,344
Senko Co., Ltd. 38,000 128,732
Shinwa Kaiun Kaisha, Ltd. 82,000 413,906
Tonami Transportation Co., Ltd. 23,000 62,138
------------
Total Transportation 3,917,602
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $96,534,598) 98,640,863
================================================================================
INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED - 2.8%
MONEY MARKET FUNDS(b) - 2.8%
UBS Enhanced Yield Portfolio, 5.25% 1,408,890 1,408,890
UBS Private Money Market Fund LLC, 5.26% 1,322,480 1,322,480
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $2,731,370)(c) 2,731,370
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 102.0%
(Cost: $99,265,968) 101,372,233
Liabilities in Excess of Foreign Currency
and Other Assets - (2.0)% (1,952,778)
------------
NET ASSETS - 100.0% $ 99,419,455
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $2,595,067 and the total market value of the collateral held by the
Fund was $2,731,370.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 71
Schedule of Investments
WisdomTree Pacific ex-Japan Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.1
Australia - 60.5%
Adelaide Bank Ltd.(a) 14,445 $ 160,454
Adelaide Brighton Ltd.(a) 71,388 197,811
Alesco Corp., Ltd.(a) 12,484 126,065
Alinta Ltd.(a) 32,676 383,289
Alumina Ltd. 51,092 301,718
Amcor Ltd. 53,238 324,713
AMP Ltd. 96,145 806,999
APN News & Media Ltd.(a) 35,559 168,911
Aristocrat Leisure Ltd.(a) 16,484 218,392
Australia & New Zealand Banking Group Ltd. 128,072 3,072,848
Australian Stock Exchange Ltd. 8,869 315,252
AWB Ltd.(a) 69,478 199,254
AXA Asia Pacific Holdings Ltd. 47,679 278,096
Bank of Queensland Ltd.(a) 13,101 183,309
Bendigo Bank Ltd.(a) 14,683 201,648
BHP Billiton Ltd. 85,814 2,072,120
Billabong International Ltd.(a) 12,752 172,038
BlueScope Steel Ltd. 64,991 551,281
Boom Logistics Ltd. 23,546 67,146
Boral Ltd. 33,969 226,121
Caltex Australia Ltd.(a) 10,309 198,709
Challenger Financial Services Group Ltd. 54,698 210,776
Coca-Cola Amatil Ltd. 53,925 383,357
Cochlear Ltd. 3,484 182,158
Coles Myer Ltd. 64,803 850,706
Commonwealth Bank of Australia 98,581 4,002,637
Computershare Ltd. 23,084 202,336
Corporate Express Australia Ltd.(a) 29,133 148,036
Crane Group Ltd. 191 2,534
CSL Ltd. 3,354 223,184
CSR Ltd. 62,186 171,308
David Jones Ltd.(a) 62,808 230,864
Downer EDI Ltd. 22,865 125,976
Energy Resources of Australia Ltd.(a) 15,061 338,243
Foster's Group Ltd. 116,860 646,675
Futuris Corp., Ltd.(a) 103,722 180,990
GWA International Ltd.(a) 27,318 88,275
Harvey Norman Holdings Ltd. 45,463 173,353
Hills Industries Ltd.(a) 34,451 153,907
Insurance Australia Group Ltd. 130,577 618,151
John Fairfax Holdings Ltd.(a) 70,811 284,879
Jubilee Mines NL 32 453
Leighton Holdings Ltd. 12,972 351,270
Lend Lease Corp. Ltd. 26,800 432,791
Lion Nathan Ltd. 32,764 233,981
MacArthur Coal Ltd. 2,767 10,595
Macquarie Bank Ltd. 9,979 667,092
MaxiTRANS Industries Ltd. 81,083 45,852
Metcash Ltd.(a) 42,424 168,962
MFS Ltd.(a) 41,309 176,869
Minara Resources Ltd.(a) 46,166 275,611
National Australia Bank Ltd. 115,797 3,779,281
Nufarm Ltd.(a) 17,407 174,372
OneSteel Ltd. 47,657 198,658
Orica Ltd. 11,625 238,068
Origin Energy Ltd. 30,342 220,851
Pacific Brands Ltd. 81,359 201,778
PaperlinX Ltd. 56,971 191,920
Perpetual Ltd.(a) 2,681 168,070
Publishing & Broadcasting Ltd.(a) 30,805 493,983
Qantas Airways Ltd. 193,249 819,610
QBE Insurance Group Ltd. 33,677 858,076
Rinker Group Ltd. 18,509 269,892
Rio Tinto Ltd.(a) 10,447 665,125
Rural Press Ltd. 16,736 183,874
Santos Ltd. 31,620 259,274
Seek Ltd. 40,399 234,982
Seven Network Ltd.(a) 21,445 197,844
Sims Group Ltd.(a) 10,353 195,375
Smorgon Steel Group Ltd. 87,652 144,452
Sonic Healthcare Ltd. 12,884 153,523
St.George Bank Ltd.(a) 38,440 1,087,813
Suncorp-Metway Ltd. 59,694 1,003,055
Symbion Health Ltd. 58,682 172,085
TABCORP Holdings Ltd.(a) 45,524 606,445
Telstra Corp. Ltd.(a) 841,409 3,167,551
Ten Network Holdings Ltd.(a) 60,887 155,433
Toll Holdings Ltd. 12,235 202,623
Transfield Services Ltd.(a) 23,536 226,642
United Group Ltd.(a) 13,491 148,549
Veda Advantage Ltd.(a) 55,919 148,171
Washington H. Soul Pattinson & Co., Ltd. 21,423 156,105
Wesfarmers Ltd. 41,138 1,254,559
West Australian Newspapers Holdings Ltd.(a) 20,730 261,751
Westpac Banking Corp. 130,043 2,768,205
WHK Group Ltd. 106,790 193,245
Woodside Petroleum Ltd.(a) 22,708 724,431
Woolworths Ltd. 54,035 1,186,901
WorleyParsons Ltd. 788 17,691
------------
Total Australia 44,938,258
--------------------------------------------------------------------------------
Hong Kong - 24.8%
Bank of East Asia Ltd. 77,216 449,111
Beijing Enterprises Holdings Ltd. 34,004 86,596
BOC Hong Kong (Holdings) Ltd. 573,391 1,389,772
Cathay Pacific Airways Ltd. 230,000 585,136
Cheung Kong (Holdings) Ltd. 84,015 1,063,325
China Merchants Holdings (International)
Co., Ltd. 50,009 210,551
China Mobile Ltd. 495,113 4,501,747
China Netcom Group Corp., Ltd. 22,004 57,444
China Overseas Land & Investment Ltd. 110,026 138,267
China Power International Development Ltd. 98,000 47,531
China Resources Enterprise, Ltd. 48,009 160,353
China Resources Power Holdings Co. Ltd. 66,017 101,210
See Notes to Financial Statements.
72 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree Pacific ex-Japan Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
China Travel International Investment
Hong Kong Ltd. 236,052 $ 110,259
China Unicom Ltd. 198,047 285,377
CITIC Pacific Ltd. 123,026 454,996
CLP Holdings Ltd. 155,031 1,131,846
CNOOC Ltd. 628,140 550,630
Dah Sing Banking Group Ltd. 35,204 78,749
Denway Motors Ltd. 220,052 96,027
Fubon Bank (Hong Kong) Ltd. 106,000 61,449
Guangdong Investment Ltd. 168,039 89,672
Guangzhou Investment Co., Ltd. 88,022 21,627
Hang Seng Bank Ltd. 123,627 1,756,099
Henderson Investment Ltd.(a) 112,017 229,073
Hong Kong & China Gas Co., Ltd. (The) 53,009 118,442
Hong Kong Aircraft Engineering Co., Ltd. 4,399 66,991
Hong Kong Exchanges and Clearing Ltd. 24,504 238,792
Hongkong & Shanghai Hotels Ltd. (The) 59,006 93,180
Hongkong Electric Holdings Ltd. 104,525 536,386
Hopewell Holdings Ltd. 54,006 210,101
Hung Hing Printing Group Ltd. 98,017 55,442
Industrial & Commercial Bank of China Ltd. 67,015 146,650
Liu Chong Hing Bank Ltd. 22,000 58,137
Liu CITIC International Financial Holdings Ltd. 154,039 133,454
MTR Corp. 170,030 425,605
New World Development Co., Ltd. 171,022 387,818
Oriental Press Group Ltd. 592,047 110,617
PCCW Ltd. 429,054 257,512
Poly Hong Kong Investment Ltd. 682,000 184,153
Raymond Industrial Ltd. 397,000 86,876
Shanghai Industrial Holdings Ltd. 49,006 113,135
Shaw Brothers (Hong Kong) Ltd. 33,006 60,063
Shell Electric Manufacturing Co., Ltd. 27,000 9,847
Shun TAK Holdings Ltd. 52,004 69,079
Singamas Container Holdings Ltd. 192,000 108,110
Sino Land Co. Ltd. 160,022 344,444
Television Broadcasts Ltd. 11,002 68,778
Tianjin Development Holdings Ltd. 52,000 39,328
Vitasoy International Holdings Ltd. 118,000 49,530
Wharf (Holdings) Ltd. (The) 146,017 541,895
Wing Hang Bank Ltd. 11,002 135,444
Wing Lung Bank Ltd. 11,004 121,387
------------
Total Hong Kong 18,428,043
-------------------------------------------------------------------------------
New Zealand - 3.3%
Air New Zealand Ltd. 69,423 116,152
Auckland International Airport Ltd. 83,208 143,380
CanWest MediaWorks (NZ) Ltd. 15,598 24,536
Contact Energy Ltd. 25,450 167,592
Fisher & Paykel Appliances Holdings Ltd. 17,994 47,217
Fletcher Building Ltd. 43,097 338,958
Freightways Ltd. 9,437 29,351
Hallenstein Glasson Holdings Ltd. 6,752 24,187
Infratil Ltd. 9,031 36,289
Mainfreight Ltd. 2,615 13,649
New Zealand Refining Co., Ltd. (The) 24,892 109,456
Nuplex Industries Ltd. 8,580 45,090
Port of Tauranga Ltd. 8,231 35,900
Pumpkin Patch Ltd. 5,444 16,854
Ryman Healthcare Ltd. 53,417 86,317
Sanford Ltd. 23,012 79,635
Telecom Corp. of New Zealand Ltd.(a) 277,674 939,080
Tourism Holdings Ltd. 10,122 16,790
Vector Ltd. 36,713 78,224
Warehouse Group Ltd. (The) 21,158 102,114
-------------
Total New Zealand 2,450,771
--------------------------------------------------------------------------------
Singapore - 10.5%
Ascott Group Ltd. (The) 25,314 28,508
Cerebos Pacific Ltd. 11,000 24,052
City Developments Ltd. 11,000 105,769
ComfortDelgro Corp., Ltd. 88,000 115,332
Cosco Corp. (Singapore) Ltd. 33,000 62,375
Creative Technology Ltd. 4,400 28,253
DBS Group Holdings Ltd. 78,000 1,099,315
Delong Holdings Ltd. 351,000 56,635
Fraser and Neave Ltd. 48,070 161,457
Great Eastern Holdings Ltd. 12,000 155,690
Guocoland Ltd. 22,000 60,854
Hong Leong Asia Ltd. 31,000 39,199
Hotel Plaza Ltd. 32,000 48,683
Hotel Properties Ltd. 21,000 70,535
Jardine Cycle & Carriage Ltd. 10,000 78,372
Jaya Holdings Ltd. 44,000 42,018
Keppel Corp. Ltd. 14,000 175,184
Keppel Land Ltd. 11,000 68,822
Keppel Telecommunications &
Transportation Ltd. 22,000 34,773
Labroy Marine Ltd. 33,000 44,554
MobileOne Ltd. 66,000 95,192
Oversea-Chinese Banking Corp. Ltd. 129,000 764,621
Parkway Holdings Ltd. 33,000 71,286
Petra Foods Ltd. 33,000 36,512
Raffles Education Corp., Ltd. 23,000 34,688
SBS Transit Ltd. 16,500 31,296
SembCorp Industries Ltd. 44,000 147,787
SembCorp Marine Ltd. 52,000 120,548
SIA Engineering Co., Ltd. 31,000 95,956
Singapore Airlines Ltd. 43,000 470,100
Singapore Airport Terminal Services Ltd. 44,000 79,689
Singapore Exchange Ltd. 22,000 94,903
Singapore Petroleum Co., Ltd. 11,000 35,063
Singapore Post Ltd. 121,000 88,455
Singapore Press Holdings Ltd. 75,000 217,334
Singapore Technologies Engineering Ltd. 77,000 168,361
Singapore Telecommunications Ltd. 564,450 1,219,307
SMRT Corp. Ltd. 99,000 97,148
StarHub Ltd. 87,000 163,297
Straits Trading Co., Ltd. 17,000 46,351
See Notes to Financial Statements.
WisdomTree International Dividend Funds 73
Schedule of Investments (concluded)
WisdomTree Pacific ex-Japan Total Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Unisteel Technology Ltd. 21,000 $ 40,661
United Engineers Ltd. 24,000 50,896
United Overseas Bank Ltd. 69,000 954,294
UOB Kay Hian Holdings Ltd. 44,000 44,626
Venture Corp., Ltd. 10,000 96,154
WBL Corp., Ltd. 11,000 33,469
Wing Tai Holdings Ltd. 22,000 46,075
------------
Total Singapore 7,844,449
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $67,460,237) 73,661,521
-------------------------------------------------------------------------------
RIGHTS* - 0.0%
Australia - 0.0%
Suncorp-Metway Ltd., expiring 4/05/07
(Cost: $0) 41,725 --
-------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS
(Cost: $67,460,237) 73,661,521
-------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 15.7%
MONEY MARKET FUNDS(b) - 15.7%
UBS Enhanced Yield Portfolio, 5.25% 3,408,711 3,408,711
UBS Private Money Market Fund LLC, 5.26% 8,250,423 8,250,423
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $11,659,134)(c) 11,659,134
-------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 114.8%
(Cost: $79,119,371) 85,320,655
Liabilities in Excess of Foreign Currency and Other
Assets - (14.8)% (10,991,159)
------------
NET ASSETS - 100.0% $ 74,329,496
-------------------------------------------------------------------------------
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $11,048,674 and the total market value of the collateral held by the
Fund was $11,659,134.
See Notes to Financial Statements.
74 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 98.7%
Australia - 87.8%
Adelaide Bank Ltd.(a) 36,859 $ 409,427
Adelaide Brighton Ltd.(a) 177,471 491,759
Alesco Corp., Ltd.(a) 37,014 373,772
Alinta Ltd.(a) 114,528 1,343,411
Amcor Ltd. 180,764 1,102,528
Austereo Group Ltd. 197,264 326,687
Australia & New Zealand Banking Group Ltd. 291,681 6,998,342
Australian Pharmaceutical Industries Ltd.(a) 145,241 246,399
AWB Ltd.(a) 154,254 442,380
BlueScope Steel Ltd. 242,016 2,052,881
Bradken Ltd.(a) 19,125 136,116
Coca-Cola Amatil Ltd. 182,038 1,294,123
Colorado Group Ltd.(a) 14,525 50,926
Commonwealth Bank of Australia 180,480 7,327,945
Consolidated Minerals Ltd.(a) 152,749 308,496
Crane Group Ltd.(a) 28,636 379,853
CSR Ltd. 182,328 502,271
David Jones Ltd.(a) 177,237 651,473
Flight Centre Ltd.(a) 41,360 547,299
Futuris Corp., Ltd.(a) 197,000 343,756
Great Southern Plantations Ltd.(a) 103,655 169,150
GUD Holdings Ltd.(a) 45,069 300,374
Gunns Ltd.(a) 129,118 325,441
GWA International Ltd.(a) 130,118 420,463
Hills Industries Ltd.(a) 87,507 390,930
Insurance Australia Group Ltd. 406,468 1,924,219
IWL Ltd. 11,869 47,079
John Fairfax Holdings Ltd.(a) 252,052 1,014,028
Jubilee Mines NL(a) 64,268 909,618
Just Group Ltd.(a) 97,057 326,959
Lend Lease Corp. Ltd. 90,487 1,461,267
Lion Nathan Ltd. 117,537 839,378
MacArthur Coal Ltd.(a) 99,665 381,638
McGuigan Simeon Wines Ltd. 32,873 77,810
Mortgage Choice Ltd. 114,392 282,779
National Australia Bank Ltd. 219,577 7,166,363
New Hope Corp. Ltd. 290,151 357,458
Oakton Ltd. 14,888 53,521
Pacific Brands Ltd. 245,286 608,333
Perpetual Ltd.(a) 10,281 644,507
Prime Television Ltd. 54,659 163,378
Programmed Maintenance Services Ltd. 48,085 200,054
Qantas Airways Ltd. 660,923 2,803,114
Repco Corp., Ltd.(a) 171,431 235,434
Ridley Corp., Ltd.(a) 99,870 91,168
Rural Press Ltd. 43,944 482,802
Salmat Ltd.(a) 28,779 92,996
Sims Group Ltd.(a) 40,278 760,101
Skilled Group Ltd. 18,326 80,093
Smorgon Steel Group Ltd. 388,266 639,868
Southern Cross Broadcasting Australia Ltd.(a) 34,853 467,389
Spotless Group Ltd.(a) 87,446 327,078
St.George Bank Ltd.(a) 115,395 3,265,560
STW Communications Group Ltd.(a) 105,122 265,808
Suncorp-Metway Ltd.(a) 191,013 3,209,644
Sunland Group Ltd.(a) 139,296 378,102
TABCORP Holdings Ltd.(a) 141,755 1,888,381
Telstra Corp. Ltd.(a) 1,884,258 7,093,440
Ten Network Holdings Ltd.(a) 181,739 463,944
Veda Advantage Ltd. 19,603 51,943
Wesfarmers Ltd. 107,610 3,281,709
West Australian Newspapers Holdings Ltd.(a) 72,174 911,319
Westpac Banking Corp. 299,598 6,377,495
------------
Total Australia 76,561,979
--------------------------------------------------------------------------------
Hong Kong - 0.5%
Fubon Bank (Hong Kong) Ltd. 214,208 124,179
Hung Hing Printing Group Ltd. 124,130 70,212
Oriental Press Group Ltd. 1,209,146 225,915
------------
Total Hong Kong 420,306
--------------------------------------------------------------------------------
New Zealand - 7.8%
Air New Zealand Ltd. 385,769 645,430
Auckland International Airport Ltd. 342,529 590,229
CanWest MediaWorks (NZ) Ltd. 46,123 72,551
Fisher & Paykel Appliances Holdings Ltd. 108,327 284,256
Fletcher Building Ltd. 110,620 870,027
Freightways Ltd. 27,842 86,596
New Zealand Refining Co., Ltd. (The) 90,556 398,197
Nuplex Industries Ltd. 17,033 89,513
Sanford Ltd. 20,950 72,500
Sky City Entertainment Group Ltd. 133,648 446,257
Telecom Corp. of New Zealand Ltd. 799,324 2,703,276
Warehouse Group Ltd. (The) 125,680 606,563
------------
Total New Zealand 6,865,395
-------------------------------------------------------------------------------
Singapore - 2.6%
Jaya Holdings Ltd. 295,000 281,711
MobileOne Ltd. 297,000 428,365
Robinson & Co., Ltd. 23,510 78,965
SMRT Corp. Ltd. 485,436 476,356
StarHub Ltd. 342,857 643,534
UOB-Kay Hian Holdings Ltd. 336,000 340,780
------------
Total Singapore 2,249,711
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS (Cost: $79,473,033) 86,097,391
===============================================================================
RIGHTS* - 0.0%
Australia - 0.0%
Suncorp-Metway Ltd., expiring on 4/05/07
(Cost: $0) 128,084 --
===============================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $79,473,033) 86,097,391
===============================================================================
See Notes to Financial Statements.
WisdomTree International Dividend Funds 75
Schedule of Investments (concluded)
WisdomTree Pacific ex-Japan High-Yielding Equity Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 25.6%
MONEY MARKET FUNDS(b) - 25.6%
UBS Enhanced Yield Portfolio, 5.25% 3,519,887 $ 3,519,887
UBS Private Money Market Fund LLC, 5.26% 18,801,254 18,801,254
------------
TOTAL INVESTMENTS OF CASH
COLLATERAL FOR SECURITIES LOANED
(Cost: $22,321,141)(c) 22,321,141
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 124.3%
(Cost: $101,794,174) 108,418,532
Liabilities in Excess of Foreign Currency and Other
Assets - (24.3)% (21,213,166)
------------
NET ASSETS - 100.0% $ 87,205,366
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $21,124,419 and the total market value of the collateral held by the
Fund was $22,321,141.
See Notes to Financial Statements.
76 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree International LargeCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Australia - 6.6%
AMP Ltd. 22,895 $ 192,171
Australia & New Zealand Banking Group Ltd. 28,931 694,145
BHP Billiton Ltd. 19,340 466,996
Commonwealth Bank of Australia 22,366 908,116
Macquarie Bank Ltd. 2,361 157,832
National Australia Bank Ltd. 26,124 852,612
QBE Insurance Group Ltd. 8,017 204,270
Rinker Group Ltd. 4,408 64,276
Rio Tinto Ltd.(a) 2,305 146,752
St.George Bank Ltd.(a) 9,139 258,624
Telstra Corp. Ltd. 196,918 741,314
Westpac Banking Corp. 29,367 625,131
Woodside Petroleum Ltd. 5,395 172,111
Woolworths Ltd. 12,868 282,651
------------
Total Australia 5,767,001
--------------------------------------------------------------------------------
Austria - 0.4%
Bank Austria Creditanstalt AG 965 178,053
Erste Bank der oesterreichischen Sparkassen AG 868 67,362
OMV AG 826 51,843
Telekom Austria AG 1,689 42,066
------------
Total Austria 339,324
--------------------------------------------------------------------------------
Belgium - 2.2%
Belgacom S.A. 5,719 253,127
Dexia N.V. 8,691 258,452
Fortis N.V. 19,115 869,962
InBev N.V. 2,039 146,703
KBC Groep N.V. 2,851 353,363
------------
Total Belgium 1,881,607
--------------------------------------------------------------------------------
Denmark - 0.6%
Danske Bank A/S 7,121 330,124
Novo Nordisk A/S Class B 2,355 214,144
------------
Total Denmark 544,268
--------------------------------------------------------------------------------
Finland - 1.3%
Fortum Oyj 14,235 413,655
Nokia Oyj 24,512 562,200
UPM-Kymmene Corp.(a) 6,335 160,814
------------
Total Finland 1,136,669
--------------------------------------------------------------------------------
France - 14.8%
Accor S.A. 1,871 178,176
Assurances Generales de France 1,790 298,726
AXA S.A. 23,008 972,104
BNP Paribas 8,621 897,296
Bouygues S.A. 2,459 189,360
Carrefour S.A. 5,923 431,671
Christian Dior S.A. 952 115,320
Cie de Saint-Gobain S.A. 2,865 279,052
CNP Assurances S.A. 1,050 121,852
Credit Agricole S.A. 7,631 296,512
France Telecom S.A. 54,705 1,439,664
Gaz de France 4,550 210,411
Groupe Danone 1,878 305,738
Lafarge S.A. 1,571 246,118
Lagardere SCA 1,895 145,399
L'Air Liquide S.A. 1,035 251,438
L'Oreal S.A. 3,653 397,428
LVMH Moet Hennessy Louis Vuitton S.A. 2,840 313,968
Natixis 3,080 74,660
Peugeot S.A. 2,413 169,469
PPR S.A. 1,399 222,933
Renault S.A. 3,255 379,345
Schneider Electric S.A. 2,287 289,304
Societe Generale 4,214 725,697
Suez S.A. 15,663 823,151
TOTAL S.A. 28,641 1,999,681
Veolia Environnement S.A. 2,165 160,409
VINCI S.A. 2,137 330,038
Vivendi S.A. 16,190 655,591
------------
Total France 12,920,511
--------------------------------------------------------------------------------
Germany - 8.2%
adidas AG 462 25,172
Allianz SE 2,855 584,165
BASF AG 4,198 470,970
Bayer AG 5,409 344,457
Bayerische Motoren Werke AG 2,627 154,459
Beiersdorf AG 966 65,645
Commerzbank AG 3,378 148,928
Continental AG 448 57,703
DaimlerChrysler AG 9,946 812,914
Deutsche Bank AG 2,543 341,355
Deutsche Boerse AG 545 124,419
Deutsche Post AG 10,684 322,271
Deutsche Postbank AG 938 81,497
Deutsche Telekom AG 66,984 1,103,872
E.ON AG 5,836 790,687
Metro AG 1,941 136,965
Muenchener Ruckversicherungs AG 1,766 297,636
RWE AG 3,785 398,991
Siemens AG 4,620 492,115
ThyssenKrupp AG 3,659 180,410
Volkswagen AG 1,568 234,815
------------
Total Germany 7,169,446
--------------------------------------------------------------------------------
Hong Kong - 3.2%
BOC Hong Kong (Holdings) Ltd. 126,471 306,538
Cheung Kong (Holdings) Ltd. 13,052 165,191
China Mobile Ltd. 112,419 1,022,154
China Unicom Ltd. 52,110 75,088
CLP Holdings Ltd. 29,110 212,525
CNOOC Ltd. 140,529 123,188
Hang Seng Bank Ltd. 26,695 379,198
Hong Kong & China Gas Co., Ltd. (The) 14,052 31,398
Hutchison Whampoa Ltd. 28,110 270,335
See Notes to Financial Statements.
WisdomTree International Dividend Funds 77
Schedule of Investments (continued)
WisdomTree International LargeCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
MTR Corp. 28,110 $ 70,363
Sun Hung Kai Properties Ltd. 16,052 185,699
------------
Total Hong Kong 2,841,677
--------------------------------------------------------------------------------
Ireland - 0.6%
Allied Irish Banks PLC 8,341 246,489
Anglo Irish Bank Corp. PLC 2,025 43,129
Bank of Ireland 8,537 183,188
CRH PLC 2,109 89,781
------------
Total Ireland 562,587
--------------------------------------------------------------------------------
Italy - 7.0%
Assicurazioni Generali SpA 5,115 216,793
Autostrade SpA 2,039 65,141
Banca Intesa SpA 118,333 895,496
Banca Monte dei Paschi di Siena SpA 13,371 83,476
Capitalia SpA 21,682 195,251
Enel SpA 87,250 930,305
Eni SpA 62,151 2,015,359
Luxottica Group SpA 1,324 42,070
Mediobanca SpA 6,281 139,377
Telecom Italia SpA 232,873 661,826
UniCredito Italiano SpA 90,577 859,073
------------
Total Italy 6,104,167
--------------------------------------------------------------------------------
Japan - 6.8%
Astellas Pharma, Inc. 2,700 116,163
Bridgestone Corp. 1,400 27,923
Canon Inc. 4,200 225,162
Chubu Electric Power Co., Inc. 4,200 144,061
Chugai Pharmaceutical Co., Ltd. 2,600 65,619
Daiwa Securities Group, Inc. 2,000 24,103
DENSO CORP. 2,800 103,866
East Japan Railway Co. 14 108,846
Eisai Co., Ltd. 2,300 110,057
Fanuc Ltd. 1,200 111,488
Fuji Photo Film Co., Ltd. 1,400 57,150
Hitachi Ltd. 14,000 108,372
Honda Motor Co., Ltd. 5,600 194,927
Hoya Corp. 1,100 36,426
Japan Tobacco, Inc. 18 88,266
JFE Holdings, Inc. 1,400 82,642
Kansai Electric Power Co., Inc. (The) 4,200 120,584
Kao Corp. 2,000 58,437
Komatsu Ltd. 4,400 92,416
Kyocera Corp. 1,200 112,911
Kyushu Electric Power Co., Inc. 2,800 79,441
Matsushita Electric Industrial Co., Ltd. 2,000 40,229
Mitsubishi Corp. 4,300 99,602
Mitsubishi Electric Corp. 12,000 123,379
Mitsubishi Estate Co., Ltd. 1,000 32,776
Mitsubishi UFJ Financial Group, Inc. 23 259,073
Mitsui & Co., Ltd. 2,000 37,264
Mitsui Fudosan Co., Ltd. 1,000 29,303
Mizuho Trust & Banking Co., Ltd. 17,000 37,578
NEC Corp. 4,000 21,410
Nikko Cordial Corp. 7,000 99,776
Nippon Steel Corp. 15,000 105,187
Nippon Telegraph & Telephone Corp. 45 237,434
Nissan Motor Co., Ltd. 22,400 239,604
Nomura Holdings, Inc. 4,200 87,326
NTT DoCoMo, Inc. 208 384,027
Sharp Corp. 2,000 38,450
SOFTBANK CORP. 1,400 35,926
Sony Corp. 800 40,584
Sumitomo Chemical Co., Ltd. 13,000 97,989
Sumitomo Corp. 5,600 100,546
Sumitomo Electric Industries Ltd. 1,400 21,248
Sumitomo Metal Industries Ltd. 17,000 87,682
Sumitomo Realty & Development Co., Ltd. 1,000 37,857
Sumitomo Trust & Banking Co., Ltd. (The) 6,000 62,452
Suzuki Motor Corp. 1,400 36,282
T&D Holdings, Inc. 700 48,198
Takeda Pharmaceutical Co., Ltd. 3,700 242,227
Tohoku Electric Power Co., Inc. 2,800 70,904
Tokyo Electric Power Co., Inc. (The) 7,000 238,916
Tokyo Electron Ltd. 300 20,936
Tokyo Gas Co., Ltd. 14,000 77,900
Toshiba Corp. 14,000 93,314
Toyota Motor Corp. 11,200 716,156
Yahoo Japan Corp. 16 5,508
------------
Total Japan 5,975,903
--------------------------------------------------------------------------------
Netherlands - 4.6%
ABN AMRO Holding N.V. 23,263 997,742
AEGON N.V. 14,487 287,723
Akzo Nobel N.V. 2,123 160,660
European Aeronautic Defence & Space
Co. EADS N.V. 7,127 220,291
Heineken N.V. 1,619 84,395
ING Groep N.V. 21,962 925,279
Koninklijke Philips Electronics N.V. 6,314 240,296
Royal KPN N.V. 28,504 442,417
STMicroelectronics N.V. 3,531 67,731
TNT N.V. 2,739 125,168
Unilever N.V. 15,854 460,068
------------
Total Netherlands 4,011,770
--------------------------------------------------------------------------------
Norway - 1.1%
DnB NOR ASA 15,457 217,266
Norsk Hydro ASA 8,426 278,147
Statoil ASA 11,092 300,737
Telenor ASA 8,426 149,081
------------
Total Norway 945,231
--------------------------------------------------------------------------------
Portugal - 0.4%
EDP-Energias de Portugal, S.A. 33,964 181,749
Portugal Telecom, SGPS, S.A. 15,050 200,939
------------
Total Portugal 382,688
--------------------------------------------------------------------------------
See Notes to Financial Statements.
78 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree International LargeCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Singapore - 1.2%
DBS Group Holdings Ltd. 16,000 $ 225,501
Oversea-Chinese Banking Corp. Ltd. 59,000 349,710
Singapore Telecommunications Ltd. 126,500 273,261
United Overseas Bank Ltd. 15,000 207,455
------------
Total Singapore 1,055,927
--------------------------------------------------------------------------------
Spain - 5.6%
Abertis Infraestructuras S.A. 3,799 121,622
ACS, Actividades Construccion y Servicios, S.A. 1,302 78,772
Altadis, S.A. 1,815 116,139
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 28,973 708,869
Banco Popular Espanol, S.A. 10,198 209,599
Banco Santander Central Hispano S.A. 60,358 1,073,417
Cia Espanola De Petroleos, S.A.(a) 1,633 140,317
Endesa S.A. 8,243 444,174
Gas Natural SDG, S.A. 3,813 178,410
Grupo Ferrovial S.A. 532 53,644
Iberdrola, S.A.(a) 7,807 367,783
Inditex S.A. 1,554 96,252
Repsol YPF, S.A. 8,663 291,061
Telefonica S.A. 44,230 971,467
Union Fenosa, S.A. 1,731 93,021
------------
Total Spain 4,944,547
--------------------------------------------------------------------------------
Sweden - 2.9%
AB Volvo Class B 2,810 235,498
Atlas Copco AB Class A 8,210 271,478
H&M Hennes & Mauritz AB Class B 7,021 402,281
Nordea Bank AB 28,110 446,725
Sandvik AB 3,600 63,625
Skandinaviska Enskilda Banken AB(a) 5,621 179,059
Svenska Handelsbanken AB Class A 5,621 166,240
Swedbank AB Class A 5,621 195,883
Telefonaktiebolaget LM Ericsson Class B 76,262 279,348
TeliaSonera AB 35,131 301,684
------------
Total Sweden 2,541,821
--------------------------------------------------------------------------------
Switzerland - 5.0%
Adecco S.A. 630 39,814
Credit Suisse Group 9,298 664,143
Holcim Ltd. 1,050 104,673
Nestle S.A 2,690 1,042,794
Novartis AG 14,317 817,411
Roche Holding AG 2,558 450,500
Swiss Reinsurance Co. 2,641 240,130
Swisscom AG 715 257,261
UBS AG 13,272 784,927
------------
Total Switzerland 4,401,653
--------------------------------------------------------------------------------
United Kingdom - 27.0%
Anglo American PLC 10,383 545,162
Associated British Foods PLC 5,509 93,356
AstraZeneca PLC 11,403 611,466
Aviva PLC 25,802 378,791
BAE SYSTEMS PLC 24,407 220,205
Barclays PLC 82,371 1,164,836
BG Group PLC 9,270 133,272
BHP Billiton PLC 12,075 268,332
BP PLC 188,917 2,045,339
British American Tobacco PLC 21,682 675,738
British Sky Broadcasting PLC 10,712 118,496
BT Group PLC 118,201 704,194
Cadbury Schweppes PLC 15,304 195,708
Centrica PLC 36,911 279,808
Diageo PLC 28,742 580,361
GlaxoSmithKline PLC 52,166 1,429,351
HBOS PLC 44,874 921,502
HSBC Holdings PLC 138,707 2,419,911
Imperial Tobacco Group PLC 6,932 309,311
Legal & General Group PLC 101,151 315,444
Lloyds TSB Group PLC 112,319 1,233,662
Man Group PLC 9,721 105,818
Marks & Spencer Group PLC 10,540 139,850
National Grid PLC 35,459 554,641
Old Mutual PLC 50,770 163,407
Prudential PLC 18,849 265,256
Reckitt Benckiser PLC 3,944 204,683
Reed Elsevier PLC 10,456 124,585
Rio Tinto PLC 5,040 286,869
Royal Bank of Scotland Group (The) PLC 33,257 1,294,136
Royal Dutch Shell PLC Class A 37,387 1,239,216
Royal Dutch Shell PLC Class B 26,239 870,254
SABMiller PLC 8,859 193,738
Scottish & Southern Energy PLC 10,198 308,228
Scottish Power PLC 19,101 299,710
Shire PLC 644 13,250
Standard Chartered PLC 9,988 286,797
Tesco PLC 56,275 490,341
Unilever PLC 14,179 425,771
Vodafone Group PLC 553,601 1,471,267
Wolseley PLC 3,771 88,089
WPP Group PLC 4,662 70,407
Xstrata PLC 1,605 82,225
------------
Total United Kingdom 23,622,783
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $79,923,032) 87,149,580
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 2.1%
MONEY MARKET FUNDS(b) - 2.1%
UBS Enhanced Yield Portfolio, 5.25% 575,854 575,854
UBS Private Money Market Fund LLC, 5.26% 1,264,981 1,264,981
------------
TOTAL INVESTMENTS OF CASH
COLLATERAL FOR SECURITIES LOANED
(Cost: $1,840,835)(c) 1,840,835
================================================================================
See Notes to Financial Statements.
WisdomTree International Dividend Funds 79
Schedule of Investments (concluded)
WisdomTree International LargeCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 101.6%
(Cost: $81,763,867) $ 88,990,415
Liabilities in Excess of Foreign Currency and Other
Assets - (1.6)% (1,421,601)
------------
NET ASSETS - 100.0% $ 87,568,814
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $1,037,367 and the total market value of the collateral held by the
Fund was $1,840,835.
See Notes to Financial Statements.
80 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree International Dividend Top 100 Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Australia - 15.4%
AMP Ltd. 339,779 $ 2,851,955
Australia & New Zealand Banking Group Ltd. 165,075 3,960,667
Commonwealth Bank of Australia 100,648 4,086,564
Macquarie Bank Ltd. 45,634 3,050,613
National Australia Bank Ltd. 118,671 3,873,081
QBE Insurance Group Ltd. 114,768 2,924,240
St.George Bank Ltd.(a) 162,774 4,606,337
Telstra Corp. Ltd.(a) 2,259,493 8,506,042
Westpac Banking Corp. 191,209 4,070,235
Woodside Petroleum Ltd.(a) 49,823 1,589,453
Woolworths Ltd. 151,773 3,333,760
------------
Total Australia 42,852,947
--------------------------------------------------------------------------------
Belgium - 3.3%
Belgacom S.A.(a) 96,833 4,285,901
Dexia N.V. 68,539 2,038,206
Fortis N.V. 62,978 2,866,256
------------
Total Belgium 9,190,363
--------------------------------------------------------------------------------
Denmark - 1.0%
Danske Bank A/S 58,589 2,716,136
--------------------------------------------------------------------------------
Finland - 2.4%
Fortum Oyj 133,362 3,875,368
UPM-Kymmene Corp.(a) 111,986 2,842,769
------------
Total Finland 6,718,137
--------------------------------------------------------------------------------
France - 7.7%
Assurances Generales de France 15,612 2,605,429
AXA S.A. 50,681 2,141,308
BNP Paribas 18,551 1,930,837
Credit Agricole S.A. 43,301 1,682,516
France Telecom S.A. 145,251 3,822,547
Societe Generale 13,338 2,296,949
Suez S.A. 47,660 2,504,715
TOTAL S.A. 25,623 1,788,968
Vivendi S.A. 68,854 2,788,146
------------
Total France 21,561,415
--------------------------------------------------------------------------------
Germany - 4.6%
BASF AG 20,393 2,287,877
DaimlerChrysler AG(a) 41,571 3,397,707
Deutsche Post AG 66,232 1,997,813
Deutsche Telekom AG 185,678 3,059,907
E.ON AG 15,196 2,058,822
------------
Total Germany 12,802,126
--------------------------------------------------------------------------------
Hong Kong - 4.5%
BOC Hong Kong (Holdings) Ltd. 1,342,632 3,254,241
China Netcom Group Corp. (Hong Kong) Ltd. 1,280,343 3,342,483
CLP Holdings Ltd. 444,553 3,245,577
Hang Seng Bank Ltd. 180,616 2,565,617
------------
Total Hong Kong 12,407,918
--------------------------------------------------------------------------------
Ireland - 1.6%
Allied Irish Banks PLC 81,917 2,420,773
Bank of Ireland 96,612 2,073,129
------------
Total Ireland 4,493,902
--------------------------------------------------------------------------------
Italy - 8.1%
Banca Intesa SpA 809,647 6,127,075
Capitalia SpA 213,433 1,922,014
Enel SpA 438,231 4,672,644
Eni SpA 116,303 3,771,336
Telecom Italia SpA 1,348,693 3,832,993
UniCredito Italiano SpA 242,520 2,300,168
------------
Total Italy 22,626,230
--------------------------------------------------------------------------------
Netherlands - 5.3%
ABN AMRO Holding N.V. 97,569 4,184,702
Aegon N.V. 109,789 2,180,493
ING Groep N.V. 50,635 2,133,298
Royal KPN N.V. 233,205 3,619,624
Unilever N.V. 89,140 2,586,760
------------
Total Netherlands 14,704,877
--------------------------------------------------------------------------------
Norway - 0.9%
DnB NOR ASA 177,016 2,488,159
--------------------------------------------------------------------------------
Portugal - 2.0%
EDP-Energias de Portugal, S.A. 501,625 2,684,308
Portugal Telecom, SGPS, S.A. 222,091 2,965,234
------------
Total Portugal 5,649,542
--------------------------------------------------------------------------------
Singapore - 3.6%
DBS Group Holdings Ltd. 167,000 2,353,662
Oversea-Chinese Banking Corp. Ltd. 456,000 2,702,845
Singapore Telecommunications Ltd. 920,500 1,988,435
United Overseas Bank Ltd. 210,000 2,904,373
------------
Total Singapore 9,949,315
--------------------------------------------------------------------------------
Spain - 7.0%
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 82,346 2,014,722
Banco Popular Espanol, S.A. 115,704 2,378,059
Banco Santander Central Hispano S.A. 132,113 2,349,520
Endesa S.A. 68,673 3,700,441
Gas Natural SDG, S.A. 64,670 3,025,905
IBERDROLA, S.A.(a) 60,077 2,830,192
Telefonica S.A. 140,377 3,083,237
------------
Total Spain 19,382,076
--------------------------------------------------------------------------------
Sweden - 6.2%
AB Volvo Class B 50,763 4,254,307
H&M Hennes & Mauritz AB Class B 54,413 3,117,690
Nordea Bank AB(a) 167,211 2,657,321
Sandvik AB 134,358 2,374,594
Svenska Handelsbanken AB Class A(a) 70,684 2,090,468
Swedbank AB Class A 83,200 2,899,388
------------
Total Sweden 17,393,768
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Funds 81
Schedule of Investments (concluded)
WisdomTree International Dividend Top 100 Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Switzerland - 0.9%
Swisscom AG 7,058 $ 2,539,504
--------------------------------------------------------------------------------
United Kingdom - 25.0%
Aviva PLC 155,546 2,283,524
BAE SYSTEMS PLC 224,630 2,026,659
Barclays PLC 220,045 3,111,729
British American Tobacco PLC 83,133 2,590,910
BT Group PLC 733,665 4,370,883
Centrica PLC 459,221 3,481,178
Diageo PLC 124,441 2,512,724
GlaxoSmithKline PLC 60,647 1,661,731
HBOS PLC 138,284 2,839,708
HSBC Holdings PLC 111,968 1,953,417
Imperial Tobacco Group PLC 67,287 3,002,393
Legal & General Group PLC 977,837 3,049,430
Lloyds TSB Group PLC 426,223 4,681,445
National Grid PLC 251,458 3,933,247
Old Mutual PLC 593,906 1,911,531
Prudential PLC 141,683 1,993,860
Reed Elsevier PLC 253,667 3,022,493
Royal Bank of Scotland Group (The) PLC 78,953 3,072,312
Royal Dutch Shell PLC Class A 67,958 2,252,511
Scottish & Southern Energy PLC 113,973 3,444,765
Scottish Power PLC 351,389 5,513,573
Standard Chartered PLC 64,399 1,849,163
Unilever PLC 102,683 3,083,393
Vodafone Group PLC 798,716 2,122,691
------------
Total United Kingdom 69,765,270
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $254,059,122) 277,241,685
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENT - 0.1%
MONEY MARKET FUND - 0.1%
United States - 0.1%
Columbia Cash Reserves Fund, 4.95%(b)
(Cost: $177,805) 177,805 177,805
--------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED - 9.8%
MONEY MARKET FUNDS(c) - 9.8%
AIM Liquid Assets Portfolio, 5.23% 10,257 10,257
AIM Prime Portfolio, 5.21% 82,547 82,547
UBS Enhanced Yield Portfolio, 5.25% 11,040,236 11,040,236
UBS Private Money Market Fund LLC, 5.26% 16,344,085 16,344,085
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $27,477,125)(d) 27,477,125
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 109.4%
(Cost: $281,714,052) 304,896,615
Liabilities in Excess of Foreign Currency
and Other Assets - (9.4)% (26,153,179)
------------
NET ASSETS - 100.0% $278,743,436
--------------------------------------------------------------------------------
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Rate shown represents annualized 7-day yield as of March 31, 2007.
(c) Interest rates shown reflect yields as of March 31, 2007.
(d) At March 31, 2007, the total market value of the Fund's securities on loan
was $26,079,584 and the total market value of the collateral held by the
Fund was $27,477,125.
See Notes to Financial Statements.
82 WisdomTree International Dividend Funds
Schedule of Investments
WisdomTree International MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Australia - 12.7%
Alumina Ltd. 81,757 $ 482,806
Amcor Ltd. 85,153 519,371
Aristocrat Leisure Ltd.(a) 36,188 479,445
Australian Stock Exchange Ltd. 15,428 548,394
AXA Asia Pacific Holdings Ltd. 81,564 475,736
Billabong International Ltd. 14,906 201,098
BlueScope Steel Ltd. 139,595 1,184,104
Boral Ltd. 31,532 209,898
Caltex Australia Ltd.(a) 23,653 455,919
Coca-Cola Amatil Ltd. 86,265 613,265
Coles Myer Ltd. 105,806 1,388,974
Computershare Ltd. 58,505 512,806
CSL Ltd. 8,985 597,885
Foster's Group Ltd. 186,968 1,034,638
Harvey Norman Holdings Ltd. 122,002 465,200
Insurance Australia Group Ltd. 215,672 1,020,991
John Fairfax Holdings Ltd.(a) 126,553 509,134
Leighton Holdings Ltd. 23,234 629,156
Lend Lease Corp. Ltd. 50,640 817,781
Lion Nathan Ltd. 62,463 446,073
Newcrest Mining Ltd. 24,298 466,977
Orica Ltd. 22,097 452,524
Origin Energy Ltd. 69,992 509,453
Publishing & Broadcasting Ltd.(a) 49,322 790,919
Qantas Airways Ltd. 367,629 1,559,192
Sonic Healthcare Ltd. 16,270 193,870
Suncorp-Metway Ltd.(a) 104,106 1,749,321
TABCORP Holdings Ltd.(a) 72,856 970,547
Toll Holdings Ltd. 25,690 425,450
Wesfarmers Ltd. 55,573 1,694,771
------------
Total Australia 21,405,698
--------------------------------------------------------------------------------
Austria - 0.7%
BOEHLER-UDDEHOLM AG 2,390 229,064
UNIQA Versicherungen AG 5,704 189,822
voestalpine AG 4,113 297,294
Wiener Staedtische AG 2,113 149,355
Wienerberger AG 4,264 265,354
------------
Total Austria 1,130,889
--------------------------------------------------------------------------------
Belgium - 2.0%
Almancora SCA 3,201 483,625
Bekaert S.A. 900 121,924
Delhaize Group 7,905 724,070
Groep Colruyt S.A. 1,313 299,416
Mobistar S.A. 5,706 480,798
Solvay S.A. 4,946 757,408
UCB S.A. 6,511 377,626
Umicore 750 132,882
------------
Total Belgium 3,377,749
--------------------------------------------------------------------------------
Denmark - 0.5%
Carlsberg A/S, Class B 1,150 124,705
Codan A/S 1,225 115,331
Coloplast A/S Class B 1,000 84,590
GN Store Nord A/S 4,000 56,453
H. Lundbeck A/S 7,200 167,858
Novozymes A/S Class B 1,150 102,517
Sydbank A/S 2,250 120,587
------------
Total Denmark 772,041
--------------------------------------------------------------------------------
Finland - 3.7%
Elisa Oyj(a) 14,844 428,586
Kesko Oyj Class B(a) 5,117 271,983
Metso Oyj 6,732 354,420
OKO Bank PLC Class A(a) 18,690 317,459
Outokumpu Oyj(a) 10,221 350,074
Rautaruukki Oyj(a) 20,052 931,292
Sampo Oyj Class A 45,101 1,364,023
Sanoma-WSOY Oyj 13,261 392,059
Stora Enso Oyj Class R(a) 49,296 853,065
TietoEnator Oyj(a) 16,816 487,985
Wartsila Oyj Class B 4,053 249,742
YIT Oyj 6,393 219,559
------------
Total Finland 6,220,247
--------------------------------------------------------------------------------
France - 7.2%
Air France-KLM 11,002 500,138
Capgemini S.A. 4,385 332,656
Casino Guichard Perrachon S.A. 7,929 797,723
Cie Generale d'Optique Essilor International S.A. 2,949 337,598
Ciments Francais 1,463 307,409
Clarins 3,453 287,141
Compagnie Generale des Etablissements Michelin
Class B 11,456 1,260,689
EIFFAGE(a) 3,126 455,649
Eramet 1,738 361,213
Euler Hermes S.A. 2,215 310,890
Hermes International 2,740 377,793
Imerys S.A. 3,903 361,086
Klepierre 5,163 995,446
M6, Metropole Television 22,234 811,544
Publicis Groupe 13,086 629,887
Remy Cointreau S.A. 3,979 267,587
Societe BIC S.A. 6,004 418,393
Societe Des Autoroutes Paris-Rhin-Rhone 3,853 349,792
Sodexho Alliance S.A. 8,004 583,975
Technip S.A. 5,494 401,649
Thales S.A. 10,446 604,320
Thomson 25,574 490,557
Valeo S.A. 6,200 362,395
Wendel Investissement 2,038 344,156
Zodiac S.A. 3,966 284,451
------------
Total France 12,234,137
--------------------------------------------------------------------------------
Germany - 3.7%
ALTANA AG 7,087 458,674
AMB Generali Holding AG 1,913 297,710
See Notes to Financial Statements.
WisdomTree International Dividend Funds 83
Schedule of Investments (continued)
WisdomTree International MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Celesio AG 5,441 $ 340,701
Deutsche Lufthansa AG 33,031 893,894
Fraport AG Frankfurt Airport Services Worldwide 2,265 164,863
Fresenius AG 2,182 174,652
Fresenius Medical Care AG & Co. KGaA 2,415 350,148
Heidelberger Druckmaschinen AG 2,765 126,246
Henkel KGaA 2,390 319,290
Hochtief AG 2,290 231,369
Hypo Real Estate Holding AG 4,867 309,294
IKB Deutsche Industriebank AG 4,360 173,244
K+S AG 2,038 223,379
Linde AG 5,330 572,214
MAN AG 4,435 514,208
Merck KGaA 1,238 159,061
MLP AG 6,456 161,136
Rheinmetall AG 1,738 160,560
Salzgitter AG 1,488 216,536
Stada Arzneimittel AG 2,568 155,366
United Internet AG 8,660 167,729
------------
Total Germany 6,170,274
--------------------------------------------------------------------------------
Hong Kong - 4.7%
Bank of East Asia Ltd. 130,567 759,416
Cathay Pacific Airways Ltd. 326,000 829,367
China Merchants Holdings (International)
Co., Ltd. 96,321 405,536
China Overseas Land & Investment Ltd. 252,636 317,482
China Resources Enterprise, Ltd. 90,162 301,146
China Resources Power Holdings Co. 100,321 153,802
CITIC Pacific Ltd. 269,562 996,941
Denway Motors Ltd. 351,129 153,226
Guangdong Investment Ltd. 250,808 133,841
Henderson Investment Ltd. 80,321 164,255
Hong Kong Exchanges and Clearing Ltd. 71,662 698,347
Hongkong Electric Holdings Ltd. 200,520 1,028,999
Hopewell Holdings Ltd. 80,162 311,857
New World Development Ltd. 150,483 341,243
PCCW Ltd. 402,202 241,396
Sino Land Co. Ltd. 142,321 306,343
Television Broadcasts Ltd. 25,084 156,810
Wharf Holdings Ltd. 122,321 453,954
Wing Hang Bank Ltd. 21,037 258,983
------------
Total Hong Kong 8,012,944
--------------------------------------------------------------------------------
Ireland - 0.7%
IAWS Group PLC 1,988 46,099
Independent News & Media PLC 62,740 283,956
Irish Life & Permanent PLC 24,182 658,283
Kerry Group PLC Class A 2,640 73,096
Kingspan Group PLC 2,465 65,462
------------
Total Ireland 1,126,896
--------------------------------------------------------------------------------
Italy - 7.8%
ACEA SpA 16,008 298,327
AEM SpA 99,221 356,611
Alleanza Assicurazioni SpA 56,624 720,209
ASM 51,973 334,677
Autogrill SpA 14,170 270,487
Banca CR Firenze SpA 46,661 344,415
Banca Lombarda e Piemontese SpA* 17,486 430,382
Banca Popolare dell'Emilia Romagna S.c.r.l. 11,027 281,829
Banca Popolare di Milano S.c.r.l. 18,013 277,905
Banca Popolare di Sondrio S.c.r.l.(a) 13,161 282,761
Banca Popolare di Verona e Novara S.c.r.l.(a) 15,287 473,121
Banca Popolare Italiana S.c.r.l. 69,287 1,079,107
Banche Popolari Unite S.c.r.l. 20,188 595,243
Bulgari SpA 20,113 289,421
CIR-Compagnie Industriali Riunite SpA 76,627 304,986
Finmeccanica SpA 11,646 348,963
Fondiaria-Sai SpA 7,577 346,660
Geox SpA 19,829 344,460
Hera SpA 67,040 281,107
Ifil Investments SpA 39,233 382,026
Italcementi SpA 9,442 281,791
Mediolanum SpA(a) 32,342 261,326
Milano Assicurazioni SpA 52,254 449,692
Pirelli & C SpA 452,278 497,895
RCS MediaGroup SpA 40,621 216,561
Saipem SpA 10,171 295,153
Snam Rete Gas SpA 239,811 1,517,114
Societa Cattolica di Assicurazioni S.c.r.l. 7,701 463,149
Terna SpA 202,808 750,511
Unipol SpA 120,792 465,494
------------
Total Italy 13,241,383
--------------------------------------------------------------------------------
Japan - 11.3%
Aioi Insurance Co., Ltd. 23,000 160,119
Aisin Seiki Co., Ltd. 12,500 437,222
Ajinomoto Co., Inc. 25,000 287,106
All Nippon Airways Co., Ltd. 100,000 392,124
Asahi Breweries Ltd. 27,500 440,186
Asahi Kasei Corp. 75,000 544,993
Bank of Yokohama Ltd. (The) 28,000 208,444
Chiba Bank Ltd. (The) 49,000 431,590
Chugoku Electric Power Co., Inc. (The) 20,000 446,326
Cosmo Oil Co., Ltd. 48,000 200,822
Daikin Industries Ltd. 12,500 434,046
Daiwa House Industry Co., Ltd. 25,000 409,274
Electric Power Development Co. 10,000 502,223
Fast Retailing Co., Ltd. 6,900 534,703
Hankyu Hanshin Holdings, Inc. 72,000 434,775
IBIDEN Co., Ltd. 7,500 388,101
JS Group Corp. 20,000 432,776
Kaneka Corp. 2,000 19,039
Kobe Steel Ltd. 128,000 514,927
Marubeni Corp. 75,000 454,796
Matsushita Electric Works Ltd. 25,000 286,047
Mitsubishi UFJ Securities Co. 25,000 284,988
Mitsui O.S.K. Lines Ltd. 68,000 753,284
See Notes to Financial Statements.
84 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree International MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Mitsui Trust Holdings, Inc. 25,000 $ 246,030
Nikon Corp. 22,000 463,011
Nippon Electric Glass Co., Ltd. 31,500 550,900
Nippon Mining Holdings, Inc. 50,000 430,658
Nippon Oil Corp. 50,000 404,827
Nippon Yusen K.K. 50,000 400,169
NOK Corp. 15,000 254,711
OJI Paper Co., Ltd. 75,000 396,993
Olympus Corp. 19,000 648,486
Oracle Corp. Japan 7,600 364,954
Osaka Gas Co., Ltd. 125,000 483,803
Park24 Co., Ltd. 300 4,027
Sekisui House, Ltd. 25,000 388,313
Shiseido Co., Ltd. 25,000 507,093
Shizuoka Bank Ltd. (The) 25,000 265,721
SUMCO Corp. 7,000 290,493
Sumitomo Metal Mining Co., Ltd. 25,000 481,685
Taisho Pharmaceutical Co., Ltd. 23,000 420,750
Terumo Corp. 8,000 310,989
Tokyu Corp. 75,000 583,104
TonenGeneral Sekiyu K.K. 48,000 534,981
Toyota Tsusho Corp. 17,500 446,115
Yamada Denki Co., Ltd. 5,000 464,959
Yamaha Motor Co., Ltd. 15,000 419,225
Yamato Holdings Co., Ltd. 25,000 402,287
------------
Total Japan 19,162,195
--------------------------------------------------------------------------------
Netherlands - 2.2%
CSM N.V. 4,817 171,204
Euronext N.V. 2,515 299,465
Fugro N.V. 2,290 115,837
Heineken Holding N.V. 8,153 359,664
Hunter Douglas N.V. 1,813 159,283
Koninklijke BAM Groep N.V. 5,217 122,989
Koninklijke Vopak N.V. 2,515 140,609
Mittal Steel Co. N.V. 5,939 314,252
Randstad Holding N.V. 3,445 266,252
Reed Elsevier N.V. 47,632 839,487
SBM Offshore N.V. 3,903 140,226
Vedior N.V. 7,164 158,494
Wolters Kluwer N.V. 18,084 540,669
------------
Total Netherlands 3,628,431
--------------------------------------------------------------------------------
New Zealand - 1.4%
Contact Energy Ltd. 42,938 282,753
Fletcher Building Ltd. 52,883 415,925
Telecom Corp. of New Zealand Ltd.(a) 511,316 1,729,245
-----------
Total New Zealand 2,427,923
--------------------------------------------------------------------------------
Norway - 1.4%
Aker ASA Class A 3,005 190,517
Norske Skogindustrier ASA 22,564 384,439
Orkla ASA 10,486 736,104
Storebrand ASA 29,589 472,137
Wilh. Wilhelmsen ASA Class A 2,155 87,201
Yara International ASA 16,847 462,981
------------
Total Norway 2,333,379
--------------------------------------------------------------------------------
Portugal - 1.9%
Banco BPI, S.A. 28,091 243,057
Banco Comercial Portugues, S.A. Class R 214,904 775,248
Banco Espirito Santo, S.A. 32,840 624,687
Brisa-Auto-estradas de Portugal S.A. 35,063 458,340
CIMPOR - Cimentos de Portugal SGPS, S.A. 45,150 377,437
PT Multimedia - Servicos de Telecomunicacoes e
Multimedia, SGPS, S.A. 41,102 607,314
Sonae SGPS, S.A. 69,767 156,951
------------
Total Portugal 3,243,034
--------------------------------------------------------------------------------
Singapore - 1.9%
City Developments Ltd. 21,000 201,923
Fraser and Neave Ltd. 74,402 249,901
Great Eastern Holdings Ltd. 23,000 298,406
Keppel Corp. Ltd. 25,000 312,829
SembCorp Industries Ltd. 73,000 245,192
SembCorp Marine Ltd. 75,000 173,867
Singapore Airlines Ltd. 72,000 787,144
Singapore Exchange Ltd. 46,000 198,433
Singapore Press Holdings Ltd. 122,000 353,530
Singapore Technologies Engineering Ltd. 75,000 163,988
StarHub Ltd. 151,428 284,227
------------
Total Singapore 3,269,440
--------------------------------------------------------------------------------
Spain - 4.5%
Acciona, S.A. 1,663 358,952
Acerinox S.A. 9,185 232,917
Antena 3 de Television, S.A.(a) 31,212 695,511
Banco de Valencia S.A.(a) 3,154 172,220
Banco Pastor S.A.(a) 6,794 156,006
Banco Sabadell, S.A.(a) 13,286 630,671
Bankinter S.A. 3,201 261,413
Cintra, Concesiones de Infraestructuras de
Transporte, S.A. 9,719 181,383
Corporacion Mapfre S.A. 43,157 220,602
Ebro Puleva S.A. 6,443 151,549
Enagas 17,788 457,942
Fadesa Inmobiliaria S.A. 3,903 177,166
Fomento de Construcciones y Contratas S.A. 5,494 562,761
Gamesa Corp Tecnologica S.A. 6,318 227,917
Gestevision Telecinco S.A. 30,982 892,058
Iberia Lineas Aereas de Espana 43,009 228,433
Promotora de Informaciones S.A. 7,705 171,284
Red Electrica de Espana 5,721 268,599
Sacyr Vallehermoso, S.A. 12,762 712,483
Sociedad General de Aguas de Barcelona S.A
Class A 5,017 177,979
Sol Melia S.A. 7,228 173,188
Zardoya-Otis S.A.(a) 11,661 398,929
------------
Total Spain 7,509,963
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Funds 85
Schedule of Investments (continued)
WisdomTree International MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Sweden - 5.0%
AB SKF Class B 25,084 $ 519,299
AB Volvo Class A 12,537 1,073,920
Alfa Laval AB 5,016 258,804
Assa Abloy AB Class B 23,647 540,948
Atlas Copco AB Class B 10,031 318,111
Electrolux AB Series B 20,064 506,168
Hexagon AB Class B 5,016 202,682
Holmen AB Class B(a) 12,216 500,577
Investment AB Kinnevik Class B 10,031 192,654
Scania AB Class A 12,571 1,005,164
Scania AB Class B 8,721 681,163
Securitas AB Class B 39,447 598,781
Skanska AB Class B(a) 30,095 667,005
SSAB Svenskt Stal AB Series A 9,516 292,285
Svenska Cellulosa Aktiebolaget SCA Class B 12,537 668,297
Swedish Match AB 10,031 178,357
Tele2 AB Class B 15,047 245,561
------------
Total Sweden 8,449,776
--------------------------------------------------------------------------------
Switzerland - 2.4%
Baloise Holding AG 2,793 289,412
Ciba Specialty Chemicals Holding Inc. 10,633 697,224
EMS-Chemie Holding AG 1,363 170,822
Givaudan S.A. 300 276,212
Julius Baer Holding Ltd. 2,419 328,531
Kuehne + Nagel International AG 3,713 303,993
Lonza Group AG 1,413 135,189
Nobel Biocare Holding AG 525 190,510
Panalpina Welttransport (Holding) AG 725 120,734
Phonak Holding AG 1,034 78,770
Schindler Holding AG 1,813 111,382
Schindler Holding AG Participating Shares 1,288 78,073
Serono S.A. 231 208,142
SGS S.A. 424 503,952
Straumann Holding AG 225 64,230
Swatch Group AG (The) 2,013 107,097
Swatch Group AG (The) Class B 509 133,942
Vontobel Holding AG 3,978 203,169
------------
Total Switzerland 4,001,384
--------------------------------------------------------------------------------
United Kingdom - 23.8%
Admiral Group PLC 19,196 432,599
Alliance & Leicester PLC 47,991 1,067,402
Amlin PLC 132,653 737,607
AMVESCAP PLC 79,321 871,227
Antofagasta PLC 81,336 825,958
BBA Aviation PLC 86,770 478,224
Boots Group PLC 106,028 2,134,688
Bunzl PLC 36,814 519,155
Cable & Wireless PLC 357,960 1,169,673
Capita Group PLC 65,375 875,124
Carnival PLC 17,688 849,616
Close Brothers Group PLC 22,098 439,053
Compass Group PLC 191,133 1,274,587
Corus Group PLC 28,339 337,387
Enterprise Inns PLC 72,275 947,643
FirstGroup PLC 3,031 39,504
Gallaher Group PLC 62,104 1,380,080
George Wimpey PLC 21,491 267,872
GKN PLC 41,365 309,516
Hanson PLC 58,821 943,138
IMI PLC 47,953 545,505
Imperial Chemical Industries PLC 108,387 1,062,924
Intercontinental Hotels Group PLC 34,548 851,074
ITV PLC 375,527 802,828
J. Sainsbury PLC 100,498 1,083,129
Johnston Press PLC 47,651 434,824
Kelda Group PLC 51,794 952,878
Kingfisher PLC 271,016 1,479,058
LogicaCMG PLC 146,961 513,071
Meggitt PLC 41,989 245,830
Michael Page International PLC 14,304 150,235
Next PLC 22,735 1,002,858
Northern Rock PLC 37,804 848,982
Pearson PLC 76,487 1,308,154
Pennon Group PLC 31,851 365,143
Persimmon PLC 35,044 966,394
Provident Financial PLC 10,269 161,934
Reuters Group PLC 117,255 1,071,698
Rexam PLC 48,746 525,844
Scottish & Newcastle PLC 120,191 1,417,955
Signet Group PLC 148,540 365,630
Smith & Nephew PLC 33,627 426,065
Smiths Group PLC 53,170 1,072,048
Sportingbet PLC 85,543 111,993
St. James's Place PLC 47,074 415,940
Tate & Lyle PLC 18,865 212,755
Tomkins PLC 61,609 322,634
Trinity Mirror PLC 43,938 458,466
United Utilities PLC 141,123 2,091,159
Whitbread PLC 27,011 999,695
Wilson Bowden PLC 5,963 247,360
Wm Morrison Supermarkets PLC 145,231 879,471
Yell Group PLC 82,635 969,215
------------
Total United Kingdom 40,262,802
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $155,787,324) 167,980,585
--------------------------------------------------------------------------------
RIGHTS* - 0.0%
Australia - 0.0%
Suncorp-Metway Ltd., expiring on 4/05/07
(Cost: $0) 48,251 --
================================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $155,787,324) 167,980,585
================================================================================
See Notes to Financial Statements.
86 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree International MidCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 5.5%
MONEY MARKET FUNDS(b) - 5.5%
AIM Liquid Assets Portfolio, 5.23% 1,128 $ 1,128
AIM Prime Portfolio, 5.21% 85 85
UBS Enhanced Yield Portfolio, 5.25% 5,534,846 5,534,846
UBS Private Money Market Fund LLC, 5.26% 3,870,696 3,870,696
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED (Cost: $9,406,755)(c) 9,406,755
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 105.0%
(Cost: $165,194,079) 177,387,340
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (5.0)% (8,497,991)
-----------
NET ASSETS - 100.0% $168,889,349
================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $8,648,475 and the total market value of the collateral held by the
Fund was $9,406,755.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 87
Schedule of Investments
WisdomTree International SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
COMMON STOCKS - 98.8%
Australia - 19.0%
ABB Grain Ltd. 110,777 $ 690,872
Adelaide Bank Ltd.(a) 65,528 727,881
Adelaide Brighton Ltd.(a) 324,051 897,921
Alinta Ltd.(a) 245,245 2,876,719
Ansell Ltd. 85,451 800,766
APN News & Media Ltd.(a) 221,969 1,054,387
Austereo Group Ltd. 496,535 822,308
Australian Agricultural Co., Ltd.(a) 460,135 884,693
Australian Pharmaceutical Industries Ltd.(a) 333,233 565,325
AWB Ltd.(a) 321,712 922,627
Bank of Queensland Ltd.(a) 60,587 847,731
Bendigo Bank Ltd.(a) 66,570 914,235
Cabcharge Australia Ltd.(a) 89,906 773,515
Challenger Financial Services Group Ltd. 248,248 956,610
Consolidated Minerals Ltd.(a) 426,764 861,903
Consolidated Rutile Ltd. 1,046,649 579,192
Corporate Express Australia Ltd.(a) 132,299 672,261
Crane Group Ltd.(a) 69,285 919,058
David Jones Ltd.(a) 333,821 1,227,030
Downer EDI Ltd. 142,450 784,833
Energy Resources of Australia Ltd.(a) 83,561 1,876,630
Flight Centre Ltd.(a) 81,498 1,078,429
Funtastic Ltd.(a) 670,895 1,024,347
Futuris Corp., Ltd.(a) 370,071 645,757
GWA International Ltd.(a) 257,786 833,009
Hills Industries Ltd.(a) 175,411 783,633
iiNet Ltd. 579,310 545,215
Infomedia Ltd.(a) 715,816 410,573
Invocare Ltd.(a) 145,350 668,125
Iress Market Technology Ltd.(a) 141,526 927,230
JB Hi-Fi Ltd.(a) 128,552 785,111
Jubilee Mines NL(a) 127,056 1,798,291
Just Group Ltd.(a) 234,557 790,160
Kingsgate Consolidated Ltd.(a) 261,318 1,002,752
MacArthur Coal Ltd.(a) 117,671 450,587
MaxiTRANS Industries Ltd. 1,439,222 813,873
MFS Ltd.(a) 194,861 834,318
Minara Resources Ltd.(a) 188,449 1,125,042
Mincor Resources NL 309,554 767,724
Nufarm Ltd.(a) 79,046 791,830
OneSteel Ltd.(a) 309,100 1,288,485
Pacific Brands Ltd. 443,826 1,100,732
PaperlinX Ltd. 258,612 871,195
Peet & Co., Ltd. 164,989 533,145
Primary Health Care Ltd.(a) 41,060 404,678
Ramsay Health Care Ltd.(a) 81,896 760,836
Repco Corp., Ltd. 75,272 103,374
Ridley Corp., Ltd.(a) 88,714 80,984
Rural Press Ltd. 75,997 834,961
Seek Ltd. 183,304 1,066,191
Seven Network Ltd.(a) 97,265 897,332
Sigma Pharmaceuticals Ltd.(a) 324,771 658,539
Sims Group Ltd.(a) 82,991 1,566,154
Smorgon Steel Group Ltd. 703,067 1,158,664
Southern Cross Broadcasting Australia Ltd.(a) 72,890 977,477
Spotless Group Ltd.(a) 166,679 623,437
STW Communications Group Ltd.(a) 278,212 703,478
Sunland Group Ltd.(a) 133,990 363,699
Symbion Health Ltd. 266,302 780,929
Ten Network Holdings Ltd.(a) 341,696 872,283
Transfield Services Ltd.(a) 30,824 296,822
United Group Ltd.(a) 61,300 674,974
Veda Advantage Ltd.(a) 253,748 672,368
Washington H. Soul Pattinson & Co., Ltd. 65,629 478,226
West Australian Newspapers Holdings Ltd.(a) 148,680 1,877,336
------------
Total Australia 56,378,802
--------------------------------------------------------------------------------
Austria - 0.5%
Andritz AG 2,009 502,203
AT&S Austria Technologie & Systemtechnik AG 4,108 106,086
Flughafen Wien AG 6,450 629,434
Schoeller-Bleckmann Oilfield Equipment AG 1,403 72,837
Semperit AG Holding 5,378 236,245
------------
Total Austria 1,546,805
--------------------------------------------------------------------------------
Belgium - 2.4%
Barco N.V. 2,377 218,769
Compagnie Maritime Belge S.A.(a) 60,743 4,018,647
Cumerio N.V. 8,010 235,108
Econocom Group S.A./N.V. 17,161 182,751
Euronav N.V. 42,392 1,421,475
EVS Broadcast Equipment S.A. 3,381 214,770
Melexis N.V. 13,920 261,268
Omega Pharma S.A. 1,887 144,835
Tessenderlo Chemie N.V. 12,160 587,904
------------
Total Belgium 7,285,527
--------------------------------------------------------------------------------
Bermuda - 0.3%
Hiscox Ltd. 178,712 943,766
--------------------------------------------------------------------------------
Denmark - 1.3%
A/S Dampskibsselskabet TORM(a) 33,172 2,290,443
Amagerbanken A/S 1,100 75,461
Auriga Industries A/S Class B(a) 4,402 127,398
Bang & Olufsen A/S Class B(a) 2,150 265,408
FLSmidth & Co. A/S 6,607 446,164
NKT Holding A/S 5,402 432,345
Spar Nord Bank A/S 8,557 211,724
------------
Total Denmark 3,848,943
--------------------------------------------------------------------------------
Finland - 3.2%
Amer Sports Oyj 18,196 397,477
Citycon Oyj 45,617 355,837
Finnair Oyj 18,196 314,397
Finnlines Oyj 13,656 304,485
Fiskars Oyj Abp Class A(a) 20,511 330,915
HK Ruokatalo Oyj Class A 11,384 245,492
See Notes to Financial Statements.
88 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree International SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
KCI Konecranes Oyj 13,656 $ 456,273
Kemira GrowHow Oyj 41,069 551,610
Kemira Oyj 31,937 728,672
Kyro Oyj Abp 41,083 220,391
Lassila & Tikanoja Oyj 9,098 304,587
M-real Oyj Class B(a) 81,365 630,359
Nokian Renkaat Oyj 30,396 829,464
Poyry Oyj 22,788 418,613
Ramirent Oyj 4,519 360,928
Rapala VMC Oyj 27,391 215,852
Stockmann Oyj Abp Class B 9,098 396,387
Talentum Oyj 157,504 712,849
Technopolis PLC 27,391 277,108
Uponor Corp. 31,181 1,098,265
Vaisala Oyj Class A 6,827 317,890
------------
Total Finland 9,467,851
--------------------------------------------------------------------------------
France - 2.4%
Alain Afflelou S.A. 3,663 197,576
April Group 3,991 208,042
Bacou-Dalloz S.A. 1,359 180,903
Canal Plus S.A. 52,566 604,569
CFF RECYCLING 743 39,680
FONCIA Groupe S.A. 3,235 171,174
Generale de Sante 7,349 313,044
Groupe Steria SCA 2,924 190,761
Haulotte Group 5,965 190,488
Havas S.A. 102,974 590,788
Ingenico S.A. 7,091 184,159
Kaufman & Broad S.A. 3,601 269,537
Manitou BF S.A. 8,822 467,388
Nexans S.A. 4,500 593,027
Provimi S.A. 2,329 97,348
Rallye S.A. 25,738 1,665,091
Rodriguez Group 3,247 161,220
Ste Industrielle d'Aviation Latecoere S.A. 24,411 736,005
Trigano S.A. 3,012 169,679
Viel et Compagnie 24,152 160,750
------------
Total France 7,191,229
--------------------------------------------------------------------------------
Germany - 2.4%
AWD Holding AG(a) 17,883 843,886
BayWa AG(a) 6,473 281,416
Bechtle AG 7,409 216,482
Comdirect Bank AG(a) 35,430 561,707
DAB Bank AG 19,866 235,357
Douglas Holding AG(a) 9,587 560,878
ElringKlinger AG 3,469 268,800
Gerry Weber International AG 8,118 191,487
IDS Scheer AG 8,687 176,809
Indus Holding AG 6,783 257,242
Krones AG 1,359 265,928
Leoni AG 5,114 209,875
Medion AG(a) 22,698 303,655
MPC Muenchmeyer Petersen Capital AG 6,385 537,927
MVV Energie AG(a) 17,988 680,030
Norddeutsche Affinerie AG(a) 16,198 511,019
Sixt AG(a) 3,425 194,905
Software AG 4,783 406,908
Takkt AG 10,934 195,617
Vossloh AG(a) 4,006 383,466
------------
Total Germany 7,283,394
--------------------------------------------------------------------------------
Hong Kong - 3.7%
Beijing Enterprises Holdings Ltd. 110,074 280,318
China Power International Development Ltd. 1,496,622 725,879
China Travel International Investment Hong Kong Ltd. 2,117,533 989,090
Chong Hing Bank Ltd. 132,110 349,115
CITIC International Financial Holdings Ltd.(a) 1,227,986 1,063,885
Cross-Harbour Holdings Ltd. 132,189 109,618
Dah Sing Banking Group Ltd. 123,303 275,821
Dah Sing Financial Holdings Ltd. 17,610 153,694
Fountain Set (Holdings) Ltd. 440,364 153,283
Fubon Bank Ltd. 528,432 306,337
Guangzhou Investment Co., Ltd.(a) 764,585 187,862
Hong Kong Aircraft Engineering Co. Ltd. 69,629 1,060,351
Hongkong & Shanghai Hotels Ltd. (The) 15,142 23,912
Hung Hing Printing Group Ltd. 332,290 187,954
i-CABLE Communications Ltd. 738,654 158,805
Industrial & Commercial Bank of China Ltd.(a) 710,364 1,554,496
Matsunichi Communication Holdings Ltd. 448,000 285,509
Oriental Press Group Ltd.(a) 2,445,017 456,822
Shanghai Industrial Holdings Ltd. 354,248 817,818
Shaw Brothers (Hong Kong) Ltd. 132,110 240,407
Singamas Container Holdings Ltd.(a) 176,142 99,181
Sun Hung Kai & Co., Ltd. 220,189 193,018
Tianjin Development Holdings Ltd. 188,074 142,242
Vitasoy International Holdings Ltd. 440,364 184,841
Wing Lung Bank Ltd. 84,166 928,446
------------
Total Hong Kong 10,928,704
--------------------------------------------------------------------------------
Ireland - 1.0%
Abbey PLC 8,362 131,698
DCC PLC 15,898 556,154
FBD Holdings PLC 7,578 393,411
Fyffes PLC 160,244 243,172
Glanbia PLC 64,126 323,093
Greencore Group PLC 65,288 395,649
McInerney Holdings PLC 5,760 119,752
Paddy Power PLC 28,866 760,815
United Drug PLC 28,382 149,048
------------
Total Ireland 3,072,792
--------------------------------------------------------------------------------
Italy - 3.3%
AEM Torino SpA 137,923 464,039
Amplifon SpA 30,835 284,449
Astaldi SpA 37,797 374,332
Autostrada Torino-Milano SpA 27,437 673,480
Azimut Holding SpA 22,878 336,517
See Notes to Financial Statements.
WisdomTree International Dividend Funds 89
Schedule of Investments (continued)
WisdomTree International SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Banca Intermobiliare SpA(a) 40,299 $ 434,517
Banca Piccolo Credito Valtellinese Scarl 29,055 479,203
Banca Popolare dell'Etruria e del Lazio(a) 12,736 257,524
Banca Popolare di Intra(a) 14,461 244,087
Banco di Desio e della Brianza SpA 28,692 369,521
Brembo SpA 22,700 305,193
Caltagirone SpA 20,872 244,497
Cementir SpA 34,652 437,976
COFIDE - Compagnia Finanziaria De Benedeth SpA 173,447 299,457
Cremonini SpA 134,104 481,538
Ergo Previdenza SpA 61,855 439,687
Gewiss SpA 28,919 249,451
Indesit Co. SpA 42,045 895,491
Interpump Group SpA 27,153 302,531
Navigazione Montanari SpA 58,657 310,763
Premafin Finanziaria SpA Holding Di Partecipazioni 88,817 284,045
Recordati SpA 38,872 308,138
Risanamento SpA 30,048 313,587
Societa Iniziative Autostradali e Servizi SpA 43,840 686,869
SOGEFI SpA 35,093 334,239
------------
Total Italy 9,811,131
--------------------------------------------------------------------------------
Japan - 16.4%
ABC-Mart, Inc. 13,200 291,222
ADEKA Corp. 22,000 253,771
Aica Kogyo Co., Ltd. 2,900 39,641
Aichi Steel Corp.(a) 44,000 266,068
Air Water, Inc.(a) 44,000 539,217
Alpine Electronics, Inc. 17,600 316,003
AOC Holdings, Inc. 17,600 287,682
Arisawa Manufacturing Co., Ltd. 75,700 794,986
Asatsu-DK, Inc. 8,800 277,248
Awa Bank Ltd. (The) 44,000 249,672
Bank of Nagoya Ltd. (The) 48,000 287,004
Canon Electronics, Inc. 8,100 263,426
Central Glass Co., Ltd. 44,000 296,998
Chuetsu Pulp & Paper Co., Ltd. 344,000 742,918
Circle K Sunkus Co. Ltd. 13,200 245,945
Coca-Cola West Japan Co., Ltd. 13,200 285,632
COMSYS Holdings Corp. 44,000 471,395
Daifuku Co., Ltd. 22,000 318,238
Daikoku Denki Co., Ltd. 27,500 499,577
Daio Paper Corp. 41,000 327,792
Daishi Bank Ltd. (The) 44,000 185,950
Disco Corp. 4,400 268,304
Ebara Corp. 88,000 416,617
Exedy Corp. 8,800 250,417
Ezaki Glico Co., Ltd. 44,000 520,957
FCC Co., Ltd. 9,500 216,430
Fuji Fire & Marine Insurance Co., Ltd. (The) 119,000 488,799
Futaba Industrial Co., Ltd. 13,200 319,729
Gigas K's Denki Corp. 8,800 234,021
Gunze Ltd. 44,000 255,261
Hankyu Department Stores, Inc. 44,000 407,673
Hanwa Co., Ltd. 37,000 184,256
Heiwa Corp. 17,600 217,028
Higo Bank Ltd. (The) 44,000 298,861
Hitachi Cable Ltd. 44,000 250,044
Hitachi Koki Co., Ltd. 31,000 473,369
Hitachi Kokusai Electric, Inc. 30,000 347,322
Hitachi Maxell Ltd. 22,000 300,538
Hitachi Software Engineering Co., Ltd. 16,400 340,292
Hitachi Transport System Ltd. 26,400 301,618
Hokkoku Bank Ltd. (The) 44,000 191,912
Hokuetsu Paper Mills Ltd. 47,000 241,220
HORIBA, Ltd. 8,800 297,370
House Foods Corp. 19,200 326,843
Hyakugo Bank Ltd. (The) 44,000 282,092
Hyakujushi Bank Ltd. (The) 44,000 265,696
Iida Home Max Co., Ltd. 11,800 207,868
Iino Kaiun Kaisha Ltd. 26,000 277,010
Invoice, Inc. 1,218 61,377
Itochu Enex Co., Ltd. 14,700 111,051
Japan Airport Terminal Co., Ltd. 21,000 305,729
Japan Foundation Engineering Co., Ltd. 219,600 810,888
Kagome Co., Ltd.(a) 21,400 339,826
Kagoshima Bank Ltd. (The) 44,000 319,729
Kandenko Co., Ltd. 44,000 301,469
Kasumi Co., Ltd. 9,000 49,545
Katokichi Co., Ltd. 30,800 193,291
Kayaba Industry Co., Ltd. 54,000 297,726
Keihin Corp. 13,200 299,047
Keisei Electric Railway Co., Ltd. 44,000 283,582
Keiyo Bank Ltd. (The) 44,000 284,700
Kintetsu World Express, Inc. 9,800 346,932
Kobayashi Pharmaceutical Co., Ltd. 8,800 333,144
Koei Co., Ltd.(a) 13,200 223,251
Komeri Co., Ltd. 8,800 282,465
Komori Corp. 14,000 325,471
Kyowa Exeo Corp. 44,000 481,457
Lion Corp.(a) 47,000 285,403
Makino Milling Machine Co., Ltd. 44,000 561,948
Matsumotokiyoshi Co., Ltd. 12,400 283,549
Meiji Dairies Corp. 44,000 344,696
Meiji Seika Kaisha Ltd. 44,000 203,837
Meitec Corp. 8,800 283,210
Meiwa Estate Co., Ltd. 15,300 236,611
MISUMI Group, Inc. 17,600 314,512
Mitsumi Electric Co., Ltd. 17,000 561,508
Mitsuuroko Co., Ltd. 3,100 21,870
Mochida Pharmaceutical Co., Ltd. 39,000 374,559
Morinaga Milk Industry Co., Ltd. 76,000 373,966
Musashino Bank Ltd. (The) 4,400 235,139
Nabtesco Corp. 44,000 577,599
Nachi-Fujikoshi Corp.(a) 44,000 221,351
Nagase & Co., Ltd. 44,000 553,377
NEC Fielding Ltd. 14,700 192,971
See Notes to Financial Statements.
90 WisdomTree International Dividend Funds
Schedule of Investments (continued)
WisdomTree International SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Nichiha Corp. 1,600 $ 22,332
Nichirei Corp. 44,000 256,752
Nifco, Inc. 12,100 312,556
Nihon Kohden Corp. 4,600 107,135
Nippon Kayaku Co., Ltd. 44,000 362,583
Nippon Light Metal Co., Ltd. 88,000 248,927
Nippon Paint Co., Ltd. 44,000 247,063
Nippon Suisan Kaisha Ltd. 52,800 344,771
Nipro Corp. 8,000 155,833
Nishimatsuya Chain Co., Ltd. 17,600 296,625
Nishi-Nippon Railroad Co., Ltd. 88,000 366,682
Nissan Shatai Co., Ltd. 43,000 218,505
Nissin Kogyo Co., Ltd. 12,700 310,845
NS Solutions Corp. 9,000 226,763
Obic Co., Ltd. 1,320 260,590
Ogaki Kyoritsu Bank Ltd. (The) 44,000 190,794
Okamura Corp. 39,000 427,406
Okumura Corp. 44,000 240,728
OSG Corp. 17,600 266,217
Pacific Metals Co., Ltd. 44,000 613,000
PanaHome Corp. 44,000 292,153
Paris Miki, Inc. 13,200 217,997
Point, Inc. 4,400 279,111
QP Corp. 30,800 278,850
Rengo Co., Ltd. 44,000 249,299
Ryobi Ltd. 46,000 369,714
Sagami Railway Co., Ltd. 88,000 303,333
Saibu Gas Co., Ltd. 87,000 208,520
San-In Godo Bank Ltd. (The) 44,000 415,871
Sankyu, Inc. 44,000 236,257
Sanwa Shutter Corp. 44,000 273,521
Sanyo Shokai Ltd. 37,000 331,222
Sanyo Special Steel Co., Ltd. 44,000 310,040
Sapporo Holdings Ltd.(a) 44,000 308,922
Shiga Bank Ltd. (The) 44,000 305,196
Shimachu Co., Ltd. 8,800 260,106
Shimadzu Corp. 44,000 380,470
Showa Corp. 17,600 257,572
Sohgo Security Services Co., Ltd. 13,200 241,474
SSP Co., Ltd.(a) 88,000 510,523
Sumitomo Osaka Cement Co., Ltd. 88,000 263,832
Sumitomo Real Estate Sales Co., Ltd. 3,240 250,529
Sumitomo Warehouse Co., Ltd. (The) 44,000 347,305
Sundrug Co., Ltd. 13,200 269,981
Sysmex Corp. 8,800 318,984
Tadano Ltd. 39,000 461,757
Taiyo Yuden Co., Ltd. 14,000 291,086
Takara Holdings, Inc. 44,000 310,040
TIS, Inc. 13,300 315,393
Toda Corp. 85,000 406,013
Toho Pharmaceutical Co., Ltd. 17,500 315,689
Toho Zinc Co., Ltd. 13,000 117,476
Tokai Carbon Co., Ltd. 44,000 361,465
Tokai Rubber Industries, Inc. 17,600 340,597
Tokai Tokyo Securities Co., Ltd. 44,000 260,851
Tokyo Dome Corp. 39,000 210,730
Tokyo Style Co., Ltd. 44,000 480,711
Tokyo Tomin Bank Ltd. (The) 8,800 336,871
Toppan Forms Co., Ltd. 21,100 267,693
Toshiba Machine Co., Ltd. 44,000 450,155
Toshiba TEC Corp. 44,000 262,714
Toyo Ink Manufacturing Co., Ltd. 44,000 163,964
Toyo Suisan Kaisha Ltd. 31,000 609,104
Toyobo Co., Ltd. 88,000 261,596
Toyota Auto Body Co., Ltd. 17,600 330,163
Tsubakimoto Chain Co. 44,000 276,130
ULVAC, Inc. 8,800 265,323
Union Tool Co. 4,400 180,733
Valor Co., Ltd. 13,700 159,654
Xebio Co., Ltd. 8,800 245,200
Yamatake Corp. 13,200 305,196
Yamato Kogyo Co., Ltd. 13,200 413,635
Yamazaki Baking Co., Ltd. 44,000 400,593
Yokohama Rubber Co., Ltd. (The) 81,000 496,667
------------
Total Japan 48,952,806
--------------------------------------------------------------------------------
Netherlands - 2.0%
Aalberts Industries N.V. 3,187 313,681
Arcadis N.V. 4,827 308,422
Beter Bed Holding N.V. 315 10,609
Heijmans N.V. 7,742 439,747
Imtech N.V. 6,517 467,154
Koninklijke Boskalis Westminster N.V. 6,136 608,511
Koninklijke Wessanen N.V. 41,104 617,739
Macintosh Retail Group N.V. 6,827 272,542
Nutreco Holding N.V. 3,830 285,760
OCE N.V. 36,232 661,719
Smit Internationale N.V. 5,702 363,192
Stork N.V. 8,675 443,433
Telegraaf Media Groep N.V. 9,318 318,774
Ten Cate N.V. 5,685 217,947
Univar N.V. 5,290 292,445
Wegener N.V. 18,738 384,872
------------
Total Netherlands 6,006,547
--------------------------------------------------------------------------------
New Zealand - 3.0%
Air New Zealand Ltd. 564,025 943,671
Auckland International Airport Ltd. 630,635 1,086,679
CanWest MediaWorks (NZ) Ltd. 259,724 408,546
Fisher & Paykel Appliances Holdings Ltd. 158,952 417,098
Fisher & Paykel Healthcare Corp. 167,534 434,826
Freightways Ltd. 88,391 274,918
Hallenstein Glasson Holdings Ltd. 54,922 196,739
Infratil Ltd. 81,454 327,307
Mainfreight Ltd. 60,807 317,382
New Zealand Refining Co., Ltd. (The) 98,886 434,827
Nuplex Industries Ltd. 50,897 267,477
See Notes to Financial Statements.
WisdomTree International Dividend Funds 91
Schedule of Investments (continued)
WisdomTree International SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
PGG Wrightson Ltd. 158,482 $ 167,706
Port of Tauranga Ltd. 65,843 287,174
Pumpkin Patch Ltd. 80,493 249,202
Sanford Ltd. 64,625 223,641
Sky City Entertainment Group Ltd. 252,403 842,786
Steel & Tube Holdings Ltd. 59,225 184,628
Vector Ltd. 332,823 709,146
Warehouse Group Ltd. (The) 266,076 1,284,149
------------
Total New Zealand 9,057,902
--------------------------------------------------------------------------------
Norway - 2.3%
ABG Sundal Collier ASA 310,222 716,589
Acta Holding ASA(a) 339,463 1,879,695
Aker Yards ASA 42,535 731,668
Camillo Eitzen & Co. ASA 13,359 140,066
EDB Business Partner ASA 17,600 152,094
Ekornes ASA 21,765 518,800
Expert ASA 8,807 174,579
Hafslund ASA Class B 8,807 201,992
ProSafe ASA 22,010 335,337
Schibsted ASA 13,108 575,506
Solstad Offshore ASA 8,807 209,206
Sparebanken Midt-Norge 36,624 476,992
Tomra Systems ASA 15,010 107,581
Veidekke ASA 12,958 730,255
------------
Total Norway 6,950,360
--------------------------------------------------------------------------------
Portugal - 1.2%
Corticeira Amorim-Industria S.A. 31,437 87,461
Finibanco Holding, SGPS, S.A. 25,190 129,768
Jeronimo Martins, SGPS, S.A. 39,350 1,021,425
Mota-Engil, SGPS, S.A. 47,638 376,041
Portucel-Empresa Produtora De Pasta E Papel, S.A. 192,893 677,872
SAG Gest-Solucoes Automovel Globais, SGPS, S.A. 123,391 308,794
Semapa-Sociedade de Investimento e Gestao, SGPS,
S.A. 61,209 930,483
------------
Total Portugal 3,531,844
--------------------------------------------------------------------------------
Singapore - 5.2%
Ascott Group Ltd. (The) 96,000 108,114
Cerebos Pacific Ltd. 115,000 251,449
China Merchants Holdings Pacific Ltd. 132,000 70,416
ComfortDelgro Corp., Ltd. 704,000 922,655
Cosco Corp. (Singapore) Ltd. 572,000 1,081,164
Creative Technology Ltd. 85,550 549,336
CSE Global Ltd. 40,000 39,779
Guocoland Ltd. 139,522 385,928
Hotel Properties Ltd. 307,000 1,031,151
Jardine Cycle & Carriage Ltd. 47,900 375,402
Jaya Holdings Ltd. 999,000 953,998
Keppel Land Ltd. 176,000 1,101,159
Keppel Telecommunications & Transportation Ltd. 145,538 230,039
Kim Eng Holdings Ltd. 3,000 3,161
Labroy Marine Ltd. 572,000 772,260
MFS Technology Ltd. 572,000 372,945
MobileOne Ltd. 528,000 761,538
Parkway Holdings Ltd. 308,000 665,332
Raffles Education Corp., Ltd. 527,000 794,804
Samudera Shipping Line Ltd. 760,000 185,195
Singapore Airport Terminal Services Ltd. 396,000 717,202
Singapore Petroleum Co., Ltd. 192,000 612,012
Singapore Post Ltd. 968,000 707,640
SMRT Corp. Ltd. 1,120,000 1,099,052
Straits Trading Co., Ltd. 169,000 460,788
UOB-Kay Hian Holdings Ltd. 425,000 431,046
Venture Corp., Ltd. 44,000 423,077
WBL Corp., Ltd. 132,000 401,633
------------
Total Singapore 15,508,275
--------------------------------------------------------------------------------
Spain - 0.9%
Campofrio Alimentacion S.A. 20,045 365,556
Europistas, Concesionaria Espanola S.A. 27,109 286,524
FAES FARMA, S.A.(a) 15,306 387,117
Grupo Duro Felguera S.A. 17,533 213,319
Grupo Empresarial Ence S.A.(a) 7,117 457,584
Miquel y Costas & Miquel, S.A. 1,755 62,282
Obrascon Huarte Lain, S.A. 9,260 391,488
Prosegur Cia de Seguridad S.A. 10,631 401,760
Tubacex S.A. 9,631 76,922
Tubos Reunidos, S.A. 6,657 169,874
------------
Total Spain 2,812,426
--------------------------------------------------------------------------------
Sweden - 5.0%
AddTech AB Class B 13,300 283,872
Axfood AB(a) 22,016 866,067
Cardo AB 8,807 336,409
Clas Ohlson AB Class B(a) 17,610 367,706
D. Carnegie & Co. AB(a) 46,731 967,443
Eniro AB(a) 44,032 553,844
Fabege AB(a) 57,138 1,429,243
Haldex AB(a) 20,800 498,054
Hoganas AB Class B(a) 13,209 333,233
Intrum Justitia AB 35,229 471,990
Invik & Co. AB 22,400 592,238
JM AB 17,605 603,470
Kungsleden Fastighets AB 57,241 1,023,894
L E Lundbergforetagen AB Class B 6,607 442,124
Meda AB Class A 17,610 539,637
NCC AB Class B 17,610 563,482
Nibe Industrier AB Class B 35,229 571,158
Nobia AB 13,209 538,444
Peab AB 17,610 527,088
Ratos AB Class B 44,032 1,386,963
SSAB Svenskt Stal AB Series B 26,422 755,065
Trelleborg AB Class B 42,022 1,087,070
------------
Total Sweden 14,738,494
--------------------------------------------------------------------------------
Switzerland - 0.3%
Ascom Holding AG 5,345 92,382
Converium Holding AG 31,439 548,534
See Notes to Financial Statements.
92 WisdomTree International Dividend Funds
Schedule of Investments (concluded)
WisdomTree International SmallCap Dividend Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
-------------------------------------------------------------------------------
Kudelski S.A. 4,795 $ 168,108
Swiss Steel AG 1,967 167,730
------------
Total Switzerland 976,754
--------------------------------------------------------------------------------
United Kingdom - 23.0%
Aberdeen Asset Management PLC 250,145 1,067,102
Aero Inventory PLC 12,868 94,393
Aggreko PLC 147,707 1,471,703
Alphameric PLC 577,131 557,488
Arla Foods UK PLC 488,168 675,015
Arriva PLC 71,667 1,045,796
Atkins WS PLC 39,279 747,672
Babcock International Group PLC 117,279 920,101
Bodycote International PLC 150,607 917,934
Bovis Homes Group PLC 48,488 1,095,574
Brit Insurance Holdings PLC 229,848 1,453,869
Burren Energy PLC 49,801 780,440
Capital & Regional PLC 37,689 1,138,388
Carillion PLC 124,872 981,507
Carpetright PLC 31,235 712,486
Cranswick PLC 40,471 746,151
Crest Nicholson PLC 75,035 911,717
Croda International PLC 87,412 1,093,822
Dairy Crest Group PLC 68,597 896,727
Davis Service Group PLC 82,637 944,116
De La Rue PLC 69,899 980,239
Domestic & General Group PLC 5,112 117,510
DS Smith PLC 245,096 1,075,609
Electrocomponents PLC 340,322 1,932,385
Euromoney Institutional Investor PLC 64,011 753,288
Filtrona PLC 124,652 658,279
Findel PLC 66,850 909,947
First Choice Holidays PLC 166,901 941,135
FKI PLC 337,059 768,518
Forth Ports PLC 21,918 892,019
Go-Ahead Group PLC 21,510 1,075,810
Greene King PLC 49,343 1,067,471
Greggs PLC 8,950 848,740
Halfords Group PLC 125,978 944,490
Halma PLC 203,355 878,468
HMV Group PLC 225,293 488,276
Homeserve PLC 25,025 875,146
IG Group Holdings PLC 154,780 902,385
Intermediate Capital Group PLC 30,429 1,166,184
Intertek Group PLC 54,977 977,471
J D Wetherspoon PLC 22,501 331,434
Jardine Lloyd Thompson Group PLC 156,926 1,354,262
Kensington Group PLC 14,196 185,158
Kier Group PLC 19,445 915,704
Laird Group PLC 99,142 1,060,736
Marston's PLC 117,144 1,014,392
Millennium & Copthorne Hotels PLC 92,517 1,233,915
Misys PLC 219,359 1,027,197
Mitie Group PLC 174,957 790,107
N Brown Group PLC 157,985 1,004,733
Northern Foods PLC 467,568 1,134,868
Northgate PLC 37,557 794,817
Pendragon PLC 344,573 817,752
Premier Farnell PLC 214,576 859,604
Premier Foods PLC 126,288 725,127
PZ Cussons PLC 220,875 741,877
Redrow PLC 83,952 1,072,755
Renishaw PLC 43,752 647,888
Restaurant Group PLC 139,119 995,943
Rotork PLC 50,747 843,539
Savills PLC 69,300 899,801
Schroders PLC 39,743 913,573
SIG PLC 44,892 1,116,460
Spectris PLC 65,484 1,130,246
Spirax-Sarco Engineering PLC 43,708 884,271
SSL International PLC 131,697 1,033,861
Stagecoach Group PLC 380,566 1,343,561
Taylor Nelson Sofres PLC 160,629 745,092
Topps Tiles PLC 127,515 751,555
Ultra Electronics Holdings PLC 39,207 957,388
Unite Group PLC 82,779 842,641
Victrex PLC 49,609 755,053
VT Group PLC 78,588 757,591
Wagon PLC 195,957 517,898
Weir Group (The) PLC 89,306 1,065,850
Woolworths Group PLC 1,140,686 687,965
------------
Total United Kingdom 68,459,985
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $272,999,629) 294,754,337
===============================================================================
RIGHTS* - 0.0%
Sweden - 0.0%
Fabege AB, expiring on 4/24/07
(Cost: $0) 48,438 --
===============================================================================
TOTAL LONG-TERM INVESTMENTS
(Cost: $272,999,629) 294,754,337
===============================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 15.7%
MONEY MARKET FUNDS(b)- 15.7%
UBS Enhanced Yield Portfolio, 5.25% 15,658,928 15,658,928
UBS Private Money Market Fund LLC, 5.26% 31,160,505 31,160,505
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURTIES LOANED
(Cost: $46,819,433)(c) 46,819,433
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 114.5%
(Cost: $319,819,062) 341,573,770
Liabilities in Excess of Cash, Foreign Currency and
Other Assets - (14.5)% (43,258,274)
------------
NET ASSETS - 100.0% $298,315,496
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $44,359,524 and the total market value of the collateral held by the
Fund was $46,819,433.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 93
Statements of Assets and Liabilities
WisdomTree International Dividend Funds
March 31, 2007
===============================================================================================================================
WisdomTree WisdomTree WisdomTree
DEFA WisdomTree Europe Europe
WisdomTree High-Yielding Europe Total High-Yielding SmallCap
DEFA Fund Equity Fund Dividend Fund Equity Fund Dividend Fund
-------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at cost $122,378,757 $182,266,296 $35,642,026 $47,159,731 $145,090,528
Foreign currency, at cost 302,179 453,096 49,534 214,026 1,517,130
-------------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 131,653,581 193,226,995 38,485,262 51,660,699 157,446,953
Cash -- 125,300 28,196 -- --
Foreign currency, at value 303,613 454,943 49,663 214,659 1,516,139
Receivables:
Investment securities sold 216,280 -- -- -- 1,457,193
Dividends and interest 490,790 922,818 146,318 315,065 672,645
Foreign tax reclaims 9,382 3,215 3,468 2,775 5,571
-------------------------------------------------------------------------------------------------------------------------------
Total Assets 132,673,646 194,733,271 38,712,907 52,193,198 161,098,501
===============================================================================================================================
LIABILITIES:
Custodian bank 115,867 -- -- 126,615 316,368
Payables:
Investment securities purchased 277,429 -- 9,940 -- 2,305,370
Collateral for securities on loan (Note 2) 3,926,270 10,151,749 502,380 1,522,751 11,091,058
Investment advisory fees (Note 3) 50,810 83,217 15,129 23,709 70,162
-------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 4,370,376 10,234,966 527,449 1,673,075 13,782,958
===============================================================================================================================
NET ASSETS $128,303,270 $184,498,305 $38,185,458 $50,520,123 $147,315,543
===============================================================================================================================
NET ASSETS:
Paid-in capital $118,412,145 $172,508,206 $35,293,629 $45,682,639 $133,605,669
Undistributed net investment income 611,611 1,084,472 164,491 330,369 908,497
Accumulated net realized gain on investments
and foreign currency related transactions (1,714) (67,297) (117,443) 2,522 442,405
Net unrealized appreciation on investments
and translation of assets and liabilities
denominated in foreign currencies 9,281,228 10,972,924 2,844,781 4,504,593 12,358,972
-------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $128,303,270 $184,498,305 $38,185,458 $50,520,123 $147,315,543
===============================================================================================================================
Beneficial interest shares of $0.001 par value
(unlimited number of shares authorized) 2,000,000 2,900,000 600,000 800,000 2,100,000
-------------------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 64.15 $ 63.62 $ 63.64 $ 63.15 $ 70.15
===============================================================================================================================
See Notes to Financial Statements.
94 WisdomTree International Dividend Funds
Statements of Assets and Liabilities (continued)
WisdomTree International Dividend Funds
March 31, 2007
================================================================================================================================
WisdomTree WisdomTree
WisdomTree WisdomTree Pacific Pacific
WisdomTree Japan Japan ex-Japan ex-Japan
Japan Total High-Yielding SmallCap Total High-Yielding
Dividend Fund Equity Fund Dividend Fund Dividend Fund Equity Fund
--------------------------------------------------------------------------------------------------------------------------------
ASSETS:
--------------------------------------------------------------------------------------------------------------------------------
Investments, at cost $47,811,559 $ 92,292,220 $ 99,265,968 $79,119,371 $101,794,174
Foreign currency, at cost 19,604 40,668 124,529 442,216 1,052,083
--------------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 51,169,077 95,405,649 101,372,233 85,320,655 108,418,532
Foreign currency, at value 19,572 40,515 124,017 443,322 1,056,619
Receivables:
Capital shares sold 11,558,424 18,168,873 10,550,191 -- 13,320,182
Investment securities sold -- 270,107 1,642,413 -- 851,754
Dividends and interest 234,259 578,202 664,523 269,562 404,766
--------------------------------------------------------------------------------------------------------------------------------
Total Assets 62,981,332 114,463,346 114,353,377 86,033,539 124,051,853
================================================================================================================================
LIABILITIES:
Custodian bank 38,918 70,359 239,527 15,822 293,188
Payables:
Investment securities purchased 11,503,272 18,221,598 11,918,899 -- 14,193,569
Collateral for securities on loan (Note 2) 121,795 1,072,230 2,731,370 11,659,134 22,321,141
Investment advisory fees (Note 3) 16,619 30,293 44,126 29,087 38,589
--------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 11,680,604 19,394,480 14,933,922 11,704,043 36,846,487
================================================================================================================================
NET ASSETS $51,300,728 $ 95,068,866 $ 99,419,455 $74,329,496 $ 87,205,366
================================================================================================================================
NET ASSETS:
Paid-in capital $47,928,390 $ 91,597,614 $ 96,886,242 $67,660,057 $ 79,365,779
Undistibuted net investment income 193,934 521,544 571,691 539,217 1,023,918
Accumulated net realized gain (loss) on
investments
and foreign currency related transactions (178,954) (161,702) (143,969) (78,469) 176,746
Net unrealized appreciation on investments
and translation of assets and liabilities
denominated in foreign currencies 3,357,358 3,111,410 2,105,491 6,208,691 6,638,923
--------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $51,300,728 $ 95,068,866 $ 99,419,455 $74,329,496 $ 87,205,366
================================================================================================================================
Beneficial interest shares of $0.001 par value
(unlimited number of shares authorized) 900,000 1,600,000 1,900,000 1,100,000 1,300,000
--------------------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 57.00 $ 59.42 $ 52.33 $ 67.57 $ 67.08
================================================================================================================================
See Notes to Financial Statements.
WisdomTree International Dividend Funds 95
Statements of Assets and Liabilities (concluded)
WisdomTree International Dividend Funds
March 31, 2007
======================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree
International International International International
LargeCap Dividend MidCap SmallCap
Dividend Fund Top 100 Fund Dividend Fund Dividend Fund
----------------------------------------------------------------------------------------------------------------------
ASSETS:
----------------------------------------------------------------------------------------------------------------------
Investments, at cost $81,763,867 $281,714,052 $165,194,079 $319,819,062
Foreign currency, at cost 477,391 288,881 324,443 1,765,474
----------------------------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 88,990,415 304,896,615 177,387,340 341,573,770
Cash -- -- 129,404 503,288
Foreign currency, at value 478,873 288,924 326,160 1,763,621
Receivables:
Investment securities sold -- -- -- 2,341,735
Dividends and interest 382,259 1,180,539 507,114 1,319,043
Foreign tax reclaims 7,433 4,353 6,939 5,034
----------------------------------------------------------------------------------------------------------------------
Total Assets 89,858,980 306,370,431 178,356,957 347,506,491
======================================================================================================================
LIABILITIES:
Custodian bank 414,569 26,516 -- --
Payables:
Investment securities purchased -- -- -- 2,249,131
Collateral for securities on loan (Note 2) 1,840,835 27,477,125 9,406,755 46,819,433
Investment advisory fees (Note 3) 34,762 123,354 60,853 122,431
----------------------------------------------------------------------------------------------------------------------
Total Liabilities 2,290,166 27,626,995 9,467,608 49,190,995
======================================================================================================================
NET ASSETS $87,568,814 $278,743,436 $168,889,349 $298,315,496
======================================================================================================================
NET ASSETS:
Paid-in capital $79,938,215 $254,347,445 $155,608,475 $274,295,285
Undistributed net investment income 439,641 1,387,261 682,673 1,866,017
Accumulated net realized gain (loss) on investments
and foreign currency related transactions (41,140) (187,836) 400,947 394,451
Net unrealized appreciation on investments and
translation of assets and liabilities denominated in
foreign currencies 7,232,098 23,196,566 12,197,254 21,759,743
----------------------------------------------------------------------------------------------------------------------
NET ASSETS $87,568,814 $278,743,436 $168,889,349 $298,315,496
======================================================================================================================
Beneficial interest shares of $0.001 par value
(unlimited number of shares authorized) 1,400,000 4,200,000 2,500,000 4,400,000
----------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 62.55 $ 66.37 $ 67.56 $ 67.80
======================================================================================================================
See Notes to Financial Statements.
96 WisdomTree International Dividend Funds
Statements of Operations
WisdomTree International Dividend Funds
For the Period June 16, 2006* through March 31, 2007
================================================================================================================================
WisdomTree WisdomTree WisdomTree
WisdomTree Europe Europe Europe
DEFA Total High-Yielding SmallCap
WisdomTree High-Yielding Dividend Equity Dividend
DEFA Fund Equity Fund Fund Fund Fund
--------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
--------------------------------------------------------------------------------------------------------------------------------
Dividends(1) $ 1,011,861 $ 1,785,636 $ 308,222 $ 631,436 $ 1,339,872
Dividends from affiliate -- -- -- -- 1,408
Interest 2,383 3,452 1,258 1,758 2,044
Securities lending income (Note 2) 4,187 11,183 248 2,808 15,658
--------------------------------------------------------------------------------------------------------------------------------
Total investment income 1,018,431 1,800,271 309,728 636,002 1,358,982
--------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees (Note 3) 199,673 317,496 67,833 122,153 221,137
Chief compliance officer fees 5,515 5,515 5,515 5,515 5,515
Trustee fees 5,491 5,491 5,491 5,491 5,491
Legal fees 2,667 2,667 2,667 2,667 2,667
Miscellaneous fees 296 179 156 72 229
--------------------------------------------------------------------------------------------------------------------------------
Total expenses 213,642 331,348 81,662 135,898 235,039
--------------------------------------------------------------------------------------------------------------------------------
Expense reimbursements/waivers (Note 3) (13,995) (13,896) (13,844) (13,812) (14,170)
--------------------------------------------------------------------------------------------------------------------------------
Net expenses 199,647 317,452 67,818 122,086 220,869
--------------------------------------------------------------------------------------------------------------------------------
Net investment income 818,784 1,482,819 241,910 513,916 1,138,113
================================================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions 13,643 (67,642) (117,930) (2,607) 412,320
Affiliated investment 1,665 3,335 1,423 5,129 30,085
In-kind redemptions 1,193,319 961,127 934,994 898,226 425,637
Foreign currency related transactions 7,518 15,001 5,434 8,173 4,781
--------------------------------------------------------------------------------------------------------------------------------
Net realized gain 1,216,145 911,821 823,921 908,921 872,823
--------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation from:
Investment transactions 9,274,824 10,960,699 2,843,236 4,500,968 12,356,425
Translation of assets and liabilities
denominated in foreign currencies 6,404 12,225 1,545 3,625 2,547
--------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 9,281,228 10,972,924 2,844,781 4,504,593 12,358,972
--------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on
investments 10,497,373 11,884,745 3,668,702 5,413,514 13,231,795
================================================================================================================================
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $11,316,157 $13,367,564 $3,910,612 $5,927,430 $14,369,908
================================================================================================================================
* Commencement of investment operations.
(1) Net of foreign withholding tax of $60,255, $93,569, $26,306, $47,414 and
$117,796, respectively.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 97
Statements of Operations (continued)
WisdomTree International Dividend Funds
For the Period June 16, 2006* through March 31, 2007
============================================================================================================================
WisdomTree WisdomTree WisdomTree
WisdomTree Japan WisdomTree Pacific Pacific
Japan High- Japan ex-Japan ex-Japan
Total Yielding SmallCap Total High-
Dividend Equity Dividend Dividend Yielding
Fund Fund Fund Fund Equity Fund
----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
----------------------------------------------------------------------------------------------------------------------------
Dividends(1) $ 402,389 $ 820,759 $ 728,635 $ 825,954 $ 1,562,657
Dividends from affiliate -- -- 314 -- --
Interest 667 1,011 554 1,333 2,981
Securities lending income (Note 2) 2,494 5,487 9,164 5,356 12,861
----------------------------------------------------------------------------------------------------------------------------
Total investment income 405,550 827,257 738,667 832,643 1,578,499
----------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees (Note 3) 103,330 133,841 128,531 105,496 160,899
Chief compliance officer fees 5,515 5,515 5,515 5,515 5,515
Trustee fees 5,491 5,491 5,491 5,491 5,491
Legal fees 2,667 2,667 2,667 2,667 2,667
Miscellaneous fees 141 103 255 114 48
----------------------------------------------------------------------------------------------------------------------------
Total expenses 117,144 147,617 142,459 119,283 174,620
----------------------------------------------------------------------------------------------------------------------------
Expense reimbursements/waivers (Note 3) (13,814) (13,776) (13,984) (13,806) (13,790)
----------------------------------------------------------------------------------------------------------------------------
Net expenses 103,330 133,841 128,475 105,477 160,830
----------------------------------------------------------------------------------------------------------------------------
Net investment income 302,220 693,416 610,192 727,166 1,417,669
============================================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (178,954) (161,702) (146,201) (80,211) 172,212
Affiliated investment -- -- 2,232 1,742 4,534
In-kind redemptions 32,217 -- 179,557 1,179,395 3,371,775
Foreign currency related transactions (3,695) (2,008) (7,536) 8,210 22,309
----------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (150,432) (163,710) 28,052 1,109,136 3,570,830
----------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) from:
Investment transactions 3,357,518 3,113,429 2,106,265 6,201,284 6,624,358
Translation of assets and liabilities
denominated in foreign currencies (160) (2,019) (774) 7,407 14,565
----------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 3,357,358 3,111,410 2,105,491 6,208,691 6,638,923
----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on
investments 3,206,926 2,947,700 2,133,543 7,317,827 10,209,753
============================================================================================================================
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $3,509,146 $3,641,116 $2,743,735 $8,044,993 $11,627,422
============================================================================================================================
* Commencement of investment operations.
(1) Net of foreign withholding tax of $30,287, $61,777, $54,849, $10,302 and
$31,548, respectively.
See Notes to Financial Statements.
98 WisdomTree International Dividend Funds
Statements of Operations (concluded)
WisdomTree International Dividend Funds
For the Period June 16, 2006* through March 31, 2007
=======================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree
International International International International
LargeCap Dividend MidCap SmallCap
Dividend Fund Top 100 Fund Dividend Fund Dividend Fund
-----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
-----------------------------------------------------------------------------------------------------------------------
Dividends(1) $ 797,472 $ 2,296,787 $ 1,220,225 $ 2,633,215
Dividends from affiliate -- 250 -- --
Interest 2,205 8,585 3,307 3,846
Securities lending income (Note 2) 3,365 23,684 12,624 46,270
-----------------------------------------------------------------------------------------------------------------------
Total investment income 803,042 2,329,306 1,236,156 2,683,331
-----------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees (Note 3) 156,254 469,927 230,677 398,322
Chief compliance officer fees 5,515 5,515 5,515 5,515
Trustee fees 5,491 5,491 5,491 5,491
Legal fees 2,667 2,667 2,667 2,667
Miscellaneous fees 130 49 184 275
-----------------------------------------------------------------------------------------------------------------------
Total expenses 170,057 483,649 244,534 412,270
-----------------------------------------------------------------------------------------------------------------------
Expense reimbursements/waivers (Note 3) (13,813) (13,760) (13,945) (14,073)
-----------------------------------------------------------------------------------------------------------------------
Net expenses 156,244 469,889 230,589 398,197
-----------------------------------------------------------------------------------------------------------------------
Net investment income 646,798 1,859,417 1,005,567 2,285,134
=======================================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions (42,205) (178,478) 390,943 381,493
Affiliated investment 1,065 2,914 10,004 12,958
In-kind redemptions -- -- 169,895 903,152
Foreign currency related transactions 4,014 13,763 15,292 (9,427)
-----------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (37,126) (161,801) 586,134 1,288,176
-----------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation from:
Investment transactions 7,226,548 23,182,563 12,193,261 21,754,708
Translation of assets and liabilities denominated in
foreign currencies 5,550 14,003 3,993 5,035
-----------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 7,232,098 23,196,566 12,197,254 21,759,743
-----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments 7,194,972 23,034,765 12,783,388 23,047,919
=======================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $7,841,770 $24,894,182 $13,788,955 $25,333,053
=======================================================================================================================
* Commencement of investment operations.
(1) Net of foreign withholding tax of $38,266, $118,308, $84,331 and $168,871,
respectively.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 99
Statements of Changes in Net Assets
WisdomTree International Dividend Funds
For the Period June 16, 2006* through March 31, 2007
===================================================================================================================================
WisdomTree WisdomTree WisdomTree
DEFA WisdomTree Europe Europe
WisdomTree High-Yielding Europe Total High-Yielding SmallCap
DEFA Fund Equity Fund Dividend Fund Equity Fund Dividend Fund
-----------------------------------------------------------------------------------------------------------------------------------
INCREASE IN NET ASSETS
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 818,784 $ 1,482,819 $ 241,910 $ 513,916 $ 1,138,113
Net realized gain on investments and foreign
currency related transactions 1,216,145 911,821 823,921 908,921 872,823
Net change in unrealized appreciation on
investments and translation of assets and
liabilities denominated in foreign currencies 9,281,228 10,972,924 2,844,781 4,504,593 12,358,972
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 11,316,157 13,367,564 3,910,612 5,927,430 14,369,908
===================================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (214,691) (416,338) (82,853) (191,720) (234,397)
Capital gains (17,022) -- (936) -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions (231,713) (416,338) (83,789) (191,720) (234,397)
===================================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 146,204,390 188,423,781 51,326,114 61,698,085 139,943,738
Cost of shares redeemed (28,990,564) (16,881,702) (16,972,479) (16,918,672) (6,768,706)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from capital
share transactions 117,213,826 171,542,079 34,353,635 44,779,413 133,175,032
===================================================================================================================================
Net Increase in Net Assets 128,298,270 184,493,305 38,180,458 50,515,123 147,310,543
===================================================================================================================================
NET ASSETS:
Beginning of period $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000
End of period $128,303,270 $184,498,305 $ 38,185,458 $ 50,520,123 $147,315,543
===================================================================================================================================
Undistributed net investment income included in net
assets at end of period $ 611,611 $ 1,084,472 $ 164,491 $ 330,369 $ 908,497
===================================================================================================================================
SHARES CREATED AND REDEEMED:
Shares created 2,500,100 3,200,100 900,100 1,100,100 2,200,100
Shares redeemed (500,100) (300,100) (300,100) (300,100) (100,100)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 2,000,000 2,900,000 600,000 800,000 2,100,000
===================================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
100 WisdomTree International Dividend Funds
Statements of Changes in Net Assets (continued)
WisdomTree International Dividend Funds
For the Period June 16, 2006* through March 31, 2007
====================================================================================================================================
WisdomTree WisdomTree
WisdomTree WisdomTree Pacific Pacific
WisdomTree Japan Japan ex-Japan ex-Japan
Japan Total High-Yielding SmallCap Total High-Yielding
Dividend Fund Equity Fund Dividend Fund Dividend Fund Equity Fund
---------------------------------------------------------------------------------------------------------------------------------
INCREASE IN NET ASSETS
---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 302,220 $ 693,416 $ 610,192 $ 727,166 $ 1,417,669
Net realized gain (loss) on investments and
foreign currency related transactions (150,432) (163,710) 28,052 1,109,136 3,570,830
Net change in unrealized appreciation on
investments and translation of assets and
liabilities denominated in foreign currencies 3,357,358 3,111,410 2,105,491 6,208,691 6,638,923
---------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
operations 3,509,146 3,641,116 2,743,735 8,044,993 11,627,422
=================================================================================================================================
DIVIDENDS:
Net investment income (104,591) (169,864) (30,965) (196,159) (416,060)
---------------------------------------------------------------------------------------------------------------------------------
Total dividends (104,591) (169,864) (30,965) (196,159) (416,060)
=================================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 53,497,409 91,598,296 106,770,558 88,664,106 110,443,500
Cost of shares redeemed (5,606,236) (5,682) (10,068,873) (22,188,444) (34,454,496)
---------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
capital share transactions 47,891,173 91,592,614 96,701,685 66,475,662 75,989,004
=================================================================================================================================
Net Increase in Net Assets 51,295,728 95,063,866 99,414,455 74,324,496 87,200,366
=================================================================================================================================
NET ASSETS:
Beginning of period $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000
End of period $51,300,728 $95,068,866 $ 99,419,455 $ 74,329,496 $ 87,205,366
=================================================================================================================================
Undistributed net investment income included in
net assets at end of period $ 193,934 $ 521,544 $ 571,691 $ 539,217 $ 1,023,918
=================================================================================================================================
SHARES CREATED AND REDEEMED:
Shares created 1,000,100 1,600,100 2,100,100 1,500,100 1,900,100
Shares redeemed (100,100) (100) (200,100) (400,100) (600,100)
---------------------------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 900,000 1,600,000 1,900,000 1,100,000 1,300,000
=================================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree International Dividend Funds 101
Statements of Changes in Net Assets (concluded)
WisdomTree International Dividend Funds
For the Period June 16, 2006* through March 31, 2007
=====================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree
International International International International
LargeCap Dividend MidCap SmallCap
Dividend Fund Top 100 Fund Dividend Fund Dividend Fund
---------------------------------------------------------------------------------------------------------------------
INCREASE IN NET ASSETS
---------------------------------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 646,798 $ 1,859,417 $ 1,005,567 $ 2,285,134
Net realized gain (loss) on investments and foreign
currency related transactions (37,126) (161,801) 586,134 1,288,176
Net change in unrealized appreciation on
investments and translation of assets and
liabilities denominated in foreign currencies 7,232,098 23,196,566 12,197,254 21,759,743
---------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 7,841,770 24,894,182 13,788,955 25,333,053
=====================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (211,171) (485,914) (338,186) (409,690)
Capital gains -- (12,277) -- --
---------------------------------------------------------------------------------------------------------------------
Total dividends and distributions (211,171) (498,191) (338,186) (409,690)
=====================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 79,939,217 254,348,710 161,955,739 286,349,327
Cost of shares redeemed (6,002) (6,265) (6,522,159) (12,962,194)
---------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from capital
share transactions 79,933,215 254,342,445 155,433,580 273,387,133
=====================================================================================================================
Net Increase in Net Assets 87,563,814 278,738,436 168,884,349 298,310,496
=====================================================================================================================
NET ASSETS:
Beginning of period $ 5,000 $ 5,000 $ 5,000 $ 5,000
End of period $87,568,814 $278,743,436 $168,889,349 $298,315,496
=====================================================================================================================
Undistributed net investment income included in net
assets at end of period $ 439,641 $ 1,387,261 $ 682,673 $ 1,866,017
=====================================================================================================================
SHARES CREATED AND REDEEMED:
Shares created 1,400,100 4,200,100 2,600,100 4,600,100
Shares redeemed (100) (100) (100,100) (200,100)
---------------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 1,400,000 4,200,000 2,500,000 4,400,000
=====================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
102 WisdomTree International Dividend Funds
Financial Highlights
WisdomTree International Dividend Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree DEFA Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.94
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.86
Net realized and unrealized gain 13.58
--------------------------------------------------------------------------------
Total from investment operations 14.44
--------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.21)
Capital gains (0.02)
--------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.23)
--------------------------------------------------------------------------------
Net asset value, end of period $ 64.15
================================================================================
TOTAL RETURN(3) 28.94%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $128,303
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.48%(4)
Expenses, prior to expense reimbursements/waivers 0.51%(4)
Net investment income 1.97%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 11%
================================================================================
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree DEFA High-Yielding Equity Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.77
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.19
Net realized and unrealized gain 12.94
--------------------------------------------------------------------------------
Total from investment operations 14.13
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.28)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.28)
--------------------------------------------------------------------------------
Net asset value, end of period $ 63.62
================================================================================
TOTAL RETURN(3) 28.41%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $184,498
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.61%(4)
Net investment income 2.71%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 19%
================================================================================
(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 advisor
(Note 3).
(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 103
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree Europe Total Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.95
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.73
Net realized and unrealized gain 13.17
--------------------------------------------------------------------------------
Total from investment operations 13.90
--------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.21)
Capital gains (0.00)(6)
--------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.21)
--------------------------------------------------------------------------------
Net asset value, end of period $ 63.64
================================================================================
TOTAL RETURN(3) 27.84%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $38,185
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.48%(4)
Expenses, prior to expense reimbursements/waivers 0.58%(4)
Net investment income 1.71%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 24%
================================================================================
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree Europe High-Yielding Equity Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.83
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.09
Net realized and unrealized gain 12.55
--------------------------------------------------------------------------------
Total from investment operations 13.64
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.32)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.32)
--------------------------------------------------------------------------------
Net asset value, end of period $ 63.15
================================================================================
TOTAL RETURN(3) 27.39%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $50,520
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.65%(4)
Net investment income 2.44%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 24%
================================================================================
(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 advisor
(Note 3).
(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.
104 WisdomTree International Dividend Funds
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree Europe SmallCap Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.42
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.31
Net realized and unrealized gain 18.89
--------------------------------------------------------------------------------
Total from investment operations 20.20
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.47)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.47)
--------------------------------------------------------------------------------
Net asset value, end of period $ 70.15
================================================================================
TOTAL RETURN(3) 40.14%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $147,316
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.62%(4)
Net investment income 2.99%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 47%
================================================================================
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree Japan Total Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.32
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.56
Net realized and unrealized gain 6.33
--------------------------------------------------------------------------------
Total from investment operations 6.89
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.21)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.21)
--------------------------------------------------------------------------------
Net asset value, end of period $ 57.00
--------------------------------------------------------------------------------
TOTAL RETURN(3) 13.71%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $51,301
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.48%(4)
Expenses, prior to expense reimbursements 0.54%(4)
Net investment income 1.40%(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. The total return would have been lower if
certain expenses had not been reimbursed/waived by the investment advisor
(Note 3).
(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 105
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree Japan High-Yielding Equity Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.14
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.18
Net realized and unrealized gain 8.44
--------------------------------------------------------------------------------
Total from investment operations 9.62
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.34)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.34)
--------------------------------------------------------------------------------
Net asset value, end of period $ 59.42
================================================================================
TOTAL RETURN(3) 19.22%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $95,069
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.64%(4)
Net investment income 3.00%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 6%
================================================================================
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree Japan SmallCap Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.69
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.95
Net realized and unrealized gain 0.74
--------------------------------------------------------------------------------
Total from investment operations 1.69
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.05)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.05)
--------------------------------------------------------------------------------
Net asset value, end of period $ 52.33
================================================================================
TOTAL RETURN(3) 3.34%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $99,419
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.64%(4)
Net investment income 2.75%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor
(Note 3).
(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.
106 WisdomTree International Dividend Funds
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree Pacific ex-Japan Total Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.71
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.40
Net realized and unrealized gain 16.85
--------------------------------------------------------------------------------
Total from investment operations 18.25
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.39)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.39)
--------------------------------------------------------------------------------
Net asset value, end of period $ 67.57
================================================================================
TOTAL RETURN(3) 36.80%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $74,329
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.48%(4)
Expenses, prior to expense reimbursements 0.54%(4)
Net investment income 3.31%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 21%
================================================================================
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree Pacific ex-Japan High-Yielding Equity Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.02
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 2.18
Net realized and unrealized gain 16.40
--------------------------------------------------------------------------------
Total from investment operations 18.58
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.52)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.52)
--------------------------------------------------------------------------------
Net asset value, end of period $ 67.08
================================================================================
TOTAL RETURN(3) 38.02%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $87,205
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.63%(4)
Net investment income 5.11%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor
(Note 3).
(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 107
Financial Highlights (continued)
WisdomTree International Dividend Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree International LargeCap Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.86
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.85
Net realized and unrealized gain 12.14
--------------------------------------------------------------------------------
Total from investment operations 12.99
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.30)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.30)
--------------------------------------------------------------------------------
Net asset value, end of period $ 62.55
================================================================================
TOTAL RETURN(3) 26.08%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 87,569
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.48%(4)
Expenses, prior to expense reimbursements/waivers 0.52%(4)
Net investment income 1.99%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 8%
================================================================================
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree International Dividend Top 100 Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.77
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.03
Net realized and unrealized gain 15.80
--------------------------------------------------------------------------------
Total from investment operations 16.83
--------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.22)
Capital gains (0.01)
--------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.23)
--------------------------------------------------------------------------------
Net asset value, end of period $ 66.37
================================================================================
TOTAL RETURN(3) 33.83%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $278,743
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.60%(4)
Net investment income 2.30%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor
(Note 3).
(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.
108 WisdomTree International Dividend Funds
Financial Highlights (concluded)
WisdomTree International Dividend Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree International MidCap Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.13
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.08
Net realized and unrealized gain 16.73
--------------------------------------------------------------------------------
Total from investment operations 17.81
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.38)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.38)
--------------------------------------------------------------------------------
Net asset value, end of period $ 67.56
================================================================================
TOTAL RETURN(3) 35.57%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $168,889
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.61%(4)
Net investment income 2.53%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 44%
================================================================================
================================================================================
For the period
June 16, 2006(1)
through
WisdomTree International SmallCap Dividend Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 50.35
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 1.43
Net realized and unrealized gain 16.28
--------------------------------------------------------------------------------
Total from investment operations 17.71
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.26)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.26)
--------------------------------------------------------------------------------
Net asset value, end of period $ 67.80
================================================================================
TOTAL RETURN(3) 35.21%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $298,315
Ratio to average net assets of:
Expenses, net of expense reimbursements/waivers 0.58%(4)
Expenses, prior to expense reimbursements/waivers 0.60%(4)
Net investment income 3.33%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor
(Note 3).
(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
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, 2007, the Trust offered 36
investment funds (each a "Fund", collectively, the "Funds"). Each Fund is
considered to be non-diversified. The Funds commenced operations on June 16,
2006, with the exception of the international dividend sector funds and domestic
earnings funds that commenced operations on October 13, 2006 and February 23,
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 Fund ("International Dividend Top 100 Fund"), WisdomTree International
MidCap Dividend Fund ("International MidCap Dividend Fund"), and WisdomTree
International SmallCap Dividend Fund ("International 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.
110 WisdomTree International Dividend Funds
Notes to Financial Statements (continued)
(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.
(e) Expenses/Reimbursements -- WisdomTree Asset Management, Inc. ("WTA") has
agreed to pay all expenses of the Trust, except for: (i) brokerage expenses and
other expenses (such as stamp taxes) connected with the execution of portfolio
transactions or in connection with creation and redemption transactions; (ii)
legal fees or expenses in connection with any arbitration, litigation or pending
or threatened arbitration or litigation, including any settlements in connection
therewith; (iii) compensation and expenses of 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 WTA. Pursuant to a separate contractual
arrangement WTA has agreed to pay the expenses described in (iii), (iv) and (v)
through July 31, 2007.
(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
WisdomTree International Dividend Funds 111
Notes to Financial Statements (continued)
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.
(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 AND TRANSACTIONS
Adviser Fees -- WTA provides investment management services to each Fund
pursuant to an Investment Advisory Agreement between the Trust and WTA. As
compensation for services rendered, facilities furnished, and expenses borne by
WTA, each Fund pays WTA a fee, as listed below, which is accrued daily and paid
monthly, based on the average daily net assets of the Fund.
================================================================================
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 Fund 0.58
--------------------------------------------------------------------------------
International MidCap Dividend Fund 0.58
--------------------------------------------------------------------------------
International SmallCap Dividend Fund 0.58
--------------------------------------------------------------------------------
112 WisdomTree International Dividend Funds
Notes to Financial Statements (continued)
For the period ended March 31, 2007, the advisory expense reimbursements were as
follows:
================================================================================
Advisory Expense
Fund Reimbursements
--------------------------------------------------------------------------------
DEFA Fund $13,995
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 13,896
--------------------------------------------------------------------------------
Europe Total Dividend Fund 13,844
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 13,812
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 14,170
--------------------------------------------------------------------------------
Japan Total Dividend Fund 13,814
--------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 13,776
--------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 13,984
--------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 13,806
--------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 13,790
--------------------------------------------------------------------------------
International LargeCap Dividend Fund 13,813
--------------------------------------------------------------------------------
International Dividend Top 100 Fund 13,760
--------------------------------------------------------------------------------
International MidCap Dividend Fund 13,945
--------------------------------------------------------------------------------
International SmallCap Dividend Fund 14,073
--------------------------------------------------------------------------------
Each Fund may purchase shares of an affiliated exchange traded fund(s) in
secondary market transactions. For the period ending March 31, 2007, the
following transactions occurred:
====================================================================================================================================
Sales Interest Realized
Fund Correlated Investment Purchases Proceeds Income Gain
------------------------------------------------------------------------------------------------------------------------------------
DEFA Fund International LargeCap Dividend Fund $ 70,069 $ 71,734 $ -- $ 1,665
------------------------------------------------------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund International LargeCap Dividend Fund 63,527 66,862 -- 3,335
------------------------------------------------------------------------------------------------------------------------------------
Europe Total Dividend Fund Europe High-Yielding Equity Fund 23,309 24,732 -- 1,423
------------------------------------------------------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund Europe Total Dividend Fund 81,458 86,587 -- 5,129
------------------------------------------------------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund International SmallCap Dividend Fund 411,646 441,776 1,408 30,130
------------------------------------------------------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund Japan Total Dividend Fund 79,950 82,182 314 2,232
------------------------------------------------------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund Pacific ex-Japan High-Yielding Equity Fund 46,017 47,759 -- 1,742
------------------------------------------------------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund Pacific ex-Japan Total Dividend Fund 134,589 139,123 -- 4,534
------------------------------------------------------------------------------------------------------------------------------------
International LargeCap Dividend Fund DEFA Fund 17,381 18,446 -- 1,065
------------------------------------------------------------------------------------------------------------------------------------
International Dividend Top 100 Fund DEFA High-Yielding Equity Fund 52,267 55,181 250 2,914
------------------------------------------------------------------------------------------------------------------------------------
International MidCap Dividend Fund SmallCap Dividend Fund 126,638 136,642 -- 10,004
------------------------------------------------------------------------------------------------------------------------------------
International SmallCap Dividend Fund International MidCap Dividend Fund 225,343 238,301 -- 12,958
------------------------------------------------------------------------------------------------------------------------------------
4. CAPITAL SHARE TRANSACTIONS
As of March 31, 2007, there were an unlimited number of $0.001 par value shares
of beneficial interest authorized by the Trust. Shares are issued and redeemed
by each Fund only in Creation Units or multiples thereof. Except when aggregated
in Creation Units, shares of each Fund are not redeemable. Transactions in
capital 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 involved 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.
WisdomTree International Dividend Funds 113
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 period ended March 31, 2007 were as follows:
================================================================================
Fund Purchases Sales
--------------------------------------------------------------------------------
DEFA Fund $ 6,564,623 $ 6,176,931
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 14,811,027 14,395,084
--------------------------------------------------------------------------------
Europe Total Dividend Fund 4,616,824 4,646,948
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 7,021,900 6,736,847
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 28,140,122 26,173,353
--------------------------------------------------------------------------------
Japan Total Dividend Fund 1,803,732 1,880,996
--------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 1,958,328 2,091,068
--------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 8,369,901 8,512,215
--------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 6,920,802 6,776,103
--------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 3,163,798 2,861,525
--------------------------------------------------------------------------------
International LargeCap Dividend Fund 3,744,126 3,519,357
--------------------------------------------------------------------------------
International Dividend Top 100 Fund 9,056,850 8,463,709
--------------------------------------------------------------------------------
International MidCap Dividend Fund 26,634,338 25,746,206
--------------------------------------------------------------------------------
International SmallCap Dividend Fund 41,686,642 39,419,570
--------------------------------------------------------------------------------
For the period ended March 31, 2007, the cost of in-kind purchases and the
proceeds from in-kind redemptions were as follows:
================================================================================
Fund Purchases Redemptions
--------------------------------------------------------------------------------
DEFA Fund $130,781,424 $13,925,291
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 182,432,118 11,683,503
--------------------------------------------------------------------------------
Europe Total Dividend Fund 45,051,849 10,700,567
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 55,326,421 10,875,243
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 135,652,459 4,487,801
--------------------------------------------------------------------------------
Japan Total Dividend Fund 48,129,429 215,664
--------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 91,514,432 --
--------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 102,860,039 6,218,715
--------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 82,525,316 16,310,705
--------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 105,391,897 29,769,658
--------------------------------------------------------------------------------
International LargeCap Dividend Fund 79,739,402 --
--------------------------------------------------------------------------------
International Dividend Top 100 Fund 253,641,546 --
--------------------------------------------------------------------------------
International MidCap Dividend Fund 156,024,154 1,695,804
--------------------------------------------------------------------------------
International SmallCap Dividend Fund 279,414,015 9,979,061
--------------------------------------------------------------------------------
Gains and losses on in-kind redemptions are not recognized at the Fund level for
tax purposes.
114 WisdomTree International Dividend Funds
Notes to Financial Statements (continued)
6. FEDERAL INCOME TAXES
At March 31, 2007, 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 Appreciation
----------------------------------------------------------------------------------------------------------------
DEFA Fund $122,380,706 $ 9,903,918 $ (631,043) $ 9,272,875
----------------------------------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 182,281,472 11,728,644 (783,121) 10,945,523
----------------------------------------------------------------------------------------------------------------
Europe Total Dividend Fund 35,651,565 2,948,485 (114,788) 2,833,697
----------------------------------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 47,160,396 4,595,542 (95,239) 4,500,303
----------------------------------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 145,125,324 13,076,855 (755,226) 12,321,629
----------------------------------------------------------------------------------------------------------------
Japan Total Dividend Fund 47,826,146 4,010,466 (667,535) 3,342,931
----------------------------------------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 92,301,467 3,758,103 (653,921) 3,104,182
----------------------------------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 99,412,306 3,680,502 (1,720,575) 1,959,927
----------------------------------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 79,136,472 6,304,660 (120,477) 6,184,183
----------------------------------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 101,798,371 6,710,979 (90,818) 6,620,161
----------------------------------------------------------------------------------------------------------------
International LargeCap Dividend Fund 81,765,638 7,541,273 (316,496) 7,224,777
----------------------------------------------------------------------------------------------------------------
International Dividend Top 100 Fund 281,740,266 23,953,088 (796,739) 23,156,349
----------------------------------------------------------------------------------------------------------------
International MidCap Dividend Fund 165,220,370 12,653,402 (486,432) 12,166,970
----------------------------------------------------------------------------------------------------------------
International SmallCap Dividend Fund 319,941,773 23,515,099 (1,883,102) 21,631,997
----------------------------------------------------------------------------------------------------------------
At March 31, 2007, the components of accumulated earnings/loss on a tax-basis
were as follows:
===================================================================================================================================
Currency
Undistributed Net Unrealized
Undistributed Capital and Other Unrealized Appreciation/ Total Accumulated
Fund Ordinary Income Gains/Losses Appreciation Depreciation Earnings
-----------------------------------------------------------------------------------------------------------------------------------
DEFA Fund $ 611,749 $ -- $ 9,272,875 $ 6,501 $ 9,891,125
-----------------------------------------------------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 1,088,143 (55,792) 10,945,523 12,225 11,990,099
-----------------------------------------------------------------------------------------------------------------------------------
Europe Total Dividend Fund 164,491 (107,904) 2,833,697 1,545 2,891,829
-----------------------------------------------------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 333,556 -- 4,500,303 3,625 4,837,484
-----------------------------------------------------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 1,384,607 -- 12,321,629 3,638 13,709,874
-----------------------------------------------------------------------------------------------------------------------------------
Japan Total Dividend Fund 194,544 (164,977) 3,342,931 (160) 3,372,338
-----------------------------------------------------------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 522,553 (153,412) 3,104,182 (2,071) 3,471,252
-----------------------------------------------------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 585,874 (11,684) 1,959,927 (904) 2,533,213
-----------------------------------------------------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 554,548 (76,699) 6,184,183 7,407 6,669,439
-----------------------------------------------------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 1,204,738 -- 6,620,161 14,688 7,839,587
-----------------------------------------------------------------------------------------------------------------------------------
International LargeCap Dividend Fund 439,641 (39,369) 7,224,777 5,550 7,630,599
-----------------------------------------------------------------------------------------------------------------------------------
International Dividend Top 100 Fund 1,387,261 (161,622) 23,156,349 14,003 24,395,991
-----------------------------------------------------------------------------------------------------------------------------------
International MidCap Dividend Fund 1,109,911 -- 12,166,970 3,993 13,280,874
-----------------------------------------------------------------------------------------------------------------------------------
International SmallCap Dividend Fund 2,396,670 (13,552) 21,631,997 5,096 24,020,211
-----------------------------------------------------------------------------------------------------------------------------------
WisdomTree International Dividend Funds 115
Notes to Financial Statements (continued)
The tax character of distributions paid during the period ended March 31, 2007,
was as follows:
================================================================================
Distributions Paid
from Ordinary
Fund Income*
--------------------------------------------------------------------------------
DEFA Fund $231,713
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 416,338
--------------------------------------------------------------------------------
Europe Total Dividend Fund 83,789
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 191,720
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 234,397
--------------------------------------------------------------------------------
Japan Total Dividend Fund 104,591
--------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 169,864
--------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 30,965
--------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 196,159
--------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 416,060
--------------------------------------------------------------------------------
International LargeCap Dividend Fund 211,171
--------------------------------------------------------------------------------
International Dividend Top 100 Fund 498,191
--------------------------------------------------------------------------------
International MidCap Dividend Fund 338,186
--------------------------------------------------------------------------------
International SmallCap Dividend Fund 409,690
--------------------------------------------------------------------------------
* Includes short-term capital gains.
At March 31, 2007, 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
Fund Through 2015
--------------------------------------------------------------------------------
DEFA Fund $ --
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 3,223
--------------------------------------------------------------------------------
Europe Total Dividend Fund --
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund --
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund --
--------------------------------------------------------------------------------
Japan Total Dividend Fund 61,971
--------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 60,955
--------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 6,631
--------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 2,486
--------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund --
--------------------------------------------------------------------------------
International LargeCap Dividend Fund 12,856
--------------------------------------------------------------------------------
International Dividend Top 100 Fund --
--------------------------------------------------------------------------------
International MidCap Dividend Fund --
--------------------------------------------------------------------------------
International SmallCap Dividend Fund --
--------------------------------------------------------------------------------
Currency losses and capital losses incurred after October 31 ("post-October
losses") and within the taxable year are deemed to arise on the first business
day of each Fund's next taxable year.
116 WisdomTree International Dividend Funds
Notes to Financial Statements (continued)
During the period ended March 31, 2007, the following Funds incurred and will
elect to defer net post-October losses as follows:
================================================================================
Post-October Post-October
Fund Currency Losses Capital Losses
--------------------------------------------------------------------------------
DEFA Fund $ -- $ --
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund -- 52,569
--------------------------------------------------------------------------------
Europe Total Dividend Fund -- 107,904
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund -- --
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund -- --
--------------------------------------------------------------------------------
Japan Total Dividend Fund 610 102,396
--------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 902 91,555
--------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 5,053 --
--------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund -- 74,213
--------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund -- --
--------------------------------------------------------------------------------
International LargeCap Dividend Fund -- 26,513
--------------------------------------------------------------------------------
International Dividend Top 100 Fund -- 161,622
--------------------------------------------------------------------------------
International MidCap Dividend Fund -- --
--------------------------------------------------------------------------------
International SmallCap Dividend Fund 13,552 --
--------------------------------------------------------------------------------
At March 31, 2007, the effect of permanent"book/tax" reclassifications resulted
in increases (decreases) to the components of net assets as follows:
============================================================================================
Accumulated
Net Realized
Undistributed Gain/Loss on
Net Investment Investments
Fund Income (Loss) Losses Paid-in Capital
--------------------------------------------------------------------------------------------
DEFA Fund $ 7,518 $(1,200,837) $1,193,319
--------------------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 17,991 (979,118) 961,127
--------------------------------------------------------------------------------------------
Europe Total Dividend Fund 5,434 (940,428) 934,994
--------------------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 8,173 (906,399) 898,226
--------------------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 4,781 (430,418) 425,637
--------------------------------------------------------------------------------------------
Japan Total Dividend Fund (3,695) (28,522) 32,217
--------------------------------------------------------------------------------------------
Japan High-Yielding Equity Fund (2,008) 2,008 --
--------------------------------------------------------------------------------------------
Japan SmallCap Dividend Fund (7,536) (172,021) 179,557
--------------------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 8,210 (1,187,605) 1,179,395
--------------------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 22,309 (3,394,084) 3,371,775
--------------------------------------------------------------------------------------------
International LargeCap Dividend Fund 4,014 (4,014) --
--------------------------------------------------------------------------------------------
International Dividend Top 100 Fund 13,758 (13,758) --
--------------------------------------------------------------------------------------------
International MidCap Dividend Fund 15,292 (185,187) 169,895
--------------------------------------------------------------------------------------------
International SmallCap Dividend Fund (9,427) (893,725) 903,152
--------------------------------------------------------------------------------------------
WisdomTree International Dividend Funds 117
Notes to Financial Statements (concluded)
7. NEW ACCOUNTING PRONOUNCEMENTS
On July 13, 2006, the Financial Accounting Standards Board ("FASB") released
FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN
48"). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the evaluation of tax positions taken or expected to be taken in the
course of preparing a fund's tax returns to determine whether the tax positions
are "more-likely-than-not" of being sustained by the applicable tax authority.
Tax positions not deemed to meet a more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. On December 22, 2006, the
Securities and Exchange Commission notified the industry that the implementation
of Fin 48 must be incorporated no later than the last day on which a NAV is
calculated preceding a fund's 2007 semi-annual report (i.e. September 28, 2007
for the funds). At this time, management is evaluating the implications of FIN
48 and its impact on the financial statements has not yet been determined.
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. At this time, management is evaluating the implications
of FAS 157 and its impact in the financial statements has not yet been
determined.
118 WisdomTree International 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 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
Fund, WisdomTree International MidCap Dividend Fund and WisdomTree International
SmallCap Dividend Fund (fourteen of the investment funds constituting the
WisdomTree Trust (the Trust)) as of March 31, 2007, and the related statements
of operations and changes in net assets and financial highlights for the period
June 16, 2006 (commencement of investment operations) through March 31, 2007.
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, 2007, 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 Fund, WisdomTree International
MidCap Dividend Fund and WisdomTree International SmallCap Dividend Fund of
WisdomTree Trust at March 31, 2007, the results of their operations, the changes
in their net assets and the financial highlights for the period June 16, 2006
(commencement of investment operations) through March 31, 2007, in conformity
with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
New York, New York
May 21, 2007
WisdomTree International Dividend Funds 119
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 the Trust'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 (the "Advisory Agreement").
At meetings held on February 21, 2006, May 3, 2006 and May 25, 2006, the Board
of Trustees, including a majority of the Independent Trustees, approved the
Investment Advisory Agreement with WisdomTree Asset Management ("WTA") with
respect to the Funds. In approving the Advisory Agreement with WTA, the Board
reviewed and analyzed the factors it deemed relevant, including: (1) the nature,
quality and extent of the services to be provided to the Funds by WTA; (2) WTA's
personnel and operations; (3) WTA's financial condition; (4) the level and
method of computing each Fund's advisory fee; (5) the possibility of "fall-out"
benefits to WTA and its affiliates (i.e., ancillary benefits that may be
realized by WTA or its affiliates from WTA's relationship with the Funds); (6)
the anticipated effect of growth and size on each Fund's performance and
expenses; and (7) possible conflicts of interest.
The Board also considered the nature and quality of the services to be provided
by WTA to the Funds, recognizing WTA's operational capabilities and resources.
The Board also noted the extensive responsibilities that WTA 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 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 WTA, the Board concluded
that the level of the fees paid to WTA 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 the same criteria it used for
WTA. 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
also evaluated the performance of comparable funds managed by BNYIA in
comparison to a peer group, and the expertise and performance of the BNYIA
personnel. The Board also noted that The Bank of New York ("BNY"), an affiliate
of BNYIA, was proposed to serve as the Funds' administrator, accountant,
custodian and transfer agent and will receive compensation for acting in these
capacities and will be 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 WTA, 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 WTA 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.
120 WisdomTree International 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.
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 Net
Equal to Net Asset Value Asset Value
-----------------------------------------------------
Basis Point Number Percentage of Number Percentage of
Differential* of Days Total Days of Days Total Days
----------------------------------------------------------------------
WisdomTree DEFA Fund
June 16, 2006** - March 31, 2007 0 - 24.9 33 16.67% 15 7.57%
----------------------------------------------------------------------
25 - 49.9 48 24.24% 10 5.05%
----------------------------------------------------------------------
50 - 74.9 44 22.22% 6 3.03%
----------------------------------------------------------------------
75 - 100.0 20 10.10% 0 0.00%
----------------------------------------------------------------------
>100.0 19 9.60% 3 1.52%
----------------------------------------------------------------------
Total 164 82.83% 34 17.17%
====================================================================================================================
WisdomTree DEFA High-Yielding Equity Fund
June 16, 2006** - March 31, 2007 0 - 24.9 28 14.14% 13 6.56%
----------------------------------------------------------------------
25 - 49.9 45 22.73% 10 5.05%
----------------------------------------------------------------------
50 - 74.9 41 20.71% 6 3.03%
----------------------------------------------------------------------
75 - 100.0 32 16.16% 0 0.00%
----------------------------------------------------------------------
>100.0 20 10.10% 3 1.52%
----------------------------------------------------------------------
Total 166 83.84% 32 16.16%
====================================================================================================================
WisdomTree Europe Total Dividend Fund
June 16, 2006** - March 31, 2007 0 - 24.9 38 19.19% 18 9.08%
----------------------------------------------------------------------
25 - 49.9 44 22.22% 6 3.03%
----------------------------------------------------------------------
50 - 74.9 41 20.71% 9 4.55%
----------------------------------------------------------------------
75 - 100.0 19 9.60% 3 1.52%
----------------------------------------------------------------------
>100.0 16 8.08% 4 2.02%
----------------------------------------------------------------------
Total 158 79.80% 40 20.20%
====================================================================================================================
WisdomTree Europe High-Yielding Equity Fund
June 16, 2006** - March 31, 2007 0 - 24.9 44 22.22% 16 8.07%
----------------------------------------------------------------------
25 - 49.9 40 20.20% 7 3.54%
----------------------------------------------------------------------
50 - 74.9 43 21.72% 6 3.03%
----------------------------------------------------------------------
75 - 100.0 18 9.09% 5 2.53%
----------------------------------------------------------------------
>100.0 18 9.09% 1 0.51%
----------------------------------------------------------------------
Total 163 82.32% 35 17.68%
====================================================================================================================
* A basis point equals one-hundredth of one percent (0.01%).
** Commencement of investment operations.
WisdomTree International Dividend Funds 121
Frequency Distribution of Discounts & Premiums (unaudited) (continued)
====================================================================================================================
Market Price Above or Market Price Below Net
Equal to Net Asset Value Asset Value
--------------------------------------------------------------------------------------------------------------------
Basis Point Number Percentage of Number Percentage of
Differential* of Days Total Days of Days Total Days
--------------------------------------------------------------------------------------------------------------------
WisdomTree Europe SmallCap Dividend Fund
June 16, 2006** - March 31, 2007 0 - 24.9 24 12.12% 7 3.54%
----------------------------------------------------------------------
25 - 49.9 44 22.22% 9 4.54%
----------------------------------------------------------------------
50 - 74.9 49 24.75% 4 2.02%
----------------------------------------------------------------------
75 - 100.0 24 12.12% 0 0.00%
----------------------------------------------------------------------
>100.0 33 16.67% 4 2.02%
----------------------------------------------------------------------
Total 174 87.88% 24 12.12%
====================================================================================================================
WisdomTree Japan Total Dividend Fund
June 16, 2006** - March 31, 2007 0 - 24.9 25 12.63% 17 8.58%
----------------------------------------------------------------------
25 - 49.9 30 15.15% 14 7.07%
----------------------------------------------------------------------
50 - 74.9 29 14.65% 9 4.55%
----------------------------------------------------------------------
75 - 100.0 30 15.15% 1 0.51%
----------------------------------------------------------------------
>100.0 37 18.68% 6 3.03%
----------------------------------------------------------------------
Total 151 76.26% 47 23.74%
====================================================================================================================
WisdomTree Japan High-Yielding Equity Fund
June 16, 2006** - March 31, 2007 0 - 24.9 24 12.12% 21 10.60%
----------------------------------------------------------------------
25 - 49.9 23 11.62% 12 6.05%
----------------------------------------------------------------------
50 - 74.9 34 17.17% 11 5.56%
----------------------------------------------------------------------
75 - 100.0 26 13.13% 3 1.52%
----------------------------------------------------------------------
>100.0 39 19.70% 5 2.53%
----------------------------------------------------------------------
Total 146 73.74% 52 26.26%
====================================================================================================================
WisdomTree Japan SmallCap Dividend Fund
June 16, 2006** - March 31, 2007 0 - 24.9 17 8.59% 16 8.07%
----------------------------------------------------------------------
25 - 49.9 42 21.20% 13 6.57%
----------------------------------------------------------------------
50 - 74.9 19 9.60% 8 4.04%
----------------------------------------------------------------------
75 - 100.0 33 16.67% 4 2.02%
----------------------------------------------------------------------
>100.0 35 17.68% 11 5.56%
----------------------------------------------------------------------
Total 146 73.74% 52 26.26%
====================================================================================================================
WisdomTree Pacific ex-Japan Total Dividend
Fund
June 16, 2006** - March 31, 2007 0 - 24.9 37 18.69% 24 12.12%
----------------------------------------------------------------------
25 - 49.9 38 19.19% 18 9.08%
----------------------------------------------------------------------
50 - 74.9 22 11.11% 7 3.54%
----------------------------------------------------------------------
75 - 100.0 22 11.11% 7 3.54%
----------------------------------------------------------------------
>100.0 14 7.07% 9 4.55%
----------------------------------------------------------------------
Total 133 67.17% 65 32.83%
====================================================================================================================
WisdomTree Pacific ex-Japan High-Yielding
Equity Fund
June 16, 2006** - March 31, 2007 0 - 24.9 37 18.68% 22 11.11%
----------------------------------------------------------------------
25 - 49.9 39 19.70% 17 8.58%
----------------------------------------------------------------------
50 - 74.9 19 9.60% 9 4.55%
----------------------------------------------------------------------
75 - 100.0 17 8.59% 8 4.04%
----------------------------------------------------------------------
>100.0 20 10.10% 10 5.05%
----------------------------------------------------------------------
Total 132 66.67% 66 33.33%
====================================================================================================================
* A basis point equals one-hundredth of one percent (0.01%).
** Commencement of investment operations.
122 WisdomTree International Dividend Funds
Frequency Distribution of Discounts & Premiums (unaudited) (concluded)
====================================================================================================================
Market Price Above or Market Price Below Net
Equal to Net Asset Value Asset Value
--------------------------------------------------------------------------------------------------------------------
Basis Point Number Percentage of Number Percentage of
Differential* of Days Total Days of Days Total Days
--------------------------------------------------------------------------------------------------------------------
WisdomTree International LargeCap Dividend
Fund
June 16, 2006** - March 31, 2007 0 - 24.9 23 11.62% 10 5.05%
----------------------------------------------------------------------
25 - 49.9 59 29.78% 4 2.02%
----------------------------------------------------------------------
50 - 74.9 43 21.72% 3 1.52%
----------------------------------------------------------------------
75 - 100.0 21 10.61% 0 0.00%
----------------------------------------------------------------------
>100.0 33 16.67% 2 1.01%
----------------------------------------------------------------------
Total 179 90.40% 19 9.60%
====================================================================================================================
WisdomTree International Dividend Top 100
Fund
June 16, 2006** - March 31, 2007 0 - 24.9 24 12.12% 8 4.04%
----------------------------------------------------------------------
25 - 49.9 48 24.24% 3 1.52%
----------------------------------------------------------------------
50 - 74.9 55 27.78% 2 1.01%
----------------------------------------------------------------------
75 - 100.0 22 11.11% 0 0.00%
----------------------------------------------------------------------
>100.0 34 17.17% 2 1.01%
----------------------------------------------------------------------
Total 183 92.42% 15 7.58%
====================================================================================================================
WisdomTree International MidCap Dividend
Fund
June 16, 2006** - March 31, 2007 0 - 24.9 28 14.14% 11 5.55%
----------------------------------------------------------------------
25 - 49.9 46 23.23% 7 3.53%
----------------------------------------------------------------------
50 - 74.9 47 23.74% 1 0.51%
----------------------------------------------------------------------
75 - 100.0 20 10.10% 1 0.51%
----------------------------------------------------------------------
>100.0 34 17.17% 3 1.52%
----------------------------------------------------------------------
Total 175 88.38% 23 11.62%
====================================================================================================================
WisdomTree International SmallCap Dividend
Fund
June 16, 2006** - March 31, 2007 0 - 24.9 18 9.08% 11 5.56%
----------------------------------------------------------------------
25 - 49.9 41 20.71% 2 1.01%
----------------------------------------------------------------------
50 - 74.9 46 23.23% 0 0.00%
----------------------------------------------------------------------
75 - 100.0 39 19.70% 0 0.00%
----------------------------------------------------------------------
>100.0 37 18.69% 4 2.02%
----------------------------------------------------------------------
Total 181 91.41% 17 8.59%
====================================================================================================================
* A basis point equals one-hundredth of one percent (0.01%).
** Commencement of investment operations.
WisdomTree International Dividend Funds 123
Trustees and Officers 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 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.
The address of each Trustee and Officer is c/o WisdomTree Asset Management,
Inc., 48 Wall Street, 11th Floor, New York, NY 10005.
Interested Trustee and Officers
Number of
Portfolios
in
Fund Other Directorships
Term of Office Complex Held by
Name and Length Principal Occupation(s) Overseen by Trustee
(year of birth) Position of Time Served During the Past 5 Years Trustee and Officer
------------------ ----------- --------------- ------------------------------- ----------- -------------------
Jonathan Steinberg Trustee, Trustee and Chief Executive Officer of 36 None.
(1964) President* Officer WisdomTree Investments, Inc.
since 2005 (formerly, Index Development
Partners, Inc.) and Director of
WisdomTree Investments, Inc.
(since 1989).
Marc Ruskin Treasurer*, Officer Chief Financial Officer of 36 None.
(1952) Assistant since 2005 WisdomTree Investments, Inc.
Secretary* (formerly, Index Development
Partners, Inc.); Chief
Financial Officer, RiskMetrics
Group, Inc. (2003 to 2004);
Chief Financial Officer of
Cognet Corp. (1999 to 2002).
Richard Morris Secretary*, Officer Deputy General Counsel of 36 None.
(1967) Chief since 2005 WisdomTree Investments, Inc.
Legal (since 2005); Senior Counsel at
Officer* Barclays Global Investors, N.A.
(2002 to 2005); Counsel at Bar-
clays Global Investors, N.A.
(2000 to 2001).
------------------------------------------------------------------------------------------------------------------------
* Elected by and serves at the pleasure of the Board of Trustees.
124 WisdomTree International Dividend Funds
Trustees and Officers Information (unaudited) (concluded)
Independent Trustees
Number of
Portfolios
in
Fund
Complex
Overseen by Other Directorships
Term of Office Trustee Held by
Name and Length Principal Occupation(s) and Trustee
(year of birth) Position of Time Served During the Past 5 Years Officer and Officer
------------------ ----------- --------------- ------------------------------- ----------- -------------------
Gregory Barton Trustee Trustee Executive Vice President of 36 None.
(1961)* since 2006 Licensing and Legal Affairs,
General Counsel and Secretary
of Ziff Davis Media Inc. (since
2003); 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 36 None.
(1955)** since 2006 James 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 (since 2005); 36 Trustee on Board of
(1947) Chairman since 2006 President and Chief Executive Trustees of
of the Officer of William D. Witter, Naismith Memorial
Board of Inc. (2005 to August 2006); Basketball Hall of
Trustees Consultant to AXA Enterprise in Fame; Member of the
2004; Chairman, President and Board of Directors of
Chief Executive Officer of William D. Witter,
Enterprise Capital Management Inc.; Member of the
(subsidiary of The MONY Board of Overseers
Group, Inc.) and Enterprise of the Hoover
Group of Funds, Chairman of Institution at
MONY Securities Corp., and Stanford University.
Chairman of the Fund Board of
Enterprise Group of Funds
(1991 to 2004).
------------------------------------------------------------------------------------------------------------------------
* Chairman of the Audit Committee.
** Chairman of the Nominating Committee.
WisdomTree International Dividend Funds 125
Supplemental Information (unaudited)
Federal Income Tax Information
The following Federal tax information related to the Funds fiscal year ended
March 31, 2007,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 2008.
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, the following represents the maximum amount of ordinary
income distributions that may be considered qualified dividend income:
================================================================================
Qualified Dividend
Fund Income
--------------------------------------------------------------------------------
DEFA Fund $ 771,186
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 1,536,005
--------------------------------------------------------------------------------
Europe Total Dividend Fund 232,037
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 504,034
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 1,013,487
--------------------------------------------------------------------------------
Japan Total Dividend Fund 383,875
--------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 511,021
--------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 558,516
--------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 582,221
--------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 1,207,690
--------------------------------------------------------------------------------
International LargeCap Dividend Fund 698,797
--------------------------------------------------------------------------------
International Dividend Top 100 Fund 1,950,171
--------------------------------------------------------------------------------
International MidCap Dividend Fund 853,859
--------------------------------------------------------------------------------
International SmallCap Dividend Fund 1,307,894
--------------------------------------------------------------------------------
The Funds designate the following amount of ordinary income distributions paid
during the fiscal year, is from qualified short-term gains:
================================================================================
Qualified
Fund Short-Term Gains
--------------------------------------------------------------------------------
DEFA Fund $17,022
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund --
--------------------------------------------------------------------------------
Europe Total Dividend Fund 936
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund --
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund --
--------------------------------------------------------------------------------
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 --
--------------------------------------------------------------------------------
International LargeCap Dividend Fund --
--------------------------------------------------------------------------------
International Dividend Top 100 Fund 12,277
--------------------------------------------------------------------------------
International MidCap Dividend Fund --
--------------------------------------------------------------------------------
International SmallCap Dividend Fund --
--------------------------------------------------------------------------------
126 WisdomTree International Dividend Funds
Supplemental Information (unaudited) (concluded)
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 Foreign Taxes
Fund Income Paid
--------------------------------------------------------------------------------
DEFA Fund $ 952,099 $ 46,529
--------------------------------------------------------------------------------
DEFA High-Yielding Equity Fund 1,653,999 64,054
--------------------------------------------------------------------------------
Europe Total Dividend Fund 304,977 25,000
--------------------------------------------------------------------------------
Europe High-Yielding Equity Fund 564,882 27,639
--------------------------------------------------------------------------------
Europe SmallCap Dividend Fund 1,091,188 73,870
--------------------------------------------------------------------------------
Japan Total Dividend Fund 399,568 30,086
--------------------------------------------------------------------------------
Japan High-Yielding Equity Fund 792,407 59,647
--------------------------------------------------------------------------------
Japan SmallCap Dividend Fund 704,281 53,021
--------------------------------------------------------------------------------
Pacific ex-Japan Total Dividend Fund 768,384 8,721
--------------------------------------------------------------------------------
Pacific ex-Japan High-Yielding Equity Fund 1,428,290 30,051
--------------------------------------------------------------------------------
International LargeCap Dividend Fund 761,342 28,375
--------------------------------------------------------------------------------
International Dividend Top 100 Fund 2,105,517 79,756
--------------------------------------------------------------------------------
International MidCap Dividend Fund 1,098,591 67,938
--------------------------------------------------------------------------------
International SmallCap Dividend Fund 2,104,747 112,321
--------------------------------------------------------------------------------
WisdomTree International Dividend Funds 127
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, 2006, 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 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 at
www.wisdomtree.com.
128 WisdomTree International Dividend Funds
[This page intentionally left blank.]
The WisdomTree Trust
Investment Adviser
WisdomTree Asset Management, Inc.
48 Wall Street, Suite 1100
New York, NY 10005
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.
1625 Broadway
Denver, CO 80202
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 Family of Funds
The following is a list of WisdomTree Funds being offered, along with their
respective ticker symbols:
WisdomTree Domestic Dividend Funds
WisdomTree Total Dividend Fund (DTD)
WisdomTree High-Yielding Equity Fund (DHS)
WisdomTree Large Cap Dividend Fund (DLN)
WisdomTree Dividend Top 100 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 Fund (DOO)
WisdomTree International MidCap Dividend Fund (DIM)
WisdomTree International SmallCap Dividend Fund (DLS)
WisdomTree International Dividend Sector Funds
WisdomTree International Basic Material 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 Domestic 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)
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 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.
In addition to the normal risks associated with investing, foreign investing
involves special risks, such as risk of loss from currency fluctuation or
political or economic uncertainty. Funds focusing on a single country, sector,
and/or funds that emphasize investments in smaller companies may experience
greater price volatility. 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.
This is not part of the Annual Report.
[LOGO] WISDOMTREE(SM)
48 Wall Street, Suite 1100
New York, NY 10005
1.866.900.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
This report when not used for the general information of shareholders of the
Fund, is to be distributed only if preceded or accompanied by a current Fund
Prospectus.
WisdomTree Fund shares are distributed by ALPS Distributors, Inc.
[LOGO] WISDOMTREE
--------------------------------------------------------------------------------
WisdomTree Trust
International Dividend Sector Funds
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
Annual Report
For the period October 13, 2006 (commencement of investment operations) through
March 31, 2007
Table of Contents
--------------------------------------------------------------------------------
Letter to Shareholders .............................................. 1
Management's Discussion of Funds' Performance ....................... 2
Performance Summaries ............................................... 4
Shareholder Expense Examples ........................................ 24
Schedules of Investments
WisdomTree International Basic Materials Sector Fund .............. 26
WisdomTree International Communications Sector Fund ............... 28
WisdomTree International Consumer Cyclical Sector Fund ............ 30
WisdomTree International Consumer Non-Cyclical Sector Fund ........ 34
WisdomTree International Energy Sector Fund ....................... 38
WisdomTree International Financial Sector Fund .................... 39
WisdomTree International Health Care Sector Fund .................. 43
WisdomTree International Industrial Sector Fund ................... 45
WisdomTree International Technology Sector Fund ................... 50
WisdomTree International Utilities Sector Fund .................... 52
Statements of Assets and Liabilities ................................ 53
Statements of Operations ............................................ 55
Statements of Changes in Net Assets ................................. 57
Financial Highlights ................................................ 59
Notes to the Financial Statements ................................... 64
Report of Independent Registered Public Accounting Firm ............. 70
Approval of Investment Advisory and Sub-Advisory Agreement
(unaudited) ....................................................... 71
Frequency Distribution of Discounts & Premiums (unaudited) .......... 72
Trustees and Officers Information (unaudited) ....................... 74
Supplemental Information (unaudited) ................................ 76
General Information (unaudited) ..................................... 77
"WisdomTree", "WisdomTree Investments" and "Dividend Top 100" are service 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 to you highlights for the funds of the WisdomTree
Trust for the fiscal year ended March 31, 2007. The Trust's initial year of
operations was marked by several milestones and industry firsts.
In less than a year, WisdomTree launched 36 exchange traded funds (ETFs) and
quickly established itself as a market leader, with the broadest menu of
fundamentally weighted ETFs issued in the U.S. WisdomTree believes that
fundamentally weighted index funds, where initial index weights are anchored to
a measure of fundamental value, such as earnings or dividends, have the
potential to overcome what WisdomTree believes is an inherent flaw of market
capitalization-weighted index funds: their tendency to overweight overvalued
stocks, overvalued sectors and overvalued regions of the world. The historic
launch of 20 ETFs on a single day in June of 2006 was a testament to
WisdomTree's conviction in this idea. The June listing gave U.S. investors the
opportunity, for the first time, to invest in dividend-weighted portfolios
throughout the developed world. WisdomTree's international small cap and
international high-yielding offerings were the first of their kind. In October
of 2006, WisdomTree pioneered another industry first by launching ten pure
international sector ETFs. These are derived from the WisdomTree DEFA Index,
which measures the performance of dividend-paying companies in the developed
world outside the U.S. and Canada. In February of 2007, WisdomTree unveiled six
new domestic earnings-based ETFs to complement its existing domestic dividend
family. Although weighting indexes by fundamental factors is not a new concept,
it was commercialized nearly two decades ago, WisdomTree's application of the
idea in the ETF format broke new ground. By March 31, 2007, assets under
management in the WisdomTree Trust stood at approximately $3 billion, up from
$1.5 billion at the end of 2006. Moreover, in the first quarter of 2007,
WisdomTree took in approximately 13% of the net inflows into the U.S. ETF
industry, according to an April 2007 Morgan Stanley report.
Just as our products have found quick acceptance in the market, WisdomTree's
unique perspective is also changing the way advisors, fiduciaries and
self-directed investors view indexing. WisdomTree is engaged in a pivotal debate
that could redefine the direction of equity index investing, a debate which
pivots on a key question: do fundamentally weighted index funds better serve
investors than market capitalization-weighted index funds? In the years to come,
fund performance data included in these reports will provide some of the
real-time results necessary to help resolve this debate.
In the interim, WisdomTree is committed to leading the fundamentally weighted
index category, giving equity investors a fundamental choice in every major
region where they currently use a market capitalization-weighted index fund. We
have resolved to do so through competitively priced ETFs designed to provide the
transparency, liquidity and tax advantages that have made exchange traded funds
so popular.
Although launching any new enterprise is never easy, our work has been aided by
the conviction that we are serving investors and by the confidence you have
shown in us. Thank you for your continued support.
Best Regards,
/s/ Jonathan Steinberg
-------------------------------------
Jonathan Steinberg
President, WisdomTree Trust
CEO, WisdomTree Asset Management, Inc.
The sources, opinions and forecasts expressed are as of March 31, 2007 and may
not actually come to pass. 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.
WisdomTree International Dividend Sector Funds 1
Management's Discussion of Funds' Performance
The 10 international sector ETFs introduced 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
United States 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 benchmark index.
Solid economic growth, low inflation, strong profit gains, combined with high
levels of merger and acquisition activity and abundant liquidity, fueled
financial markets around the globe in the fiscal year that ended March 31, 2007.
Since the inception of the WisdomTree international sector Funds in October
2006, Europe has sustained surprisingly healthy growth, with Germany leading the
way. Japan also showed renewed vigor, breaking out of a prolonged period of
sub-par economic performance. Economic growth in many regions accelerated even
as the pace of expansion in the U.S. slowed. As a result, inflows into
internationally-based funds have continued to grow as U.S. investors looked for
increased exposure to overseas markets. Moreover, continued weakness in the
dollar has reinforced the appeal of investing abroad among dollar-based
investors.
WisdomTree's international sector ETFs benefited from this environment, with
eight of the ten WisdomTree international sector Funds generating solid,
double-digit returns since their inception on October 13, 2006. Six of the ten
WisdomTree international sector Funds outperformed the MSCI EAFE Index*, which
generated a total return of 13.20% from October 13, 2006 to March 31, 2007. The
performance of WisdomTree's international sector ETFs was aided by appreciation
in the British pound, the Australian dollar and the euro, all of which increased
in value relative to the U.S. dollar for the period that ended March 31, 2007.
The WisdomTree International Basic Materials Sector Fund (DBN) generated the
highest return of any of WisdomTree's international sector Funds for the period
that ended March 31, 2007. DBN returned 25.81% from inception of the Fund
through March 31, 2007. The lowest return was recorded by the WisdomTree
International Technology Sector Fund (DBT), which gained just 4.51% for the
period that ended March 31, 2007.
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.
2 WisdomTree International Dividend Sector Funds
Management's Discussion of Funds' Performance (concluded)
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.
* Performance information for the MSCI EAFE Index 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 3
Performance Summary
WisdomTree International Basic Materials Sector Fund
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 25.81%
at NAV, since its inception on 10/13/2006 (for more complete performance
information, please see below). Germany contributed most significantly to this
performance; companies from this country comprised on average 16.31% of the Fund
and returned 34.78% over the period. BASF AG was the top contributor to
performance for the period. Denmark was the biggest detractor to the Fund for
the period.
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.
Performance as of 3/31/07
=================================================================================
Cumulative Total Return
---------------------------------------------------------------------------------
WisdomTree
International
Basic Materials MSCI EAFE
Net Asset Value Market Price Sector Index Index
---------------------------------------------------------------------------------
Since Inception(1) 25.81% 26.64% 26.61% 13.20%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, October 13, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Basic Materials Sector Fund MSCI EAFE Index
----------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,467 $10,239
11/30/2006 $10,738 $10,545
12/31/2006 $11,233 $10,876
1/31/2007 $11,308 $10,950
2/28/2007 $11,681 $11,038
3/31/2007 $12,581 $11,320
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 (concluded)
WisdomTree International Basic Materials Sector Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Market % of Net
Description Shares Value Assets
--------------------------------------------------------------------------------
Anglo American PLC 10,604 $556,766 8.7%
--------------------------------------------------------------------------------
BASF AG 4,288 481,068 7.5%
--------------------------------------------------------------------------------
BHP Billiton Ltd. 19,748 476,847 7.4%
--------------------------------------------------------------------------------
Bayer AG 5,538 352,672 5.5%
--------------------------------------------------------------------------------
Rio Tinto PLC 5,156 293,470 4.6%
--------------------------------------------------------------------------------
BHP Billiton PLC 12,331 274,020 4.3%
--------------------------------------------------------------------------------
Air Liquide 1,049 254,839 4.0%
--------------------------------------------------------------------------------
ThyssenKrupp AG 3,745 184,651 2.9%
--------------------------------------------------------------------------------
Akzo Nobel N.V. 2,178 164,822 2.6%
--------------------------------------------------------------------------------
UPM-Kymmene Corp. 6,350 161,196 2.5%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Mining 35.2%
Chemicals 34.4%
Iron/Steel 19.5%
Forest Products & Paper 9.9%
Other 1.0%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree International Dividend Sector Funds 5
Performance Summary
WisdomTree International Communications Sector Fund
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 14.87% at
NAV, since its inception on 10/13/2006 (for more complete performance
information, please see below). The United Kingdom contributed most
significantly to this performance; companies from this country comprised on
average 21.51% of the Fund and returned 15.11% over the period. Telstra Corp.
was the top contributor to performance for the period. Italy was the biggest
detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
Communications MSCI EAFE
Net Asset Value Market Price Sector Index Index
--------------------------------------------------------------------------------
Since Inception(1) 14.87% 14.71% 16.08% 13.20%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, October 13, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Communications Sector Fund MSCI EAFE Index
---------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,591 $10,239
11/30/2006 $10,914 $10,545
12/31/2006 $11,333 $10,876
1/31/2007 $11,487 $10,950
2/28/2007 $11,467 $11,038
3/31/2007 $11,487 $11,320
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 (concluded)
WisdomTree International Communications Sector Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Market % of Net
Description Shares Value Assets
--------------------------------------------------------------------------------
Vodafone Group PLC 836,130 $2,222,123 9.6%
--------------------------------------------------------------------------------
France Telecom S.A. 82,174 2,162,560 9.3%
--------------------------------------------------------------------------------
Deutsche Telekom AG 96,807 1,595,345 6.9%
--------------------------------------------------------------------------------
China Mobile Ltd. 168,000 1,527,517 6.6%
--------------------------------------------------------------------------------
Telefonica, S.A. 66,515 1,460,934 6.3%
--------------------------------------------------------------------------------
Telstra Corp. Ltd. 295,371 1,111,948 4.8%
--------------------------------------------------------------------------------
BT Group PLC 178,549 1,063,723 4.6%
--------------------------------------------------------------------------------
Telecom Italia SpA 345,739 982,592 4.2%
--------------------------------------------------------------------------------
Vivendi 21,955 889,036 3.8%
--------------------------------------------------------------------------------
Nokia Oyj 36,631 840,158 3.6%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Telecommunications 79.2%
Media 18.5%
Advertising 1.7%
Internet 0.4%
Other 0.2%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree International Dividend Sector Funds 7
Performance Summary
WisdomTree International Consumer Cyclical Sector Fund
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 20.63%
at NAV, since its inception on 10/13/2006 (for more complete performance
information, please see below). Germany contributed most significantly to this
performance; companies from this country comprised on average 13.06% of the Fund
and returned 42.78% over the period. DaimlerChrysler AG was the top contributor
to performance for the period. Denmark was the biggest detractor to the Fund for
the period.
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.
Performance as of 3/31/07
===================================================================================
Cumulative Total Return
-----------------------------------------------------------------------------------
WisdomTree
International
Consumer Cyclical MSCI EAFE
Net Asset Value Market Price Sector Index Index
-----------------------------------------------------------------------------------
Since Inception(1) 20.63% 20.31% 19.50% 13.20%
-----------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, October 13, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Consumer Cyclical Sector Fund MSCI EAFE Index
------------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,400 $10,239
11/30/2006 $10,768 $10,545
12/31/2006 $11,223 $10,876
1/31/2007 $11,334 $10,950
2/28/2007 $11,544 $11,038
3/31/2007 $12,063 $11,320
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
annual ized. Index returns do not reflect expenses paid by the Fund.
8 WisdomTree International Dividend Sector Funds
Performance Summary (concluded)
WisdomTree International Consumer Cyclical Sector Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
% of Net
Description Shares Value Assets
--------------------------------------------------------------------------------
DaimlerChrysler AG 6,055 $494,892 8.1%
--------------------------------------------------------------------------------
Toyota Motor Corp. 7,100 453,991 7.5%
--------------------------------------------------------------------------------
H&M Hennes & Mauritz AB Class B 4,200 240,647 4.0%
--------------------------------------------------------------------------------
Renault S.A. 1,662 193,693 3.2%
--------------------------------------------------------------------------------
Alliance Boots PLC 7,350 147,979 2.4%
--------------------------------------------------------------------------------
Volkswagen AG 950 142,267 2.3%
--------------------------------------------------------------------------------
Nissan Motor Co., Ltd. 13,300 142,265 2.3%
--------------------------------------------------------------------------------
Coles Group Ltd. 9,374 123,058 2.0%
--------------------------------------------------------------------------------
Compass Group PLC 18,347 122,348 2.0%
--------------------------------------------------------------------------------
Qantas Airways Ltd. 27,815 117,970 1.9%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Auto Manufacturers 31.4%
Retail 25.6%
Airlines 6.5%
Auto Parts & Equipment 6.5%
Distribution/Wholesale 6.3%
Home Furnishings 3.8%
Home Builders 3.7%
Entertainment 3.5%
Lodging 3.1%
Food Service 2.9%
Other 6.7%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree International Dividend Sector Funds 9
Performance Summary
WisdomTree International Consumer Non-Cyclical Sector Fund
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
13.49% at NAV, since its inception on 10/13/2006 (for more complete performance
information, please see below). United Kingdom contributed most significantly
to this performance; companies from this country comprised on average 41.57% of
the Fund and returned 13.50% over the period. Nestle S.A. was the top
contributor to performance for the period. Hong Kong was the biggest detractor
to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
Consumer
Net Asset Market Non-Cyclical MSCI EAFE
Value Price Sector Index Index
--------------------------------------------------------------------------------
Since Inception(1) 13.49% 13.80% 12.41% 13.20%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, October 13, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Consumer Non-Cyclical Sector Fund MSCI EAFE Index
----------------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,173 $10,239
11/30/2006 $10,522 $10,545
12/31/2006 $10,714 $10,876
1/31/2007 $10,782 $10,950
2/28/2007 $10,935 $11,038
3/31/2007 $11,349 $11,320
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 (concluded)
WisdomTree International Consumer Non-Cyclical Sector Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
GlaxoSmithKline PLC 70,661 $1,936,115 8.6%
--------------------------------------------------------------------------------
Nestle S.A. 3,786 1,467,663 6.5%
--------------------------------------------------------------------------------
Novartis AG 17,288 987,036 4.4%
--------------------------------------------------------------------------------
Sanofi-Aventis 11,058 958,263 4.2%
--------------------------------------------------------------------------------
British American Tobacco PLC 30,450 949,000 4.2%
--------------------------------------------------------------------------------
AstraZeneca PLC 16,165 866,821 3.8%
--------------------------------------------------------------------------------
Diageo PLC 40,435 816,466 3.6%
--------------------------------------------------------------------------------
Tesco PLC 79,349 691,391 3.1%
--------------------------------------------------------------------------------
Unilever N.V. 22,282 646,603 2.9%
--------------------------------------------------------------------------------
Roche Holding AG 3,417 601,782 2.7%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Food 30.9%
Pharmaceuticals 29.1%
Beverages 10.9%
Agriculture 9.1%
Commercial Services 8.8%
Cosmetics/Personal Care 4.4%
Healthcare-Services 3.2%
Household Products/Wares 2.0%
Other 1.6%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree International Dividend Sector Funds 11
Performance Summary
WisdomTree International Energy Sector Fund
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 Funds (DKA) returned 12.36% at NAV,
since its inception on 10/13/2006 (for more complete performance information,
please see below). Norway contributed most significantly to this performance;
companies from this country comprised on average 8.87% of the Fund and returned
30.12% over the period. Norsk Hydro ASA was the top contributor to performance
for the period. Singapore was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
Energy
Net Asset Market Sector MSCI EAFE
Value Price Index Index
--------------------------------------------------------------------------------
Since Inception(1) 12.36% 12.15% 13.17% 13.20%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, October 13, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Energy Sector Fund MSCI EAFE Index
------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,369 $10,239
11/30/2006 $10,825 $10,545
12/31/2006 $10,952 $10,876
1/31/2007 $10,539 $10,950
2/28/2007 $10,571 $11,038
3/31/2007 $11,236 $11,320
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
Performance Summary (concluded)
WisdomTree International Energy Sector Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Eni SpA 61,951 $2,008,874 8.8%
--------------------------------------------------------------------------------
TOTAL S.A. 27,875 1,946,200 8.5%
--------------------------------------------------------------------------------
BP PLC 176,172 1,907,354 8.4%
--------------------------------------------------------------------------------
Royal Dutch Shell PLC Class A 48,318 1,601,532 7.0%
--------------------------------------------------------------------------------
Royal Dutch Shell PLC Class B 42,646 1,414,415 6.2%
--------------------------------------------------------------------------------
Norsk Hydro ASA 34,600 1,142,166 5.0%
--------------------------------------------------------------------------------
Repsol YPF, S.A. 28,890 970,653 4.3%
--------------------------------------------------------------------------------
Statoil ASA 35,400 959,798 4.2%
--------------------------------------------------------------------------------
Origin Energy Ltd. 129,808 944,838 4.1%
--------------------------------------------------------------------------------
Cia Espanola de Petroleos S.A. 9,758 838,463 3.7%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Oil & Gas 90.9%
Oil & Gas Services 8.0%
Coal 0.5%
Other 0.6%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree International Dividend Sector Funds 13
Performance Summary
WisdomTree International Financial Sector Fund
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 10.32% at NAV,
since its inception on 10/13/2006 (for more complete performance information,
please see below). Australia contributed most significantly to this performance;
companies from this country comprised on average 11.80% of the Fund and returned
20.03% over the period. ABN AMRO Holdings N.V. was the top contributor to
performance for the period. New Zealand was the biggest detractor to the Fund
for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
Financial MSCI EAFE
Net Asset Value Market Price Sector Index Index
--------------------------------------------------------------------------------
Since Inception(1) 10.32% 10.84% 10.96% 13.20%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, October 13, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Financial Sector Fund MSCI EAFE Index
-------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,130 $10,239
11/30/2006 $10,371 $10,545
12/31/2006 $10,779 $10,876
1/31/2007 $10,870 $10,950
2/28/2007 $10,791 $11,038
3/31/2007 $11,032 $11,320
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 Sector Funds
Performance Summary (concluded)
WisdomTree International Financial Sector Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
HSBC Holdings PLC 82,765 $1,443,935 6.5%
--------------------------------------------------------------------------------
Lloyds TSB Group PLC 71,172 781,722 3.5%
--------------------------------------------------------------------------------
Royal Bank of Scotland Group (The) PLC 19,847 772,310 3.5%
--------------------------------------------------------------------------------
Barclays PLC 49,143 694,947 3.1%
--------------------------------------------------------------------------------
Banco Santander Central Hispano S.A. 38,070 677,043 3.0%
--------------------------------------------------------------------------------
ABN AMRO Holding N.V. 13,892 595,823 2.7%
--------------------------------------------------------------------------------
AXA S.A. 13,920 588,129 2.6%
--------------------------------------------------------------------------------
ING Groep N.V. 13,109 552,293 2.5%
--------------------------------------------------------------------------------
HBOS PLC 26,781 549,957 2.5%
--------------------------------------------------------------------------------
Commonwealth Bank of Australia 13,281 539,242 2.4%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Banks 69.0%
Insurance 17.9%
Diversified Financial Services 9.1%
Real Estate 3.1%
Other 0.9%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree International Dividend Sector Funds 15
Performance Summary
WisdomTree International Health Care Sector Fund
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 8.03% at
NAV, since its inception on 10/13/2006 (for more complete performance
information, please see below). Germany contributed most significantly to this
performance; companies from this country comprised on average 8.80% of the Fund
and returned 23.62% over the period. CSL Ltd. was the top contributor to
performance for the period. Belgium was the biggest detractor to the Fund for
the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
Health Care MSCI EAFE
Net Asset Value Market Price Sector Index Index
--------------------------------------------------------------------------------
Since Inception(1) 8.03% 8.06% 8.50% 13.20%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, October 13, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Health Care Sector Fund MSCI EAFE Index
-------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,152 $10,239
11/30/2006 $10,357 $10,545
12/31/2006 $10,551 $10,876
1/31/2007 $10,591 $10,950
2/28/2007 $10,643 $11,038
3/31/2007 $10,803 $11,320
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 Sector Funds
Performance Summary (concluded)
WisdomTree International Health Care Sector Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
GlaxoSmithKline PLC 77,690 $2,128,709 9.9%
--------------------------------------------------------------------------------
Novartis AG 26,908 1,536,278 7.1%
--------------------------------------------------------------------------------
Sanofi-Aventis 17,622 1,527,085 7.1%
--------------------------------------------------------------------------------
AstraZeneca PLC 25,802 1,383,588 6.4%
--------------------------------------------------------------------------------
Roche Holding AG 7,800 1,373,689 6.4%
--------------------------------------------------------------------------------
Takeda Pharmaceutical Co., Ltd. 12,800 837,976 3.9%
--------------------------------------------------------------------------------
Novo-Nordisk A/S Class B 6,400 581,964 2.7%
--------------------------------------------------------------------------------
CSL Ltd. 6,650 442,508 2.1%
--------------------------------------------------------------------------------
Astellas Pharma, Inc. 9,200 395,816 1.8%
--------------------------------------------------------------------------------
ALTANA AG 5,762 372,920 1.7%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Pharmaceuticals 66.5%
Healthcare-Services 26.1%
Biotechnology 4.4%
Chemicals 1.7%
Telecommunications 0.8%
Other 0.5%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree International Dividend Sector Funds 17
Performance Summary
WisdomTree International Industrial Sector Fund
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 22.75% at
NAV, since its inception on 10/13/2006 (for more complete performance
information, please see below). France contributed most significantly to this
performance; companies from this country comprised on average 16.95% of the Fund
and returned 25.95% over the period. Siemens AG was the top contributor to
performance for the period. Ireland was the biggest detractor to the Fund for
the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
Industrial MSCI EAFE
Net Asset Value Market Price Sector Index Index
--------------------------------------------------------------------------------
Since Inception(1) 22.75% 22.99% 21.44% 13.20%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, October 13, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Industrial Sector Fund MSCI EAFE Index
-------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,252 $10,239
11/30/2006 $10,701 $10,545
12/31/2006 $11,183 $10,876
1/31/2007 $11,565 $10,950
2/28/2007 $11,727 $11,038
3/31/2007 $12,275 $11,320
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 Sector Funds
Performance Summary (concluded)
WisdomTree International Industrial Sector Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Siemens AG 10,869 $1,157,751 4.6%
--------------------------------------------------------------------------------
VINCI S.A. 5,030 776,834 3.1%
--------------------------------------------------------------------------------
Deutsche Post AG 24,949 752,558 3.0%
--------------------------------------------------------------------------------
AB Volvo Class B 8,400 703,981 2.8%
--------------------------------------------------------------------------------
Cie de Saint-Gobain S.A. 6,744 656,868 2.6%
--------------------------------------------------------------------------------
Schneider Electric S.A. 5,118 647,422 2.6%
--------------------------------------------------------------------------------
Lafarge S.A. 3,668 574,640 2.3%
--------------------------------------------------------------------------------
Koninklijke Philips Electronics N.V. 14,957 569,226 2.3%
--------------------------------------------------------------------------------
Wesfarmers Ltd. 18,490 563,877 2.3%
--------------------------------------------------------------------------------
BAE SYSTEMS PLC 57,080 514,988 2.1%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Engineering & Construction 18.2%
Transportation 15.2%
Building Materials 14.9%
Miscellaneous Manufacturers 13.2%
Machinery-Diversified 8.0%
Electronics 7.0%
Electrical Components & Equipment 6.6%
Aerospace/Defense 6.1%
Metal Fabricate/Hardware 3.2%
Hand/Machine Tools 2.4%
Other 5.2%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree International Dividend Sector Funds 19
Performance Summary
WisdomTree International Technology Sector Fund
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 4.51% at NAV,
since its inception on 10/13/2006 (for more complete performance information,
please see below). France contributed most significantly to this performance;
companies from this country comprised on average 12.07% of the Fund and returned
16.89% over the period. Capgemini was the top contributor to performance for the
period. Germany was the biggest detractor to the Fund for the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
Technology MSCI EAFE
Net Asset Value Market Price Sector Index Index
--------------------------------------------------------------------------------
Since Inception(1) 4.51% 4.51% 5.00% 13.20%
-------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, October 13, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Technology Sector Fund MSCI EAFE Index
-------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,000 $10,239
11/30/2006 $10,278 $10,545
12/31/2006 $10,602 $10,876
1/31/2007 $10,204 $10,950
2/28/2007 $10,327 $11,038
3/31/2007 $10,451 $11,320
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 Sector Funds
Performance Summary (concluded)
WisdomTree International Technology Sector Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Canon Inc. 20,400 $1,093,644 20.8%
--------------------------------------------------------------------------------
SAP AG 14,040 623,665 11.9%
--------------------------------------------------------------------------------
STMicroelectronics N.V. 11,065 212,247 4.0%
--------------------------------------------------------------------------------
Ricoh Co., Ltd. 9,000 202,371 3.9%
--------------------------------------------------------------------------------
Capgemini 2,640 200,275 3.8%
--------------------------------------------------------------------------------
Oracle Corp. Japan 4,100 196,883 3.8%
--------------------------------------------------------------------------------
LogicaCMG PLC 48,924 170,804 3.3%
--------------------------------------------------------------------------------
Neopost S.A. 946 134,742 2.6%
--------------------------------------------------------------------------------
TDK Corp. 1,400 121,177 2.3%
--------------------------------------------------------------------------------
Misys PLC 25,833 120,969 2.3%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Software 33.2%
Office/Business Equipment 30.4%
Computers 26.8%
Semiconductors 8.9%
Other 0.7%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree International Dividend Sector Funds 21
Performance Summary
WisdomTree International Utilities Sector Fund
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 19.18% at NAV,
since its inception on 10/13/2006 (for more complete performance information,
please see below). The United Kingdom contributed most significantly to this
performance; companies from this country comprised on average 21.88% of the Fund
and returned 20.73% over the period. Enel S.A. was the top contributor to
performance for the period. Austria was the biggest detractor to the Fund for
the period.
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.
Performance as of 3/31/07
================================================================================
Cumulative Total Return
--------------------------------------------------------------------------------
WisdomTree
International
Utilities MSCI EAFE
Net Asset Value Market Price Sector Index Index
--------------------------------------------------------------------------------
Since Inception(1) 19.18% 19.81% 19.62% 13.20%
--------------------------------------------------------------------------------
(1) Total returns are calculated based on the commencement of trading on the
NYSE, October 13, 2006.
Comparison of Change in Value of a $10,000 Investment
Based on Net Asset Value as of 3/31/07
[The following table was depicted as a line chart in the printed material.]
WisdomTree International
Date Utilities Sector Fund MSCI EAFE Index
-------------------------------------------------------
10/13/2006 $10,000 $10,000
10/31/2006 $10,304 $10,239
11/30/2006 $11,034 $10,545
12/31/2006 $11,401 $10,876
1/31/2007 $11,397 $10,950
2/28/2007 $11,429 $11,038
3/31/2007 $11,918 $11,319
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.
22 WisdomTree International Dividend Sector Funds
Performance Summary (concluded)
WisdomTree International Utilities Sector Fund
Top Ten Holdings(2) as of 3/31/07
================================================================================
Description Shares Market Value % of Net Assets
--------------------------------------------------------------------------------
Enel SpA 227,613 $2,426,927 10.2%
--------------------------------------------------------------------------------
Suez S.A. 39,608 2,081,551 8.8%
--------------------------------------------------------------------------------
E.ON AG 15,216 2,061,532 8.7%
--------------------------------------------------------------------------------
National Grid PLC 93,345 1,460,080 6.1%
--------------------------------------------------------------------------------
Endesa S.A. 21,848 1,177,279 5.0%
--------------------------------------------------------------------------------
Fortum Oyj 37,265 1,082,884 4.6%
--------------------------------------------------------------------------------
RWE AG 10,038 1,058,144 4.5%
--------------------------------------------------------------------------------
IBERDROLA S.A. 20,235 953,259 4.0%
--------------------------------------------------------------------------------
Scottish & Southern Energy PLC 26,428 798,770 3.4%
--------------------------------------------------------------------------------
Scottish Power PLC 49,448 775,879 3.3%
--------------------------------------------------------------------------------
(2) The ten largest holdings are subject to change, and there are no
guarantees the Fund will continue to remain invested in any particular
company.
Industry Breakdown
% of the Fund's Net Assets as of 3/31/07+
[The following table was depicted as a pie chart in the printed material.]
--------------------------------------------------------------------------------
Electric 79.8%
Gas 12.0%
Water 7.7%
Other 0.5%
--------------------------------------------------------------------------------
+ The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
WisdomTree International Dividend Sector Funds 23
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. This 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 13, 2006* to March 31,
2007.
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 10/13/06* to 3/31/07" 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 ratios 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.
* Commencement of investment operations.
24 WisdomTree International Dividend Sector Funds
Shareholder Expense Examples (unaudited) (concluded)
=====================================================================================================================
Annualized
Expense Ratio Expenses Paid
Based on During the
Beginning Ending the Period Period+
Account Value Account Value 10/13/06* to 10/13/06* to
10/13/06* 3/31/07 03/31/07 3/31/07
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Basic Materials Sector Fund
Actual $ 1,000.00 $ 1,258.05 0.58% $ 3.05
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.59 0.58% $ 2.73
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Communications Sector Fund
Actual $ 1,000.00 $ 1,148.73 0.58% $ 2.90
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.59 0.58% $ 2.73
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Consumer Cyclical Sector Fund
Actual $ 1,000.00 $ 1,206.30 0.58% $ 2.98
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.59 0.58% $ 2.73
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Consumer Non-Cyclical Sector Fund
Actual $ 1,000.00 $ 1,134.90 0.58% $ 2.88
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.59 0.58% $ 2.73
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Energy Sector Fund
Actual $ 1,000.00 $ 1,123.62 0.58% $ 2.87
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.59 0.58% $ 2.73
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Financial Sector Fund
Actual $ 1,000.00 $ 1,103.20 0.58% $ 2.84
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.59 0.58% $ 2.73
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Health Care Sector Fund
Actual $ 1,000.00 $ 1,080.34 0.58% $ 2.81
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.59 0.58% $ 2.73
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Industrial Sector Fund
Actual $ 1,000.00 $ 1,227.49 0.58% $ 3.01
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.59 0.58% $ 2.73
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Technology Sector Fund
Actual $ 1,000.00 $ 1,045.06 0.58% $ 2.76
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.59 0.58% $ 2.73
---------------------------------------------------------------------------------------------------------------------
WisdomTree International Utilities Sector Fund
Actual $ 1,000.00 $ 1,191.81 0.58% $ 2.96
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.59 0.58% $ 2.73
=====================================================================================================================
* Commencement of investment operations.
+ Expenses are calculated using each Fund's annualized expense ratio,
multiplied by the average account value for the period, multiplied by
170/365 (to reflect the fiscal period).
WisdomTree International Dividend Sector Funds 25
Schedule of Investments
WisdomTree International Basic Materials Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.0%
Australia - 17.3%
Alumina Ltd. 12,421 $ 73,351
Ausdrill Ltd. 1,671 2,700
Auspine Ltd. 526 1,521
BHP Billiton Ltd. 19,748 476,847
BlueScope Steel Ltd. 15,805 134,065
Consolidated Minerals Ltd. 5,602 11,314
Consolidated Rutile Ltd. 8,198 4,537
Energy Resources of Australia Ltd. 944 21,201
Equigold NL 2,262 2,988
Great Southern Plantations Ltd. 4,449 7,260
Gunns Ltd. 5,696 14,357
Iluka Resources Ltd. 2,530 12,038
Independence Group NL 1,041 4,180
Jubilee Mines NL 2,507 35,483
Kingsgate Consolidated Ltd. 462 1,773
Minara Resources Ltd. 5,638 33,659
Mincor Resources NL 3,402 8,437
Newcrest Mining Ltd. 242 4,651
Nufarm Ltd. 1,661 16,639
OneSteel Ltd. 7,913 32,985
PaperlinX Ltd. 5,909 19,906
Rio Tinto Ltd. 2,365 150,571
Smorgon Steel Group Ltd. 21,372 35,221
Straits Resources Ltd. 822 2,484
Wattyl Ltd. 923 2,468
-----------
Total Australia 1,110,636
-------------------------------------------------------------------------------
Austria - 1.2%
BOEHLER-UDDEHOLM AG 364 34,887
Voestalpine AG 567 40,984
-----------
Total Austria 75,871
-------------------------------------------------------------------------------
Belgium - 2.3%
Cumerio 244 7,162
Solvay S.A. 684 104,745
Tessenderlo Chemie N.V. 336 16,245
Umicore 116 20,552
-----------
Total Belgium 148,704
-------------------------------------------------------------------------------
Denmark - 0.1%
Auriga Industries Class B 100 2,894
-------------------------------------------------------------------------------
Finland - 7.2%
Kemira Oyj 880 20,078
M-real Oyj Class B 2,150 16,657
Outokumpu Oyj 1,237 42,368
Rautaruukki Oyj 2,252 104,592
Stora Enso Oyj Class R 6,740 116,635
UPM-Kymmene Corp. 6,350 161,196
-----------
Total Finland 461,526
-------------------------------------------------------------------------------
France - 4.5%
L'Air Liquide S.A. 1,049 254,839
Eramet 168 34,916
-----------
Total France 289,755
-------------------------------------------------------------------------------
Germany - 16.7%
BASF AG 4,288 481,068
Bayer AG 5,538 352,672
H&R WASAG AG 73 3,382
K+S AG 310 33,978
Salzgitter AG 112 16,298
ThyssenKrupp AG 3,745 184,651
-----------
Total Germany 1,072,049
-------------------------------------------------------------------------------
Italy - 0.1%
Isagro SpA 139 1,394
Sol SpA 356 2,455
-----------
Total Italy 3,849
-------------------------------------------------------------------------------
Japan - 13.3%
ADEKA Corp. 300 3,461
Aica Kogyo Co., Ltd. 300 4,101
Air Water, Inc. 1,000 12,255
Arisawa Manufacturing Co., Ltd. 200 2,100
Asahi Kasei Corp. 5,000 36,333
Chuetsu Pulp & Paper Co., Ltd. 1,000 2,160
Daicel Chemical Industries Ltd. 1,000 6,818
Daido Steel Co., Ltd. 1,000 6,479
Daiken Corp. 1,000 3,388
Dainippon Ink & Chemicals, Inc. 2,000 7,927
Denki Kagaku Kogyo K.K. 2,000 9,350
DOWA HOLDINGS Co., Ltd. 1,000 10,146
Earth Chemical Co., Ltd. 100 2,291
Godo Steel Ltd. 1,000 5,336
Hitachi Chemical Co., Ltd. 400 9,384
Hitachi Metals Ltd. 1,000 11,095
Hokuetsu Paper Mills Ltd. 1,000 5,132
JFE Holdings, Inc. 1,500 88,545
JSR Corp. 400 9,214
Kaneka Corp. 1,000 9,519
Kansai Paint Co., Ltd. 1,000 8,528
Kobe Steel Ltd. 7,000 28,160
Lintec Corp. 100 1,969
Mitsubishi Gas Chemical Co., Inc. 1,000 9,570
Mitsubishi Materials Corp. 2,000 9,469
Mitsui Chemicals, Inc. 2,000 17,447
Mitsui Mining & Smelting Co., Ltd. 1,000 5,480
Nakayama Steel Works Ltd. 1,000 3,845
Nippon Denko Co., Ltd. 1,000 4,506
Nippon Kayaku Co., Ltd. 1,000 8,241
Nippon Light Metal Co., Ltd. 2,000 5,657
Nippon Metal Industry Co., Ltd. 1,000 4,531
See Notes to Financial Statements.
26 WisdomTree International Dividend Sector Funds
Schedule of Investments (concluded)
WisdomTree International Basic Materials Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Nippon Paint Co., Ltd. 1,000 $ 5,615
Nippon Steel Corp. 22,000 154,275
Nisshin Steel Co., Ltd. 4,000 17,209
Nitto Denko Corp. 300 14,050
NOF Corp. 1,000 5,098
OJI Paper Co., Ltd. 5,000 26,466
Pacific Metals Co., Ltd. 1,000 13,932
Rengo Co., Ltd. 1,000 5,666
Shin-Etsu Chemical Co., Ltd. 500 30,447
Showa Denko K.K. 2,000 7,504
ST Corp. 100 1,320
Sumitomo Bakelite Co., Ltd. 1,000 7,216
Sumitomo Chemical Co., Ltd. 3,000 22,613
Sumitomo Light Metal Industries Ltd. 1,000 2,465
Sumitomo Metal Industries Ltd. 19,000 97,997
Sumitomo Metal Mining Co., Ltd. 1,000 19,267
Taiyo Nippon Sanso Corp. 1,000 9,011
Toagosei Co., Ltd. 1,000 4,150
Tokyo Ohka Kogyo Co., Ltd. 100 2,498
Tokyo Steel Manufacturing Co., Ltd. 400 5,881
Tomoku Co., Ltd. 1,000 2,227
Topy Industries Ltd. 1,000 4,014
Tosoh Corp. 3,000 15,422
Toyo Ink Manufacturing Co., Ltd. 1,000 3,726
Ube Industries Ltd. 2,000 6,335
Yamato Kogyo Co., Ltd. 300 9,401
Yodogawa Steel Works Ltd. 1,000 6,140
Yushiro Chemical Industry Co., Ltd. 100 2,117
-----------
Total Japan 854,499
-------------------------------------------------------------------------------
Netherlands - 4.5%
Akzo Nobel N.V. 2,178 164,822
Koninklijke DSM N.V. 1,629 72,730
Mittal Steel Co. N.V. 901 47,675
-----------
Total Netherlands 285,227
-------------------------------------------------------------------------------
New Zealand - 0.1%
Nuplex Industries Ltd. 1,403 7,373
-------------------------------------------------------------------------------
Norway - 1.8%
Norske Skogindustrier ASA 3,200 54,521
Yara International ASA 2,200 60,459
-----------
Total Norway 114,980
-------------------------------------------------------------------------------
Portugal - 0.3%
Corticeira Amorim S.A. 957 2,662
Portucel-Empresa Produtora De Pasta E Papel, S.A. 5,091 17,891
-----------
Total Portugal 20,553
-------------------------------------------------------------------------------
Spain - 0.8%
Acerinox S.A. 1,399 35,476
Grupo Empresarial Ence S.A.* 191 12,280
Miquel y Costas & Miquel, S.A. 51 1,810
Tubos Reunidos S.A. 162 4,134
-----------
Total Spain 53,700
-------------------------------------------------------------------------------
Sweden - 2.9%
Billerud AB 500 7,465
Holmen AB Class B 600 24,586
SSAB Svenskt Stal AB Series A 1,200 36,858
SSAB Svenskt Stal AB Series B 400 11,431
Svenska Cellulosa Aktiebolaget SCA Class B 1,900 101,281
-----------
Total Sweden 181,621
-------------------------------------------------------------------------------
Switzerland - 2.1%
Ciba Specialty Chemicals AG 787 51,605
EMS-Chemie Holding AG 205 25,692
Givaudan 36 33,145
Lonza Group AG 213 20,379
Schmolz + Bickenbach AG 56 4,775
-----------
Total Switzerland 135,596
-------------------------------------------------------------------------------
United Kingdom - 23.8%
Anglo American PLC 10,604 556,766
Antofagasta PLC 2,759 28,017
BHP Billiton PLC 12,331 274,020
Corus Group PLC 3,508 41,764
Croda International PLC 1,028 12,864
DS Smith PLC 6,655 29,206
Elementis PLC 1,808 3,183
Filtrona PLC 1,403 7,409
Imperial Chemical Industries PLC 7,727 75,777
Johnson Matthey PLC 1,392 43,028
Lonmin PLC 673 43,824
Rio Tinto PLC 5,156 293,470
Vedanta Resources PLC 561 14,645
Victrex PLC 454 6,910
Xstrata PLC 1,643 84,171
Yule Catto & Co. PLC 2,031 9,501
-----------
Total United Kingdom 1,524,555
-------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 99.0%
(Cost: $5,005,039) 6,343,388
Cash, Foreign Currency and Other Assets in Excess of
Liabilities - 1.0% 62,345
-----------
NET ASSETS - 100.0% $ 6,405,733
===============================================================================
* Non-income producing security.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 27
Schedule of Investments
WisdomTree International Communications Sector Fund
March 31, 2007
===============================================================================
Investments Shares Value
-------------------------------------------------------------------------------
COMMON STOCKS - 99.8%
Australia - 7.6%
APN News & Media Ltd. 9,992 $ 47,464
Austereo Group Ltd. 9,777 16,192
iiNET Ltd. 1,915 1,802
Iress Market Technology Ltd. 2,035 13,333
IWL Ltd. 1,447 5,740
John Fairfax Holdings Ltd.(a) 25,492 102,557
Oakton Ltd. 1,815 6,525
Prime Television Ltd. 2,666 7,969
Publishing & Broadcasting Ltd.(a) 11,096 177,933
Rural Press Ltd. 3,214 35,311
SAI Global Ltd. 1,919 5,612
Seek Ltd. 1,291 7,509
Senetas Corp., Ltd. 8,243 1,598
Seven Network Ltd. 4,065 37,502
SMS Management & Technology Ltd. 1,391 5,304
Southern Cross Broadcasting Australia Ltd. 2,251 30,187
SP Telemedia Ltd. 5,784 4,205
STW Communications Group Ltd. 5,276 13,341
Telstra Corp. Ltd. 295,371 1,111,948
Ten Network Holdings Ltd. 15,380 39,262
West Australian Newspapers Holdings Ltd. 6,164 77,831
-----------
Total Australia 1,749,125
-------------------------------------------------------------------------------
Austria - 0.3%
Telekom Austria AG 2,562 63,809
-------------------------------------------------------------------------------
Belgium - 2.0%
Belgacom S.A. 8,646 382,678
Mobistar S.A. 995 83,841
-----------
Total Belgium 466,519
-------------------------------------------------------------------------------
Finland - 4.5%
Elcoteq SE 404 4,243
Elisa Oyj 3,030 87,484
Nokia Oyj 36,631 840,158
PKC Group Oyj 404 5,055
Sanoma-WSOY Oyj 2,990 88,399
Talentum Oyj 1,615 7,309
-----------
Total Finland 1,032,648
-------------------------------------------------------------------------------
France - 15.6%
Canal Plus S.A. 1,939 22,301
France Telecom S.A. 82,174 2,162,560
Havas S.A. 4,209 24,148
Lagardere SCA 1,359 104,273
M6, Metropole Television S.A. 2,810 102,565
PagesJaunes Groupe S.A. 7,526 163,699
Publicis Groupe 1,015 48,856
Societe Television Francaise 1 2,854 95,206
Vivendi 21,955 889,036
-----------
Total France 3,612,644
-------------------------------------------------------------------------------
Germany - 7.0%
Comdirect Bank AG 1,595 25,287
Deutsche Telekom AG 96,807 1,595,345
United Internet AG 468 9,064
-----------
Total Germany 1,629,696
-------------------------------------------------------------------------------
Hong Kong - 7.5%
China Mobile Ltd. 168,000 1,527,517
China Netcom Group Corp. (Hong Kong) Ltd. 8,000 20,885
China Unicom Ltd. 72,000 103,749
i-CABLE Communications Ltd. 36,000 7,740
Oriental Press Group Ltd. 56,000 10,463
PCCW Ltd. 84,000 50,416
Television Broadcasts Ltd. 4,000 25,006
-----------
Total Hong Kong 1,745,776
-------------------------------------------------------------------------------
Ireland - 0.2%
Independent News & Media PLC 12,770 57,796
-------------------------------------------------------------------------------
Italy - 5.5%
Arnoldo Mondadori Editore SpA 4,689 48,811
CIR-Compagnie Industriali Riunite SpA 6,659 26,504
Gruppo Editoriale L'Espresso SpA 5,448 28,936
Mediaset SpA 16,032 173,822
Monrif SpA 1,563 2,482
RCS MediaGroup SpA 2,778 14,810
Telecom Italia SpA 345,739 982,592
-----------
Total Italy 1,277,957
-------------------------------------------------------------------------------
Japan - 4.4%
Hakuhodo DY Holdings, Inc. 200 13,957
Hikari Tsushin, Inc. 400 18,192
Matsui Securities Co., Ltd. 800 6,999
Nippon Telegraph & Telephone Corp. 68 358,789
Nippon Television Network Corp. 120 19,747
NTT DoCoMo, Inc. 308 568,656
Tokyo Broadcasting System, Inc. 400 14,770
Yahoo Japan Corp. 32 11,017
-----------
Total Japan 1,012,127
-------------------------------------------------------------------------------
Netherlands - 4.2%
Reed Elsevier N.V. 9,481 167,097
Royal KPN N.V. 43,054 668,250
Telegraaf Media Groep N.V. 420 14,368
Wegener N.V. 180 3,697
Wolters Kluwer N.V. 3,654 109,246
-----------
Total Netherlands 962,658
-------------------------------------------------------------------------------
New Zealand - 1.4%
CanWest MediaWorks NZ Ltd. 5,624 8,847
Telecom Corp. of New Zealand Ltd. 94,720 320,338
-----------
Total New Zealand 329,185
-------------------------------------------------------------------------------
See Notes to Financial Statements.
28 WisdomTree International Dividend Sector Funds
Schedule of Investments (concluded)
WisdomTree International Communications Sector Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Norway - 1.2%
Schibsted ASA 600 $ 26,343
Telenor ASA 13,600 240,625
-----------
Total Norway 266,968
-------------------------------------------------------------------------------
Portugal - 1.4%
Portugal Telecom, SGPS, S.A. 22,754 303,799
PT Multimedia Servicos de Telecomunicacoes e
Multimedia SGPS S.A. 874 12,914
-----------
Total Portugal 316,713
-------------------------------------------------------------------------------
Singapore - 2.5%
Keppel Telecommunications & Transportation Ltd. 4,000 6,322
MobileOne Ltd. 24,000 34,615
Singapore Press Holdings Ltd. 24,000 69,547
Singapore Telecommunications Ltd. 192,000 414,752
StarHub Ltd. 32,000 60,063
Yellow Pages (Singapore) Ltd. 4,000 3,398
-----------
Total Singapore 588,697
-------------------------------------------------------------------------------
Spain - 7.5%
Antena 3 de Television, S.A. 3,753 83,630
Gestevision Telecinco, S.A. 6,263 180,329
Promotora de Informaciones, S.A. 943 20,963
Telefonica, S.A. 66,515 1,460,934
-----------
Total Spain 1,745,856
-------------------------------------------------------------------------------
Sweden - 4.4%
Eniro AB 2,000 25,156
Tele2 AB Class B 3,600 58,751
Telefonaktiebolaget LM Ericsson Class A 12,000 44,213
Telefonaktiebolaget LM Ericsson Class B 116,000 424,908
TeliaSonera AB 54,000 463,719
-----------
Total Sweden 1,016,747
-------------------------------------------------------------------------------
Switzerland - 1.7%
Ascom Holding AG 224 3,872
Kudelski S.A. 192 6,731
Swisscom AG 1,071 385,351
-----------
Total Switzerland 395,954
-------------------------------------------------------------------------------
United Kingdom - 20.9%
Aegis Group PLC 5,628 16,558
Amstrad PLC 1,375 3,870
British Sky Broadcasting Group PLC 16,176 178,939
BT Group PLC 178,549 1,063,723
Cable & Wireless PLC 41,691 136,230
Centaur Media PLC 1,135 3,117
Daily Mail & General Trust N.V. Class A 3,150 50,167
Emap PLC 2,914 43,237
Euromoney Institutional Investor PLC 1,631 19,194
Future PLC 6,344 5,226
GCAP Media PLC 2,922 12,307
Informa PLC 3,138 37,421
Inmarsat PLC 5,496 41,394
ITV PLC 45,735 97,776
Johnston Press PLC 2,410 21,992
Pearson PLC 13,390 229,008
Reed Elsevier PLC 15,804 188,307
Reuters Group PLC 15,396 140,718
SMG PLC 4,009 4,993
Taylor Nelson Sofres PLC 3,098 14,370
Trinity Mirror PLC 5,336 55,678
United Business Media PLC 2,322 36,113
UTV PLC 720 6,048
Vodafone Group PLC 836,130 2,222,123
Wilmington Group PLC 760 3,794
WPP Group PLC 7,055 106,547
Yell Group PLC 9,685 113,594
------------
Total United Kingdom 4,852,444
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $22,702,399) 23,123,319
================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.9%
MONEY MARKET FUND(b) - 0.9%
UBS Private Money Market Fund LLC, 5.26%
(Cost: $215,550)(c) 215,550 215,550
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 100.7%
(Cost: $22,917,949) 23,338,869
Liabilities in Excess of Foreign Currency
and Other Assets - (0.7)% (165,303)
-----------
NET ASSETS - 100.0% $23,173,566
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $204,674 and the total market value of the collateral held by the Fund
was $215,550.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 29
Schedule of Investments
WisdomTree International Consumer Cyclical Sector Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Australia - 8.1%
Alesco Corp., Ltd. 813 $ 8,210
ARB Corp., Ltd. 519 1,794
Aristocrat Leisure Ltd. 2,376 31,479
Billabong International Ltd. 1,285 17,336
Coles Group Ltd. 9,374 123,058
Colorado Group Ltd. 552 1,935
David Jones Ltd. 5,138 18,886
Fantastic Holdings Ltd. 685 2,269
Fleetwood Corp., Ltd. 337 2,445
Flight Centre Ltd. 1,042 13,788
Funtastic Ltd. 1,788 2,730
Harvey Norman Holdings Ltd. 4,690 17,883
Housewares International Ltd. 2,029 4,409
Infomedia Ltd. 4,508 2,586
JB Hi-Fi Ltd. 318 1,942
Just Group Ltd. 2,066 6,960
MaxiTRANS Industries Ltd. 2,366 1,338
Nick Scali Ltd. 921 1,860
Pacifica Group Ltd. 750 1,154
Qantas Airways Ltd. 27,815 117,970
Rebel Sport Ltd. 641 2,366
Reject Shop Ltd. (The) 201 1,867
Repco Corp., Ltd. 3,268 4,488
Spotless Group Ltd. 2,342 8,760
Sunland Group Ltd. 2,772 7,524
Super Cheap Auto Group Ltd. 789 2,581
TABCORP Holdings Ltd. 6,551 87,268
-----------
Total Australia 494,886
--------------------------------------------------------------------------------
Denmark - 0.0%
Bang & Olufsen A/S Class B 25 3,086
--------------------------------------------------------------------------------
Finland - 0.6%
Amer Sports Oyj 363 7,929
Finnair Oyj 416 7,188
Nokian Renkaat Oyj 416 11,352
Rapala VMC Oyj 104 820
Stockmann Oyj Abp Class B 165 7,189
-----------
Total Finland 34,478
--------------------------------------------------------------------------------
France - 12.7%
Accor S.A. 1,131 107,705
Air France-KLM S.A. 487 22,138
Alain Afflelou S.A.* 15 809
Compagnie Generale des Etablissements Michelin
Class B 806 88,696
Hermes International 247 34,056
Kaufman & Broad S.A. 65 4,865
Peugeot S.A. 1,344 94,391
PPR S.A. 654 104,216
Rallye S.A. 375 24,260
Renault S.A. 1,662 193,693
Rodriguez Group 30 1,490
Sodexho Alliance S.A. 718 52,386
THOMSON 1,100 21,100
Valeo S.A. 439 25,660
-----------
Total France 775,465
--------------------------------------------------------------------------------
Germany - 14.6%
adidas AG 286 15,582
Bayerische Motoren Werke AG 1,587 93,311
BayWa AG 64 2,782
Bechtle AG 79 2,308
Continental AG 273 35,163
DaimlerChrysler AG 6,055 494,892
Deutsche Lufthansa AG 2,671 72,283
Douglas Holding AG 171 10,004
ElringKlinger AG 63 4,882
Gerry Weber International AG 71 1,675
Grammer AG 79 2,440
Medion AG 137 1,833
Puma AG Rudolf Dassler Sport 17 6,194
Takkt AG 141 2,523
Volkswagen AG 950 142,267
-----------
Total Germany 888,139
--------------------------------------------------------------------------------
Hong Kong - 1.9%
Cathay Pacific Airways Ltd. 27,000 68,690
China Travel International Investment Hong Kong Ltd. 34,000 15,881
Denway Motors Ltd. 32,000 13,964
Fountain Set (Holdings) Ltd. 4,000 1,392
Goldlion Holdings Ltd. 10,000 2,086
Hongkong & Shanghai Hotels Ltd. (The) 3,000 4,738
Raymond Industrial Ltd. 3,000 656
Shaw Brothers (Hong Kong) Ltd. 2,000 3,640
Shell Electric Manufacturing (Holdings) Co. Ltd. 3,000 1,094
YGM Trading 1,000 749
-----------
Total Hong Kong 112,890
--------------------------------------------------------------------------------
Ireland - 0.1%
Abbey PLC 150 2,362
Paddy Power PLC 119 3,136
-----------
Total Ireland 5,498
--------------------------------------------------------------------------------
Italy - 1.7%
Amplifon SpA 130 1,199
Autogrill SpA 654 12,484
Benetton Group SpA 886 14,294
Brembo SpA 299 4,020
Bulgari SpA 1,160 16,692
Geox SpA 357 6,202
Indesit Co. SpA 622 13,248
Marzotto SpA 279 1,302
Pirelli & C. SpA 22,537 24,810
Sogefi SpA 548 5,219
Tod's SpA 35 3,043
-----------
Total Italy 102,513
--------------------------------------------------------------------------------
See Notes to Financial Statements.
30 WisdomTree International Dividend Sector Funds
Schedule of Investments (continued)
WisdomTree International Consumer Cyclical Sector Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Japan - 26.1%
ABC-Mart, Inc. 100 $ 2,206
Advan Co., Ltd. 100 1,284
AEON Co., Ltd. 700 13,932
Aisan Industry Co., Ltd. 100 1,132
Aisin Seiki Co., Ltd. 300 10,493
Akebono Brake Industry Co., Ltd. 1,000 8,681
All Nippon Airways Co., Ltd. 2,000 7,842
Alpine Electronics, Inc. 100 1,795
AOKI Holdings, Inc. 100 1,906
Arcs Co., Ltd. 210 3,011
ASICS Corp. 1,000 11,171
Avex Group Holdings, Inc. 100 1,622
Belluna Co., Ltd. 450 6,170
Bosch Corp. 1,000 4,523
Bridgestone Corp. 1,200 23,934
Canon Electronics, Inc. 150 4,878
Canon Marketing Japan, Inc. 300 6,276
Chiyoda Co., Ltd. 100 2,448
Circle K Sunkus Co. Ltd. 200 3,726
Citizen Watch Co., Ltd. 700 6,557
Culture Convenience Club Co., Ltd. 800 4,695
Daidoh Ltd. 600 7,226
Daihatsu Motor Co., Ltd. 1,000 9,502
Daikoku Denki Co., Ltd. 100 1,817
Daiwa House Industry Co., Ltd. 1,000 16,371
DENSO CORP. 1,300 48,224
Don Quijote Co., Ltd. 100 1,956
Doshisha Co., Ltd. 100 2,020
Edion Corp. 100 1,393
FamilyMart Co., Ltd. 200 5,556
Fast Retailing Co., Ltd. 200 15,499
FCC Co., Ltd. 100 2,278
France Bed Holdings Co., Ltd. 1,000 2,024
Fuji Heavy Industries Ltd. 2,000 10,366
Futaba Industrial Co., Ltd. 100 2,422
Gulliver International Co., Ltd. 20 1,320
Hakuto Co., Ltd. 100 1,541
Hanwa Co., Ltd. 1,000 4,980
Heiwa Corp. 200 2,466
Heiwado Co., Ltd. 100 1,561
Hino Motors Ltd. 1,000 5,319
HIS Co., Ltd. 100 2,871
Hitachi High-Technologies Corp. 100 2,727
Hitachi Maxell Ltd. 200 2,732
Honda Motor Co., Ltd. 3,000 104,425
Impact 21 Co., Ltd. 100 1,757
Inaba Denki Sangyo Co., Ltd. 100 3,489
Inaba Seisakusho Co., Ltd. 100 1,567
Isetan Co., Ltd. 200 3,481
Isuzu Motors Ltd. 1,000 5,005
ITOCHU Corp. 3,000 29,676
Itochu Enex Co., Ltd. 300 2,266
Izumi Co., Ltd. 200 3,710
JTEKT Corp. 200 3,498
Kanto Auto Works Ltd. 200 2,532
Keihin Corp. 100 2,266
Kojima Co., Ltd. 100 852
Kokuyo Co., Ltd. 200 2,640
Komeri Co., Ltd. 100 3,210
Konaka Co., Ltd. 100 1,142
Kurabo Industries Ltd. 1,000 2,769
Kuraray Co., Ltd. 500 5,391
Lawson, Inc. 300 11,510
Life Corp. 100 1,297
Mars Engineering Corp. 100 2,037
Marubeni Corp. 2,000 12,128
Marui Co., Ltd. 600 7,343
Matsumotokiyoshi Co., Ltd. 100 2,287
Matsushita Electric Industrial Co., Ltd. 3,000 60,344
Mazda Motor Corp. 1,000 5,522
Ministop Co., Ltd. 100 1,728
Mitsubishi Corp. 2,700 62,541
Mitsubishi Rayon Co., Ltd. 1,000 6,648
Mitsui & Co., Ltd. 3,000 55,897
Mitsuuroko Co., Ltd. 200 1,411
MOS Food Services, Inc. 100 1,369
Nagaileben Co., Ltd. 100 2,105
Nifco, Inc. 200 5,166
Nishimatsuya Chain Co., Ltd. 100 1,685
Nissan Motor Co., Ltd. 13,300 142,265
Nissin Kogyo Co., Ltd. 100 2,448
Nitori Co., Ltd. 50 2,481
NOK Corp. 100 1,698
Noritz Corp. 100 1,914
Oriental Land Co., Ltd. 100 5,937
Parco Co., Ltd. 600 7,622
Pioneer Corp. 300 3,913
Plenus Co., Ltd. 100 2,151
Point, Inc. 20 1,269
RESORTTRUST, Inc. 120 2,795
Right On Co., Ltd. 100 2,913
Ryoshoku Ltd. 100 2,198
Ryoyo Electro Corp. 100 1,293
Sangetsu Co., Ltd. 200 4,751
Sankyo Co., Ltd. 100 4,387
Sankyo Seiko Co., Ltd. 200 1,150
Sega Sammy Holdings, Inc. 500 11,645
Sekisui Chemical Co., Ltd. 1,000 7,953
Sekisui House, Ltd. 1,000 15,533
Shaddy Co., Ltd. 100 1,237
Shimachu Co., Ltd. 100 2,956
Showa Corp. 100 1,463
Sony Corp. 800 40,584
Sumitomo Corp. 2,300 41,296
Sumitomo Rubber Industries, Inc. 600 6,560
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 31
Schedule of Investments (continued)
WisdomTree International Consumer Cyclical Sector Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
Sundrug Co., Ltd. 100 $ 2,045
Suzuki Motor Corp. 300 7,775
Teijin Ltd. 1,000 5,632
Toei Co., Ltd. 1,000 5,590
Toho Co., Ltd. 100 1,948
Tokai Rika Co., Ltd. 100 2,367
TOMY Co., Ltd. 200 1,274
Toray Industries, Inc. 2,000 14,432
TOTO Ltd. 1,000 10,002
Toyo Tire & Rubber Co., Ltd. 1,000 4,167
Toyobo Co., Ltd. 2,000 5,945
Toyoda Gosei Co., Ltd. 100 2,359
Toyota Auto Body Co., Ltd. 200 3,752
Toyota Boshoku Corp. 200 4,726
Toyota Motor Corp. 7,100 453,991
Toyota Tsusho Corp. 300 7,648
Trusco Nakayama Corp. 100 2,020
Unitika Ltd. 1,000 1,389
USS Co., Ltd. 40 2,605
Xebio Co., Ltd. 100 2,786
Yamada Denki Co., Ltd. 20 1,860
Yamaha Corp. 300 6,682
Yamaha Motor Co., Ltd. 300 8,385
Yellow Hat Ltd. 100 763
Yokohama Rubber Co., Ltd. (The) 1,000 6,132
-----------
Total Japan 1,587,834
--------------------------------------------------------------------------------
Netherlands - 0.5%
Beter BED Holdings N.V. 118 3,974
Buhrmann N.V. 419 5,622
Hunter Douglas N.V. 162 14,233
Macintosh Retail Group N.V. 83 3,313
Univar N.V. 96 5,307
-----------
Total Netherlands 32,449
--------------------------------------------------------------------------------
New Zealand - 1.0%
Air New Zealand Ltd. 9,365 15,669
Fisher & Paykel Appliances Holdings Ltd. 2,587 6,788
Hallenstein Glasson Holdings Ltd. 970 3,475
Pumpkin Patch Ltd. 784 2,427
Sky City Entertainment Group Ltd. 4,471 14,929
Tourism Holdings Ltd. 1,460 2,422
Warehouse Group Ltd. (The) 2,885 13,924
-----------
Total New Zealand 59,634
--------------------------------------------------------------------------------
Norway - 0.2%
Ekornes ASA 400 9,535
Expert ASA 100 1,982
-----------
Total Norway 11,517
--------------------------------------------------------------------------------
Portugal - 0.3%
SAG GEST-Solucoes Automovel Globais, SGPS, S.A. 1,958 4,900
Sonae SGPS, S.A. 6,273 14,112
-----------
Total Portugal 19,012
--------------------------------------------------------------------------------
Singapore - 1.5%
Hotel Plaza Ltd. 3,000 4,564
Hotel Properties Ltd. 1,000 3,359
HTL International Holdings Ltd. 1,000 599
Jardine Cycle & Carriage Ltd. 1,000 7,837
Robinson & Co., Ltd. 1,000 3,359
Singapore Airlines Ltd. 6,000 65,595
Stamford Land Corp., Ltd. 7,000 1,890
Tat Hong Holdings Ltd. 2,000 1,818
-----------
Total Singapore 89,021
--------------------------------------------------------------------------------
Spain - 1.5%
Cia de Distribucion Integral Logista S.A. 136 10,781
IBERIA, Lineas Aereas de Espana, S.A. 3,738 19,854
Industria de Diseno Textil, S.A. 948 58,718
Sol Melia, S.A. 152 3,642
-----------
Total Spain 92,995
--------------------------------------------------------------------------------
Sweden - 7.1%
AB Electrolux Series B 1,726 43,543
Bilia AB Class A 300 5,772
Clas Ohlson AB Class B 200 4,176
H&M Hennes & Mauritz AB Class B 4,200 240,647
Nobia AB* 150 6,115
Scania AB Class A 800 63,967
Scania AB Class B 800 62,485
SkiStar AB 200 2,879
-----------
Total Sweden 429,584
--------------------------------------------------------------------------------
Switzerland - 0.3%
Swatch Group AG (The) 181 9,630
Swatch Group AG (The) Class B 45 11,842
-----------
Total Switzerland 21,472
--------------------------------------------------------------------------------
United Kingdom - 21.3%
Alba PLC 391 1,448
Alexon Group PLC 415 1,697
Alliance Boots PLC 7,350 147,979
Barratt Developments PLC 1,302 28,218
Bellway PLC 591 18,431
Big Yellow Group PLC 153 2,006
Blacks Leisure Group PLC 137 836
Bovis Homes Group PLC 595 13,444
BSS Group PLC 279 2,644
Burberry Group PLC 1,318 16,880
Carnival PLC 813 39,052
Carpetright PLC 452 10,310
Carphone Warehouse Group PLC 972 5,276
Christian Salvesen PLC 2,765 3,186
Clinton Cards PLC 2,366 2,842
Compass Group PLC 18,347 122,348
Crest Nicholson PLC 524 6,367
Diploma PLC 107 1,887
Domino's Pizza UK & IRL PLC* 139 1,767
DSG International PLC 13,218 44,073
See Notes to Financial Statements.
32 WisdomTree International Dividend Sector Funds
Schedule of Investments (concluded)
WisdomTree International Consumer Cyclical Sector Fund
March 31, 2007
================================================================================
Investments Shares Value
--------------------------------------------------------------------------------
EMI Group PLC 4,182 $ 18,660
Enterprise Inns PLC 2,180 28,583
Findel PLC 382 5,200
First Choice Holidays PLC 2,948 16,623
French Connection Group PLC 477 2,065
Game Group PLC 1,819 5,013
Games Workshop Group PLC 366 2,530
George Wimpey PLC 2,693 33,567
GKN PLC 5,638 42,187
Halfords Group PLC 1,702 12,760
Headlam Group PLC 508 5,948
HMV Group PLC 2,976 6,450
Holidaybreak PLC 318 4,771
IG Group Holdings PLC 385 2,245
Inchcape PLC 1,667 18,653
Intercontinental Hotels Group PLC 1,345 33,133
J D Wetherspoon PLC 763 11,239
JJB Sports PLC 2,280 11,236
John Menzies PLC 365 3,798
Kesa Electricals PLC 3,442 22,886
Kier Group PLC 99 4,662
Kingfisher PLC 19,282 105,231
Ladbrokes PLC 2,869 22,649
Lookers PLC 525 2,101
Luminar PLC 387 5,731
Majestic Wine PLC 222 1,698
Marks & Spencer Group PLC 6,372 84,547
Millennium & Copthorne Hotels PLC 960 12,804
Mothercare PLC 322 2,570
N. Brown Group PLC 1,325 8,427
Next PLC 1,085 47,860
Pendragon PLC 2,695 6,396
Persimmon PLC 1,349 37,200
Punch Taverns PLC 591 14,455
Redrow PLC 695 8,881
ScS Upholstery PLC 213 1,661
Signet Group PLC 9,334 22,976
Sportingbet PLC 362 474
Ted Baker PLC 169 1,942
Topps Tiles PLC 1,285 7,574
Umbro PLC 763 2,514
Whitbread PLC 858 31,755
William Hill PLC 1,866 23,277
Wilson Bowden PLC 519 21,529
Wolseley PLC 2,286 53,400
Woolworths Group PLC 13,008 7,845
-----------
Total United Kingdom 1,298,397
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 99.5%
(Cost: $5,003,008) 6,058,870
Foreign Currency and Other Assets in Excess of
Liabilities - 0.5% 30,092
-----------
NET ASSETS - 100.0% $ 6,088,962
================================================================================
* Non-income producing security.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 33
Schedule of Investments
WisdomTree International Consumer Non-Cyclical Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.2%
Australia - 5.9%
A.B.C. Learning Centres Ltd. 3,529 $ 20,755
ABB Grain Ltd. 1,664 10,378
Adsteam Marine Ltd. 4,394 9,194
Australian Agricultural Co., Ltd. 3,672 7,060
Australian Pharmaceutical Industries Ltd. 7,574 12,849
AWB Ltd. 13,126 37,644
Boom Logistics Ltd. 5,147 14,678
Candle Australia Ltd. 1,105 2,946
Coates Hire Ltd. 3,764 14,930
Coca-Cola Amatil Ltd. 18,132 128,902
Cochlear Ltd. 484 25,305
Corporate Express Australia Ltd. 2,987 15,178
CSL Ltd. 883 58,757
Foster's Group Ltd. 39,330 217,643
Healthscope Ltd. 3,724 16,546
Integrated Group Ltd. 2,120 4,350
Invocare Ltd. 1,880 8,642
Lion Nathan Ltd. 10,980 78,412
McGuigan Simeon Wines Ltd.* 3,796 8,985
Metcash Ltd. 4,873 19,408
Pacific Brands Ltd. 18,458 45,778
Primary Health Care Ltd. 1,884 18,568
Programmed Maintenance Services Ltd. 1,569 6,528
Ramsay Health Care Ltd. 1,988 18,469
Ridley Corp., Ltd. 6,836 6,240
Sigma Pharmaceuticals Ltd. 13,561 27,498
Skilled Group Ltd. 2,084 9,108
Sonic Healthcare Ltd. 4,272 50,904
Symbion Health Ltd. 9,260 27,155
Veda Advantage Ltd. 2,272 6,020
Woolworths Ltd. 18,060 396,696
-----------
Total Australia 1,325,526
--------------------------------------------------------------------------------
Belgium - 1.9%
Colruyt S.A. 268 61,115
Delhaize Group 763 69,888
InBev N.V. 2,875 206,852
Omega Pharma S.A. 270 20,724
UCB S.A. 1,165 67,568
-----------
Total Belgium 426,147
--------------------------------------------------------------------------------
Denmark - 1.2%
Carlsberg A/S Class B 200 21,688
Coloplast A/S Class B 200 16,918
Danisco A/S 200 15,703
H. Lundbeck A/S 1,600 37,302
Novo-Nordisk A/S Class B 1,800 163,677
Novozymes A/S Class B 200 17,829
-----------
Total Denmark 273,117
--------------------------------------------------------------------------------
Finland - 0.4%
HK Ruokatalo Oyj Class A 404 8,712
Kemira GrowHow Oyj 1,213 16,292
Kesko Oyj Class B 807 42,894
Poyry Oyj 807 14,824
Raisio PLC Class V 6,036 14,945
-----------
Total Finland 97,667
--------------------------------------------------------------------------------
France - 13.4%
Assystem 140 2,861
Carrefour S.A. 7,870 573,569
Casino Guichard Perrachon S.A. 1,652 166,205
Christian Dior S.A. 1,377 166,802
Cie Generale D'Optique Essilor International S.A. 627 71,779
Clarins 272 22,619
Generale de Sante 288 12,268
Groupe Danone 2,420 393,975
Groupe Steria SCA 270 17,615
L'Oreal S.A. 4,789 521,020
Provimi S.A. 100 4,180
Remy Cointreau S.A. 563 37,862
Sanofi-Aventis 11,058 958,263
Societe BIC SA 228 15,888
Societe Des Autoroutes Paris-Rhin-Rhone 799 72,537
-----------
Total France 3,037,443
--------------------------------------------------------------------------------
Germany - 3.1%
ALTANA AG 1,245 80,577
Beiersdorf AG 1,385 94,118
Celesio AG 1,165 72,949
Fresenius AG 336 26,894
Fresenius Medical Care AG & Co. KGaA 516 74,815
Henkel KGaA 504 67,332
IDS Scheer AG 128 2,605
Merck KGaA 192 24,669
Metro AG 2,759 194,687
Rhoen Klinikum AG 208 12,413
Sixt AG 88 5,008
Stada Arzneimittel AG 212 12,826
Sudzucker AG 2,008 38,223
-----------
Total Germany 707,116
--------------------------------------------------------------------------------
Hong Kong - 0.0%
Cross-Harbour (Holdings) Ltd. 4,000 3,317
Vitasoy International Holdings Ltd. 8,000 3,358
-----------
Total Hong Kong 6,675
--------------------------------------------------------------------------------
Ireland - 0.5%
C&C Group PLC 2,556 38,788
Fyffes PLC 6,581 9,987
Glanbia PLC 2,316 11,669
Greencore Group PLC 2,396 14,520
Iaws Group PLC 424 9,832
Kerry Group PLC Class A 555 15,367
United Drug PLC 1,201 6,307
-----------
Total Ireland 106,470
--------------------------------------------------------------------------------
Italy - 1.2%
Autostrada Torino-Milano SpA 1,157 28,400
See Notes to Financial Statements.
34 WisdomTree International Dividend Sector Funds
Schedule of Investments (continued)
WisdomTree International Consumer Non-Cyclical Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Autostrade SpA 2,883 $ 92,105
Cremonini SpA 5,532 19,864
Davide Campari-Milano SpA 1,473 14,451
Fiera Milano SpA 420 4,976
Luxottica Group SpA 1,852 58,847
Mirato SpA 192 2,354
Recordati SpA 1,621 12,850
Societa Iniziative Autostradali e Servizi SpA 1,828 28,640
-----------
Total Italy 262,487
--------------------------------------------------------------------------------
Japan - 7.0%
Ajinomoto Co., Inc. 2,000 22,968
Alfresa Holdings Corp. 300 19,056
Asahi Breweries, Ltd. 2,000 32,014
Astellas Pharma, Inc. 2,400 103,256
Chugai Pharmaceutical Co., Ltd. 2,000 50,476
Coca-Cola West Japan Co., Ltd. 400 8,656
Dai Nippon Printing Co., Ltd. 4,000 62,808
Dainippon Sumitomo Pharma Co., Ltd. 1,000 10,663
Eisai Co., Ltd. 1,600 76,562
Fancl Corp. 400 5,539
Fuji Oil Co., Ltd. 400 3,350
Goodwill Group, Inc. (The) 4 3,144
Hisamitsu Pharmaceutical Co., Inc. 400 11,789
Hokuto Corp. 400 7,080
House Foods Corp. 400 6,809
ITO EN LTD. 400 13,009
Japan Tobacco, Inc. 24 117,688
Kagome Co., Ltd. 400 6,352
Kao Corp. 3,000 87,656
Katokichi Co., Ltd. 800 5,021
Kikkoman Corp. 1,000 12,788
Kirin Brewery Co., Ltd. 4,000 57,658
Kyowa Hakko Kogyo Co., Ltd. 4,000 36,926
Mediceo Paltac Holdings Co., Ltd. 1,300 24,717
Meiji Dairies Corp. 2,000 15,668
Meitec Corp. 400 12,873
Mikuni Coca-Cola Bottling Co., Ltd. 400 4,177
Mitsui Sugar Co., Ltd. 4,000 14,838
Nichii Gakkan Co. 400 7,199
Nihon Kohden Corp. 400 9,316
Nippon Kanzai Co., Ltd. 400 10,874
Nippon Meat Packers, Inc. 2,000 24,408
Nippon Suisan Kaisha Ltd. 1,200 7,836
Nisshin Seifun Group, Inc. 2,000 20,309
Nissin Food Products Co., Ltd. 400 14,635
Nosan Corp. 4,000 10,163
Paramount Bed Co., Ltd. 400 7,859
Paris Miki, Inc. 400 6,606
QP Corp. 800 7,243
Sakata Seed Corp. 400 4,960
Secom Co., Ltd. 800 37,061
Seikagaku Corp. 400 4,268
Shimadzu Corp. 2,000 17,294
Shionogi & Co., Ltd. 1,000 17,955
Shiseido Co., Ltd. 2,000 40,567
Sohgo Security Services Co., Ltd. 400 7,317
Suzuken Co., Ltd. 400 14,160
T. Hasegawa Co., Ltd. 400 6,575
Taisho Pharmaceutical Co., Ltd. 1,000 18,293
Takeda Pharmaceutical Co., Ltd. 4,400 288,054
Tanabe Seiyaku Co., Ltd. 1,000 13,576
Terumo Corp. 400 15,549
Toho Pharmaceutical Co., Ltd. 400 7,216
Topcon Corp. 400 6,098
Toppan Forms Co., Ltd. 800 10,149
Toppan Printing Co., Ltd. 4,000 41,668
Uni-Charm Corp. 400 25,272
Valor Co., Ltd. 400 4,661
Yakult Honsha Co., Ltd. 400 10,197
Yaoko Co., Ltd. 400 10,671
Zenrin Co., Ltd. 400 10,705
-----------
Total Japan 1,572,255
--------------------------------------------------------------------------------
Netherlands - 4.4%
CSM N.V. 995 35,364
Heineken Holding N.V. 1,317 58,099
Heineken N.V. 2,292 119,477
Koninklijke Wessanen N.V. 1,509 22,678
Nutreco Holding N.V. 160 11,938
Randstad Holding N.V. 635 49,077
Unilever N.V. 22,282 646,603
USG People N.V. 552 22,690
Vedior N.V. 983 21,748
-----------
Total Netherlands 987,674
--------------------------------------------------------------------------------
New Zealand - 0.2%
Fisher & Paykel Healthcare Corp. 6,909 17,932
PGG Wrightson Ltd. 6,713 7,104
Port of Tauranga Ltd. 2,751 11,998
Ryman Healthcare Ltd. 3,715 6,003
Sanford Ltd. 2,312 8,001
-----------
Total New Zealand 51,038
--------------------------------------------------------------------------------
Norway - 0.6%
Orkla ASA* 1,920 134,782
--------------------------------------------------------------------------------
Portugal - 0.5%
Brisa-Auto-estradas de Portugal S.A. 6,467 84,536
Jeronimo Martins, SGPS, S.A. 1,437 37,301
-----------
Total Portugal 121,837
--------------------------------------------------------------------------------
Singapore - 0.8%
China Merchants Holdings Pacific Ltd. 12,000 6,401
Fraser and Neave Ltd. 16,000 53,741
Parkway Holdings Ltd. 12,000 25,922
Petra Foods Ltd. 4,000 4,426
Raffles Education Corp., Ltd. 8,000 12,065
SIA Engineering Co., Ltd. 8,000 24,763
Singapore Airport Terminal Services Ltd. 16,000 28,978
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 35
Schedule of Investments (continued)
WisdomTree International Consumer Non-Cyclical Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Singapore Food Industries Ltd. 12,000 $ 7,192
Want Want Holdings Ltd. 8,000 15,600
-----------
Total Singapore 179,088
--------------------------------------------------------------------------------
Spain - 2.0%
Abertis Infraestructuras S.A. 5,357 171,501
Altadis, S.A. 2,536 162,275
Campofrio Alimentacion S.A. 735 13,404
Cintra Concesiones de Infraestructuras de
Transporte, S.A. 1,365 25,475
Ebro Puleva S.A. 1,189 27,967
Europistas, Concesionaria Espanola, S.A. 1,121 11,848
FAES FARMA, S.A. 560 14,163
Prosegur Cia de Seguridad S.A. 384 14,512
-----------
Total Spain 441,145
--------------------------------------------------------------------------------
Sweden - 0.7%
Axfood AB 1,000 39,338
Getinge AB Class B 1,600 36,259
Securitas AB Class B 3,200 48,574
Swedish Match AB 2,400 42,673
-----------
Total Sweden 166,844
--------------------------------------------------------------------------------
Switzerland - 14.7%
Adecco S.A. 911 57,572
Merck Serono S.A. 48 43,250
Nestle S.A. 3,786 1,467,663
Nobel Biocare Holding AG 112 40,642
Novartis AG 17,288 987,036
Phonak Holding AG 319 24,301
Roche Holding AG 3,417 601,782
SGS S.A. 80 95,086
Straumann Holding AG* 48 13,702
-----------
Total Switzerland 3,331,034
--------------------------------------------------------------------------------
United Kingdom - 40.7%
Aggreko PLC 2,610 26,005
Arla Foods UK PLC 6,809 9,415
Associated British Foods PLC 7,732 131,027
AstraZeneca PLC 16,165 866,821
Atkins WS PLC 663 12,620
Babcock International Group PLC 1,233 9,673
Bespak PLC 384 5,856
BPP Holdings PLC 675 8,394
British American Tobacco PLC 30,450 949,000
Bunzl PLC 3,752 52,911
Cadbury Schweppes PLC 21,351 273,037
Capita Group PLC 4,224 56,543
communisis PLC 3,560 4,469
Cranswick PLC 440 8,112
Dairy Crest Group PLC 2,428 31,740
Davis Service Group PLC 2,851 32,572
Dawson Holdings PLC 1,573 3,332
De La Rue PLC 2,444 34,274
Dechra Pharmaceuticals PLC 512 3,196
Devro PLC 2,392 6,381
Diageo PLC 40,435 816,466
Enterprise PLC 587 6,896
Forth Ports PLC 488 19,861
Gallaher Group PLC 10,353 230,065
Genus PLC 376 4,535
GlaxoSmithKline PLC 70,661 1,936,115
Greene King PLC 1,541 33,338
Greggs PLC 144 13,656
Group 4 Securicor PLC 9,702 38,248
Hays PLC 12,848 39,500
Helphire Group PLC 3,148 27,291
Homeserve PLC 336 11,750
Imperial Tobacco Group PLC 9,730 434,159
Interserve PLC 1,736 16,573
Intertek Group PLC 939 16,695
ITE Group PLC 7,417 22,803
J. Sainsbury PLC 16,224 174,856
Johnson Service Group PLC 1,101 6,910
M.P. Evans Group PLC 663 3,989
Marston's PLC 1,600 13,855
Mcbride PLC 2,152 10,119
Michael Page International PLC 1,609 16,899
Nichols PLC 667 4,018
Northern Foods PLC 18,338 44,509
Northgate PLC 575 12,169
Office2office PLC 524 2,310
Premier Foods PLC 5,412 31,075
PZ Cussons PLC 4,651 15,622
Rank Group PLC 13,043 52,251
Reckitt Benckiser PLC 5,628 292,078
Rentokil Initial PLC 35,267 112,750
Robert Walters PLC 428 2,682
Robert Wiseman Dairies PLC 851 7,661
RPS Group PLC 4,119 26,276
SABMiller PLC 12,616 275,899
Savills PLC 1,229 15,958
Scottish & Newcastle PLC 17,073 201,419
Serco Group PLC 1,820 16,420
Shire PLC 955 19,649
Smith & Nephew PLC 5,077 64,328
Speedy Hire PLC 728 16,706
SSL International PLC 1,720 13,503
St. Ives Group PLC 3,341 20,510
Tate & Lyle PLC 7,300 82,328
Tesco PLC 79,349 691,391
Thorntons PLC 1,676 5,999
Unilever PLC 19,990 600,265
Uniq PLC 2,436 9,162
Wm Morrison Supermarkets PLC 20,913 126,642
-----------
Total United Kingdom 9,183,537
--------------------------------------------------------------------------------
See Notes to Financial Statements.
36 WisdomTree International Dividend Sector Funds
Schedule of Investments (concluded)
WisdomTree International Consumer Non-Cyclical Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 99.2%
(Cost: $20,876,874) $22,411,882
Foreign Currency and Other Assets in Excess of
Liabilities - 0.8% 170,835
-----------
Net Assets - 100.0% $22,582,717
================================================================================
* Non-income producing security.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 37
Schedule of Investments
WisdomTree International Energy Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.4%
Australia - 14.2%
Caltex Australia Ltd.(a) 36,518 $ 703,895
Centennial Coal Co., Ltd. 6,528 17,087
Gloucester Coal Ltd. 9,187 26,718
MacArthur Coal Ltd. 10,837 41,496
New Hope Corp., Ltd. 25,303 31,173
Origin Energy Ltd. 129,808 944,838
Santos Ltd. 80,081 656,638
Woodside Petroleum Ltd.(a) 25,857 824,890
-----------
Total Australia 3,246,735
--------------------------------------------------------------------------------
Austria - 3.5%
OMV AG(a) 12,670 795,217
Schoeller-Bleckmann Oilfield Equipment AG 96 4,984
-----------
Total Austria 800,201
--------------------------------------------------------------------------------
France - 12.3%
Bourbon S.A. 240 16,725
Technip S.A. 11,410 834,147
TOTAL S.A. 27,875 1,946,200
-----------
Total France 2,797,072
--------------------------------------------------------------------------------
Hong Kong - 3.4%
CNOOC Ltd. 872,000 764,398
--------------------------------------------------------------------------------
Italy - 12.7%
Eni SpA 61,951 2,008,874
ERG SpA 1,944 52,997
Saipem SpA 28,598 829,888
-----------
Total Italy 2,891,759
--------------------------------------------------------------------------------
Japan - 9.9%
AOC Holdings, Inc. 400 6,538
Cosmo Oil Co., Ltd. 4,000 16,735
Nippon Mining Holdings Inc. 4,000 34,453
Nippon Oil Corp. 88,000 712,496
Showa Shell Sekiyu K.K. 56,400 689,267
TonenGeneral Sekiyu K.K. 72,000 802,473
-----------
Total Japan 2,261,962
--------------------------------------------------------------------------------
Netherlands - 0.3%
Fugro N.V. 624 31,564
SBM Offshore N.V. 1,300 46,706
-----------
Total Netherlands 78,270
--------------------------------------------------------------------------------
New Zealand - 0.2%
New Zealand Refining Co., Ltd. (The) 10,052 44,201
--------------------------------------------------------------------------------
Norway - 9.3%
Norsk Hydro ASA 34,600 1,142,166
ProSafe ASA 1,600 24,377
Statoil ASA 35,400 959,798
-----------
Total Norway 2,126,341
--------------------------------------------------------------------------------
Singapore - 0.1%
CH Offshore Ltd. 20,000 5,532
KS Energy Services Ltd. 4,000 7,719
Singapore Petroleum Co., Ltd. 4,000 12,750
-----------
Total Singapore 26,001
--------------------------------------------------------------------------------
Spain - 7.9%
Cia Espanola de Petroleos S.A.(a) 9,758 838,463
Repsol YPF, S.A. 28,890 970,653
-----------
Total Spain 1,809,116
--------------------------------------------------------------------------------
United Kingdom - 25.6%
BG Group PLC 58,072 834,883
BP PLC 176,172 1,907,354
Burren Energy PLC 616 9,653
Expro International Group PLC 796 13,786
John Wood Group PLC 2,812 14,822
Royal Dutch Shell PLC Class A 48,318 1,601,532
Royal Dutch Shell PLC Class B 42,646 1,414,415
Tullow Oil PLC 7,228 51,709
-----------
Total United Kingdom 5,848,154
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $21,625,586) 22,694,210
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 10.4%
MONEY MARKET FUNDS(b) - 10.4%
UBS Enhanced Yield Portfolio, 5.25% 800,000 800,000
UBS Private Money Market Fund LLC, 5.26% 1,587,645 1,587,645
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $2,387,645)(c) 2,387,645
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 109.8%
(Cost: $24,013,231) 25,081,855
Liabilities in Excess of Foreign Currency and
Other Assets - (9.8)% (2,241,855)
-----------
NET ASSETS - 100.0% $22,840,000
================================================================================
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $2,272,672 and the total market value of the collateral held by the
Fund was $2,387,645.
See Notes to Financial Statements.
38 WisdomTree International Dividend Sector Funds
Schedule of Investments
WisdomTree International Financial Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.6%
Australia - 12.6%
Adelaide Bank Ltd. 978 $ 10,864
AMP Ltd. 16,255 136,437
ASX Ltd. 1,270 45,143
Australia & New Zealand Banking Group Ltd. 17,253 413,954
AVJennings Ltd. 3,875 3,850
AXA Asia Pacific Holdings Ltd. 6,778 39,534
Bank of Queensland Ltd. 799 11,180
Bendigo Bank Ltd. 1,030 14,145
Cabcharge Australia Ltd. 723 6,220
Challenger Financial Services Group Ltd. 2,663 10,262
Commonwealth Bank of Australia 13,281 539,242
Count Financial Ltd. 191 409
Insurance Australia Group Ltd. 18,558 87,854
IOOF Holdings Ltd. 419 3,371
Lend Lease Corp. Ltd. 3,809 61,511
Macquarie Bank Ltd. 1,825 122,001
MFS Ltd. 1,501 6,427
Mortgage Choice Ltd. 1,118 2,764
National Australia Bank Ltd. 15,600 509,139
Peet Ltd. 1,174 3,794
Perpetual Ltd. 359 22,505
QBE Insurance Group Ltd. 4,791 122,073
St.George Bank Ltd. 5,465 154,654
Suncorp-Metway Ltd. 6,562 110,263
Timbercorp Ltd. 1,254 1,864
Westpac Banking Corp. 17,520 372,945
-----------
Total Australia 2,812,405
-------------------------------------------------------------------------------
Austria - 0.7%
Bank Austria Creditanstalt AG 571 105,356
Erste Bank der oesterreichischen Sparkassen AG 519 40,278
UNIQA Versicherungen AG 156 5,191
Wiener Stadtische AG 188 13,289
-----------
Total Austria 164,114
--------------------------------------------------------------------------------
Belgium - 4.2%
Almancora SCA 268 40,491
Dexia N.V. 5,194 154,459
Fortis N.V. 11,409 519,247
KBC Groep N.V. 1,701 210,828
-----------
Total Belgium 925,025
--------------------------------------------------------------------------------
Bermuda - 0.1%
Catlin Group Ltd. 67 658
Hiscox Ltd. 1,705 9,004
-----------
Total Bermuda 9,662
--------------------------------------------------------------------------------
Denmark - 1.0%
Codan A/S 100 9,415
Danske Bank A/S 4,400 203,980
Sydbank A/S 350 18,758
-----------
Total Denmark 232,153
--------------------------------------------------------------------------------
Finland - 0.6%
Citycon Oyj 1,006 7,847
OKO Bank PLC Class A 1,250 21,232
Sampo Oyj Class A 3,521 106,488
Technopolis Oyj 120 1,214
-----------
Total Finland 136,781
--------------------------------------------------------------------------------
France - 9.4%
Assurances Generales de France 1,062 177,233
AXA S.A. 13,920 588,129
BNP Paribas 5,166 537,691
CNP Assurances S.A. 615 71,371
Credit Agricole S.A. 3,765 146,294
Euler Hermes S.A. 149 20,913
Foncia Groupe 60 3,175
Klepierre 280 53,985
Natixis S.A. 1,689 40,942
SCOR Regroupe 132 3,550
SCOR 4,224 11,695
Societe Generale 2,499 430,355
Viel et Compagnie 1,058 7,042
-----------
Total France 2,092,375
--------------------------------------------------------------------------------
Germany - 4.5%
Allianz SE 1,849 378,325
AMB Generali Holding AG 125 19,453
AWD Holding AG 256 12,080
Commerzbank AG 1,749 77,109
DAB Bank AG 276 3,270
Deutsche Bank AG 1,521 204,169
Deutsche Boerse AG 96 21,916
Deutsche Postbank AG 559 48,568
Hypo Real Estate Holding AG 431 27,390
IKB Deutsche Industriebank AG 367 14,583
MLP AG 196 4,892
MPC Munchmeyer Petersen Capital AG 108 9,099
Muenchener Ruckversicherungs AG 1,046 176,290
-----------
Total Germany 997,144
--------------------------------------------------------------------------------
Hong Kong - 4.2%
Bank of East Asia Ltd. 9,600 55,836
BOC Hong Kong (Holdings) Ltd. 76,000 184,207
Cheung Kong (Holdings) Ltd. 8,000 101,251
China Overseas Land & Investment Ltd. 16,000 20,107
Chong Hing Bank Ltd. 4,000 10,570
CITIC International Financial Holdings Ltd. 20,000 17,327
Dah Sing Banking Group Ltd. 1,600 3,579
Fubon Bank (Hong Kong) Ltd. 8,000 4,638
Hang Seng Bank Ltd. 15,600 221,595
Henderson Investment Ltd. 8,000 16,360
Hong Kong Exchanges and Clearing Ltd. 4,000 38,980
Hopewell Holdings Ltd. 4,000 15,561
Industrial & Commercial Bank of China Asia Ltd. 8,000 17,506
New World Development Ltd. 12,000 27,212
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 39
Schedule of Investments (continued)
WisdomTree International Financial Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Shun TAK Holdings Ltd. 8,000 $ 10,627
Sino Land Co. 8,000 17,220
Sun Hung Kai Properties Ltd. 11,000 127,254
Wing Hang Bank Ltd. 2,000 24,622
Wing Lung Bank Ltd. 1,200 13,237
-----------
Total Hong Kong 927,689
--------------------------------------------------------------------------------
Ireland - 1.4%
Allied Irish Banks PLC 4,824 142,557
Anglo Irish Bank Corp. PLC 1,146 24,408
Bank of Ireland 5,074 108,879
FBD Holdings PLC 88 4,569
Irish Life & Permanent PLC 1,198 32,612
McInerney Holdings PLC 320 6,653
-----------
Total Ireland 319,678
--------------------------------------------------------------------------------
Italy - 9.0%
Alleanza Assicurazioni SpA 5,030 63,977
Assicurazioni Generali SpA 3,058 129,610
Azimut Holding SpA 443 6,516
Banca Carige SpA 3,230 15,995
Banca CR Firenze 1,959 14,460
Banca IFIS SpA 80 1,044
Banca Intermobiliare SpA 671 7,235
Banca Lombarda e Piemontese SpA* 1,553 38,224
Banca Monte dei Paschi di Siena SpA 6,998 43,689
Banca Popolare dell'Emilia Romagna S.c.r.l. 651 16,638
Banca Popolare dell'Etruria e del Lazio 120 2,426
Banca Popolare di Intra S.c.r.l.* 104 1,755
Banca Popolare di Milano S.c.r.l. 787 12,142
Banca Popolare di Sondrio Scarl 483 10,377
Banca Popolare Italiana* 7,018 109,302
Banca Profilo SpA 1,142 4,104
Banche Popolari Unite S.c.r.l. 1,793 52,867
Banco di Desio e della Brianza SpA 220 2,833
Banco Popolare di Verona e Novara S.c.r.l. 1,342 41,534
Capitalia SpA 12,950 116,618
Credito Artigiano SpA 791 4,043
Credito Emiliano SpA 963 15,101
Ergo Previdenza SpA 475 3,376
Fondiaria-SAI SpA 671 30,699
Intesa Sanpaolo SpA 70,610 534,347
Mediobanca SpA 3,749 83,191
Mediolanum SpA 2,555 20,645
Milano Assicurazioni SpA 3,086 26,558
Piccolo Credito Valtellinese Scarl 487 8,032
Pirelli & C. Real Estate SpA 220 16,631
Premafin Finanziaria SpA 1,701 5,440
Risanamento SpA 651 6,794
Societa Cattolica di Assicurazioni S.c.r.l. 252 15,156
UniCredito Italiano SpA 54,029 512,435
Unipol SpA 10,734 41,365
Vittoria Assicurazioni SpA 64 1,055
-----------
Total Italy 2,016,214
--------------------------------------------------------------------------------
Japan - 3.2%
Bank of Kyoto Ltd. (The) 4,000 45,835
Century Leasing System, Inc. 400 5,617
Cosmo Securities Co., Ltd. 4,000 7,588
Daito Trust Construction Co., Ltd. 400 18,802
Daiwa Securities Group, Inc. 4,000 48,207
Hiroshima Bank Ltd. (The) 4,000 21,986
Hokuhoku Financial Group, Inc. 4,000 13,754
Leopalace21 Corp. 400 13,212
Mitsubishi UFJ Financial Group Inc. 8 90,112
Mitsui Sumitomo Insurance Co., Ltd. 3,000 37,578
Mitsui Trust Holdings, Inc. 4,000 39,365
Mizuho Financial Group, Inc. 8 51,425
Mizuho Trust & Banking Co., Ltd. 4,000 8,842
Nikko Cordial Corp. 4,000 57,015
Nomura Holdings, Inc. 2,800 58,217
OMC Card, Inc. 400 3,306
Sumitomo Mitsui Financial Group, Inc. 4 36,248
Sumitomo Real Estate Sales Co., Ltd. 40 3,093
Sumitomo Trust & Banking Co., Ltd. (The) 4,000 41,635
Suruga Bank Ltd. 2,832 36,841
T&D Holdings, Inc. 200 13,771
Tokyo Leasing Co., Ltd. 400 6,423
Tokyu Land Corp. 4,000 45,497
Urban Corp. 400 5,864
-----------
Total Japan 710,233
--------------------------------------------------------------------------------
Netherlands - 6.0%
ABN AMRO Holding N.V. 13,892 595,823
Aegon N.V. 8,647 171,736
Euronext N.V. 180 21,433
ING Groep N.V. 13,109 552,293
Van der Moolen Holding N.V. 148 788
-----------
Total Netherlands 1,342,073
--------------------------------------------------------------------------------
New Zealand - 0.0%
Infratil Ltd. 1,282 5,151
--------------------------------------------------------------------------------
Norway - 0.9%
ABG Sundal Collier ASA 4,000 9,240
Acta Holding ASA 4,000 22,149
DnB NOR ASA 9,200 129,316
Sparebanken Midt-Norge 400 5,210
Storebrand ASA 2,400 38,296
-----------
Total Norway 204,211
--------------------------------------------------------------------------------
Portugal - 0.6%
Banco BPI, S.A. 2,495 21,588
Banco Comercial Portugues, S.A. Class R 17,804 64,226
Banco Espirito Santo, S.A. 2,623 49,895
Finibanco Holding, SGPS, S.A. 391 2,014
-----------
Total Portugal 137,723
--------------------------------------------------------------------------------
Singapore - 1.9%
Ascott Group Ltd. (The) 8,000 9,009
DBS Group Holdings Ltd. 10,466 147,506
See Notes to Financial Statements.
40 WisdomTree International Dividend Sector Funds
Schedule of Investments (continued)
WisdomTree International Financial Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
GuocoLand Ltd. 4,000 $ 11,064
MCL Land Ltd. 8,000 13,962
Oversea-Chinese Banking Corp. Ltd. 16,000 94,837
Singapore Exchange Ltd. 4,000 17,255
Straits Trading Co., Ltd. 4,000 10,906
United Overseas Bank Ltd. 8,139 112,565
UOB Kay Hian Holdings Ltd. 8,000 8,114
Wing Tai Holdings Ltd. 4,000 8,377
-----------
Total Singapore 433,595
--------------------------------------------------------------------------------
Spain - 6.1%
Banco Bilbao Vizcaya Argentaria, Chile, S.A. 17,277 422,708
Banco Pastor S.A. 204 4,684
Banco Popular Espanol, S.A. 6,092 125,209
Banco Sabadell S.A.* 1,182 56,108
Banco Santander Central Hispano S.A. 38,070 677,043
Bankinter, S.A. 268 21,887
Corporacion Financiera Alba 96 7,188
Corporacion Mapfre S.A. 3,601 18,407
Fadesa Inmobiliaria S.A. 168 7,626
Metrovacesa, S.A. 252 29,671
-----------
Total Spain 1,370,531
--------------------------------------------------------------------------------
Sweden - 3.0%
D. Carnegie & Co. AB 800 16,562
Fabege AB 800 20,011
Intrum Justitia AB 800 10,718
Investment AB Kinnevik Class B 400 7,682
Kungsleden AB 1,200 21,465
LE Lundbergforetagen AB Class B 200 13,384
Nordea Bank AB 16,000 254,272
Ratos AB Class B 800 25,200
Skandinaviska Enskilda Banken AB Class A 2,400 76,453
Svenska Handelsbanken AB Class A 3,600 106,469
Swedbank AB Class A 3,200 111,515
-----------
Total Sweden 663,731
--------------------------------------------------------------------------------
Switzerland - 4.8%
Baloise Holding AG 216 22,382
Converium Holding AG 156 2,722
Credit Suisse Group 5,545 396,072
Julius Baer Holding Ltd.* 156 21,187
Swiss Reinsurance Co. 1,577 143,387
UBS AG 7,880 466,036
Vontobel Holding AG 355 18,131
-----------
Total Switzerland 1,069,917
--------------------------------------------------------------------------------
United Kingdom - 25.4%
Aberdeen Asset Management PLC 1,877 8,007
Admiral Group PLC 703 15,843
Alliance & Leicester PLC 3,625 80,626
Amlin PLC 3,250 18,071
Amvescap PLC 2,623 28,810
Atrium Underwriting PLC 407 2,239
Aviva PLC 15,397 226,039
Barclays PLC 49,143 694,947
Beazley Group PLC 2,324 7,202
Bradford & Bingley PLC 4,503 40,119
Brewin Dolphin Holdings PLC 919 3,335
Brit Insurance Holdings PLC 4,084 25,833
Capital & Regional PLC 192 5,799
Charles Taylor Consulting PLC 160 1,294
Chaucer Holdings PLC 2,348 4,329
Chesnara PLC 1,294 4,695
Close Brothers Group PLC 715 14,206
Datamonitor PLC 192 2,224
Domestic & General Group PLC 180 4,138
DTZ Holdings PLC 419 5,440
Erinaceous Group PLC 347 1,436
F&C Asset Management PLC 4,268 15,528
Friends Provident PLC 16,039 60,557
Hardy Underwriting Group PLC 232 1,297
HBOS PLC 26,781 549,957
Helical Bar PLC 635 5,346
Highway Insurance Holdings PLC 2,479 3,452
HSBC Holdings PLC* 82,765 1,443,935
ICAP PLC 1,877 19,530
Intermediate Capital Group PLC 391 14,985
Investec PLC 1,777 22,933
Jardine Lloyd Thompson Group PLC 2,080 17,950
Kensington Group PLC 172 2,243
Kiln PLC 1,749 4,048
Legal & General Group PLC 14,443 45,041
Liontrust Asset Management PLC 156 1,199
Lloyds TSB Group PLC 71,172 781,722
London Scottish Bank PLC 1,218 2,765
London Stock Exchange Group PLC 304 7,465
Man Group PLC 5,797 63,103
McKay Securities PLC 204 1,866
Northern Rock PLC 1,984 44,556
Numis Corp. PLC 168 1,021
Old Mutual PLC 32,094 103,297
Provident Financial PLC 2,603 41,047
Prudential PLC 14,395 202,576
RAB Capital PLC 2,942 5,698
Rensburg Sheppards PLC 120 2,051
Resolution PLC 663 8,069
Royal & Sun Alliance Insurance Group 4,901 15,572
Royal Bank of Scotland Group (The) PLC 19,847 772,310
Schroders PLC non-voting class 264 6,069
Schroders PLC 823 20,468
St. James's Place PLC 715 6,318
Standard Chartered PLC 5,964 171,251
Unite Group PLC 567 5,772
Warner Estate Holdings PLC 256 4,067
-----------
Total United Kingdom 5,669,696
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 41
Schedule of Investments (concluded)
WisdomTree International Financial Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $21,546,113) $22,240,101
================================================================================
RIGHTS* - 0.0%
Australia - 0.0%
Suncorp-Metway Ltd., expiring on 4/05/07 1,473 --
-----------
Sweden - 0.0%
Fabege AB, expiring on 4/24/07 800 --
-----------
TOTAL RIGHTS (Cost: $0) --
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 99.6%
(Cost: $21,546,113) 22,240,101
Cash, Foreign Currency and Other Assets
in Excess of Liabilities - 0.4% 81,088
-----------
NET ASSETS - 100.0% $22,321,189
================================================================================
* Non-income producing security.
See Notes to Financial Statements.
42 WisdomTree International Dividend Sector Funds
Schedule of Investments
WisdomTree International Health Care Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Australia - 10.9%
Australian Pharmaceutical Industries Ltd.(a) 106,342 $ 180,408
Cochlear Ltd. 5,135 268,479
CSL Ltd. 6,650 442,508
Healthscope Ltd.(a) 52,099 231,485
Primary Health Care Ltd. 21,832 215,171
Ramsay Health Care Ltd.(a) 25,671 238,491
Sigma Pharmaceuticals Ltd.(a) 111,608 226,308
Sonic Healthcare Ltd. 25,741 306,724
Symbion Health Ltd. 84,650 248,236
-----------
Total Australia 2,357,810
--------------------------------------------------------------------------------
Belgium - 1.5%
Omega Pharma S.A. 128 9,825
UCB S.A. 5,325 308,841
-----------
Total Belgium 318,666
--------------------------------------------------------------------------------
Denmark - 6.5%
Coloplast A/S Class B 2,350 198,786
GN Store Nord A/S* 12,000 169,358
H. Lundbeck A/S 9,800 228,473
Novo-Nordisk A/S Class B(a) 6,400 581,964
Novozymes A/S Class B 2,600 231,778
-----------
Total Denmark 1,410,359
--------------------------------------------------------------------------------
France - 9.7%
Cie Generale D'Optique Essilor International S.A. 3,001 343,551
Generale de Sante 5,313 226,317
Sanofi-Aventis 17,622 1,527,085
-----------
Total France 2,096,953
--------------------------------------------------------------------------------
Germany - 9.6%
ALTANA AG 5,762 372,920
Celesio AG 5,665 354,727
Curanum AG 531 5,089
Fresenius AG 3,498 279,987
Fresenius Medical Care AG & Co. KGaA 2,382 345,364
Merck KGaA 1,959 251,697
Rhoen-Klinikum AG 3,993 238,284
Stada Arzneimittel AG 3,556 215,141
-----------
Total Germany 2,063,209
--------------------------------------------------------------------------------
Ireland - 0.1%
United Drug PLC 3,277 17,209
--------------------------------------------------------------------------------
Italy - 2.4%
Luxottica Group SpA 9,623 305,767
Recordati SpA 26,194 207,640
-----------
Total Italy 513,407
--------------------------------------------------------------------------------
Japan - 17.3%
Alfresa Holdings Corp. 400 25,408
Astellas Pharma, Inc. 9,200 395,816
Chugai Pharmaceutical Co., Ltd. 12,100 305,382
Dainippon Sumitomo Pharma Co., Ltd. 16,000 170,603
Eisai Co., Ltd. 7,200 344,527
Fuso Pharmaceutical Industries Ltd. 1,000 2,947
Hisamitsu Pharmaceutical Co., Inc. 400 11,789
Hitachi Medical Corp. 1,000 10,197
Hogy Medical Co., Ltd. 100 4,667
Kaken Pharmaceutical Co., Ltd. 2,000 16,244
Kobayashi Pharmaceutical Co., Ltd. 400 15,143
Kyowa Hakko Kogyo Co., Ltd. 28,000 258,480
Mediceo Paltac Holdings Co., Ltd. 8,800 167,317
Miraca Holdings, Inc. 400 8,368
Mochida Pharmaceutical Co., Ltd. 1,000 9,604
Nihon Kohden Corp. 800 18,632
Nipro Corp. 1,000 19,479
Paramount Bed Co., Ltd. 800 15,719
Paris Miki, Inc. 10,400 171,755
Seikagaku Corp. 800 8,537
Shimadzu Corp. 3,000 25,941
Shionogi & Co., Ltd. 11,000 197,502
SSP Co., Ltd. 3,000 17,404
Suzuken Co., Ltd. 600 21,241
Sysmex Corp. 300 10,874
Taisho Pharmaceutical Co., Ltd. 11,000 201,228
Takeda Pharmaceutical Co., Ltd. 12,800 837,976
Tanabe Seiyaku Co., Ltd. 16,000 217,218
Terumo Corp. 5,200 202,143
Toho Pharmaceutical Co., Ltd. 100 1,804
TOPCON Corp. 400 6,098
Towa Pharmaceutical Co., Ltd. 100 3,167
-----------
Total Japan 3,723,210
--------------------------------------------------------------------------------
New Zealand - 1.0%
Fisher & Paykel Healthcare Corp. 75,683 196,432
Ryman Healthcare Ltd. 10,460 16,902
-----------
Total New Zealand 213,334
--------------------------------------------------------------------------------
Singapore - 1.2%
Parkway Holdings Ltd. 117,000 252,740
--------------------------------------------------------------------------------
Spain - 0.2%
FAES FARMA, S.A. 1,567 39,632
--------------------------------------------------------------------------------
Sweden - 1.3%
Getinge AB Class B 11,400 258,349
Meda AB Class A 400 12,258
Q-Med AB 850 13,084
-----------
Total Sweden 283,691
--------------------------------------------------------------------------------
Switzerland - 17.5%
Merck Serono S.A.(a) 298 268,512
Nobel Biocare Holding AG 908 329,492
Novartis AG 26,908 1,536,278
Phonak Holding AG 288 21,940
Roche Holding AG 7,800 1,373,689
Straumann Holding AG* 852 243,219
-----------
Total Switzerland 3,773,130
--------------------------------------------------------------------------------
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 43
Schedule of Investments (concluded)
WisdomTree International Health Care Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
United Kingdom - 20.3%
AstraZeneca PLC 25,802 $ 1,383,588
Bespak PLC 991 15,112
Dechra Pharmaceuticals PLC 1,410 8,801
GlaxoSmithKline PLC 77,690 2,128,709
Shire PLC 11,606 238,788
Smith & Nephew PLC 28,909 366,285
SSL International PLC 28,888 226,780
-----------
Total United Kingdom 4,368,063
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $20,642,279) 21,431,413
================================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 6.4%
MONEY MARKET FUNDS(b) - 6.4%
UBS Enhanced Yield Portfolio, 5.25% 900,000 900,000
UBS Private Money Market Fund LLC, 5.26% 476,562 476,562
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $1,376,562)(c) 1,376,562
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 105.9%
(Cost: $22,018,841) 22,807,975
Liabilities in Excess of Foreign Currency and Other
Assets - (5.9)% (1,272,008)
-----------
NET ASSETS - 100.0% $21,535,967
================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $1,305,489 and the total market value of the collateral held by the
Fund was $1,376,562.
See Notes to Financial Statements.
44 WisdomTree International Dividend Sector Funds
Schedule of Investments
WisdomTree International Industrial Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.4%
Australia - 8.5%
Adelaide Brighton Ltd. 19,887 $ 55,105
Amcor Ltd. 29,631 180,728
Ansell Ltd. 1,645 15,415
Boral Ltd. 18,918 125,931
Bradken Ltd. 3,604 25,650
Cardno Ltd. 1,533 7,443
Coffey International Ltd. 2,774 8,785
Crane Group Ltd. 2,470 32,764
CSR Ltd. 26,047 71,753
Downer EDI Ltd. 7,168 39,492
Futuris Corp., Ltd.(a) 22,614 39,460
GUD Holdings Ltd. 3,648 24,313
GWA International Ltd.(a) 13,736 44,386
Hills Industries Ltd. 8,245 36,834
Leighton Holdings Ltd. 7,216 195,403
Monadelphous Group Ltd. 2,158 18,514
Orica Ltd. 6,463 132,356
Rinker Group Ltd. 10,300 150,191
Sims Group Ltd. 5,778 109,039
Toll Holdings Ltd. 5,883 97,428
Transfield Services Ltd. 4,393 42,303
United Group Ltd. 3,230 35,566
Wesfarmers Ltd. 18,490 563,877
WorleyParsons Ltd. 2,394 53,746
-----------
Total Australia 2,106,482
--------------------------------------------------------------------------------
Austria - 0.7%
Andritz AG* 124 30,997
AT&S Austria Technologie & Systemtechnik AG 292 7,541
Flughafen Wien AG 416 40,596
Semperit AG Holding 372 16,341
Wienerberger AG 1,405 87,435
-----------
Total Austria 182,910
--------------------------------------------------------------------------------
Belgium - 1.8%
Agfa-Gevaert N.V. 2,527 56,815
Barco N.V. 220 20,248
Bekaert S.A. 324 43,893
Compagnie Maritime Belge S.A. 3,250 215,014
Euronav N.V. 2,603 87,283
EVS Broadcast Equipment S.A. 236 14,991
-----------
Total Belgium 438,244
--------------------------------------------------------------------------------
Denmark - 0.8%
A/S Dampskibsselskabet TORM 2,000 138,095
DSV A/S* 89 15,550
FLSmidth & Co. A/S 400 27,012
NKT Holding A/S 300 24,010
-----------
Total Denmark 204,667
--------------------------------------------------------------------------------
Finland - 1.9%
Aspo Oyj 1,005 9,432
Elektrobit Group Oyj 2,425 5,229
Finnlines Oyj 805 17,949
Fiskars Oyj Abp Class A 1,413 22,797
Huhtamaki Oyj 1,814 29,918
KCI Konecranes Oyj 604 20,181
Lassila & Tikanoja Oyj 584 19,551
Metso Oyj 2,094 110,243
Ponsse Oyj* 564 9,760
Scanfil Oyj 1,613 4,788
Uponor Corp. 1,794 63,189
Vaisala Oyj Class A 404 18,812
Wartsila Oyj Class B 1,213 74,744
YIT Oyj 2,014 69,168
-----------
Total Finland 475,761
--------------------------------------------------------------------------------
France - 15.8%
Bacou Dalloz 52 6,922
Bouygues S.A. 5,802 446,796
CFF RECYCLING 244 13,031
Cie de Saint-Gobain S.A. 6,744 656,868
Ciments Francais 468 98,337
EIFFAGE 989 144,158
Haulotte Group 364 11,624
Imerys S.A. 1,353 125,173
Lafarge S.A. 3,668 574,640
Manitou BF S.A. 616 32,636
Nexans S.A. 316 41,644
Schneider Electric S.A. 5,118 647,422
Ste Industrielle d'Aviation Latecoere S.A. 208 6,271
Thales S.A. 3,628 209,886
Vallourec S.A. 372 94,868
VINCI S.A. 5,030 776,834
Zodiac S.A. 756 54,222
-----------
Total France 3,941,332
--------------------------------------------------------------------------------
Germany - 10.6%
Balda AG 2,046 28,461
Bilfinger Berger AG 488 44,368
Deutsche Post AG 24,949 752,558
Fraport AG Frankfurt Airport Services Worldwide 796 57,939
Heidelberger Druckmaschinen AG 416 18,994
HOCHTIEF AG 740 74,765
Indus Holding AG 472 17,900
KRONES AG 84 16,437
Leoni AG 360 14,774
Linde AG 1,661 178,320
MAN AG 1,545 179,132
Norddeutsche Affinerie AG 1,129 35,618
Rheinmetall AG 336 31,040
Siemens AG 10,869 1,157,751
Vossloh AG 284 27,185
-----------
Total Germany 2,635,242
--------------------------------------------------------------------------------
Hong Kong - 1.0%
Hong Kong Aircraft Engineering Co. Ltd. 1,600 24,366
Hung Hing Printing Group Ltd. 24,000 13,575
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 45
Schedule of Investments (continued)
WisdomTree International Industrial Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
MTR Corp. 74,000 $ 185,231
Singamas Container Holdings Ltd. 16,000 9,009
Techtronic Industries Co. Ltd. 16,000 19,288
-----------
Total Hong Kong 251,469
--------------------------------------------------------------------------------
Ireland - 0.9%
CRH PLC 4,947 210,595
Kingspan Group PLC 857 22,759
-----------
Total Ireland 233,354
--------------------------------------------------------------------------------
Italy - 1.3%
Astaldi SpA 917 9,082
BUZZI UNICEM SpA 1,706 51,687
Caltagirone SpA 580 6,794
Cementir-Cementerie del Tirreno SpA 1,421 17,960
Finmeccanica SpA 3,928 117,699
Gewiss SpA 913 7,875
GranitiFiandre SpA 668 7,585
I.M.A-Industria Macchine Automatiche SpA 821 15,278
Interpump Group SpA 1,113 12,401
Italcementi SpA 1,678 50,079
Navigazione Montanari SpA 1,621 8,588
Permasteelisa SpA 352 8,903
Premuda SpA 3,536 7,418
-----------
Total Italy 321,349
--------------------------------------------------------------------------------
Japan - 16.4%
Achilles Corp. 4,000 7,012
Advantest Corp. 400 17,718
Aichi Corp. 2,800 26,204
Airport Facilities Co., Ltd. 4,800 30,286
Alps Electric Co., Ltd. 1,600 18,700
Amada Co., Ltd. 4,000 45,632
Amano Corp. 800 9,750
Asahi Glass Co., Ltd. 8,000 112,403
Asahi Organic Chemicals Industry Co., Ltd. 4,000 16,905
Asahi Pretec Corp. 400 10,028
Casio Computer Co., Ltd. 1,200 26,221
Chofu Seisakusho Co., Ltd. 400 8,554
CKD Corp. 2,800 26,061
Cleanup Corp. 800 7,385
CMK Corp. 2,400 29,087
Cosel Co., Ltd. 400 7,114
Daiichi Chuo Kisen Kaisha 4,000 11,857
Daikin Industries Ltd. 800 27,779
East Japan Railway Co. 24 186,593
Ebara Corp. 4,000 18,937
Fanuc Ltd. 800 74,326
Fuji Electric Holdings Co., Ltd. 4,000 18,531
FUJIFILM Holdings Corp. 2,000 81,643
Fukuyama Transporting Co., Ltd. 4,000 16,159
Hamamatsu Photonics K.K. 400 12,094
Hankyu Hanshin Holdings, Inc. 4,000 24,154
Hibiya Engineering Ltd. 4,000 34,588
Hitachi Cable Ltd. 4,000 22,731
Hitachi Construction Machinery Co., Ltd. 800 21,613
Hitachi Ltd. 28,000 216,743
Hitachi Transport System Ltd. 800 9,140
Hoya Corp. 3,200 105,967
Ibiden Co., Ltd. 400 20,699
Idec Corp. 400 6,470
Iino Kaiun Kaisha Ltd. 1,200 12,785
Japan Airport Terminal Co., Ltd. 800 11,647
Japan Foundation Engineering Co., Ltd. 1,200 4,431
JS Group Corp. 3,600 77,900
Kaga Electronics Co., Ltd. 400 7,165
Kajima Corp. 8,000 40,788
Kawasaki Heavy Industries Ltd. 4,000 16,905
Kawasaki Kisen Kaisha Ltd. 8,000 75,748
Keio Corp. 4,000 27,745
Kintetsu Corp. 8,000 25,137
Komatsu Ltd. 3,600 75,613
Kubota Corp. 8,000 69,989
Kurita Water Industries Ltd. 800 19,310
Kyocera Corp. 1,200 112,911
Mabuchi Motor Co., Ltd. 400 24,696
Makita Corp. 800 29,608
Maruzen Showa Unyu Co., Ltd. 4,000 14,398
Matsushita Electric Works Ltd. 4,000 45,768
Minebea Co., Ltd. 4,000 24,730
MISUMI Group, Inc. 400 7,148
Mitsubishi Electric Corp. 8,000 82,253
Mitsubishi Heavy Industries Ltd. 16,000 103,256
Mitsui Engineering & Shipbuilding Co., Ltd. 4,000 16,905
Mitsui O.S.K. Lines Ltd. 16,000 177,243
Mitsumi Electric Co., Ltd. 800 26,424
Miura Co., Ltd. 400 10,366
Nagoya Railroad Co., Ltd. 4,000 12,263
NEC Corp. 12,000 64,230
NEC Networks & System Integration Corp. 400 5,051
Nichicon Corp. 800 10,800
Nichiha Corp. 400 5,583
Nidec Copal Corp. 800 8,713
Nidec Copal Electronics Corp. 800 4,899
Nihon Yamamura Glass Co., Ltd. 4,000 11,992
Nippon Densetsu Kogyo Co., Ltd. 4,000 28,829
Nippon Express Co., Ltd. 8,000 50,070
Nippon Koei Co., Ltd. 4,000 12,128
Nippon Sheet Glass Co., Ltd. 4,000 20,936
Nippon Signal Co., Ltd. (The) 800 5,739
Nippon Valqua Industries Ltd. 4,000 15,380
Nippon Yusen K.K. 20,000 160,068
Nishimatsu Construction Co., Ltd. 4,000 12,907
Nishi-Nippon Railroad Co., Ltd. 4,000 16,667
Nitto Kogyo Corp. 400 6,403
Nitto Kohki Co., Ltd. 400 9,299
NSK Ltd. 4,000 38,077
NTN Corp. 4,000 34,554
See Notes to Financial Statements.
46 WisdomTree International Dividend Sector Funds
Schedule of Investments (continued)
WisdomTree International Industrial Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Obayashi Corp. 4,000 $ 25,746
Odakyu Electric Railway Co., Ltd. 4,000 29,168
OKUMA Corp. 4,000 46,682
Okumura Corp. 4,000 21,884
Onoken Co., Ltd. 2,400 34,270
OSG Corp. 800 12,101
Raito Kogyo Co., Ltd. 1,200 3,872
Rinnai Corp. 400 10,637
Ryosan Co., Ltd. 400 10,265
Sagami Railway Co., Ltd. 4,000 13,788
Sankyo-Tateyama Holdings Inc. 4,000 8,672
Sanshin Electronics Co., Ltd. 2,000 25,052
Sanwa Shutter Corp. 4,000 24,866
Sanyo Denki Co., Ltd. 4,000 30,523
Sato Corp. 400 8,063
Sharp Corp. 8,000 153,801
Shimizu Corp. 8,000 48,986
Shin-Etsu Polymer Co., Ltd. 400 4,875
Shinwa Kaiun Kaisha Ltd. 4,000 20,191
Stanley Electric Co., Ltd. 1,200 24,340
Star Micronics Co., Ltd. 400 8,622
Sumida Corp. 400 7,148
Sumitomo Electric Industries Ltd. 3,200 48,566
Sumitomo Osaka Cement Co., Ltd. 4,000 11,992
Taiheiyo Cement Corp. 4,000 17,650
Taikisha Ltd. 800 9,086
Taisei Corp. 8,000 29,608
THK Co., Ltd. 800 18,802
TOA CORP 4,000 4,268
Tobu Railway Co., Ltd. 4,000 19,174
Toda Corp. 4,000 19,107
Tokai Rubber Industries, Inc. 800 15,482
Tokyo Kikai Seisakusho Ltd. 4,000 13,009
Tokyu Corp. 4,000 31,099
Tonami Transportation Co., Ltd. 4,000 10,807
Toshiba Corp. 16,000 106,644
Toshiba TEC Corp. 4,000 23,883
Toyo Corp./Chuo-ku 400 5,292
Toyo Seikan Kaisha Ltd. 800 16,091
Ushio Inc. 800 15,414
Yamatake Corp. 400 9,248
Yamato Holdings Co., Ltd. 4,000 64,366
Yokogawa Electric Corp. 1,200 18,354
Yurtec Corp. 4,000 21,139
-----------
Total Japan 4,087,174
--------------------------------------------------------------------------------
Netherlands - 6.0%
Aalberts Industries N.V. 220 21,654
Arcadis N.V. 160 10,223
Boskalis Westminster 360 35,701
European Aeronautic Defence & Space
Co. EADS N.V. 12,326 380,988
Heijmans N.V. 540 30,672
Koninklijke BAM Groep N.V. 1,806 42,576
Koninklijke Philips Electronics N.V. 14,957 569,226
Koninklijke Vopak N.V. 833 46,572
Smit Internationale N.V. 392 24,969
Stork N.V. 540 27,603
Ten Cate N.V. 348 13,341
TNT N.V. 6,439 294,252
-----------
Total Netherlands 1,497,777
--------------------------------------------------------------------------------
New Zealand - 1.0%
Auckland International Airport Ltd. 43,900 75,646
Fletcher Building Ltd. 16,535 130,048
Freightways Ltd. 5,250 16,329
Mainfreight Ltd. 1,457 7,605
Steel & Tube Holdings Ltd. 5,514 17,189
-----------
Total New Zealand 246,817
--------------------------------------------------------------------------------
Norway - 0.6%
Aker Yards ASA 2,400 41,284
Camillo Eitzen & Co. ASA 1,200 12,582
Solstad Offshore ASA 400 9,502
Tomra Systems ASA 800 5,734
Veidekke ASA* 800 45,084
Wilh. Wilhelmsen ASA Class A 600 24,279
-----------
Total Norway 138,465
--------------------------------------------------------------------------------
Portugal - 0.8%
CIMPOR-Cimentos de Portugal SGPS, S.A. 14,116 118,004
Mota-Engil, SGPS, S.A. 2,926 23,097
Semapa-Sociedade de Investimento
e Gestao, SGPS, S.A. 3,756 57,098
-----------
Total Portugal 198,199
--------------------------------------------------------------------------------
Singapore - 2.5%
ComfortDelgro Corp., Ltd. 52,000 68,151
Cosco Corp. (Singapore) Ltd. 12,000 22,682
Delong Holdings Ltd. 92,000 14,845
Elec & Eltek International Co., Ltd. 8,000 20,800
Hi-P International Ltd. 12,000 6,085
Hong Leong Asia Ltd. 8,000 10,116
Jaya Holdings Ltd. 24,000 22,919
Jurong Technologies Industrial Corp., Ltd. 8,000 4,031
Labroy Marine Ltd. 4,000 5,400
MFS Technology Ltd.* 8,000 5,216
MMI Holding Ltd. 12,000 13,198
Pan-United Corp., Ltd. 16,000 9,009
Pan-United Marine Ltd. 12,000 14,858
Samudera Shipping Line Ltd. 32,000 7,798
SBS Transit Ltd. 10,000 18,967
SembCorp Industries Ltd. 24,000 80,611
SembCorp Marine Ltd. 28,000 64,910
Singapore Post Ltd. 68,000 49,710
Singapore Technologies Engineering Ltd. 24,000 52,476
SMRT Corp., Ltd. 52,000 51,027
Unisteel Technology Ltd. 4,000 7,745
United Engineers Ltd. 4,000 8,483
Venture Corp., Ltd. 4,000 38,462
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 47
Schedule of Investments (continued)
WisdomTree International Industrial Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
WBL Corp., Ltd. 4,000 $ 12,171
-----------
Total Singapore 609,670
--------------------------------------------------------------------------------
Spain - 4.2%
Abengoa S.A. 360 14,865
Acciona, S.A. 576 124,327
ACS, Actividades Construccion y Servicios, S.A. 3,047 184,346
Duro Felguera S.A. 853 10,378
Fomento de Construcciones y Contratas S.A. 1,958 200,562
Gamesa Corp Tecnologica S.A. 1,397 50,396
Grupo Ferrovial S.A. 1,273 128,362
Obrascon Huarte Lain, S.A. 588 24,859
Sacyr Vallehermoso, S.A. 2,899 161,847
Tubacex S.A. 1,089 8,698
Zardoya-Otis S.A. 4,136 141,495
-----------
Total Spain 1,050,135
--------------------------------------------------------------------------------
Sweden - 10.8%
AB Volvo Class A* 4,000 342,641
AB Volvo Class B* 8,400 703,981
AddTech AB Class B 400 8,538
Alfa Laval AB 1,600 82,553
Assa Abloy AB Class B 5,600 128,105
Atlas Copco AB Class A 5,600 185,174
Atlas Copco AB Class B 3,200 101,481
Brostrom AB Class B 1,200 24,629
Cardo AB 800 30,558
Gunnebo AB 82 865
Hexagon AB Class B 800 32,326
Hoganas AB Class B 800 20,182
JM AB 1,600 54,845
Munters AB 400 17,275
NCC AB Class B 1,200 38,397
Nibe Industrier AB Class B 800 12,970
Peab AB 1,200 35,917
Saab AB Class B 1,600 42,873
Sandvik AB 22,400 395,888
Skanska AB Class B 9,600 212,768
SKF AB Class B 8,800 182,182
Trelleborg AB Class B 1,600 41,391
-----------
Total Sweden 2,695,539
--------------------------------------------------------------------------------
Switzerland - 1.7%
Holcim Ltd. 2,494 248,624
Kuehne + Nagel International AG 949 77,697
Panalpina Welttransport Holding AG 252 41,966
Schindler Holding AG 628 38,581
Schindler Holding AG Participating Shares 444 26,914
-----------
Total Switzerland 433,782
--------------------------------------------------------------------------------
United Kingdom - 12.1%
Abacus Group PLC 2,166 6,149
Abbot Group PLC 2,086 10,852
Aga Foodservice Group PLC 1,974 15,400
Alfred McAlpine PLC 1,962 17,047
Amec PLC 6,936 72,101
Arriva PLC 4,853 70,817
BAE SYSTEMS PLC 57,080 514,988
Balfour Beatty PLC 6,239 58,370
BBA Aviation PLC 13,079 72,084
British Polythene Industries PLC 720 7,047
Business Post Group PLC 2,010 18,095
Carillion PLC 4,673 36,730
Castings PLC 1,201 6,360
Chemring Group PLC 224 8,159
Chloride Group PLC 3,346 10,681
Clarkson PLC 368 7,001
Cobham PLC 14,633 60,271
Dart Group PLC 2,986 7,672
Delta PLC 2,810 7,523
E2V Technologies PLC 893 6,778
Electrocomponents PLC 21,866 124,156
Ennstone PLC 6,776 6,246
Fenner PLC 3,282 13,792
Firstgroup PLC 8,878 115,708
FKI PLC 16,788 38,278
Galliford Try PLC 3,676 12,329
Go-Ahead Group PLC 1,005 50,264
Halma PLC 9,150 39,527
Hanson PLC 15,114 242,338
Hill & Smith Holdings PLC 1,285 8,695
Hornby PLC 1,309 7,587
IMI PLC 7,909 89,971
James Fisher & Sons PLC 704 8,326
James Halstead PLC 1,802 21,029
Keller Group PLC 905 16,348
Laird Group PLC 3,006 32,162
M J Gleeson Group PLC 877 7,078
Marshalls PLC 3,812 25,925
Meggitt PLC 7,016 41,076
Metalrax Group PLC 6,639 10,417
Morgan Sindall PLC 656 16,122
National Express Group PLC 1,277 31,609
Photo-Me International PLC 6,079 8,346
Premier Farnell PLC 12,118 48,545
Renishaw PLC 1,101 16,304
Rexam PLC 13,988 150,895
Ricardo PLC 1,101 7,601
ROK PLC* 464 9,742
Rotork PLC 1,289 21,426
RPC Group PLC 2,106 10,450
Senior PLC 7,597 12,032
Severfield-Rowen PLC 332 12,014
Shanks Group PLC 5,650 29,836
SIG PLC 1,469 36,534
Smiths Group PLC 12,526 252,558
Spectris PLC 2,034 35,107
Spirax-Sarco Engineering PLC 1,265 25,593
See Notes to Financial Statements.
48 WisdomTree International Dividend Sector Funds
Schedule of Investments (concluded)
WisdomTree International Industrial Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Stagecoach Group PLC 23,928 $ 84,476
T. Clarke PLC 1,609 7,266
TDG PLC 3,688 20,977
Titan Europe PLC 1,497 6,812
Travis Perkins PLC 1,850 73,005
TT electronics PLC 6,804 31,961
Ultra Electronics Holdings PLC 732 17,875
UMECO PLC 849 7,822
Vitec Group (The) PLC 833 9,705
VT Group PLC 2,635 25,402
Wagon PLC 3,314 8,759
Weir Group (The) PLC 4,076 48,646
Whatman PLC 1,353 7,696
White Young Green PLC 865 7,380
WSP Group PLC 668 9,132
-----------
Total United Kingdom 3,017,005
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $23,310,519) 24,765,373
================================================================================
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 0.3%
MONEY MARKET FUND(b)-0.3%
UBS Private Money Market Fund LLC, 5.26%
(Cost: $63,600)(c) 63,600 63,600
================================================================================
TOTAL INVESTMENTS IN SECURITIES - 99.7%
(Cost: $23,374,119) 24,828,973
Cash, Foreign Currency and Other Assets in Excess of
Liabilities - 0.3% 80,677
-----------
NET ASSETS - 100.0% $24,909,650
================================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $60,218 and the total market value of the collateral held by the Fund
was $63,600.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 49
Schedule of Investments
WisdomTree International Technology Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.3%
Australia - 4.2%
Computershare Ltd. 11,104 $ 97,328
HPAL Ltd. 13,706 21,480
MYOB Ltd. 21,766 20,573
Salmat Ltd. 11,252 36,360
Technology One Ltd. 24,636 20,201
UXC Ltd. 16,925 23,654
-----------
Total Australia 219,596
-------------------------------------------------------------------------------
Belgium - 0.9%
Econocom Group S.A./N.V. 827 8,807
Melexis N.V. 1,953 36,656
-----------
Total Belgium 45,463
-------------------------------------------------------------------------------
Finland - 2.2%
Comptel PLC 2,861 7,084
Perlos Oyj 845 4,286
TietoEnator Corp. 3,651 105,949
-----------
Total Finland 117,319
-------------------------------------------------------------------------------
France - 8.9%
CapGemini S.A. 2,640 200,275
Dassault Systemes S.A. 1,742 93,334
Ingenico S.A.* 407 10,570
Lectra 1,366 11,474
Neopost S.A. 946 134,742
Oberthur Card Systems S.A. 2,699 18,826
-----------
Total France 469,221
-------------------------------------------------------------------------------
Germany - 14.4%
SAP AG 14,040 623,665
Software AG 680 57,850
Wincor Nixdorf AG 804 74,703
-----------
Total Germany 756,218
-------------------------------------------------------------------------------
Hong Kong - 1.5%
Lenovo Group Ltd. 210,000 76,860
-------------------------------------------------------------------------------
Japan - 46.9%
Canon Finetech Inc. 400 7,639
Canon Inc. 20,400 1,093,644
Capcom Co., Ltd. 1,200 17,196
CSK Holdings Corp. 300 12,551
Daiwabo Information System Co., Ltd. 500 6,843
FUJI SOFT, Inc. 200 5,945
Fujitsu Ltd. 17,000 113,021
Hitachi Information Systems Ltd. 700 15,444
Hitachi Software Engineering Co., Ltd. 800 16,600
Hitachi Systems & Services Ltd. 300 6,352
Information Services International-Dentsu, Ltd. 600 6,281
Itochu Techno-Solutions Corp. 600 28,711
Koei Co., Ltd. 1,500 25,369
Konami Corp. 3,500 93,373
Mimasu Semiconductor Industry Co., Ltd. 300 6,377
NEC Fielding Ltd. 1,300 17,065
NEC Mobiling Ltd. 300 5,679
Nihon Unisys Ltd. 500 7,173
Nomura Research Institute Ltd. 3,000 88,164
NS Solutions Corp. 500 12,598
NSD Co., Ltd. 400 6,179
OBIC Business Consultants Ltd. 250 14,715
Obic Co., Ltd. 70 13,819
Oracle Corp. Japan 4,100 196,883
Otsuka Corp. 200 19,107
Ricoh Co., Ltd. 9,000 202,371
Roland DG Corp. 300 10,443
Sanken Electric Co., Ltd. 1,000 10,468
Seiko Epson Corp. 2,200 64,654
Shinko Electric Industries Co., Ltd. 500 11,264
Square Enix Co., Ltd. 1,600 41,194
Sumco Corp. 1,000 41,499
Sumisho Computer Systems Corp. 800 16,803
TDK Corp. 1,400 121,177
Tokyo Electron Ltd. 1,400 97,701
Trans Cosmos, Inc. 400 8,147
-----------
Total Japan 2,462,449
-------------------------------------------------------------------------------
Netherlands - 6.0%
Getronics N.V. 1,309 11,866
OCE N.V. 5,077 92,723
STMicroelectronics N.V. 11,065 212,247
-----------
Total Netherlands 316,836
-------------------------------------------------------------------------------
Norway - 0.2%
EDB Business Partner ASA 1,000 8,642
-------------------------------------------------------------------------------
Singapore - 0.7%
Creative Technology Ltd. 4,500 28,896
CSE Global Ltd. 10,000 9,945
-----------
Total Singapore 38,841
-------------------------------------------------------------------------------
Spain - 1.1%
Indra Sistemas S.A. 2,261 56,794
-------------------------------------------------------------------------------
Sweden - 0.3%
HIQ International AB 3,200 16,237
-------------------------------------------------------------------------------
United Kingdom - 12.0%
Aero Inventory PLC 1,808 13,262
Alphameric PLC 5,308 5,127
ARM Holdings PLC 13,467 35,394
Computacenter PLC 7,536 41,201
Domino Printing Sciences PLC 3,819 27,115
iSOFT Group PLC* 9,197 6,223
LogicaCMG PLC 48,924 170,804
Misys PLC 25,833 120,969
Morse PLC 10,125 18,419
Psion PLC 2,650 8,784
RM PLC 3,312 12,359
Royalblue Group PLC 498 10,842
Sage Group PLC (The) 22,454 113,734
See Notes to Financial Statements.
50 WisdomTree International Dividend Sector Funds
Schedule of Investments (concluded)
WisdomTree International Technology Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
Xansa PLC 19,256 $ 32,952
Zetex PLC 5,738 10,101
-----------
Total United Kingdom 627,286
-------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES - 99.3%
(Cost: $4,982,200) 5,211,762
Foreign Currency and Other Assets in Excess of
Liabilities - 0.7% 34,636
-----------
NET ASSETS - 100.0% $5,246,398
===============================================================================
* Non-income producing security.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 51
Schedule of Investments
WisdomTree International Utilities Sector Fund
March 31, 2007
================================================================================
Investments Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.5%
Australia - 1.0%
Alinta Ltd.*(a) 20,251 237,544
-------------------------------------------------------------------------------
Austria - 0.2%
Verbund (Osterreichische Elektrizitatswirtschafts-AG)
Class A 1,288 57,539
-------------------------------------------------------------------------------
Finland - 4.6%
Fortum Oyj* 37,265 1,082,884
-------------------------------------------------------------------------------
France - 12.8%
Gaz de France S.A. 11,794 545,404
Suez S.A. 39,608 2,081,551
Veolia Environnement S.A. 5,641 417,952
-----------
Total France 3,044,907
-------------------------------------------------------------------------------
Germany - 13.3%
E.ON AG 15,216 2,061,532
MVV Energie AG 1,224 46,273
RWE AG 10,038 1,058,144
-----------
Total Germany 3,165,949
-------------------------------------------------------------------------------
Hong Kong - 4.5%
China Power International Development Ltd. 60,000 29,101
China Resources Power Holdings Co. 32,000 49,059
CLP Holdings Ltd. 85,000 620,565
Hong Kong & China Gas Co. 24,000 53,625
HongKong Electric Holdings Ltd. 64,000 328,426
-----------
Total Hong Kong 1,080,776
-------------------------------------------------------------------------------
Italy - 15.4%
ACEA SpA 5,091 94,876
AEM SpA 38,244 137,453
ASM Brescia SpA 19,793 127,456
Enel SpA 227,613 2,426,927
Hera SpA 16,485 69,124
Iride SpA 9,379 31,555
Snam Rete Gas SpA 74,515 471,404
Terna Rete Elettrica Nazionale SpA 78,178 289,305
-----------
Total Italy 3,648,100
-------------------------------------------------------------------------------
Japan - 10.4%
Chubu Electric Power Co., Inc. 10,800 370,443
Chugoku Electric Power Co., Inc. (The) 5,600 124,971
Electric Power Development Co., Ltd. 2,000 100,445
Hokkaido Electric Power Co., Inc. 3,200 84,827
Hokuriku Electric Power Co. 3,200 70,599
Kansai Electric Power Co., Inc. (The) 12,400 356,011
Kyushu Electric Power Co., Inc. 8,000 226,974
Osaka Gas Co., Ltd. 24,000 92,890
Saibu Gas Co., Ltd. 4,000 9,587
Shikoku Electric Power Co., Inc. 3,600 85,827
Toho Gas Co., Ltd. 4,000 20,529
Tohoku Electric Power Co., Inc. 6,400 162,066
Tokyo Electric Power Co., Inc. (The) 18,400 628,008
Tokyo Gas Co., Ltd. 24,000 133,542
-----------
Total Japan 2,466,719
-------------------------------------------------------------------------------
New Zealand - 0.6%
Contact Energy Ltd. 14,874 97,948
Vector Ltd. 22,644 48,248
-----------
Total New Zealand 146,196
-------------------------------------------------------------------------------
Norway - 0.1%
Hafslund ASA Class B 800 18,348
-------------------------------------------------------------------------------
Portugal - 2.0%
Energias de Portugal S.A. 87,905 470,399
-------------------------------------------------------------------------------
Spain - 13.0%
Enagas 3,572 91,959
Endesa S.A. 21,848 1,177,279
Gas Natural SDG S.A. 9,917 464,016
Iberdrola S.A. 20,235 953,259
Red Electrica de Espana, S.A. 2,196 103,101
Sociedad General de Aguas de Barcelona S.A
Class A 1,926 68,325
Union Fenosa S.A. 4,509 242,307
-----------
Total Spain 3,100,246
-------------------------------------------------------------------------------
United Kingdom - 21.6%
Centrica PLC 95,545 724,290
Kelda Group PLC 11,372 209,216
National Grid PLC 93,345 1,460,080
Northumbrian Water Group PLC 17,565 106,798
Pennon Group PLC 10,239 117,381
Scottish & Southern Energy PLC 26,428 798,770
Scottish Power PLC 49,448 775,879
Severn Trent PLC 7,745 217,834
United Utilities PLC 46,152 683,880
XP Power PLC* 3,294 34,048
-----------
Total United Kingdom 5,128,176
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost: $21,713,341) 23,647,783
===============================================================================
INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED - 3.8%
MONEY MARKET FUNDS(b) - 3.8%
UBS Enhanced Yield Portfolio, 5.25% 910,000 910,000
UBS Private Money Market Fund LLC, 5.26% 3,500 3,500
-----------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost: $913,500)(c) 913,500
===============================================================================
TOTAL INVESTMENTS IN SECURITIES - 103.3%(Cost: $22,626,841) 24,561,283
Liabilities in Excess of Foreign Currency and Other
Assets - (3.3)% (792,868)
-----------
NET ASSETS - 100.0% $23,768,415
===============================================================================
* Non-income producing security.
(a) Security, or portion thereof, was on loan at March 31, 2007 (See Note 2).
(b) Interest rates shown reflect yields as of March 31, 2007.
(c) At March 31, 2007, the total market value of the Fund's securities on loan
was $175,906 and the total market value of the collateral held by the Fund
was $913,500.
See Notes to Financial Statements.
52 WisdomTree International Dividend Sector Funds
Statements of Assets and Liabilities
WisdomTree International Dividend Sector Funds
March 31, 2007
====================================================================================================================================
WisdomTree
WisdomTree WisdomTree WisdomTree International WisdomTree
International International International Consumer Internationa
Basic Materials Communications Consumer Cyclical Non-Cyclical Energy
Sector Fund Sector Fund Sector Fund Sector Fund Sector Fund
------------------------------------------------------------------------------------------------------------------------------------
ASSETS:
------------------------------------------------------------------------------------------------------------------------------------
Investments, at cost $ 5,005,039 $ 22,917,949 $ 5,003,008 $ 20,876,874 $ 24,013,231
Foreign currency, at cost 19,004 74,261 19,668 92,428 153,830
------------------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 6,343,388 23,338,869 6,058,870 22,411,882 25,081,855
Cash 331 -- -- -- --
Foreign currency, at value 19,246 74,658 20,127 93,395 155,369
Receivables:
Dividends and interest 44,797 15,763 19,184 111,788 18,510
Foreign tax reclaims 974 2,332 21 6,710 2,364
------------------------------------------------------------------------------------------------------------------------------------
Total Assets 6,408,736 23,431,622 6,098,202 22,623,775 25,258,098
====================================================================================================================================
LIABILITIES:
Custodian bank -- 31,294 6,335 30,193 19,750
Payables:
Collateral for securities on loan (Note 2) -- 215,550 -- -- 2,387,645
Investment advisory fees (Note 2) 3,003 11,212 2,905 10,865 10,703
------------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 3,003 258,056 9,240 41,058 2,418,098
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 6,405,733 $ 23,173,566 $ 6,088,962 $ 22,582,717 $ 22,840,000
====================================================================================================================================
NET ASSETS:
Paid-in capital $ 5,014,228 $ 22,705,592 $ 5,001,156 $ 20,899,279 $ 21,659,104
Undistributed net investment income 50,275 44,499 23,447 141,043 102,341
Accumulated net realized gain on investments
and foreign currency related transactions 2,298 2,148 7,951 5,710 8,109
Net unrealized appreciation on investments
and translation of assets and liabilities
denominated in foreign currency 1,338,932 421,327 1,056,408 1,536,685 1,070,446
====================================================================================================================================
NET ASSETS $ 6,405,733 $ 23,173,566 $ 6,088,962 $ 22,582,717 $ 22,840,000
====================================================================================================================================
Beneficial interest shares of $0.001 par value
(unlimited number of shares authorized) 200,004 800,004 200,004 800,004 800,004
------------------------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 32.03 $ 28.97 $ 30.44 $ 28.23 $ 28.55
====================================================================================================================================
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 53
Statements of Assets and Liabilities (concluded)
WisdomTree International Dividend Sector Funds
March 31, 2007
==================================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree
International International International International International
Financial Health Care Industrial Technology Utilities
Sector Fund Sector Fund Sector Fund Sector Fund Sector Fund
----------------------------------------------------------------------------------------------------------------------------------
ASSETS:
----------------------------------------------------------------------------------------------------------------------------------
Investments, at cost $ 21,546,113 $ 22,018,841 $ 23,374,119 $ 4,982,200 $ 22,626,841
Foreign currency, at cost 31,907 95,884 59,123 20,214 130,380
----------------------------------------------------------------------------------------------------------------------------------
Investments in securities, at value
(including securities on loan) (Note 2) 22,240,101 22,807,975 24,828,973 5,211,762 24,561,283
Cash 25,213 -- 36,526 -- --
Foreign currency, at value 31,954 97,103 59,416 20,419 131,372
Receivables:
Investment securities sold 53,132 -- -- 7,856 --
Dividends and interest 50,981 64,364 58,121 14,780 76,647
Reclaims receivable 215 11,826 2,060 -- 1,154
----------------------------------------------------------------------------------------------------------------------------------
Total Assets 22,401,596 22,981,268 24,985,096 5,254,817 24,770,456
==================================================================================================================================
LIABILITIES:
Custodian bank -- 58,235 -- 5,876 77,183
Payables:
Investment securities purchased 75,317 -- -- -- --
Collateral for securities on loan (Note 2) -- 1,376,562 63,600 -- 913,500
Investment advisory fees (Note 2) 5,090 10,504 11,846 2,543 11,358
----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 80,407 1,445,301 75,446 8,419 1,002,041
----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 22,321,189 $ 21,535,967 $ 24,909,650 $ 5,246,398 $ 23,768,415
==================================================================================================================================
NET ASSETS:
Paid-in capital $ 21,530,693 $ 20,615,584 $ 23,327,852 $ 5,002,014 $ 21,748,182
Undistributed net investment income 47,786 119,315 86,597 14,343 82,012
Accumulated net realized gain on investments
and foreign currency related transactions 48,036 10,359 39,826 292 2,843
Net unrealized appreciation on investments
and translation of assets and liabilities
denominated in foreign currency 694,674 790,709 1,455,375 229,749 1,935,378
==================================================================================================================================
NET ASSETS $ 22,321,189 $ 21,535,967 $ 24,909,650 $ 5,246,398 $ 23,768,415
==================================================================================================================================
Beneficial interest shares of $0.001 par value
(unlimited number of shares authorized) 800,004 800,004 800,004 200,004 800,004
----------------------------------------------------------------------------------------------------------------------------------
Net asset value per share $ 27.90 $ 26.92 $ 31.14 $ 26.23 $ 29.71
==================================================================================================================================
See Notes to Financial Statements.
54 WisdomTree International Dividend Sector Funds
Statements of Operations
WisdomTree International Dividend Sector Funds
For the Period October 13, 2006* through March 31, 2007
==================================================================================================================================
WisdomTree
WisdomTree WisdomTree WisdomTree International WisdomTree
International International International Consumer International
Basic Materials Communications Consumer Cyclical Non-Cyclical Energy
Sector Fund Sector Fund Sector Fund Sector Fund Sector Fund
----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
----------------------------------------------------------------------------------------------------------------------------------
Dividends(1) $ 65,344 $112,473 $ 45,854 $ 195,354 $ 170,463
Securities lending income (Note 2) -- 2 -- -- 991
----------------------------------------------------------------------------------------------------------------------------------
Total investment income 65,344 112,475 45,854 195,354 171,454
----------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees (Note 3) 15,338 32,387 15,129 42,549 41,504
Chief compliance officer fees 3,244 3,244 3,244 3,244 3,244
Trustee fees 3,230 3,230 3,230 3,230 3,230
Legal fees 1,569 1,569 1,569 1,569 1,569
----------------------------------------------------------------------------------------------------------------------------------
Total expenses 23,381 40,430 23,172 50,592 49,547
----------------------------------------------------------------------------------------------------------------------------------
Expense reimbursements (Note 3) (8,043) (8,043) (8,043) (8,043) (8,043)
----------------------------------------------------------------------------------------------------------------------------------
Net expenses 15,338 32,387 15,129 42,549 41,504
----------------------------------------------------------------------------------------------------------------------------------
Net investment income 50,006 80,088 30,725 152,805 129,950
==================================================================================================================================
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions 2,298 2,206 8,077 5,798 8,109
Foreign currency related transactions 269 678 546 1,510 (385)
----------------------------------------------------------------------------------------------------------------------------------
Net realized gain 2,567 2,884 8,623 7,308 7,724
----------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation from:
Investment transactions 1,338,349 420,920 1,055,862 1,535,008 1,068,624
Translation of assets and liabilities
denominated in foreign currencies 583 407 546 1,677 1,822
----------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 1,338,932 421,327 1,056,408 1,536,685 1,070,446
==================================================================================================================================
Net realized and unrealized gain on
investments 1,341,499 424,211 1,065,031 1,543,993 1,078,170
==================================================================================================================================
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $1,391,505 $504,299 $1,095,756 $1,696,798 $1,208,120
==================================================================================================================================
* Commencement of investment operations.
(1) Net of foreign withholding tax of $5,309, $7,312, $2,414, $7,739 and
$12,966, respectively.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 55
Statements of Operations (concluded)
WisdomTree International Dividend Sector Funds
For the Period October 13, 2006* through March 31, 2007
===========================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree
International International International International International
Financial Health Care Industrial Technology Utilities
Sector Fund Sector Fund Sector Fund Sector Fund Sector Fund
---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
---------------------------------------------------------------------------------------------------------------------------
Dividends(1) $ 74,854 $172,134 $ 116,922 $ 34,970 $ 157,608
Interest 26 -- -- -- --
Securities lending income (Note 2) -- 752 -- -- 4
---------------------------------------------------------------------------------------------------------------------------
Total investment income 74,880 172,886 116,922 34,970 157,612
---------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees (Note 3) 16,936 41,870 26,520 13,947 46,704
Chief compliance officer fees 3,244 3,244 3,244 3,244 3,244
Trustee fees 3,230 3,230 3,230 3,230 3,230
Legal fees 1,569 1,569 1,569 1,569 1,569
---------------------------------------------------------------------------------------------------------------------------
Total expenses 24,979 49,913 34,563 21,990 54,747
---------------------------------------------------------------------------------------------------------------------------
Expense reimbursements (Note 3) (8,043) (8,043) (8,043) (8,043) (8,043)
---------------------------------------------------------------------------------------------------------------------------
Net expenses 16,936 41,870 26,520 13,947 46,704
---------------------------------------------------------------------------------------------------------------------------
Net investment income 57,944 131,016 90,402 21,023 110,908
===========================================================================================================================
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions 48,050 10,359 39,920 292 2,843
In-kind redemptions 17,427 -- -- -- --
Foreign currency related transactions 486 (1,629) 819 (140) (328)
---------------------------------------------------------------------------------------------------------------------------
Net realized gain 65,963 8,730 40,739 152 2,515
---------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation from:
Investment transactions 693,988 789,134 1,454,854 229,562 1,934,442
Translation of assets and liabilities
denominated in foreign currencies 686 1,575 521 187 936
---------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 694,674 790,709 1,455,375 229,749 1,935,378
---------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on
investments 760,637 799,439 1,496,114 229,901 1,937,893
===========================================================================================================================
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $818,581 $930,455 $1,586,516 $250,924 $2,048,801
===========================================================================================================================
* Commencement of investment operations.
(1) Net of foreign withholding tax of $2,912, $10,747, $7,596, $2,401 and
$21,258, respectively.
See Notes to Financial Statements.
56 WisdomTree International Dividend Sector Funds
Statements of Changes in Net Assets
WisdomTree International Dividend Sector Funds
For the Period October 13, 2006* through March 31, 2007
===================================================================================================================================
WisdomTree
WisdomTree WisdomTree WisdomTree International WisdomTree
International International International Consumer International
Basic Materials Communications Consumer Cyclical Non-Cyclical Energy
Sector Fund Sector Fund Sector Fund Sector Fund Sector Fund
-----------------------------------------------------------------------------------------------------------------------------------
INCREASE IN NET ASSETS
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 50,006 $ 80,088 $ 30,725 $ 152,805 $ 129,950
Net realized gain on investments and
foreign currency related transactions 2,567 2,884 8,623 7,308 7,724
Net change in unrealized appreciation on
investments and translation of assets
and liabilities denominated in foreign
currencies 1,338,932 421,327 1,056,408 1,536,685 1,070,446
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
operations 1,391,505 504,299 1,095,756 1,696,798 1,208,120
===================================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income -- (36,267) (7,824) (13,272) (27,224)
Capital gains -- (58) (126) (88) --
-----------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions -- (36,325) (7,950) (13,360) (27,224)
===================================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 5,014,128 22,705,492 5,001,056 20,899,179 21,659,004
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
capital share transactions 5,014,128 22,705,492 5,001,056 20,899,179 21,659,004
===================================================================================================================================
Net Increase in Net Assets 6,405,633 23,173,466 6,088,862 22,582,617 22,839,900
===================================================================================================================================
NET ASSETS:
Beginning of period $ 100 $ 100 $ 100 $ 100 $ 100
End of period $6,405,733 $23,173,566 $6,088,962 $22,582,717 $22,840,000
===================================================================================================================================
Undistributed net investment income included
in net assets at end of period $ 50,275 $ 44,499 $ 23,447 $ 141,043 $ 102,341
===================================================================================================================================
SHARES CREATED AND REDEEMED:
Shares created 200,004 800,004 200,004 800,004 800,004
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 200,004 800,004 200,004 800,004 800,004
===================================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 57
Statements of Changes in Net Assets (concluded)
WisdomTree International Dividend Sector Funds
For the Period October 13, 2006* through March 31, 2007
============================================================================================================================
WisdomTree WisdomTree WisdomTree WisdomTree WisdomTree
International International International International International
Financial Health Care Industrial Technology Utilities
Sector Fund Sector Fund Sector Fund Sector Fund Sector Fund
----------------------------------------------------------------------------------------------------------------------------
INCREASE IN NET ASSETS
----------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 57,944 $ 131,016 $ 90,402 $ 21,023 $ 110,908
Net realized gain on investments and
foreign currency related transactions 65,963 8,730 40,739 152 2,515
Net change in unrealized appreciation on
investments and translation of assets
and liabilities denominated in foreign
currencies 694,674 790,709 1,455,375 229,749 1,935,378
----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
operations 818,581 930,455 1,586,516 250,924 2,048,801
============================================================================================================================
DIVIDENDS AND DISTRIBUTIONS:
Net investment income (10,644) (10,072) (4,624) (6,540) (28,568)
Capital gains (14) -- (94) -- --
----------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions (10,658) (10,072) (4,718) (6,540) (28,568)
============================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 27,077,940 20,615,484 23,327,752 5,001,914 21,748,118
Cost of shares redeemed (5,564,774) -- -- -- (36)
----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
capital share transactions 21,513,166 20,615,484 23,327,752 5,001,914 21,748,082
============================================================================================================================
Net Increase in Net Assets 22,321,089 21,535,867 24,909,550 5,246,298 23,768,315
============================================================================================================================
NET ASSETS:
Beginning of period $ 100 $ 100 $ 100 $ 100 $ 100
End of period $22,321,189 $21,535,967 $24,909,650 $5,246,398 $23,768,415
============================================================================================================================
Undistributed net investment income included
in net assets at end of period $ 47,786 $ 119,315 $ 86,597 $ 14,343 $ 82,012
============================================================================================================================
SHARES CREATED AND REDEEMED:
Shares created 1,000,004 800,004 800,004 200,004 800,004
Shares redeemed (200,000) -- -- -- --
----------------------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 800,004 800,004 800,004 200,004 800,004
============================================================================================================================
* Commencement of investment operations.
See Notes to Financial Statements.
58 WisdomTree International Dividend Sector Funds
Financial Highlights
WisdomTree International Dividend Sector Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
October 13, 2006(1)
through
WisdomTree International Basic Materials Sector Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $25.46
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.25
Net realized and unrealized gain 6.32
--------------------------------------------------------------------------------
Total from investment operations 6.57
--------------------------------------------------------------------------------
Net asset value, end of period $32.03
================================================================================
TOTAL RETURN(3) 25.81%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $6,406
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.88%(4)
Net investment income 1.89%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 0%(6)
================================================================================
================================================================================
For the period
October 13, 2006(1)
through
WisdomTree International Communications Sector Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 25.38
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.16
Net realized and unrealized gain 3.61
--------------------------------------------------------------------------------
Total from investment operations 3.77
--------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.18)
Capital gains (0.00)(7)
--------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.18)
--------------------------------------------------------------------------------
Net asset value, end of period $ 28.97
================================================================================
TOTAL RETURN(3) 14.87%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $23,174
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.72%(4)
Net investment income 1.43%(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 advisor (Note
3).
(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%.
(7) Amount is less than $0.005.
See Notes to Financial Statements.
WisdomTree International Dividend Sector Funds 59
Financial Highlights (continued)
WisdomTree International Dividend Sector Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
October 13, 2006(1)
through
WisdomTree International Consumer Cyclical Sector Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $25.27
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.15
Net realized and unrealized gain 5.06
--------------------------------------------------------------------------------
Total from investment operations 5.21
--------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.04)
Capital gains (0.00)(6)
--------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.04)
--------------------------------------------------------------------------------
Net asset value, end of period $30.44
================================================================================
TOTAL RETURN(3) 20.63%
================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $6,089
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.89%(4)
Net investment income 1.18%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 3%
================================================================================
================================================================================
For the period
October 13, 2006(1)
through
WisdomTree International Consumer Non-Cyclical Sector Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 24.89
Investment operations:
Net investment income(2) 0.25
Net realized and unrealized gain 3.11
--------------------------------------------------------------------------------
Total from investment operations 3.36
--------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.02)
Capital gains (0.00)(6)
--------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.02)
--------------------------------------------------------------------------------
Net asset value, end of period $ 28.23
================================================================================
TOTAL RETURN(3) 13.49%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $22,583
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.69%(4)
Net investment income 2.08%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 2%
================================================================================
(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 advisor (Note
3).
(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.
60 WisdomTree International Dividend Sector Funds
Financial Highlights (continued)
WisdomTree International Dividend Sector Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
October 13, 2006(1)
through
WisdomTree International Energy Sector Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 25.44
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.22
Net realized and unrealized gain 2.92
--------------------------------------------------------------------------------
Total from investment operations 3.14
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.03)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.03)
--------------------------------------------------------------------------------
Net asset value, end of period $ 28.55
================================================================================
TOTAL RETURN(3) 12.36%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $22,840
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.69%(4)
Net investment income 1.82%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 1%
================================================================================
================================================================================
For the period
October 13, 2006(1)
through
WisdomTree International Financial Sector Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 25.34
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.19
Net realized and unrealized gain 2.42
--------------------------------------------------------------------------------
Total from investment operations 2.61
--------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.05)
Capital gains (0.00)(6)
--------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.05)
--------------------------------------------------------------------------------
Net asset value, end of period $ 27.90
================================================================================
TOTAL RETURN(3) 10.32%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 22,321
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.86%(4)
Net investment income 1.98%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor (Note
3).
(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.
WisdomTree International Dividend Sector Funds 61
Financial Highlights (continued)
WisdomTree International Dividend Sector Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
October 13, 2006(1)
through
WisdomTree International Health Care Sector Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 24.93
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.22
Net realized and unrealized gain 1.78
--------------------------------------------------------------------------------
Total from investment operations 2.00
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.01)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.01)
--------------------------------------------------------------------------------
Net asset value, end of period $ 26.92
================================================================================
TOTAL RETURN(3) 8.03%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $21,536
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.69%(4)
Net investment income 1.81%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 3%
================================================================================
================================================================================
For the period
October 13, 2006(1)
through
WisdomTree International Industrial Sector Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 25.39
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.23
Net realized and unrealized gain 5.54
--------------------------------------------------------------------------------
Total from investment operations 5.77
--------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Net investment income (0.02)
Capital gains (0.00)(6)
--------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.02)
--------------------------------------------------------------------------------
Net asset value, end of period $ 31.14
================================================================================
TOTAL RETURN(3) 22.75%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 24,910
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.76%(4)
Net investment income 1.98%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor (Note
3).
(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.
62 WisdomTree International Dividend Sector Funds
Financial Highlights (concluded)
WisdomTree International Dividend Sector Funds
March 31, 2007
Selected data for a share of beneficial interest outstanding throughout the
period is presented below:
================================================================================
For the period
October 13, 2006(1)
through
WisdomTree International Technology Sector Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 25.13
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.11
Net realized and unrealized gain 1.02
--------------------------------------------------------------------------------
Total from investment operations 1.13
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.03)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.03)
--------------------------------------------------------------------------------
Net asset value, end of period $ 26.23
================================================================================
TOTAL RETURN(3) 4.51%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $ 5,246
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.91%(4)
Net investment income 0.87%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 2%
================================================================================
================================================================================
For the period
October 13, 2006(1)
through
WisdomTree International Utilities Sector Fund March 31, 2007
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 24.96
--------------------------------------------------------------------------------
Investment operations:
Net investment income(2) 0.18
Net realized and unrealized gain 4.61
--------------------------------------------------------------------------------
Total from investment operations 4.79
--------------------------------------------------------------------------------
Dividends to shareholders:
Net investment income (0.04)
--------------------------------------------------------------------------------
Total dividends to shareholders (0.04)
--------------------------------------------------------------------------------
Net asset value, end of period $ 29.71
================================================================================
TOTAL RETURN(3) 19.18%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $23,768
Ratio to average net assets of:
Expenses, net of expense reimbursements 0.58%(4)
Expenses, prior to expense reimbursements 0.68%(4)
Net investment income 1.38%(4)
--------------------------------------------------------------------------------
Portfolio turnover rate(5) 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 advisor (Note
3).
(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 Sector Funds 63
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, 2007, the Trust
offered 36 investment funds (each a "Fund", collectively, the "Funds"). Each
Fund is considered to be non-diversified. The Funds commenced operations on
June 16, 2006, with the exception of the international dividend sector funds
and domestic earnings funds that commenced operations on October 13, 2006 and
February 23, 2007, respectively.
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", "WisdomTree Investments", and "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 Assets 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.
64 WisdomTree International Dividend Sector Funds
Notes to Financial Statements (continued)
(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.
(e) Expenses/Reimbursements - WisdomTree Asset Management ("WTA") has agreed to
pay all expenses of the Trust, except for: (i) brokerage expenses and other
expenses (such as stamp taxes) connected with the execution of portfolio
transactions or in connection with creation and redemption transactions; (ii)
legal fees or expenses in connection with any arbitration, litigation or
pending or threatened arbitration or litigation, including any settlements in
connection therewith; (iii) compensation and expenses of 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 WTA. Pursuant to a separate contractual
arrangement WTA has agreed to pay the expenses described in (iii), (iv) and (v)
through July 31, 2007.
(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 leading 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.
(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
WisdomTree International Dividend Sector Funds 65
Notes to Financial Statements (continued)
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 AND TRANSACTIONS
Adviser Fees - WTA provides investment management services to each Fund
pursuant to an Investment Advisory Agreement between the Trust and WTA. As
compensation for services rendered, facilities furnished, and expenses borne by
WTA, each Fund pays WTA a fee, as listed below, which is accrued daily and paid
monthly, based on the average daily net assets of the Fund.
================================================================================
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
--------------------------------------------------------------------------------
For the period ended March 31, 2007, the advisory expense reimbursements were
as follows:
================================================================================
Advisory Expense
Fund Reimbursements
--------------------------------------------------------------------------------
International Basic Materials Sector Fund $8,043
--------------------------------------------------------------------------------
International Communications Sector Fund 8,043
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 8,043
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 8,043
--------------------------------------------------------------------------------
International Energy Sector Fund 8,043
--------------------------------------------------------------------------------
International Financial Sector Fund 8,043
--------------------------------------------------------------------------------
International Health Care Sector Fund 8,043
--------------------------------------------------------------------------------
International Industrial Sector Fund 8,043
--------------------------------------------------------------------------------
International Technology Sector Fund 8,043
--------------------------------------------------------------------------------
International Utilities Sector Fund 8,043
--------------------------------------------------------------------------------
Each Fund may purchase shares of an affiliated exchange traded fund(s) in
secondary market transactions. For the period ending March 31, 2007, there were
no affiliated transactions.
4. CAPITAL SHARE TRANSACTIONS
As of March 31, 2007, there were an unlimited number of $0.001 par value shares
of beneficial interest authorized by the Trust. Shares are issued and redeemed
by each Fund only in Creation Units or multiples thereof. Except when
aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital 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 securities involved 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 redemption transaction fee to offset
transfer and other transaction costs associated with the issuance and
redemption of Creation Units.
66 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 period ended March 31, 2007 were as
follows:
================================================================================
Fund Purchases Sales
--------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 18,227 $ 29,614
--------------------------------------------------------------------------------
International Communications Sector Fund 48,577 63,351
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 165,116 171,241
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 396,744 403,291
--------------------------------------------------------------------------------
International Energy Sector Fund 261,338 240,669
--------------------------------------------------------------------------------
International Financial Sector Fund 568,168 410,190
--------------------------------------------------------------------------------
International Health Care Sector Fund 433,435 410,140
--------------------------------------------------------------------------------
International Industrial Sector Fund 111,758 163,316
--------------------------------------------------------------------------------
International Technology Sector Fund 80,860 100,867
--------------------------------------------------------------------------------
International Utilities Sector Fund 247,935 252,756
--------------------------------------------------------------------------------
For the period ended March 31, 2007, the cost of in-kind purchases and the
proceeds from in-kind redemptions were as follows:
================================================================================
Fund Purchases Redemptions
--------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 5,014,128 $ --
--------------------------------------------------------------------------------
International Communications Sector Fund 22,714,966 --
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 5,001,056 --
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 20,877,622 --
--------------------------------------------------------------------------------
International Energy Sector Fund 21,596,808 --
--------------------------------------------------------------------------------
International Financial Sector Fund 21,510,470 187,812
--------------------------------------------------------------------------------
International Health Care Sector Fund 20,608,625 --
--------------------------------------------------------------------------------
International Industrial Sector Fund 23,322,157 --
--------------------------------------------------------------------------------
International Technology Sector Fund 5,001,914 --
--------------------------------------------------------------------------------
International Utilities Sector Fund 21,715,320 --
--------------------------------------------------------------------------------
Gains and losses on in-kind redemptions are not recognized at the Fund level
for tax purposes.
6. FEDERAL INCOME TAXES
At March 31, 2007, 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 Appreciation
-------------------------------------------------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 5,005,039 $1,355,390 $(17,041) $1,338,349
-------------------------------------------------------------------------------------------------------------------------
International Communications Sector Fund 22,917,949 887,062 (466,142) 420,920
-------------------------------------------------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 5,003,008 1,121,716 (65,854) 1,055,862
-------------------------------------------------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 20,877,002 1,815,373 (280,493) 1,534,880
-------------------------------------------------------------------------------------------------------------------------
International Energy Sector Fund 24,013,231 1,382,720 (314,096) 1,068,624
-------------------------------------------------------------------------------------------------------------------------
International Financial Sector Fund 21,547,209 755,885 (62,993) 692,892
-------------------------------------------------------------------------------------------------------------------------
International Health Care Sector Fund 22,019,145 1,235,584 (446,754) 788,830
-------------------------------------------------------------------------------------------------------------------------
International Industrial Sector Fund 23,374,119 1,595,145 (140,291) 1,454,854
-------------------------------------------------------------------------------------------------------------------------
International Technology Sector Fund 4,982,774 412,191 (183,203) 228,988
-------------------------------------------------------------------------------------------------------------------------
International Utilities Sector Fund 22,626,841 2,003,876 (69,434) 1,934,442
-------------------------------------------------------------------------------------------------------------------------
WisdomTree International Dividend Sector Funds 67
Notes to Financial Statements (continued)
At March 31, 2007, the components of accumulated earnings/loss on a tax-basis
were as follows:
====================================================================================================================================
Undistributed Currency Total
Undistributed Capital and Net Unrealized Unrealized Accumulated
Fund Ordinary Income Other Losses Appreciation Appreciation Earnings
------------------------------------------------------------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 52,573 $ -- $1,338,349 $ 583 $1,391,505
------------------------------------------------------------------------------------------------------------------------------------
International Communications Sector Fund 46,647 -- 420,920 407 467,974
------------------------------------------------------------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 31,398 -- 1,055,862 546 1,087,806
------------------------------------------------------------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 146,881 -- 1,534,880 1,677 1,683,438
------------------------------------------------------------------------------------------------------------------------------------
International Energy Sector Fund 110,926 (476) 1,068,624 1,822 1,180,896
------------------------------------------------------------------------------------------------------------------------------------
International Financial Sector Fund 96,856 -- 692,892 748 790,496
------------------------------------------------------------------------------------------------------------------------------------
International Health Care Sector Fund 131,607 (1,629) 788,830 1,575 920,383
------------------------------------------------------------------------------------------------------------------------------------
International Industrial Sector Fund 126,423 -- 1,454,854 521 1,581,798
------------------------------------------------------------------------------------------------------------------------------------
International Technology Sector Fund 15,349 (140) 228,988 187 244,384
------------------------------------------------------------------------------------------------------------------------------------
International Utilities Sector Fund 85,183 (328) 1,934,442 936 2,020,233
------------------------------------------------------------------------------------------------------------------------------------
The tax character of distributions paid during the period ended March 31, 2007,
was as follows:
================================================================================
Distributions Paid
from Ordinary
Fund Income*
--------------------------------------------------------------------------------
International Basic Materials Sector Fund $ --
--------------------------------------------------------------------------------
International Communications Sector Fund 36,325
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 7,950
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 13,360
--------------------------------------------------------------------------------
International Energy Sector Fund 27,224
--------------------------------------------------------------------------------
International Financial Sector Fund 10,658
--------------------------------------------------------------------------------
International Health Care Sector Fund 10,072
--------------------------------------------------------------------------------
International Industrial Sector Fund 4,718
--------------------------------------------------------------------------------
International Technology Sector Fund 6,540
--------------------------------------------------------------------------------
International Utilities Sector Fund 28,568
--------------------------------------------------------------------------------
* Includes short-term capital gains.
Currency losses incurred after October 31 ("post-October losses") within the
taxable year are deemed to arise on the first business day of each Fund's next
taxable year.
During the period ended March 31, 2007, the following Funds incurred and will
elect to defer net post-October losses as follows:
================================================================================
Post-October
Fund Currency Losses
--------------------------------------------------------------------------------
International Basic Materials Sector Fund $ --
--------------------------------------------------------------------------------
International Communications Sector Fund --
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund --
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund --
--------------------------------------------------------------------------------
International Energy Sector Fund 476
--------------------------------------------------------------------------------
International Financial Sector Fund --
--------------------------------------------------------------------------------
International Health Care Sector Fund 1,629
--------------------------------------------------------------------------------
International Industrial Sector Fund --
--------------------------------------------------------------------------------
International Technology Sector Fund 140
--------------------------------------------------------------------------------
International Utilities Sector Fund 328
--------------------------------------------------------------------------------
68 WisdomTree International Dividend Sector Funds
Notes to Financial Statements (concluded)
At March 31, 2007, 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
------------------------------------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 269 $ (269) $ --
------------------------------------------------------------------------------------------------------------
International Communications Sector Fund 678 (678) --
------------------------------------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 546 (546) --
------------------------------------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 1,510 (1,510) --
------------------------------------------------------------------------------------------------------------
International Energy Sector Fund (385) 385 --
------------------------------------------------------------------------------------------------------------
International Financial Sector Fund 486 (17,913) 17,427
------------------------------------------------------------------------------------------------------------
International Health Care Sector Fund (1,629) 1,629 --
------------------------------------------------------------------------------------------------------------
International Industrial Sector Fund 819 (819) --
------------------------------------------------------------------------------------------------------------
International Technology Sector Fund (140) 140 --
------------------------------------------------------------------------------------------------------------
International Utilities Sector Fund (328) 328 --
------------------------------------------------------------------------------------------------------------
7. NEW ACCOUNTING PRONOUNCEMENTS
On July 13, 2006, the Financial Accounting Standards Board ("FASB") released
FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN
48"). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the evaluation of tax positions taken or expected to be taken in
the course of preparing the Fund's tax returns to determine whether the tax
positions are "more-likely-than-not" of being sustained by the applicable tax
authority. Tax positions not deemed to meet a more-likely-not threshold would
be recorded as a tax benefit or expense in the current year. Adoption of FIN 48
is required for fiscal years beginning after December 15, 2006 and is to be
applied to all open tax years as of the effective date. On December 22, 2006,
the Securities and Exchange Commission notified the industry that the
implementation of FIN 48 must be incorporated no later than the last day on
which a NAV is calculated preceding a fund's 2007 semi-annual report (i.e.
September 28, 2007 for the funds). At this time, management is evaluating the
implications of FIN 48 and its impact to the financial statements has not yet
been determined.
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. At this time, management is evaluating the
implications of FAS 157 and its impact in the financial statements has not yet
been determined.
WisdomTree International Dividend Sector Funds 69
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, 2007, and the related
statements of operations and changes in net assets and financial highlights for
the period October 13, 2006 (commencement of investment operations) through
March 31, 2007. 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, 2007, 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, 2007, the results of their operations, the changes in their
net assets and the financial highlights for the period October 13, 2006
(commencement of investment operations) through March 31, 2007, in conformity
with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
New York, New York
May 21, 2007
70 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 the Trust'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 (the "Advisory Agreement").
At meetings held on May 3, 2006 and May 25, 2006, the Board of Trustees,
including a majority of the Independent Trustees, approved the Investment
Advisory Agreement with WisdomTree Asset Management ("WTA") with respect to the
Funds. In approving the Advisory Agreement with WTA, the Board reviewed and
analyzed the factors it deemed relevant, including: (1) the nature, quality and
extent of the services to be provided to the Funds by WTA; (2) WTA's personnel
and operations; (3) WTA's financial condition; (4) the level and method of
computing each Fund's advisory fee; (5) the possibility of "fall-out" benefits
to WTA and its affiliates (i.e., ancillary benefits that may be realized by WTA
or its affiliates from WTA's relationship with the Funds); (6) the anticipated
effect of growth and size on each Fund's performance and expenses; and (7)
possible conflicts of interest.
The Board also considered the nature and quality of the services to be provided
by WTA to the Funds, recognizing WTA's operational capabilities and resources.
The Board also noted the extensive responsibilities that WTA 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 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 WTA, the
Board concluded that the level of the fees paid to WTA 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 the same criteria it used for
WTA. 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 also evaluated the performance of comparable funds managed by BNYIA
in comparison to a peer group, and the expertise and performance of the BNYIA
personnel. The Board also noted that The Bank of New York ("BNY"), an affiliate
of BNYIA, was proposed to serve as the Funds' administrator, accountant,
custodian and transfer agent and will receive compensation for acting in these
capacities and will be 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 WTA, 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 WTA 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 71
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 Net
Equal to Net Asset Value 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
October 13, 2006** - March 31, 2007 0 - 24.9 30 26.08% 14 12.17%
------------------------------------------------------------------
25 - 49.9 29 25.22% 1 0.87%
------------------------------------------------------------------
50 - 74.9 20 17.39% 2 1.74%
------------------------------------------------------------------
75 - 100.0 10 8.70% 2 1.74%
------------------------------------------------------------------
>100.0 5 4.35% 2 1.74%
------------------------------------------------------------------
Total 94 81.74% 21 18.26%
===================================================================================================================================
WisdomTree International Communications Sector Fund
October 13, 2006** - March 31, 2007 0 - 24.9 10 8.70% 4 3.48%
------------------------------------------------------------------
25 - 49.9 24 20.87% 5 4.35%
------------------------------------------------------------------
50 - 74.9 32 27.82% 2 1.74%
------------------------------------------------------------------
75 - 100.0 23 20.00% 1 0.87%
------------------------------------------------------------------
>100.0 13 11.30% 1 0.87%
------------------------------------------------------------------
Total 102 88.69% 13 11.31%
===================================================================================================================================
WisdomTree International Consumer Cyclical Sector Fund
October 13, 2006** - March 31, 2007 0 - 24.9 34 29.57% 19 16.52%
------------------------------------------------------------------
25 - 49.9 24 20.87% 3 2.61%
------------------------------------------------------------------
50 - 74.9 17 14.77% 4 3.48%
------------------------------------------------------------------
75 - 100.0 8 6.96% 1 0.87%
------------------------------------------------------------------
>100.0 3 2.61% 2 1.74%
------------------------------------------------------------------
Total 86 74.78% 29 25.22%
===================================================================================================================================
WisdomTree International Consumer Non-Cyclical Sector Fund
October 13, 2006** - March 31, 2007 0 - 24.9 5 4.35% 2 1.74%
------------------------------------------------------------------
25 - 49.9 26 22.60% 2 1.74%
------------------------------------------------------------------
50 - 74.9 34 29.57% 2 1.74%
------------------------------------------------------------------
75 - 100.0 31 26.96% 0 0.00%
------------------------------------------------------------------
>100.0 12 10.43% 1 0.87%
------------------------------------------------------------------
Total 108 93.91% 7 6.09%
===================================================================================================================================
* A basis point equals one-hundredth of one percent (0.01%).
** Commencement of investment operations.
72 WisdomTree International Dividend Sector Funds
Frequency Distribution of Discounts & Premiums (unaudited) (concluded)
===================================================================================================================================
Market Price Above or Market Price Below Net
Equal to Net Asset Value Asset Value
--------------------------------------------------------------------------------------------------------- -----------------------
Basis Point Number Percentage of Number Percentage of
Differential* of Days Total Days of Days Total Days
-----------------------------------------------------------------------------------------------------------------------------------
WisdomTree International Energy Sector Fund
October 13, 2006** - March 31, 2007 0 - 24.9 11 9.57% 8 6.96%
------------------------------------------------------------------
25 - 49.9 15 13.04% 4 3.48%
------------------------------------------------------------------
50 - 74.9 22 19.12% 4 3.48%
------------------------------------------------------------------
75 - 100.0 19 16.52% 2 1.74%
------------------------------------------------------------------
>100.0 29 25.22% 1 0.87%
------------------------------------------------------------------
Total 96 83.47% 19 16.53%
===================================================================================================================================
WisdomTree International Financial Sector Fund
October 13, 2006** - March 31, 2007 0 - 24.9 13 11.30% 2 1.74%
------------------------------------------------------------------
25 - 49.9 24 20.87% 1 0.87%
------------------------------------------------------------------
50 - 74.9 43 37.39% 2 1.74%
------------------------------------------------------------------
75 - 100.0 16 13.98% 2 1.74%
------------------------------------------------------------------
>100.0 11 9.57% 1 0.87%
------------------------------------------------------------------
Total 107 93.04% 8 6.96%
===================================================================================================================================
WisdomTree International Health Care Sector Fund
October 13, 2006** - March 31, 2007 0 - 24.9 7 6.09% 2 1.74%
------------------------------------------------------------------
25 - 49.9 18 15.65% 4 3.48%
------------------------------------------------------------------
50 - 74.9 34 29.57% 1 0.87%
------------------------------------------------------------------
75 - 100.0 30 26.08% 0 0.00%
------------------------------------------------------------------
>100.0 18 15.65% 1 0.87%
------------------------------------------------------------------
Total 107 93.04% 8 6.96%
===================================================================================================================================
WisdomTree International Industrial Sector Fund
October 13, 2006** - March 31, 2007 0 - 24.9 13 11.30% 2 1.74%
------------------------------------------------------------------
25 - 49.9 23 20.00% 5 4.35%
------------------------------------------------------------------
50 - 74.9 36 31.30% 1 0.87%
------------------------------------------------------------------
75 - 100.0 23 20.00% 0 0.00%
------------------------------------------------------------------
>100.0 11 9.57% 1 0.87%
------------------------------------------------------------------
Total 106 92.17% 9 7.83%
===================================================================================================================================
WisdomTree International Technology Sector Fund
October 13, 2006** - March 31, 2007 0 - 24.9 14 12.16% 10 8.70%
------------------------------------------------------------------
25 - 49.9 21 18.26% 3 2.61%
------------------------------------------------------------------
50 - 74.9 27 23.48% 5 4.35%
------------------------------------------------------------------
75 - 100.0 24 20.87% 0 0.00%
------------------------------------------------------------------
>100.0 9 7.83% 2 1.74%
------------------------------------------------------------------
Total 95 82.60% 20 17.40%
===================================================================================================================================
WisdomTree International Utilities Sector Fund
October 13, 2006** - March 31, 2007 0 - 24.9 7 6.09% 3 2.61%
------------------------------------------------------------------
25 - 49.9 28 24.35% 1 0.87%
------------------------------------------------------------------
50 - 74.9 31 26.95% 2 1.74%
------------------------------------------------------------------
75 - 100.0 28 24.35% 1 0.87%
------------------------------------------------------------------
>100.0 13 11.30% 1 0.87%
------------------------------------------------------------------
Total 107 93.04% 8 6.96%
====================================================================================================================================
* A basis point equals one-hundredth of one percent (0.01%).
** Commencement of investment operations.
WisdomTree International Dividend Sector Funds 73
Trustees and Officers 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 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.
The address of each Trustee and Officer is c/o WisdomTree Asset Management,
Inc., 48 Wall Street, 11th Floor, New York, NY 10005.
Interested Trustee and Officers
Number of
Portfolios in
Fund
Complex
Term of Office Overseen by
Name and Length Principal Occupation(s) Trustee and Other Directorships Held
(year of birth) Position of Time Served During the Past 5 Years Officer by Trustee and Officer
--------------------------------------------------------------------------------------------------------------------------------
Jonathan Steinberg Trustee, Trustee and Chief Executive Officer of 36 None.
(1964) President* Officer WisdomTree Investments, Inc.
since 2005 (formerly, Index Development
Partners, Inc.) and Director of
WisdomTree Investments, Inc.
(since 1989).
Marc Ruskin Treasurer*, Officer Chief Financial Officer of 36 None.
(1952) Assistant since 2005 WisdomTree Investments, Inc.
Secretary* (formerly, Index Development
Partners, Inc.); Chief Financial
Officer, RiskMetrics Group, Inc.
(2003 to 2004); Chief Financial
Officer of Cognet Corp. (1999
to 2002).
Richard Morris Secretary*, Officer Deputy General Counsel of 36 None.
(1967) Chief since 2005 WisdomTree Investments, Inc.
Legal (since 2005); Senior Counsel at
Officer* 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.
74 WisdomTree International Dividend Sector Funds
Trustees and Officers Information (unaudited) (concluded)
Independent Trustees
Number of
Portfolios in
Fund
Term of Office Complex Other
Name and Length Principal Occupation(s) Overseen by Directorships Held
(year of birth) Position of Time Served During the Past 5 Years Trustee by Trustee and Officer
-----------------------------------------------------------------------------------------------------------------------
Gregory Barton Trustee Trustee Executive Vice President of 36 None.
(1961)* since 2006 Licensing and Legal Affairs,
General Counsel and Secretary
of Ziff Davis Media Inc. (since
2003); 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 36 None.
(1955)** since 2006 James 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 (since 2005); 36 Trustee on Board of
(1947) Chairman since 2006 President and Chief Executive Trustees of Naismith
of the Officer of William D. Witter, Memorial Basketball
Board of Inc. (2005 to August 2006); Hall of Fame; Member
Trustees Consultant to AXA Enterprise in of the Board of Direc-
2004; Chairman, President and tors of William D.
Chief Executive Officer of Witter, Inc.; Member
Enterprise Capital Management of the Board of
(subsidiary of The MONY Overseers of the
Group, Inc.) and Enterprise Hoover Institution at
Group of Funds, Chairman of Stanford University.
MONY Securities Corp., and
Chairman of the Fund Board of
Enterprise Group of Funds
(1991 to 2004).
-----------------------------------------------------------------------------------------------------------------------
* Chairman of the Audit Committee.
** Chairman of the Nominating Committee.
WisdomTree International Dividend Sector Funds 75
Supplemental Information (unaudited)
Federal Income Tax Information
The following Federal tax information related to the Funds fiscal year ended
March 31, 2007, 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 2008.
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, 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 $ 59,769
--------------------------------------------------------------------------------
International Communications Sector Fund 115,265
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 46,565
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 194,201
--------------------------------------------------------------------------------
International Energy Sector Fund 183,445
--------------------------------------------------------------------------------
International Financial Sector Fund 59,446
--------------------------------------------------------------------------------
International Health Care Sector Fund 147,963
--------------------------------------------------------------------------------
International Industrial Sector Fund 45,423
--------------------------------------------------------------------------------
International Technology Sector Fund 36,722
--------------------------------------------------------------------------------
International Utilities Sector Fund 176,379
--------------------------------------------------------------------------------
The Funds designate the following amount of ordinary income distributions paid
during the fiscal year, is from qualified short-term gains:
================================================================================
Qualified
Fund Short-Term Gains
--------------------------------------------------------------------------------
International Basic Materials Sector Fund $ --
--------------------------------------------------------------------------------
International Communications Sector Fund 58
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 126
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 88
--------------------------------------------------------------------------------
International Energy Sector Fund --
--------------------------------------------------------------------------------
International Financial Sector Fund 14
--------------------------------------------------------------------------------
International Health Care Sector Fund --
--------------------------------------------------------------------------------
International Industrial Sector Fund 94
--------------------------------------------------------------------------------
International Technology Sector Fund --
--------------------------------------------------------------------------------
International Utilities Sector 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 Foreign Taxes
Fund Income Paid
--------------------------------------------------------------------------------
International Basic Materials Sector Fund $ 65,344 $ 5,309
--------------------------------------------------------------------------------
International Communications Sector Fund 110,528 7,026
--------------------------------------------------------------------------------
International Consumer Cyclical Sector Fund 45,827 2,401
--------------------------------------------------------------------------------
International Consumer Non-Cyclical Sector Fund 195,264 7,732
--------------------------------------------------------------------------------
International Energy Sector Fund 170,463 10,002
--------------------------------------------------------------------------------
International Financial Sector Fund 74,878 2,886
--------------------------------------------------------------------------------
International Health Care Sector Fund 161,111 10,444
--------------------------------------------------------------------------------
International Industrial Sector Fund 116,922 7,590
--------------------------------------------------------------------------------
International Technology Sector Fund 34,970 2,401
--------------------------------------------------------------------------------
International Utilities Sector Fund 157,608 21,258
--------------------------------------------------------------------------------
76 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, 2006, 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 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 at
www.wisdomtree.com.
WisdomTree International Dividend Sector Funds 77
The WisdomTree Trust
Investment Adviser
WisdomTree Asset Management, Inc.
48 Wall Street, Suite 1100
New York, NY 10005
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.
1625 Broadway
Denver, CO 80202
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 Family of Funds
The following is a list of WisdomTree Funds being offered, along with their
respective ticker symbols:
WisdomTree Domestic Dividend Funds
WisdomTree Total Dividend Fund (DTD)
WisdomTree High-Yielding Equity Fund (DHS)
WisdomTree Large Cap Dividend Fund (DLN)
WisdomTree Dividend Top 100 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 Fund (DOO)
WisdomTree International MidCap Dividend Fund (DIM)
WisdomTree International SmallCap Dividend Fund (DLS)
WisdomTree International Dividend Sector Funds
WisdomTree International Basic Material 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 Domestic 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)
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 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.
In addition to the normal risks associated with investing, foreign investing
involves special risks, such as risk of loss from currency fluctuation or
political or economic uncertainty. Funds focusing on a single country, sector,
and/or funds that emphasize investments in smaller companies may experience
greater price volatility. 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.
This is not part of the Annual Report.
[LOGO] WISDOMTREE(SM)
48 Wall Street, Suite 1100
New York, NY 10005
1.866.900.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
This report when not used for the general information of shareholders of the
Fund, is to be distributed only if preceded or accompanied by a current Fund
Prospectus.
WisdomTree Fund shares are distributed by ALPS Distributors, Inc.
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, 2007, 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 thirty-six funds of the Registrant for which the fiscal year-end is
March 31, 2007 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, 2007 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:
2007: $686,000
(b) Audit-Related Fees. The aggregate fees billed from the Trust's fiscal year
ended March 31, 2007 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:
2007: $0
(c) Tax Fees. The aggregate fees billed from the Trust's fiscal year ended March
31, 2007 for professional services rendered by the principal accountant for tax
compliance, tax advice and tax planning are as follows:
2007: $60,000
(d) All Other Fees. The aggregate fees billed from the Trust's fiscal year ended
March 31, 2007 for products and services provided by the principal accountant,
other than the services reported above in Items 4(a) through (c) are as follows:
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 theRegistrant'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, 2007 are as follows:
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. Schedule of Investments.
The schedule is 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, including its consolidated
subsidiaries, 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: May 30, 2007
By: /s/ Marc J. Ruskin
----------------------------
Name: Marc J. Ruskin
Title: Treasurer
Date: May 30, 2007
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: May 30, 2007
By: /s/ Marc J. Ruskin
----------------------------
Name: Marc J. Ruskin
Title: Treasurer
Date: May 30, 2007