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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21864

WisdomTree Trust

(Exact name of registrant as specified in charter)

245 Park Avenue, 35^th Floor

New York, NY 10167

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (866) 909-9473

Date of fiscal year end: March 31

Date of reporting period: March 31, 2019

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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Item 1. Reports to Stockholders.

The Reports to Shareholders are attached hereto.

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WisdomTree Trust

Annual Report

March 31, 2019

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

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Market Environment Overview

(unaudited)

International equity markets, as measure by the MSCI EAFE Index, a broad measure of equity performance for the developed world outside the U.S. and Canada, returned -3.71% in the 12-month period ended March 31, 2019, which underperformed the S&P 500 Index by 13.21%. Measured in local currency, the MSCI EAFE Index returned +2.83% over the period, lagging the return of the S&P 500 Index by 6.67%. It is important to note that when foreign currencies weaken or strengthen relative to the U.S. dollar, there is also an impact on the returns experienced by U.S. investors who invest overseas. Over the period, the U.S. dollar experienced significant appreciation (i.e. strengthened) against most major currencies. In particular, the British pound, Japanese yen, and the Euro (which account for about 75% of the MSCI EAFE Index’s currency exposure) all experienced negative spot returns over the period against the U.S. dollar.

International equity markets experienced a market correction (in both local and U.S. dollar terms) in the fourth quarter of 2018, followed by a relief rally in the first quarter of 2019. Weak equity performance through the fourth quarter of 2018 in mainland Europe (“Eurozone”) was primarily driven by softening economic data, declining economic sentiment, and mounting fears of recession. The Eurozone saw three consecutive quarters of declining gross domestic product (“GDP”) growth in the last nine months of 2018. Importantly, major Eurozone economies, including Germany and France, were a significant drag on Eurozone growth during this time period. German and French GDP both grew 1.5% in 2018. This marked the slowest annual GDP growth rate for Germany since 2013. Meanwhile, export-oriented economies, including Germany, were negatively impacted by the U.S.-China trade dispute. German manufacturing activity exhibited signs of a slowdown, particularly in the automobile manufacturing sector, which led the nation’s Purchasing Managers’ Index to slip into contractionary territory in January 2019.

Political fragmentation and uncertainty also negatively impacted the Eurozone during this time period. The new populist governing body in Italy failed to defuse fears about the country’s budget deficit and slowing economic growth. Meanwhile, protests and demand for political reform in France provided evidence of political and economic divide. Most notably, a lack of resolution on the ultimate outcome and timing of the United Kingdom’s departure from the European Union (known as “BREXIT”) was a hindrance for the Eurozone during this time period. Following several months of negotiations with European Union counterparts, the draft BREXIT deal released by British Prime Minister Theresa May was met with substantial criticism from British Parliament and from within her own party. May’s exit deal was met with such resistance that she narrowly won a no confidence vote in her leadership from within her Conservative party. Multiple variations of a BREXIT resolution were ultimately rejected, including an exit plan negotiated with the European Union, a referendum to revoke BREXIT entirely, and an election to break away from the European Union without a deal altogether. During this time period of political uncertainty, the United Kingdom economy expanded 1.4%, marking the weakest economic growth for the nation in six years.

European equities rebounded alongside global equities, despite reductions in Eurozone economic growth forecasts and ongoing concerns about the political and financial strength of the European Union. During this time period the European Central Bank announced the end of its quantitative easing program. Measures taken by the European Central Bank to stimulate private sector bank lending and more positive news flow on the U.S.-China trade and economic growth helped fuel the rebound in European equities in the first quarter of 2019.

Japan experienced moderating economic growth during this time period, including a sharp decline in Q3 2018 GDP driven by natural disasters followed by a recovery in Q4 2018. Japanese export growth also declined over the period due to weak demand from China as well as the U.S.-China trade dispute. The ultra-accommodative monetary policy maintained by the Bank of Japan, including a near zero 10-year yield, did not spur price inflation during the period. Japanese equities recovered in Q1 2019 alongside global equities, driven by more constructive sentiment around global trade. Despite the equity rally in Q1 2019, Japan’s economic data continued to be negatively impacted by subdued global demand, as evidenced by a contraction in the nation’s manufacturing data and a steep decline in exports.

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Information about Performance and Shareholder Expense Examples (unaudited)

Performance

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

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

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

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore, index returns do not reflect deductions for fees or expenses and an index is not available for direct investment. In comparison, the Funds’ performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes on transactions in Fund shares or taxes that a shareholder would pay on Fund distributions. Past performance is no guarantee of future results. For the most recent month-end performance information visit www.wisdomtree.com.

Shareholder Expense Examples

Each Fund’s performance table is accompanied by a shareholder expense example. As a shareholder of a WisdomTree Fund, you incur two types of cost: (1) transaction costs, including brokerage commissions on purchases and sales of your Fund shares and (2) ongoing costs, including management fees and other Fund expenses. The examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019. Except where noted, expenses are calculated using each Fund’s annualized expense ratio (after the effect of contractual or voluntary fee waivers, if any), multiplied by the average account value for the period, multiplied by 182/365 (to reflect the one-half year period). The annualized expense ratio does not include acquired fund fees and expenses (“AFFEs”), which are fees and expenses incurred indirectly by a Fund through its investments in certain underlying investment companies.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Europe Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies with growth characteristics in the European equity market. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -1.62% at net asset value (“NAV”) for the fiscal year ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Financials contributed most positively to performance, while its position in Materials contributed least positively to performance. The Fund’s country position in France contributed most positively to performance, while its position in the United Kingdom contributed least positively to performance. The U.S. dollar rallied by 8.73% against the euro during the fiscal year which served as a headwind for European equities. However, the Fund’s significant overweight to higher quality companies proved to be a source of outperformance when compared to companies with low quality (based on return on equity). Much of this quality outperformance came from the broad market correction in the fourth quarter of 2018 which was catalyzed by trade war apprehensions, ongoing BREXIT negotiations, and economic slowdown in the region. However, during the first quarter of 2019, there has been a strong rebound as markets began to stabilize.

Shareholder Expense Example

Performance

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree Europe SmallCap Dividend Fund (DFE)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Europe SmallCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe SmallCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the European equity market. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -12.19% at net asset value (“NAV”) for the fiscal year ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Materials contributed most positively to performance, while its position in Consumer Staples contributed least positively to performance. The U.S. dollar rallied by 8.73% against the euro during the fiscal year which served as a headwind for European equities. The Fund’s country position in Norway contributed most positively to performance, while its position in Switzerland contributed least positively to performance. Additionally, small-cap companies faced additional pressures during the fiscal period when compared to their larger peers, particularly as the broad market correction was catalyzed by trade war apprehensions, ongoing BREXIT negotiations, and economic slowdown in the region. However, during the first quarter of 2019, there has been a strong rebound as markets began to stabilize.

Shareholder Expense Example

Performance

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree International Dividend ex-Financials Fund (DOO)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International Dividend ex-Financials Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International Dividend ex-Financials Index (the “Index”). In seeking to track the Index, the Fund invests in high-dividend-yielding companies in the developed world excluding the U.S. and Canada and excluding the financial sector. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -0.49% at net asset value (“NAV”) for the fiscal year ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Industrials contributed most positively to performance, while its position in Communication Services contributed least positively to performance. In addition, by the nature of the Fund’s methodology of excluding Financial sector stocks from its portfolio, the Fund avoided the worst performing sector in the market over the fiscal year (-13.22%). The Fund’s country position in Spain contributed most positively to performance, while its position in France contributed least positively to performance. The U.S. dollar rallied over the fiscal year which served as a headwind for international equities. The Fund’s overweight to large-cap equities provided more downside protection than mid- or small-cap peers during the fourth quarter of 2018, where a broad market correction catalyzed by trade war apprehension with China and fears of a U.S. Federal Reserve policy misstep sent global markets sharply downward.

Shareholder Expense Example

Performance

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree International Equity Fund (DWM)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International Equity Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies in the developed world excluding the U.S. and Canada. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -3.89% at net asset value (“NAV”) for the fiscal year ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Energy contributed most positively to performance, while its position in Industrials contributed least positively to performance. The Fund’s country position in Hong Kong contributed most positively to performance, while its position in Japan contributed least positively to performance. The U.S. dollar rallied over the fiscal year which served as a headwind for international equities. The Fund’s overweight to large-cap equities, combined with underweights to both mid-cap and small-cap equities, provided a bit of downside protection during the fourth quarter of 2018, where a broad market correction catalyzed by trade war apprehension with China and fears of a U.S. Federal Reserve policy misstep sent global markets sharply downward.

Shareholder Expense Example

Performance

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree International High Dividend Fund (DTH)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International High Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International High Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in high-dividend-yielding companies in the developed world excluding the U.S. and Canada. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -2.53% at net asset value (“NAV”) for the fiscal year ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Energy contributed most positively to performance, while its position in Consumer Staples contributed least positively to performance. The Fund’s country position in Hong Kong contributed most positively to performance, while its position in France contributed least positively to performance. The U.S. dollar rallied over the fiscal year which served as a headwind for international equities. However, being overweight to the higher dividend yielding companies provided significant outperformance over the lower/non dividend paying companies. The Fund’s significant weights to large-cap and mid-cap equities proved to provide outperformance relative to small-cap equities. The market and the Fund both underperformed during the fourth quarter of 2018, where a broad market correction catalyzed by trade war apprehension with China and fears of a U.S. Federal Reserve policy misstep sent global markets sharply downward.

Shareholder Expense Example

Performance

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree International LargeCap Dividend Fund (DOL)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International LargeCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International LargeCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying large-cap companies in the developed world excluding the U.S. and Canada. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -2.55% at net asset value (“NAV”) for the fiscal year ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Energy contributed most positively to performance, while its position in Consumer Staples contributed least positively to performance. The Fund’s country position in Hong Kong contributed most positively to performance, while its position in France contributed least positively to performance. The U.S. dollar rallied over the fiscal year which served as a headwind for international equities. The Fund’s overweight to large-cap equities provided more protection than mid- or small-cap peers during the fourth quarter of 2018, where a broad market correction catalyzed by trade war apprehension with China and fears of a U.S. Federal Reserve policy misstep sent global markets sharply downward.

Shareholder Expense Example

Performance

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree International MidCap Dividend Fund (DIM)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International MidCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International MidCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying mid-cap companies in the developed world excluding the U.S. and Canada. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -6.16% at net asset value (“NAV”) for the fiscal year ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Utilities contributed most positively to performance, while its position in Real Estate contributed least positively to performance. The Fund’s country position in Hong Kong contributed most positively to performance, while its position in Switzerland contributed least positively to performance. The U.S. dollar rallied over the fiscal year which served as a headwind for international equities. The Fund’s exposure to mid-cap equities outperformed its small-cap peers but underperformed large-cap equities during the fiscal year. Fund returns were brought down particularly during the fourth quarter of 2018, where a broad market correction catalyzed by trade war apprehension with China and fears of a U.S. Federal Reserve policy misstep sent global markets sharply downward.

Shareholder Expense Example

Performance

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree International Multifactor Fund (DWMF)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International Multifactor Fund (the “Fund”) seeks capital appreciation by investing primarily in equity securities of developed countries, excluding the United States and Canada, with the highest composite scores based on two fundamental factors, value and quality measures, and two technical factors, momentum and correlation.

The Fund returned 1.18% at net asset value (“NAV”) for the fiscal period ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Health Care contributed most positively to performance, while its position in Energy contributed least positively to performance. The Fund’s country position in Japan contributed most positively to performance, while its position in the France contributed least positively to performance. During the fiscal period, the Fund utilized forward foreign currency contracts to offset applicable international currency exposure from positions in international equities. The Fund’s use of foreign currency contracts contributed positively to Fund performance as the U.S. dollar rallied against various international currencies, which served as tailwind to the strategy’s dynamic currency hedges. Additionally, exposure and tilts to value, quality, momentum, and correlation factors provided outperformance over the fiscal period. Much of this quality outperformance came from the broad market correction in the fourth quarter of 2018 which was catalyzed by trade war apprehensions, ongoing BREXIT negotiations, and global economic slowdown. However, during the first quarter of 2019, there has been a strong rebound as markets began to stabilize.

Shareholder Expense Example

Performance

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree International Quality Dividend Growth Fund (IQDG)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies with growth characteristics in the developed world excluding the U.S. and Canada. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -4.43% at net asset value (“NAV”) for the fiscal year ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Financials contributed most positively to performance, while its position in Communication Services contributed least positively to performance. The Fund’s country position in Denmark contributed most positively to performance, while its position in the Switzerland contributed least positively to performance. The U.S. dollar rallied over the fiscal year which served as a headwind for international equities. However, the Fund’s significant overweight to higher quality companies proved to be a source of outperformance when compared to companies with low quality (based on return on equity). Much of this quality outperformance came from the broad market correction in the fourth quarter of 2018 which was catalyzed by trade war apprehensions, ongoing BREXIT negotiations, and global economic slowdown. However, during the first quarter of 2019, there has been a strong rebound as markets began to stabilize.

Shareholder Expense Example

Performance

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree International SmallCap Dividend Fund (DLS)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International SmallCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International SmallCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the developed world excluding the U.S. and Canada. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -10.41% at net asset value (“NAV”) for the fiscal year ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Materials contributed most positively to performance, while its position in Real Estate contributed least positively to performance. The Fund’s country position in Hong Kong contributed most positively to performance, while its position in Japan contributed least positively to performance. The U.S. dollar rallied over the fiscal year which served as a headwind for international equities. The Fund’s exposure to small-cap equities underperformed its large- and mid-cap peers, as returns were brought down particularly during the fourth quarter of 2018 as a broad market correction catalyzed by trade war apprehension with China and fears of a U.S. Federal Reserve policy misstep sent global markets sharply downward.

Shareholder Expense Example

Performance

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

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Management’s Discussion of Funds’ Performance

as of March 31, 2019 (unaudited)

WisdomTree Japan SmallCap Dividend Fund (DFJ)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Japan SmallCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Japan SmallCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the Japanese equity market. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -14.38% at net asset value (“NAV”) for the fiscal year ending March 31, 2019 (for more complete performance information please see the table below). The Fund’s sector position in Communication Services contributed most positively to performance, while its position in Real Estate contributed least positively to performance. The U.S. dollar rallied by 4.01% against the Japanese yen during the fiscal year which served as a headwind for Japanese equities. Additionally, small-cap companies faced additional pressures during the fiscal period when compared to their larger peers, particularly during the fourth quarter of 2018 as the broad market correction was catalyzed by trade war apprehension with China and a global economic slowdown. During the fiscal year, natural disasters in Japan also had an adverse effect on the Japanese equity market and overall economy.

Shareholder Expense Example

Performance

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

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Description of Indexes (unaudited)

Below are descriptions of each Index referenced in this report:

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

Australasia and Japan.

The MSCI EAFE Mid Cap Index is a free float-adjusted market capitalization index that is designed to measure the performance of mid-capitalization equities in the developed markets excluding the U.S. & Canada.

The MSCI EAFE Small Cap Index is comprised of small-capitalization stocks in the MSCI EAFE Index.

The MSCI EAFE Value Index is comprised of value stocks in the MSCI EAFE Index.

The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure the performance of large- and mid-cap stocks within developed market European countries.

The MSCI Europe Small Cap Index is comprised of small-capitalization stocks in the MSCI Europe Index.

The MSCI Japan Small Cap Index is comprised of small cap stocks in the MSCI Japan Index.

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

The WisdomTree Europe Quality Dividend Growth Index is a fundamentally weighted index that measures the performance of dividend-paying common stocks with growth characteristics selected from the WisdomTree International Equity Index.

The WisdomTree Europe SmallCap Dividend Index is comprised of the small-capitalization segment of the European dividend-paying market.

The WisdomTree International Dividend ex-Financials Index is comprised of high dividend-yielding international stocks outside the financial sector.

The WisdomTree International Dividend Top 100 Index is comprised of the 100 highest dividend-yielding companies in the WisdomTree International LargeCap Dividend Index.

The WisdomTree International Equity Index is comprised of dividend-paying companies in the industrialized world, excluding Canada and the United States.

The WisdomTree International High Dividend Index is comprised of companies with high dividend yields selected from the WisdomTree International Equity Index.

The WisdomTree International LargeCap Dividend Index is comprised of the large-capitalization segment of the dividend-paying market in the industrialized world outside the U.S. and Canada.

The WisdomTree International MidCap Dividend Index is comprised of the mid-capitalization segment of the dividend-paying market in the industrialized world outside the U.S. and Canada.

The WisdomTree International Quality Dividend Growth Index is a fundamentally weighted index designed to provide exposure to dividend paying developed market companies.

The WisdomTree International SmallCap Dividend Index is comprised of the small-capitalization segment of the dividend-paying market in the industrialized world outside the U.S. and Canada.

The WisdomTree Japan SmallCap Dividend Index is comprised of dividend-paying small-capitalization companies in Japan.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The

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Description of Indexes (unaudited) (concluded)

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

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

WisdomTree Investments, Inc. and WisdomTree Asset Management, Inc. (together, “WisdomTree”) and the Funds make no representation or warranty, express or implied, to the owners of shares of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the underlying Indexes to track the performance of their underlying securities. WisdomTree Investments is the licensor of certain trademarks, service marks and trade names of the Funds. WisdomTree Investments has no obligation to take the needs of the Funds or the owners of shares of the Funds into consideration in determining, composing, or calculating the underlying WisdomTree Indexes of the applicable Funds. WisdomTree Investments is not responsible for, and has not participated in, the determination of the timing of, prices of, or quantities of shares of the Funds to be issued or in the determination or calculation of the equation by which the shares of the Funds are redeemable. WisdomTree and the Funds do not guarantee the accuracy, completeness, or performance of the underlying Indexes or the data included therein and shall have no liability in connection with the underlying Indexes or their calculation.

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

Table of Contents

Schedule of Investments

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

March 31, 2019

See Notes to Financial Statements.

Table of Contents

Schedule of Investments (continued)

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

March 31, 2019