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, 35th 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: June 30
Date of reporting period: December 31, 2015
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.
Item 1. | Reports to Stockholders. |
The Report to Shareholders is attached herewith.
WisdomTree Trust
Semi-Annual Report
December 31, 2015
Developed World ex-U.S. Funds:
WisdomTree Europe Local Recovery Fund (EZR)
Dollar Sensitive Equity Funds:
WisdomTree Strong Dollar Emerging Markets Equity Fund (EMSD)
WisdomTree Strong Dollar U.S. Equity Fund (USSD)
WisdomTree Weak Dollar U.S. Equity Fund (USWD)
Global/Global ex-U.S. Funds:
WisdomTree Global SmallCap Dividend Fund (GSD)
Currency Hedged Equity Funds:
WisdomTree Global Hedged SmallCap Dividend Fund (HGSD)
Alternative Funds:
WisdomTree Dynamic Bearish U.S. Equity Fund (DYB)
WisdomTree Dynamic Long/Short U.S. Equity Fund (DYLS)
Table of Contents
1 | ||||
9 | ||||
Schedules of Investments (unaudited) | ||||
11 | ||||
14 | ||||
16 | ||||
20 | ||||
24 | ||||
30 | ||||
33 | ||||
34 | ||||
36 | ||||
38 | ||||
40 | ||||
42 | ||||
46 | ||||
Approval of Investment Advisory and Sub-Advisory Agreements (unaudited) | 56 | |||
60 |
“WisdomTree” is a registered mark of WisdomTree Investments, Inc. and is licensed for use by the WisdomTree Trust.
Performance Summary (unaudited)
WisdomTree Europe Local Recovery Fund (EZR)
Sector Breakdown† as of 12/31/15
Sector | % of Net Assets | |||
Financials | 33.2% | |||
Industrials | 24.6% | |||
Consumer Discretionary | 21.2% | |||
Materials | 8.8% | |||
Information Technology | 6.9% | |||
Energy | 5.2% | |||
Other Assets less Liabilities‡ | 0.1% | |||
Total | 100.0% |
† | The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ | Other assets includes investment of cash collateral for securities on loan (if any). |
Top Ten Holdings* as of 12/31/15
Description | % of Net Assets | |||
TOTAL S.A. | 2.0% | |||
Allianz SE, Registered Shares | 1.6% | |||
BASF SE | 1.6% | |||
BNP Paribas S.A. | 1.3% | |||
AXA S.A. | 1.1% | |||
Vinci S.A. | 1.0% | |||
Societe Generale S.A. | 1.0% | |||
Intesa Sanpaolo SpA | 1.0% | |||
Continental AG | 1.0% | |||
Industria de Diseno Textil S.A. | 0.9% |
* | The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular security. Excludes investment of cash collateral for securities on loan (if any). |
The WisdomTree Europe Local Recovery Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe Local Recovery Index.
The Fund had less than six months of operating history at the end of the reporting period and therefore no comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS 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.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 1 |
Performance Summary (unaudited)
WisdomTree Strong Dollar Emerging Markets Equity Fund (EMSD)
Sector Breakdown† as of 12/31/15
Sector | % of Net Assets | |||
Information Technology | 36.6% | |||
Consumer Discretionary | 24.3% | |||
Industrials | 17.2% | |||
Healthcare | 13.2% | |||
Consumer Staples | 8.6% | |||
Other Assets less Liabilities‡ | 0.1% | |||
Total | 100.0% |
† | The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ | Other assets includes investment of cash collateral for securities on loan (if any). |
Top Ten Holdings* as of 12/31/15
Description | % of Net Assets | |||
Samsung Electronics Co., Ltd. | 5.7% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 3.3% | |||
Hyundai Motor Co. | 2.4% | |||
Hyundai Mobis Co., Ltd. | 2.3% | |||
Kia Motors Corp. | 2.2% | |||
Alfa S.A.B. de C.V., Class A | 1.8% | |||
Infosys Ltd., ADR | 1.7% | |||
LG Electronics, Inc. | 1.6% | |||
InBody Co., Ltd. | 1.6% | |||
Marfrig Global Foods S.A. | 1.5% |
* | The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular security. Excludes investment of cash collateral for securities on loan (if any). |
The WisdomTree Strong Dollar Emerging Markets Equity Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Strong Dollar Emerging Markets Equity Index.
The Fund had less than six months of operating history at the end of the reporting period and therefore no comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS 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.
2 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Performance Summary (unaudited)
WisdomTree Strong Dollar U.S. Equity Fund (USSD)
Sector Breakdown† as of 12/31/15
Sector | % of Net Assets | |||
Financials | 25.4% | |||
Consumer Discretionary | 19.3% | |||
Utilities | 14.8% | |||
Industrials | 10.6% | |||
Consumer Staples | 9.5% | |||
Healthcare | 9.3% | |||
Information Technology | 6.0% | |||
Telecommunication Services | 4.7% | |||
Energy | 0.2% | |||
Other Assets less Liabilities‡ | 0.2% | |||
Total | 100.0% |
† | The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ | Other assets includes investment of cash collateral for securities on loan (if any). |
Top Ten Holdings* as of 12/31/15
Description | % of Net Assets | |||
Verizon Communications, Inc. | 1.5% | |||
AT&T, Inc. | 1.5% | |||
Home Depot, Inc. (The) | 1.2% | |||
Comcast Corp., Class A | 1.0% | |||
Altria Group, Inc. | 0.9% | |||
Wells Fargo & Co. | 0.9% | |||
WEC Energy Group, Inc. | 0.9% | |||
Berkshire Hathaway, Inc., Class B | 0.9% | |||
UnitedHealth Group, Inc. | 0.9% | |||
Reynolds American, Inc. | 0.8% |
* | The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular security. Excludes investment of cash collateral for securities on loan (if any). |
The WisdomTree Strong Dollar U.S. Equity Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Strong Dollar U.S. Equity Index.
The Fund had less than six months of operating history at the end of the reporting period and therefore no comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS 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.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 3 |
Performance Summary (unaudited)
WisdomTree Weak Dollar U.S. Equity Fund (USWD)
Sector Breakdown† as of 12/31/15
Sector | % of Net Assets | |||
Information Technology | 25.2% | |||
Healthcare | 19.4% | |||
Industrials | 14.3% | |||
Consumer Discretionary | 11.9% | |||
Materials | 8.7% | |||
Consumer Staples | 7.7% | |||
Financials | 7.7% | |||
Energy | 4.7% | |||
Utilities | 0.2% | |||
Other Assets less Liabilities‡ | 0.2% | |||
Total | 100.0% |
† | The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ | Other assets includes investment of cash collateral for securities on loan (if any). |
Top Ten Holdings* as of 12/31/15
Description | % of Net Assets | |||
General Electric Co. | 1.6% | |||
Apple, Inc. | 1.6% | |||
Amazon.com, Inc. | 1.4% | |||
Microsoft Corp. | 1.3% | |||
Exxon Mobil Corp. | 1.3% | |||
Johnson & Johnson | 1.2% | |||
McDonald’s Corp. | 1.0% | |||
Citigroup, Inc. | 1.0% | |||
Alphabet, Inc., Class A | 1.0% | |||
Procter & Gamble Co. (The) | 1.0% |
* | The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular security. Excludes investment of cash collateral for securities on loan (if any). |
The WisdomTree Weak Dollar U.S. Equity Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Weak Dollar U.S. Equity Index.
The Fund had less than six months of operating history at the end of the reporting period and therefore no comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS 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.
4 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Performance Summary (unaudited)
WisdomTree Global SmallCap Dividend Fund (GSD)
Sector Breakdown† as of 12/31/15
Sector | % of Net Assets | |||
Financials | 26.4% | |||
Industrials | 19.2% | |||
Consumer Discretionary | 15.4% | |||
Materials | 9.4% | |||
Information Technology | 7.7% | |||
Utilities | 6.9% | |||
Consumer Staples | 5.0% | |||
Energy | 4.1% | |||
Healthcare | 3.6% | |||
Telecommunication Services | 1.9% | |||
Investment Company | 0.1% | |||
Other Assets less Liabilities‡ | 0.3% | |||
Total | 100.0% |
† | The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ | Other assets includes investment of cash collateral for securities on loan (if any). |
Top Ten Holdings* as of 12/31/15
Description | % of Net Assets | |||
Theravance, Inc. | 1.0% | |||
Gramercy Property Trust | 0.9% | |||
Lexmark International, Inc., Class A | 0.7% | |||
Select Income REIT | 0.7% | |||
Pattern Energy Group, Inc. | 0.7% | |||
DuPont Fabros Technology, Inc. | 0.7% | |||
SeaWorld Entertainment, Inc. | 0.6% | |||
BGC Partners, Inc., Class A | 0.6% | |||
Cogent Communications Holdings, Inc. | 0.6% | |||
Abercrombie & Fitch Co., Class A | 0.6% |
* | The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular security. Excludes investment of cash collateral for securities on loan (if any). |
The WisdomTree Global SmallCap Dividend Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Global SmallCap Dividend Index.
The Fund had less than six months of operating history at the end of the reporting period and therefore no comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS 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.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 5 |
Performance Summary (unaudited)
WisdomTree Global Hedged SmallCap Dividend Fund (HGSD)
Sector Breakdown† as of 12/31/15
Sector | % of Net Assets | |||
Financials | 26.4% | |||
Industrials | 19.2% | |||
Consumer Discretionary | 15.4% | |||
Materials | 9.4% | |||
Information Technology | 7.7% | |||
Utilities | 6.9% | |||
Consumer Staples | 5.0% | |||
Energy | 4.1% | |||
Healthcare | 3.6% | |||
Telecommunication Services | 1.9% | |||
Investment Company | 0.1% | |||
Other Assets less Liabilities‡ | 0.3% | |||
Total | 100.0% |
† | The sector information shown is that of the Underlying Fund. The Underlying Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ | Other assets of the Underlying Fund includes investment of cash collateral for securities on loan (if any). |
Top Ten Holdings* as of 12/31/15
Description | % of Net Assets | |||
Theravance, Inc. | 1.0% | |||
Gramercy Property Trust | 0.9% | |||
Lexmark International, Inc., Class A | 0.7% | |||
Select Income REIT | 0.7% | |||
Pattern Energy Group, Inc. | 0.7% | |||
DuPont Fabros Technology, Inc. | 0.7% | |||
SeaWorld Entertainment, Inc. | 0.6% | |||
BGC Partners, Inc., Class A | 0.6% | |||
Cogent Communications Holdings, Inc. | 0.6% | |||
Abercrombie & Fitch Co., Class A | 0.6% |
* | The ten largest holdings shown is that of the Underlying Fund and are subject to change. There are no guarantees the Underlying Fund will remain invested in any particular security. Excludes the Underlying Fund’s investment of cash collateral for securities on loan (if any). |
The WisdomTree Global Hedged SmallCap Dividend Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Global Hedged SmallCap Dividend Index. 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 (including indirect investments through the WisdomTree Global SmallCap Dividend Fund (the ‘‘Underlying Fund’’)) whose risk, return and other characteristics resemble the risk, return, and other characteristics of the Index as a whole.
The Fund had less than six months of operating history at the end of the reporting period and therefore no comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS 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.
6 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Performance Summary (unaudited)
WisdomTree Dynamic Bearish U.S. Equity Fund (DYB)
Investment Breakdown† as of 12/31/15
Investment Type | % of Net Assets | |||
U.S. Government Obligations | 101.1% | |||
Other Assets less Liabilities‡ | -1.1% | |||
Total | 100.0% |
† | The Fund’s investment breakdown may change over time. It does not include derivatives (if any). |
‡ | Other assets includes investment of cash collateral for securities on loan (if any). |
Top Holdings* as of 12/31/15
Description | % of Net Assets | |||
U.S. Treasury Bill, | 18.9% | |||
U.S. Treasury Bill, | 16.9% | |||
U.S. Treasury Bill, | 16.6% | |||
U.S. Treasury Bill, | 12.7% | |||
U.S. Treasury Bill, | 12.7% | |||
U.S. Treasury Bill, | 9.4% | |||
U.S. Treasury Bill, | 9.4% | |||
U.S. Treasury Bill, | 4.5% |
* | The holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular security. Excludes investment of cash collateral for securities on loan (if any). |
The WisdomTree Dynamic Bearish U.S. Equity Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Dynamic Bearish U.S. Equity Index.
The Fund had less than six months of operating history at the end of the reporting period and therefore no comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS 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.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 7 |
Performance Summary (unaudited)
WisdomTree Dynamic Long/Short U.S. Equity Fund (DYLS)
Sector Breakdown† as of 12/31/15
Sector | % of Net Assets | |||
Information Technology | 19.4% | |||
Financials | 17.8% | |||
Consumer Discretionary | 15.4% | |||
Healthcare | 12.7% | |||
Industrials | 11.7% | |||
Consumer Staples | 8.6% | |||
Energy | 6.6% | |||
Materials | 4.4% | |||
Utilities | 2.3% | |||
Telecommunication Services | 2.2% | |||
Other Assets less Liabilities‡ | -1.1% | |||
Total | 100.0% |
† | The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ | Other assets includes investment of cash collateral for securities on loan (if any). |
Top Ten Holdings* as of 12/31/15
Description | % of Net Assets | |||
McDonald’s Corp. | 3.3% | |||
Baxter International, Inc. | 3.0% | |||
eBay, Inc. | 2.6% | |||
Quest Diagnostics, Inc. | 2.6% | |||
Lockheed Martin Corp. | 2.0% | |||
Lancaster Colony Corp. | 2.0% | |||
Spectra Energy Corp. | 1.9% | |||
General Growth Properties, Inc. | 1.9% | |||
Weyerhaeuser Co. | 1.8% | |||
C.H. Robinson Worldwide, Inc. | 1.7% |
* | The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular security. Excludes investment of cash collateral for securities on loan (if any). |
The WisdomTree Dynamic Long/Short U.S. Equity Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Dynamic Long/Short U.S. Equity Index.
The Fund had less than six months of operating history at the end of the reporting period and therefore no comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS 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.
8 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Shareholder Expense Examples (unaudited)
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 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 July 1, 2015 to December 31, 2015.
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 the Period 7/1/15 to 12/31/15” to estimate the expenses you paid on your account during the period.
Hypothetical example for comparison purposes
The second line under each Fund in the table on the next page provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 9 |
Shareholder Expense Examples (unaudited) (concluded)
Beginning Account Value 7/1/15 | Ending Account Value 12/31/15 | Annualized Expense Ratio‡ Based on the Period 7/1/15 to 12/31/15 | Expenses Paid During the Period† 7/1/15 to 12/31/15 | |||||||||||||
WisdomTree Europe Local Recovery Fund | ||||||||||||||||
Actual1 | $ | 1,000.00 | $ | 995.80 | 0.48 | %* | $ | 0.84 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.72 | 0.48 | %* | $ | 2.44 | ||||||||
WisdomTree Strong Dollar Emerging Markets Equity Fund | ||||||||||||||||
Actual1 | $ | 1,000.00 | $ | 962.20 | 0.58 | % | $ | 1.00 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.22 | 0.58 | % | $ | 2.95 | ||||||||
WisdomTree Strong Dollar U.S. Equity Fund | ||||||||||||||||
Actual2 | $ | 1,000.00 | $ | 984.70 | 0.33 | % | $ | 1.47 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.48 | 0.33 | % | $ | 1.68 | ||||||||
WisdomTree Weak Dollar U.S. Equity Fund | ||||||||||||||||
Actual2 | $ | 1,000.00 | $ | 958.80 | 0.33 | % | $ | 1.45 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.48 | 0.33 | % | $ | 1.68 | ||||||||
WisdomTree Global SmallCap Dividend Fund | ||||||||||||||||
Actual3 | $ | 1,000.00 | $ | 1,001.70 | 0.43 | % | $ | 0.59 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.97 | 0.43 | % | $ | 2.19 | ||||||||
WisdomTree Global Hedged SmallCap Dividend Fund | ||||||||||||||||
Actual4 | $ | 1,000.00 | $ | 989.10 | 0.00 | %** | $ | 0.00 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,025.14 | 0.00 | %** | $ | 0.00 | ||||||||
WisdomTree Dynamic Bearish U.S. Equity Fund | ||||||||||||||||
Actual5 | $ | 1,000.00 | $ | 1,009.90 | 0.48 | %*** | $ | 0.12 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.72 | 0.48 | %*** | $ | 2.44 | ||||||||
WisdomTree Dynamic Long/Short U.S. Equity Fund | ||||||||||||||||
Actual5 | $ | 1,000.00 | $ | 998.80 | 0.48 | %*** | $ | 0.12 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.72 | 0.48 | %*** | $ | 2.44 |
† | Actual expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by the number of days in the period for the applicable Fund divided by 366 (to reflect the period since commencement of operations of the Fund). Hypothetical expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/366 (to reflect the one-half year period). |
‡ | The annualized expense ratio does not include acquired fund fees and expenses, which are fees and expenses incurred indirectly by a Fund through its investments in certain underlying investment companies. |
* | WisdomTree Asset Management, Inc. has contractually agreed to limit the management fee to 0.48% through October 31, 2017, unless earlier terminated by the Board of Trustees of the WisdomTree Trust for any reason. |
** | WisdomTree Asset Management, Inc. has contractually agreed to waive a portion of its management fee in an amount equal to the AFFEs attributable to the Fund’s investments in the Underlying Fund through July 31, 2018, unless earlier terminated by the Board of Trustees of the WisdomTree Trust for any reason. |
*** | WisdomTree Asset Management, Inc. has contractually agreed to limit the management fee to 0.48% through December 10, 2016, unless earlier terminated by the Board of Trustees of the WisdomTree Trust for any reason. |
1 | Fund commenced operations on October 29, 2015. Actual expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 64/366 (to reflect the period since commencement of operations). |
2 | Fund commenced operations on July 21, 2015. Actual expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 164/366 (to reflect the period since commencement of operations). |
3 | Fund commenced operations on November 12, 2015. Actual expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 50/366 (to reflect the period since commencement of operations). |
4 | Fund commenced operations on November 19, 2015. Actual expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 43/366 (to reflect the period since commencement of operations). |
5 | Fund commenced operations on December 23, 2015. Actual expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 9/366 (to reflect the period since commencement of operations). |
10 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited)
WisdomTree Europe Local Recovery Fund (EZR)
December 31, 2015
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.9% | ||||||||
Austria – 4.4% | ||||||||
BUWOG AG* | 454 | $ | 9,866 | |||||
Conwert Immobilien Invest SE* | 954 | 14,550 | ||||||
Erste Group Bank AG* | 701 | 22,015 | ||||||
IMMOFINANZ AG* | 5,466 | 12,475 | ||||||
OMV AG | 511 | 14,505 | ||||||
Raiffeisen Bank International AG* | 875 | 12,932 | ||||||
UNIQA Insurance Group AG | 1,736 | 14,191 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 388 | 10,659 | ||||||
Voestalpine AG | 529 | 16,289 | ||||||
Wienerberger AG | 1,287 | 23,893 | ||||||
Zumtobel Group AG | 478 | 12,088 | ||||||
|
| |||||||
Total Austria | 163,463 | |||||||
Belgium – 4.5% | ||||||||
Ackermans & van Haaren N.V. | 123 | 18,078 | ||||||
Ageas | 331 | 15,389 | ||||||
bpost S.A. | 394 | 9,669 | ||||||
Cie d’Entreprises CFE | 138 | 16,355 | ||||||
Cofinimmo S.A. | 135 | 14,432 | ||||||
Euronav N.V. | 1,146 | 15,785 | ||||||
KBC Groep N.V. | 391 | 24,495 | ||||||
Kinepolis Group N.V. | 241 | 10,838 | ||||||
Telenet Group Holding N.V.* | 223 | 12,057 | ||||||
Umicore S.A. | 370 | 15,541 | ||||||
Warehouses De Pauw | 165 | 14,561 | ||||||
|
| |||||||
Total Belgium | 167,200 | |||||||
Finland – 5.1% | ||||||||
Caverion Corp. | 1,712 | 16,793 | ||||||
Citycon Oyj* | 4,154 | 10,830 | ||||||
Metsa Board Oyj | 2,506 | 18,675 | ||||||
Neste Oyj | 626 | 18,789 | ||||||
Nokian Renkaat Oyj | 602 | 21,646 | ||||||
Sampo Oyj Class A | 544 | 27,775 | ||||||
Stora Enso Oyj Class R | 2,154 | 19,632 | ||||||
Tieto Oyj | 475 | 12,755 | ||||||
UPM-Kymmene Oyj | 1,459 | 27,308 | ||||||
Uponor Oyj | 999 | 14,759 | ||||||
|
| |||||||
Total Finland | 188,962 | |||||||
France – 26.3% | ||||||||
Accor S.A. | 409 | 17,774 | ||||||
Aeroports de Paris | 165 | 19,214 | ||||||
Air France-KLM* | 1,811 | 13,810 | ||||||
Alstom S.A.* | 508 | 15,543 | ||||||
Alten S.A. | 385 | 22,337 | ||||||
Altran Technologies S.A. | 1,131 | 15,161 | ||||||
Atos SE | 196 | 16,490 | ||||||
AXA S.A. | 1,540 | 42,207 | ||||||
BNP Paribas S.A. | 833 | 47,262 | ||||||
Bollore S.A. | 2,187 | 10,209 | ||||||
Bouygues S.A. | 529 | 21,001 | ||||||
Cap Gemini S.A. | 283 | 26,315 | ||||||
Cie de Saint-Gobain | 674 | 29,177 | ||||||
Coface S.A. | 1,284 | 13,022 | ||||||
Credit Agricole S.A. | 1,612 | 19,052 | ||||||
Eiffage S.A. | 337 | 21,793 | ||||||
Elior*(a) | 978 | 20,504 | ||||||
Eurazeo S.A. | 250 | 17,245 | ||||||
Euro Disney SCA Registered Shares* | 7,183 | 10,066 | ||||||
Eutelsat Communications S.A. | 412 | 12,353 | ||||||
Faurecia | 505 | 20,303 | ||||||
Groupe Eurotunnel SE Registered Shares | 1,357 | 16,893 | ||||||
Groupe Fnac S.A.* | 171 | 10,087 | ||||||
Havas S.A. | 1,763 | 14,856 | ||||||
JCDecaux S.A. | 469 | 17,984 | ||||||
Klepierre | 376 | 16,742 | ||||||
Lagardere SCA | 686 | 20,501 | ||||||
Metropole Television S.A. | 945 | 16,261 | ||||||
Natixis S.A. | 2,202 | 12,479 | ||||||
Nexity S.A. | 328 | 14,539 | ||||||
Numericable-SFR SAS | 217 | 7,897 | ||||||
Peugeot S.A.* | 1,203 | 21,177 | ||||||
Plastic Omnium S.A. | 412 | 13,127 | ||||||
Renault S.A. | 271 | 27,269 | ||||||
Rexel S.A. | 1,194 | 15,928 | ||||||
SEB S.A. | 168 | 17,264 | ||||||
Societe Generale S.A. | 779 | 36,024 | ||||||
Societe Television Francaise 1 | 1,143 | 12,727 | ||||||
Sopra Steria Group | 183 | 21,529 | ||||||
Thales S.A. | 247 | 18,541 | ||||||
TOTAL S.A. | 1,651 | 74,008 | ||||||
Unibail-Rodamco SE | 90 | 22,917 | ||||||
Vicat | 235 | 14,127 | ||||||
Vinci S.A. | 581 | 37,326 | ||||||
Vivendi S.A. | 1,128 | 24,335 | ||||||
Wendel S.A. | 168 | 20,002 | ||||||
Worldline S.A.*(a) | 526 | 13,639 | ||||||
|
| |||||||
Total France | 969,017 | |||||||
Germany – 24.5% | ||||||||
Aareal Bank AG | 430 | 13,612 | ||||||
Allianz SE Registered Shares | 328 | 58,274 | ||||||
alstria office REIT-AG* | 899 | 12,027 | ||||||
Aurubis AG | 180 | 9,185 | ||||||
Axel Springer SE | 271 | 15,114 | ||||||
BASF SE | 749 | 57,541 | ||||||
BayWa AG | 292 | 9,008 | ||||||
Bechtle AG | 205 | 19,610 | ||||||
Bertrandt AG | 135 | 16,315 | ||||||
Bilfinger SE | 337 | 15,914 | ||||||
Commerzbank AG* | 1,146 | 11,916 | ||||||
Continental AG | 144 | 35,126 | ||||||
CTS Eventim AG & Co. KGaA | 349 | 13,929 | ||||||
Deutsche Bank AG Registered Shares | 740 | 18,107 | ||||||
Deutsche Boerse AG | 316 | 27,939 | ||||||
Deutsche Lufthansa AG Registered Shares* | 1,149 | 18,179 | ||||||
Deutsche Post AG Registered Shares | 1,128 | 31,804 |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 11 |
Schedule of Investments (unaudited) (continued)
WisdomTree Europe Local Recovery Fund (EZR)
December 31, 2015
Investments | Shares | Value | ||||||
Deutsche Wohnen AG Bearer Shares | 599 | $ | 16,668 | |||||
DMG MORI AG | 481 | 19,897 | ||||||
ElringKlinger AG | 508 | 12,968 | ||||||
Fielmann AG | 205 | 15,188 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 247 | 15,815 | ||||||
Fuchs Petrolub SE | 310 | 12,692 | ||||||
Hamburger Hafen und Logistik AG | 824 | 12,585 | ||||||
Hugo Boss AG | 174 | 14,479 | ||||||
Indus Holding AG | 379 | 18,325 | ||||||
Kabel Deutschland Holding AG | 111 | 13,764 | ||||||
KION Group AG* | 241 | 12,048 | ||||||
KUKA AG | 141 | 12,721 | ||||||
LEG Immobilien AG* | 147 | 12,056 | ||||||
Leoni AG | 352 | 13,936 | ||||||
MAN SE | 217 | 21,852 | ||||||
Muenchener Rueckversicherungs – Gesellschaft AG Registered Shares | 150 | 30,071 | ||||||
Nemetschek AG | 463 | 23,149 | ||||||
PATRIZIA Immobilien AG* | 439 | 12,876 | ||||||
ProSiebenSat.1 Media SE | 535 | 27,178 | ||||||
Rheinmetall AG | 376 | 25,111 | ||||||
Salzgitter AG | 448 | 11,059 | ||||||
Sixt SE | 397 | 20,351 | ||||||
Stroeer SE | 403 | 25,347 | ||||||
Talanx AG* | 319 | 9,892 | ||||||
ThyssenKrupp AG | 930 | 18,528 | ||||||
TUI AG | 1,059 | 19,309 | ||||||
United Internet AG Registered Shares | 316 | 17,476 | ||||||
Volkswagen AG | 78 | 12,057 | ||||||
Wacker Neuson SE | 743 | 11,481 | ||||||
Wincor Nixdorf AG | 328 | 16,524 | ||||||
Wirecard AG | 283 | 14,295 | ||||||
|
| |||||||
Total Germany | 903,298 | |||||||
Ireland – 2.6% | ||||||||
Bank of Ireland* | 41,777 | 15,339 | ||||||
Green REIT PLC | 8,904 | 15,408 | ||||||
Kingspan Group PLC | 584 | 15,422 | ||||||
Paddy Power PLC | 114 | 15,245 | ||||||
Ryanair Holdings PLC ADR | 188 | 16,255 | ||||||
Smurfit Kappa Group PLC | 695 | 17,772 | ||||||
|
| |||||||
Total Ireland | 95,441 | |||||||
Italy – 16.1% | ||||||||
Anima Holding SpA(a) | 2,160 | 18,818 | ||||||
Assicurazioni Generali SpA | 1,303 | 23,949 | ||||||
ASTM SpA | 782 | 9,812 | ||||||
Atlantia SpA | 680 | 18,098 | ||||||
Azimut Holding SpA | 403 | 10,095 | ||||||
Banca Generali SpA | 433 | 13,725 | ||||||
Banca IFIS SpA | 493 | 15,440 | ||||||
Banca Mediolanum SpA | 1,218 | 9,672 | ||||||
Banca Monte dei Paschi di Siena SpA* | 5,228 | 6,997 | ||||||
Banca Popolare dell’Emilia Romagna SC | 1,474 | 11,273 | ||||||
Banca Popolare di Milano SCARL | 9,987 | 9,992 | ||||||
Banca Popolare di Sondrio SCARL | 2,241 | 10,108 | ||||||
Banco Popolare* | 731 | 10,172 | ||||||
Brembo SpA | 493 | 23,928 | ||||||
Brunello Cucinelli SpA | 541 | 9,591 | ||||||
Buzzi Unicem SpA | 1,002 | 18,069 | ||||||
Cementir Holding SpA | 2,226 | 14,279 | ||||||
Cerved Information Solutions SpA* | 1,943 | 16,252 | ||||||
Credito Emiliano SpA | 1,519 | 11,311 | ||||||
Credito Valtellinese* | 8,095 | 9,594 | ||||||
De’ Longhi SpA | 508 | 15,269 | ||||||
Ei Towers SpA | 162 | 10,480 | ||||||
Eni SpA | 2,145 | 32,156 | ||||||
ERG SpA | 939 | 12,720 | ||||||
FinecoBank Banca Fineco SpA | 2,470 | 20,459 | ||||||
Finmeccanica SpA* | 1,071 | 15,008 | ||||||
Intesa Sanpaolo SpA | 10,694 | 35,873 | ||||||
Italcementi SpA | 2,070 | 23,049 | ||||||
Mediaset SpA | 3,171 | 13,200 | ||||||
Mediobanca SpA | 1,312 | 12,663 | ||||||
Prysmian SpA | 743 | 16,352 | ||||||
Saras SpA* | 5,231 | 10,137 | ||||||
Societa Cattolica di Assicurazioni SCRL | 1,236 | 9,855 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 1,357 | 14,446 | ||||||
Tod’s SpA | 165 | 13,093 | ||||||
UniCredit SpA | 4,235 | 23,624 | ||||||
Unione di Banche Italiane SpA | 1,877 | 12,642 | ||||||
UnipolSai SpA | 4,620 | 11,844 | ||||||
Yoox Net-A-Porter Group SpA* | 493 | 18,503 | ||||||
|
| |||||||
Total Italy | 592,548 | |||||||
Netherlands – 5.1% | ||||||||
Aalberts Industries N.V. | 734 | 25,348 | ||||||
Aegon N.V. | 2,755 | 15,652 | ||||||
Euronext N.V.(a) | 451 | 23,166 | ||||||
IMCD Group N.V. | 274 | 10,139 | ||||||
Koninklijke BAM Groep N.V.* | 2,533 | 14,116 | ||||||
NN Group N.V. | 394 | 13,931 | ||||||
PostNL N.V.* | 3,592 | 13,657 | ||||||
Randstad Holding N.V. | 352 | 21,998 | ||||||
TNT Express N.V. | 1,606 | 13,590 | ||||||
TomTom N.V.* | 1,119 | 14,107 | ||||||
USG People N.V. | 1,248 | 23,291 | ||||||
|
| |||||||
Total Netherlands | 188,995 | |||||||
Portugal – 2.2% | ||||||||
Banco BPI S.A. Registered Shares* | 7,442 | 8,820 | ||||||
Banco Comercial Portugues S.A. Registered Shares* | 217,575 | 11,558 | ||||||
CTT-Correios de Portugal S.A. | 1,426 | 13,715 | ||||||
NOS, SGPS S.A. | 2,184 | 17,191 | ||||||
Portucel S.A. | 3,760 | 14,688 | ||||||
Semapa-Sociedade de Investimento e Gestao | 1,101 | 15,183 | ||||||
|
| |||||||
Total Portugal | 81,155 | |||||||
Spain – 9.1% | ||||||||
Abertis Infraestructuras S.A. | 1,056 | 16,530 | ||||||
Amadeus IT Holding S.A. Class A | 553 | 24,440 |
See Notes to Financial Statements.
12 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (concluded)
WisdomTree Europe Local Recovery Fund (EZR)
December 31, 2015
Investments | Shares | Value | ||||||
Atresmedia Corp. de Medios de Comunicaion S.A. | 1,179 | $ | 12,602 | |||||
Banco de Sabadell S.A. | 5,959 | 10,584 | ||||||
Banco Popular Espanol S.A. | 3,646 | 12,052 | ||||||
Bankia S.A. | 8,627 | 10,065 | ||||||
Bankinter S.A. | 2,085 | 14,822 | ||||||
Bolsas y Mercados Espanoles SHMSF S.A. | 328 | 11,067 | ||||||
CaixaBank S.A. | 3,583 | 12,510 | ||||||
Cia de Distribucion Integral Logista Holdings S.A. | 692 | 14,613 | ||||||
Cie Automotive S.A. | 914 | 15,340 | ||||||
Ferrovial S.A. | 745 | 16,878 | ||||||
Fomento de Construcciones y Contratas S.A.* | 1,510 | 11,482 | ||||||
Grupo Catalana Occidente S.A. | 557 | 19,374 | ||||||
Industria de Diseno Textil S.A. | 990 | 34,081 | ||||||
Mediaset Espana Comunicacion S.A. | 1,426 | 15,537 | ||||||
Melia Hotels International S.A. | 1,573 | 20,813 | ||||||
Merlin Properties Socimi S.A. | 1,471 | 18,448 | ||||||
NH Hotel Group S.A.* | 2,891 | 15,828 | ||||||
Repsol S.A. | 1,251 | 13,753 | ||||||
Zardoya Otis S.A. | 1,161 | 13,596 | ||||||
|
| |||||||
Total Spain | 334,415 | |||||||
TOTAL COMMON STOCKS (Cost: $3,714,974) | 3,684,494 | |||||||
RIGHTS – 0.0% | ||||||||
Italy – 0.0% | ||||||||
Unione di Banche Italiane SpA, expiring 1/12/16*† (Cost $0) | 1,877 | 0 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.9% (Cost: $3,714,974) | 3,684,494 | |||||||
Cash, Foreign Currency and Other Assets in Excess of Liabilities – 0.1% | 2,669 | |||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 3,687,163 |
* | Non-income producing security. |
† | Security is being fair valued by a valuation committee under the direction of the Board of Trustees. The aggregate value of fair valued securities is $0, which represents 0.0% of net assets. |
(a) | This security is exempt from registration under rule 144A of the Securities Act of 1933. This security may be sold in transactions that are exempt from registration, normally to qualified institutional buyers. |
ADR – American Depositary Receipt
FINANCIAL DERIVATIVE INSTRUMENTS |
FORWARD CONTRACTS | ||||||||||||||||||||
Settlement Date | Contracts To Deliver | In Exchange For | Unrealized Gain (Loss) | |||||||||||||||||
1/4/2016 | EUR | 2,146 | USD | 2,342 | $ | 11 |
CURRENCY LEGEND
EUR Euro
USD U.S. dollar
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 13 |
Schedule of Investments (unaudited)
WisdomTree Strong Dollar Emerging Markets Equity Fund (EMSD)
December 31, 2015
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.9% | ||||||||
Brazil – 6.4% | ||||||||
Embraer S.A. | 3,012 | $ | 22,984 | |||||
Iochpe Maxion S.A. | 5,420 | 16,851 | ||||||
JBS S.A. | 6,323 | 19,738 | ||||||
Marfrig Global Foods S.A.* | 22,685 | 36,411 | ||||||
Minerva S.A.* | 10,037 | 33,742 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A | 2,108 | 22,645 | ||||||
|
| |||||||
Total Brazil | 152,371 | |||||||
Chile – 0.3% | ||||||||
Vina Concha y Toro S.A. | 4,359 | 6,530 | ||||||
China – 0.6% | ||||||||
China COSCO Holdings Co., Ltd. Class H* | 30,500 | 13,853 | ||||||
India – 10.0% | ||||||||
Aurobindo Pharma Ltd. | 1,662 | 22,006 | ||||||
HCL Technologies Ltd. | 796 | 10,289 | ||||||
Hexaware Technologies Ltd. | 1,451 | 5,338 | ||||||
Infosys Ltd. ADR | 2,440 | 40,870 | ||||||
KPIT Technologies Ltd. | 3,905 | 9,973 | ||||||
Motherson Sumi Systems Ltd. | 3,121 | 13,830 | ||||||
Polaris Consulting & Services Ltd. | 1,505 | 4,789 | ||||||
Rolta India Ltd. | 3,350 | 5,084 | ||||||
Strides Arcolab Ltd. | 492 | 9,589 | ||||||
Sun Pharma Advanced Research Co., Ltd.* | 1,987 | 10,204 | ||||||
Sun Pharmaceutical Industries Ltd. | 2,447 | 30,336 | ||||||
Suven Life Sciences Ltd. | 4,590 | 18,438 | ||||||
Tata Consultancy Services Ltd. | 632 | 23,279 | ||||||
Tech Mahindra Ltd. | 1,150 | 9,068 | ||||||
Wipro Ltd. ADR | 710 | 8,193 | ||||||
Wockhardt Ltd.* | 645 | 14,904 | ||||||
|
| |||||||
Total India | 236,190 | |||||||
Malaysia – 1.8% | ||||||||
MISC Bhd | 13,500 | 29,462 | ||||||
Unisem M Bhd | 22,300 | 12,361 | ||||||
|
| |||||||
Total Malaysia | 41,823 | |||||||
Mexico – 5.9% | ||||||||
Alfa S.A.B. de C.V. Class A | 21,280 | 42,015 | ||||||
Genomma Lab Internacional S.A.B. de C.V. Class B*(a) | 22,388 | 17,953 | ||||||
Gruma S.A.B. de C.V. Class B | 1,405 | 19,666 | ||||||
Grupo Bimbo S.A.B. de C.V. Series A* | 12,647 | 33,648 | ||||||
Grupo Comercial Chedraui S.A. de C.V.(a) | 4,015 | 10,680 | ||||||
Industrias Bachoco S.A.B. de C.V. Series B | 3,815 | 15,493 | ||||||
|
| |||||||
Total Mexico | 139,455 | |||||||
Philippines – 1.3% | ||||||||
International Container Terminal Services, Inc. | 6,580 | 9,830 | ||||||
Jollibee Foods Corp. | 4,630 | 21,549 | ||||||
|
| |||||||
Total Philippines | 31,379 | |||||||
Poland – 0.4% | ||||||||
CD Projekt Red S.A.* | 1,747 | 9,799 |
Investments | Shares | Value | ||||||
South Korea – 34.9% | ||||||||
Actoz Soft Co., Ltd.* | 264 | $ | 7,036 | |||||
Chabiotech Co., Ltd.* | 2,428 | 29,404 | ||||||
Com2uSCorp* | 113 | 11,420 | ||||||
CrucialTec Co., Ltd.* | 1,121 | 15,010 | ||||||
Doosan Corp. | 310 | 23,398 | ||||||
e-LITECOM Co., Ltd. | 722 | 10,221 | ||||||
Gamevil, Inc.* | 95 | 6,279 | ||||||
GemVax & Kael Co., Ltd.* | 337 | 6,481 | ||||||
Hankook Tire Co., Ltd. | 525 | 21,066 | ||||||
Hanmi Semiconductor Co., Ltd. | 1,021 | 10,884 | ||||||
Humax Co., Ltd. | 381 | 5,524 | ||||||
Hyundai C&F, Inc.* | 301 | 7,881 | ||||||
Hyundai Corp. | 393 | 9,586 | ||||||
Hyundai Glovis Co., Ltd. | 101 | 16,624 | ||||||
Hyundai Merchant Marine Co. Ltd.* | 3,961 | 13,952 | ||||||
Hyundai Mobis Co., Ltd. | 263 | 55,289 | ||||||
Hyundai Motor Co. | 451 | 57,310 | ||||||
i-SENS, Inc.* | 836 | 24,277 | ||||||
Iljin Display Co., Ltd. | 1,218 | 5,672 | ||||||
InBody Co., Ltd. | 743 | 36,752 | ||||||
Interflex Co., Ltd.* | 618 | 5,613 | ||||||
Kia Motors Corp. | 1,182 | 53,024 | ||||||
Koh Young Technology, Inc. | 220 | 7,252 | ||||||
Kumho Tire Co., Inc.* | 2,241 | 12,863 | ||||||
LG Electronics, Inc. | 836 | 38,358 | ||||||
LS Corp. | 502 | 17,275 | ||||||
NCSoft Corp. | 58 | 10,536 | ||||||
Nexen Tire Corp. | 1,585 | 16,694 | ||||||
S&T Motiv Co., Ltd. | 399 | 29,196 | ||||||
Samsung Electronics Co., Ltd. | 125 | 134,323 | ||||||
Seegene, Inc.* | 715 | 23,080 | ||||||
Silicon Works Co., Ltd. | 453 | 14,874 | ||||||
SK Hynix, Inc. | 788 | 20,665 | ||||||
SL Corp. | 821 | 12,078 | ||||||
Sung Kwang Bend Co., Ltd. | 1,794 | 13,234 | ||||||
Value Added Technologies Co., Ltd. | 946 | 31,909 | ||||||
WiSoL Co., Ltd. | 738 | 9,882 | ||||||
|
| |||||||
Total South Korea | 824,922 | |||||||
Taiwan – 36.4% | ||||||||
Accton Technology Corp. | 11,000 | 10,700 | ||||||
Adlink Technology, Inc. | 4,000 | 9,255 | ||||||
Advanced Semiconductor Engineering, Inc. | 11,000 | 12,726 | ||||||
Advantech Co., Ltd. | 2,000 | 12,878 | ||||||
ALI Corp. | 9,000 | 5,151 | ||||||
Alpha Networks, Inc. | 9,000 | 4,685 | ||||||
Ardentec Corp. | 10,000 | 7,261 | ||||||
Asia Optical Co., Inc.* | 10,000 | 8,874 | ||||||
Asustek Computer, Inc. | 1,000 | 8,281 | ||||||
Aten International Co., Ltd. | 2,000 | 4,287 | ||||||
Boardtek Electronics Corp. | 8,000 | 8,147 | ||||||
Cheng Uei Precision Industry Co., Ltd. | 4,000 | 5,541 | ||||||
China Airlines Ltd.* | 29,000 | 10,595 |
See Notes to Financial Statements.
14 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (concluded)
WisdomTree Strong Dollar Emerging Markets Equity Fund (EMSD)
December 31, 2015
Investments | Shares | Value | ||||||
CMC Magnetics Corp.* | 42,000 | $ | 4,424 | |||||
Compal Electronics, Inc. | 13,000 | 7,322 | ||||||
Cyberlink Corp. | 2,000 | 4,183 | ||||||
Depo Auto Parts Ind Co., Ltd. | 6,000 | 20,732 | ||||||
E Ink Holdings, Inc.* | 14,000 | 6,670 | ||||||
Eclat Textile Co., Ltd. | 1,000 | 13,806 | ||||||
Eva Airways Corp.* | 22,000 | 12,458 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 30,000 | 12,102 | ||||||
Feng TAY Enterprise Co., Ltd. | 4,000 | 20,458 | ||||||
Flytech Technology Co., Ltd. | 2,000 | 5,784 | ||||||
G Tech Optoelectronics Corp.* | 8,000 | 3,020 | ||||||
GeoVision, Inc. | 2,000 | 4,384 | ||||||
Getac Technology Corp. | 9,000 | 5,494 | ||||||
Giant Manufacturing Co., Ltd. | 3,000 | 20,002 | ||||||
Gigabyte Technology Co., Ltd. | 11,000 | 12,207 | ||||||
Global Unichip Corp. | 3,000 | 6,028 | ||||||
Hon Hai Precision Industry Co., Ltd. | 14,000 | 34,438 | ||||||
Hota Industrial Manufacturing Co., Ltd. | 7,000 | 25,786 | ||||||
HTC Corp. | 3,000 | 7,124 | ||||||
IEI Integration Corp. | 7,000 | 8,354 | ||||||
Inventec Corp. | 14,000 | 9,185 | ||||||
Johnson Health Tech Co., Ltd. | 9,000 | 14,467 | ||||||
Kenda Rubber Industrial Co., Ltd. | 8,000 | 11,788 | ||||||
King Slide Works Co., Ltd. | 2,000 | 25,938 | ||||||
Kung Long Batteries Industrial Co., Ltd. | 4,000 | 16,074 | ||||||
Lite-On Technology Corp. | 9,000 | 8,727 | ||||||
Macauto Industrial Co., Ltd. | 4,000 | 20,337 | ||||||
Makalot Industrial Co., Ltd. | 3,000 | 21,280 | ||||||
Merry Electronics Co., Ltd. | 3,000 | 5,352 | ||||||
Motech Industries, Inc.* | 7,000 | 9,633 | ||||||
Orient Semiconductor Electronics Ltd.* | 13,000 | 4,591 | ||||||
Pegatron Corp. | 5,000 | 10,960 | ||||||
Phison Electronics Corp. | 1,000 | 7,078 | ||||||
Pihsiang Machinery Manufacturing Co., Ltd. | 6,000 | 12,987 | ||||||
Posiflex Technology, Inc. | 1,000 | 4,688 | ||||||
Pou Chen Corp. | 15,000 | 19,682 | ||||||
Quanta Computer, Inc. | 7,000 | 11,295 | ||||||
ScinoPharm Taiwan Ltd. | 11,000 | 18,017 | ||||||
Sercomm Corp. | 5,000 | 13,198 | ||||||
Siliconware Precision Industries Co., Ltd. | 8,000 | 12,738 | ||||||
Sunspring Metal Corp. | 11,000 | 13,864 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 18,000 | 78,363 | ||||||
Teco Electric and Machinery Co., Ltd. | 29,000 | 23,220 | ||||||
Tong Hsing Electronic Industries Ltd. | 2,000 | 4,670 | ||||||
Tong Yang Industry Co., Ltd. | 11,000 | 13,563 | ||||||
Tung Thih Electronic Co., Ltd. | 3,000 | 29,226 | ||||||
TWi Pharmaceuticals, Inc.* | 2,000 | 11,295 | ||||||
Unitech Printed Circuit Board Corp. | 15,000 | 5,937 | ||||||
Visual Photonics Epitaxy Co., Ltd. | 4,000 | 5,754 | ||||||
Vivotek, Inc. | 3,000 | 7,051 | ||||||
Wan Hai Lines Ltd. | 27,000 | 15,001 | ||||||
Wistron NeWeb Corp. | 4,000 | 10,680 | ||||||
WUS Printed Circuit Co., Ltd. | 11,000 | 8,858 | ||||||
Xxentria Technology Materials Corp. | 4,000 | 10,960 | ||||||
Yang Ming Marine Transport Corp.* | 30,000 | $ | 7,937 | |||||
Zeng Hsing Industrial Co., Ltd. | 3,000 | 12,604 | ||||||
|
| |||||||
Total Taiwan | 860,155 | |||||||
Thailand – 1.9% | ||||||||
Delta Electronics Thailand PCL NVDR | 4,200 | 8,929 | ||||||
KCE Electronics PCL NVDR | 4,100 | 7,976 | ||||||
Thai Union Group PCL NVDR | 41,100 | 19,645 | ||||||
TTCL PCL NVDR | 16,900 | 7,326 | ||||||
|
| |||||||
Total Thailand | 43,876 | |||||||
TOTAL COMMON STOCKS (Cost: $2,478,752) | 2,360,353 | |||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 1.0% | ||||||||
United States – 1.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio, 0.31%(b) (Cost: $24,378)(c) | 24,378 | 24,378 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 100.9% (Cost: $2,503,130) | 2,384,731 | |||||||
Liabilities in Excess of Cash, Foreign Currency and Other Assets – (0.9)% | (21,242 | ) | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 2,363,489 |
* | Non-income producing security. |
(a) | Security, or portion thereof, was on loan at December 31, 2015 (See Note 2). |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2015. |
(c) | At December 31, 2015, the total market value of the Fund’s securities on loan was $22,906 and the total market value of the collateral held by the Fund was $24,378. |
ADR – American Depositary Receipt
NVDR – Non-Voting Depositary Receipt
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 15 |
Schedule of Investments (unaudited)
WisdomTree Strong Dollar U.S. Equity Fund (USSD)
December 31, 2015
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.8% | ||||||||
United States – 99.8% | ||||||||
Aerospace & Defense – 1.5% | ||||||||
Huntington Ingalls Industries, Inc. | 24 | $ | 3,044 | |||||
Northrop Grumman Corp. | 33 | 6,231 | ||||||
Precision Castparts Corp. | 24 | 5,568 | ||||||
Spirit AeroSystems Holdings, Inc. Class A* | 55 | 2,754 | ||||||
|
| |||||||
Total Aerospace & Defense | 17,597 | |||||||
Air Freight & Logistics – 0.3% | ||||||||
C.H. Robinson Worldwide, Inc. | 57 | 3,535 | ||||||
Airlines – 0.7% | ||||||||
Alaska Air Group, Inc. | 49 | 3,945 | ||||||
Southwest Airlines Co. | 113 | 4,866 | ||||||
|
| |||||||
Total Airlines | 8,811 | |||||||
Banks – 4.8% | ||||||||
Bank of America Corp. | 501 | 8,432 | ||||||
BB&T Corp. | 76 | 2,874 | ||||||
Citizens Financial Group, Inc. | 66 | 1,729 | ||||||
Comerica, Inc. | 45 | 1,882 | ||||||
East West Bancorp, Inc. | 45 | 1,870 | ||||||
Fifth Third Bancorp | 155 | 3,115 | ||||||
First Republic Bank | 37 | 2,444 | ||||||
Huntington Bancshares, Inc. | 182 | 2,013 | ||||||
KeyCorp | 144 | 1,899 | ||||||
M&T Bank Corp. | 20 | 2,424 | ||||||
PNC Financial Services Group, Inc. (The) | 36 | 3,431 | ||||||
Regions Financial Corp. | 213 | 2,045 | ||||||
Signature Bank* | 14 | 2,147 | ||||||
SunTrust Banks, Inc. | 56 | 2,399 | ||||||
SVB Financial Group* | 14 | 1,665 | ||||||
U.S. Bancorp | 113 | 4,822 | ||||||
Wells Fargo & Co. | 208 | 11,307 | ||||||
Zions Bancorp | 71 | 1,938 | ||||||
|
| |||||||
Total Banks | 58,436 | |||||||
Beverages – 0.9% | ||||||||
Constellation Brands, Inc. Class A | 37 | 5,270 | ||||||
Dr. Pepper Snapple Group, Inc. | 58 | 5,406 | ||||||
|
| |||||||
Total Beverages | 10,676 | |||||||
Biotechnology – 1.4% | ||||||||
Alnylam Pharmaceuticals, Inc.* | 26 | 2,448 | ||||||
Incyte Corp.* | 36 | 3,904 | ||||||
Intercept Pharmaceuticals, Inc.* | 11 | 1,643 | ||||||
Ionis Pharmaceuticals, Inc.* | 49 | 3,035 | ||||||
Medivation, Inc.* | 48 | 2,320 | ||||||
United Therapeutics Corp.* | 23 | 3,602 | ||||||
|
| |||||||
Total Biotechnology | 16,952 | |||||||
Building Products – 0.5% | ||||||||
Fortune Brands Home & Security, Inc. | 104 | 5,772 | ||||||
Capital Markets – 1.3% | ||||||||
Charles Schwab Corp. (The) | 90 | 2,964 | ||||||
E*TRADE Financial Corp.* | 61 | 1,808 | ||||||
Northern Trust Corp. | 32 | $ | 2,307 | |||||
Raymond James Financial, Inc. | 35 | 2,029 | ||||||
SEI Investments Co. | 56 | 2,934 | ||||||
State Street Corp. | 38 | 2,521 | ||||||
TD Ameritrade Holding Corp. | 49 | 1,701 | ||||||
|
| |||||||
Total Capital Markets | 16,264 | |||||||
Commercial Services & Supplies – 2.7% | ||||||||
ADT Corp. (The) | 119 | 3,925 | ||||||
Cintas Corp. | 42 | 3,824 | ||||||
KAR Auction Services, Inc. | 99 | 3,666 | ||||||
Republic Services, Inc. | 98 | 4,311 | ||||||
Rollins, Inc. | 227 | 5,879 | ||||||
Waste Connections, Inc. | 107 | 6,026 | ||||||
Waste Management, Inc. | 82 | 4,377 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 32,008 | |||||||
Communications Equipment – 0.6% | ||||||||
Harris Corp. | 77 | 6,691 | ||||||
Consumer Finance – 1.3% | ||||||||
Ally Financial, Inc.* | 118 | 2,200 | ||||||
Capital One Financial Corp. | 51 | 3,681 | ||||||
Discover Financial Services | 65 | 3,485 | ||||||
Navient Corp. | 220 | 2,519 | ||||||
OneMain Holding, Inc.* | 36 | 1,495 | ||||||
Synchrony Financial* | 63 | 1,916 | ||||||
|
| |||||||
Total Consumer Finance | 15,296 | |||||||
Distributors – 0.4% | ||||||||
Genuine Parts Co. | 50 | 4,295 | ||||||
Diversified Consumer Services – 0.8% | ||||||||
H&R Block, Inc. | 129 | 4,297 | ||||||
Service Corp. International | 200 | 5,204 | ||||||
|
| |||||||
Total Diversified Consumer Services | 9,501 | |||||||
Diversified Financial Services – 1.1% | ||||||||
Berkshire Hathaway, Inc. Class B* | 83 | 10,959 | ||||||
Leucadia National Corp. | 68 | 1,183 | ||||||
Voya Financial, Inc. | 45 | 1,661 | ||||||
|
| |||||||
Total Diversified Financial Services | 13,803 | |||||||
Diversified Telecommunication Services – 4.2% | ||||||||
AT&T, Inc. | 519 | 17,859 | ||||||
CenturyLink, Inc. | 217 | 5,459 | ||||||
Frontier Communications Corp. | 927 | 4,329 | ||||||
Verizon Communications, Inc. | 399 | 18,442 | ||||||
Zayo Group Holdings, Inc.* | 193 | 5,132 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 51,221 | |||||||
Electric Utilities – 6.5% | ||||||||
American Electric Power Co., Inc. | 118 | 6,876 | ||||||
Duke Energy Corp. | 98 | 6,996 | ||||||
Edison International | 76 | 4,500 | ||||||
Entergy Corp. | 82 | 5,605 | ||||||
Eversource Energy | 111 | 5,669 | ||||||
Exelon Corp. | 163 | 4,526 | ||||||
FirstEnergy Corp. | 135 | 4,284 |
See Notes to Financial Statements.
16 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (continued)
WisdomTree Strong Dollar U.S. Equity Fund (USSD)
December 31, 2015
Investments | Shares | Value | ||||||
ITC Holdings Corp. | 123 | $ | 4,828 | |||||
NextEra Energy, Inc. | 72 | 7,480 | ||||||
OGE Energy Corp. | 166 | 4,364 | ||||||
Pepco Holdings, Inc. | 165 | 4,292 | ||||||
Pinnacle West Capital Corp. | 79 | 5,094 | ||||||
Southern Co. (The) | 172 | 8,048 | ||||||
Xcel Energy, Inc. | 176 | 6,320 | ||||||
|
| |||||||
Total Electric Utilities | 78,882 | |||||||
Electrical Equipment – 1.1% | ||||||||
Acuity Brands, Inc. | 24 | 5,611 | ||||||
Hubbell, Inc. | 36 | 3,637 | ||||||
SolarCity Corp.* | 84 | 4,286 | ||||||
|
| |||||||
Total Electrical Equipment | 13,534 | |||||||
Electronic Equipment, Instruments & Components – 0.4% | ||||||||
CDW Corp. | 125 | 5,255 | ||||||
Food & Staples Retailing – 2.9% | ||||||||
CVS Health Corp. | 98 | 9,581 | ||||||
Kroger Co. (The) | 126 | 5,271 | ||||||
Rite Aid Corp.* | 573 | 4,492 | ||||||
Sysco Corp. | 134 | 5,494 | ||||||
Walgreens Boots Alliance, Inc. | 89 | 7,579 | ||||||
Whole Foods Market, Inc. | 89 | 2,982 | ||||||
|
| |||||||
Total Food & Staples Retailing | 35,399 | |||||||
Food Products – 3.6% | ||||||||
ConAgra Foods, Inc. | 162 | 6,830 | ||||||
Hershey Co. (The) | 52 | 4,642 | ||||||
Hormel Foods Corp. | 91 | 7,196 | ||||||
J.M. Smucker Co. (The) | 57 | 7,031 | ||||||
Keurig Green Mountain, Inc. | 52 | 4,679 | ||||||
Kraft Heinz Co. (The) | 86 | 6,257 | ||||||
Tyson Foods, Inc. Class A | 122 | 6,506 | ||||||
|
| |||||||
Total Food Products | 43,141 | |||||||
Gas Utilities – 1.4% | ||||||||
AGL Resources, Inc. | 92 | 5,871 | ||||||
Atmos Energy Corp. | 101 | 6,367 | ||||||
National Fuel Gas Co. | 99 | 4,232 | ||||||
|
| |||||||
Total Gas Utilities | 16,470 | |||||||
Health Care Providers & Services – 7.6% | ||||||||
Aetna, Inc. | 52 | 5,622 | ||||||
AmerisourceBergen Corp. | 37 | 3,837 | ||||||
Brookdale Senior Living, Inc.* | 100 | 1,846 | ||||||
Cardinal Health, Inc. | 59 | 5,267 | ||||||
Centene Corp.* | 56 | 3,685 | ||||||
Cigna Corp. | 51 | 7,463 | ||||||
Community Health Systems, Inc.* | 78 | 2,069 | ||||||
DaVita HealthCare Partners, Inc.* | 35 | 2,440 | ||||||
Envision Healthcare Holdings, Inc.* | 153 | 3,973 | ||||||
Express Scripts Holding Co.* | 98 | 8,566 | ||||||
HCA Holdings, Inc.* | 44 | 2,976 | ||||||
Humana, Inc. | 35 | 6,248 | ||||||
Laboratory Corp. of America Holdings* | 37 | 4,575 | ||||||
McKesson Corp. | 31 | 6,114 | ||||||
MEDNAX, Inc.* | 40 | 2,866 | ||||||
Premier, Inc. Class A* | 112 | 3,950 | ||||||
Quest Diagnostics, Inc. | 54 | 3,842 | ||||||
UnitedHealth Group, Inc. | 93 | 10,941 | ||||||
Universal Health Services, Inc. Class B | 42 | 5,019 | ||||||
|
| |||||||
Total Health Care Providers & Services | 91,299 | |||||||
Health Care Technology – 0.3% | ||||||||
Cerner Corp.* | 69 | 4,152 | ||||||
Hotels, Restaurants & Leisure – 1.2% | ||||||||
Chipotle Mexican Grill, Inc.* | 5 | 2,399 | ||||||
Darden Restaurants, Inc. | 45 | 2,864 | ||||||
Domino’s Pizza, Inc. | 52 | 5,785 | ||||||
Marriott International, Inc. Class A | 59 | 3,955 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 15,003 | |||||||
Household Durables – 2.3% | ||||||||
D.R. Horton, Inc. | 208 | 6,662 | ||||||
Lennar Corp. Class A | 109 | 5,331 | ||||||
NVR, Inc.* | 4 | 6,572 | ||||||
PulteGroup, Inc. | 303 | 5,400 | ||||||
Toll Brothers, Inc.* | 126 | 4,196 | ||||||
|
| |||||||
Total Household Durables | 28,161 | |||||||
Household Products – 0.3% | ||||||||
Church & Dwight Co., Inc. | 49 | 4,159 | ||||||
Independent Power and Renewable Electricity Producers – 0.5% | ||||||||
Calpine Corp.* | 231 | 3,343 | ||||||
NRG Energy, Inc. | 189 | 2,224 | ||||||
|
| |||||||
Total Independent Power and Renewable Electricity Producers | 5,567 | |||||||
Insurance – 3.6% | ||||||||
Alleghany Corp.* | 6 | 2,868 | ||||||
Allstate Corp. (The) | 50 | 3,105 | ||||||
American Financial Group, Inc. | 41 | 2,955 | ||||||
Cincinnati Financial Corp. | 51 | 3,018 | ||||||
FNF Group | 78 | 2,704 | ||||||
Hartford Financial Services Group, Inc. (The) | 60 | 2,608 | ||||||
Lincoln National Corp. | 49 | 2,463 | ||||||
Loews Corp. | 102 | 3,917 | ||||||
Principal Financial Group, Inc. | 77 | 3,463 | ||||||
Progressive Corp. (The) | 126 | 4,007 | ||||||
Torchmark Corp. | 39 | 2,229 | ||||||
Travelers Cos., Inc. (The) | 40 | 4,514 | ||||||
Unum Group | 87 | 2,896 | ||||||
W.R. Berkley Corp. | 48 | 2,628 | ||||||
|
| |||||||
Total Insurance | 43,375 | |||||||
Internet Software & Services – 0.6% | ||||||||
CoStar Group, Inc.* | 15 | 3,100 | ||||||
Zillow Group, Inc. Class A* | 54 | 1,406 | ||||||
Zillow Group, Inc. Class C* | 108 | 2,536 | ||||||
|
| |||||||
Total Internet Software & Services | 7,042 |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 17 |
Schedule of Investments (unaudited) (continued)
WisdomTree Strong Dollar U.S. Equity Fund (USSD)
December 31, 2015
Investments | Shares | Value | ||||||
IT Services – 3.1% | ||||||||
Automatic Data Processing, Inc. | 84 | $ | 7,117 | |||||
Broadridge Financial Solutions, Inc. | 110 | 5,910 | ||||||
Fiserv, Inc.* | 72 | 6,585 | ||||||
Jack Henry & Associates, Inc. | 80 | 6,245 | ||||||
Paychex, Inc. | 106 | 5,606 | ||||||
Vantiv, Inc. Class A* | 134 | 6,354 | ||||||
|
| |||||||
Total IT Services | 37,817 | |||||||
Media – 5.3% | ||||||||
Cablevision Systems Corp. Class A | 230 | 7,337 | ||||||
CBS Corp. Class B Non-Voting Shares | 107 | 5,043 | ||||||
Charter Communications, Inc. Class A* | 29 | 5,310 | ||||||
Comcast Corp. Class A | 221 | 12,471 | ||||||
DISH Network Corp. Class A* | 61 | 3,488 | ||||||
Gannett Co., Inc. | 81 | 1,319 | ||||||
Liberty Media Corp. Class C* | 151 | 5,750 | ||||||
Madison Square Garden Co. (The) Class A* | 14 | 2,265 | ||||||
MSG Networks, Inc. Class A* | 36 | 749 | ||||||
Scripps Networks Interactive, Inc. Class A | 51 | 2,816 | ||||||
Sirius XM Holdings, Inc.* | 1,239 | 5,043 | ||||||
TEGNA, Inc. | 161 | 4,109 | ||||||
Time Warner Cable, Inc. | 36 | 6,681 | ||||||
Tribune Media Co. Class A | 60 | 2,028 | ||||||
|
| |||||||
Total Media | 64,409 | |||||||
Multi-Utilities – 5.8% | ||||||||
Alliant Energy Corp. | 93 | 5,808 | ||||||
Ameren Corp. | 116 | 5,015 | ||||||
CenterPoint Energy, Inc. | 191 | 3,507 | ||||||
CMS Energy Corp. | 167 | 6,025 | ||||||
Consolidated Edison, Inc. | 93 | 5,977 | ||||||
Dominion Resources, Inc. | 105 | 7,102 | ||||||
DTE Energy Co. | 75 | 6,014 | ||||||
NiSource, Inc. | 138 | 2,693 | ||||||
PG&E Corp. | 105 | 5,585 | ||||||
Public Service Enterprise Group, Inc. | 125 | 4,836 | ||||||
SCANA Corp. | 107 | 6,473 | ||||||
WEC Energy Group, Inc. | 214 | 10,980 | ||||||
|
| |||||||
Total Multi-Utilities | 70,015 | |||||||
Multiline Retail – 1.8% | ||||||||
Dillard’s, Inc. Class A | 27 | 1,774 | ||||||
Dollar General Corp. | 53 | 3,809 | ||||||
Dollar Tree, Inc.* | 56 | 4,325 | ||||||
Kohl’s Corp. | 60 | 2,858 | ||||||
Macy’s, Inc. | 46 | 1,609 | ||||||
Nordstrom, Inc. | 41 | 2,042 | ||||||
Target Corp. | 74 | 5,373 | ||||||
|
| |||||||
Total Multiline Retail | 21,790 | |||||||
Oil, Gas & Consumable Fuels – 0.2% | ||||||||
Columbia Pipeline Group, Inc. | 142 | 2,840 | ||||||
Professional Services – 0.4% | ||||||||
Verisk Analytics, Inc.* | 61 | 4,690 | ||||||
Real Estate Investment Trusts (REITs) – 12.7% | ||||||||
Alexandria Real Estate Equities, Inc. | 32 | $ | 2,892 | |||||
American Capital Agency Corp. | 196 | 3,399 | ||||||
Annaly Capital Management, Inc. | 392 | 3,677 | ||||||
Apartment Investment & Management Co. Class A | 92 | 3,683 | ||||||
AvalonBay Communities, Inc. | 28 | 5,156 | ||||||
Boston Properties, Inc. | 34 | 4,336 | ||||||
Brixmor Property Group, Inc. | 157 | 4,054 | ||||||
Camden Property Trust | 51 | 3,915 | ||||||
Care Capital Properties, Inc. | 11 | 336 | ||||||
Crown Castle International Corp. | 42 | 3,631 | ||||||
DDR Corp. | 208 | 3,503 | ||||||
Duke Realty Corp. | 210 | 4,414 | ||||||
Equity Residential | 66 | 5,385 | ||||||
Essex Property Trust, Inc. | 18 | 4,309 | ||||||
Extra Space Storage, Inc. | 54 | 4,763 | ||||||
Federal Realty Investment Trust | 29 | 4,237 | ||||||
Four Corners Property Trust, Inc.* | 15 | 362 | ||||||
General Growth Properties, Inc. | 125 | 3,401 | ||||||
HCP, Inc. | 118 | 4,512 | ||||||
Host Hotels & Resorts, Inc. | 224 | 3,436 | ||||||
Kilroy Realty Corp. | 52 | 3,291 | ||||||
Kimco Realty Corp. | 151 | 3,995 | ||||||
Lamar Advertising Co. Class A | 48 | 2,879 | ||||||
Liberty Property Trust | 103 | 3,198 | ||||||
Macerich Co. (The) | 23 | 1,856 | ||||||
Mid-America Apartment Communities, Inc. | 48 | 4,359 | ||||||
National Retail Properties, Inc. | 102 | 4,085 | ||||||
NorthStar Realty Europe Corp. | 20 | 236 | ||||||
NorthStar Realty Finance Corp. | 89 | 1,516 | ||||||
Omega Healthcare Investors, Inc. | 108 | 3,778 | ||||||
Plum Creek Timber Co., Inc. | 93 | 4,438 | ||||||
Public Storage | 25 | 6,193 | ||||||
Realty Income Corp. | 83 | 4,285 | ||||||
Regency Centers Corp. | 58 | 3,951 | ||||||
Simon Property Group, Inc. | 34 | 6,611 | ||||||
SL Green Realty Corp. | 35 | 3,954 | ||||||
Starwood Property Trust, Inc. | 139 | 2,858 | ||||||
UDR, Inc. | 114 | 4,283 | ||||||
Ventas, Inc. | 61 | 3,442 | ||||||
VEREIT, Inc. | 301 | 2,384 | ||||||
Vornado Realty Trust | 46 | 4,598 | ||||||
Welltower, Inc. | 64 | 4,354 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 153,945 | |||||||
Real Estate Management & Development – 0.4% | ||||||||
Howard Hughes Corp. (The)* | 22 | 2,489 | ||||||
Realogy Holdings Corp.* | 46 | 1,687 | ||||||
|
| |||||||
Total Real Estate Management & Development | 4,176 | |||||||
Road & Rail – 2.6% | ||||||||
AMERCO | 12 | 4,674 | ||||||
CSX Corp. | 224 | 5,813 | ||||||
JB Hunt Transport Services, Inc. | 42 | 3,081 | ||||||
Norfolk Southern Corp. | 56 | 4,737 |
See Notes to Financial Statements.
18 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (concluded)
WisdomTree Strong Dollar U.S. Equity Fund (USSD)
December 31, 2015
Investments | Shares | Value | ||||||
Old Dominion Freight Line, Inc.* | 53 | $ | 3,130 | |||||
Ryder System, Inc. | 54 | 3,069 | ||||||
Union Pacific Corp. | 89 | 6,960 | ||||||
|
| |||||||
Total Road & Rail | 31,464 | |||||||
Semiconductors & Semiconductor Equipment – 0.4% | ||||||||
First Solar, Inc.* | 78 | 5,147 | ||||||
Software – 0.9% | ||||||||
Intuit, Inc. | 52 | 5,018 | ||||||
Workday, Inc. Class A* | 66 | 5,259 | ||||||
|
| |||||||
Total Software | 10,277 | |||||||
Specialty Retail – 6.3% | ||||||||
Advance Auto Parts, Inc. | 22 | 3,311 | ||||||
AutoNation, Inc.* | 57 | 3,401 | ||||||
AutoZone, Inc.* | 7 | 5,193 | ||||||
Bed Bath & Beyond, Inc.* | 51 | 2,461 | ||||||
Best Buy Co., Inc. | 94 | 2,862 | ||||||
CarMax, Inc.* | 88 | 4,749 | ||||||
Dick’s Sporting Goods, Inc. | 61 | 2,156 | ||||||
Home Depot, Inc. (The) | 112 | 14,812 | ||||||
L Brands, Inc. | 50 | 4,791 | ||||||
Lowe’s Cos., Inc. | 107 | 8,136 | ||||||
Michaels Cos., Inc. (The)* | 122 | 2,698 | ||||||
O’Reilly Automotive, Inc.* | 22 | 5,575 | ||||||
Ross Stores, Inc. | 89 | 4,789 | ||||||
Tractor Supply Co. | 43 | 3,677 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 21 | 3,885 | ||||||
Urban Outfitters, Inc.* | 78 | 1,775 | ||||||
Williams-Sonoma, Inc. | 40 | 2,336 | ||||||
|
| |||||||
Total Specialty Retail | 76,607 | |||||||
Textiles, Apparel & Luxury Goods – 1.2% | ||||||||
Carter’s, Inc. | 40 | 3,561 | ||||||
Hanesbrands, Inc. | 213 | 6,269 | ||||||
Under Armour, Inc. Class A* | 52 | 4,192 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 14,022 | |||||||
Thrifts & Mortgage Finance – 0.2% | ||||||||
New York Community Bancorp, Inc. | 123 | 2,007 | ||||||
Tobacco – 1.8% | ||||||||
Altria Group, Inc. | 197 | 11,468 | ||||||
Reynolds American, Inc. | 222 | 10,245 | ||||||
|
| |||||||
Total Tobacco | 21,713 | |||||||
Trading Companies & Distributors – 0.8% | ||||||||
Fastenal Co. | 87 | 3,551 | ||||||
HD Supply Holdings, Inc.* | 97 | 2,913 | ||||||
United Rentals, Inc.* | 49 | 3,555 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 10,019 | |||||||
Water Utilities – 0.7% | ||||||||
American Water Works Co., Inc. | 134 | $ | 8,006 | |||||
Wireless Telecommunication Services – 0.4% | ||||||||
SBA Communications Corp. Class A* | 50 | 5,254 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.8% (Cost: $1,242,141) | 1,206,495 | |||||||
Cash and Other Assets in Excess of Liabilities – 0.2% | 2,657 | |||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 1,209,152 |
* | Non-income producing security. |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 19 |
Schedule of Investments (unaudited)
WisdomTree Weak Dollar U.S. Equity Fund (USWD)
December 31, 2015
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.8% | ||||||||
United States – 99.8% | ||||||||
Aerospace & Defense – 2.2% | ||||||||
B/E Aerospace, Inc. | 62 | $ | 2,627 | |||||
Boeing Co. (The) | 71 | 10,266 | ||||||
Honeywell International, Inc. | 65 | 6,732 | ||||||
United Technologies Corp. | 67 | 6,436 | ||||||
|
| |||||||
Total Aerospace & Defense | 26,061 | |||||||
Air Freight & Logistics – 0.4% | ||||||||
Expeditors International of Washington, Inc. | 119 | 5,367 | ||||||
Airlines – 0.6% | ||||||||
United Continental Holdings, Inc.* | 133 | 7,621 | ||||||
Auto Components – 1.6% | ||||||||
BorgWarner, Inc. | 56 | 2,421 | ||||||
Gentex Corp. | 245 | 3,923 | ||||||
Goodyear Tire & Rubber Co. (The) | 157 | 5,129 | ||||||
Johnson Controls, Inc. | 96 | 3,791 | ||||||
Lear Corp. | 35 | 4,299 | ||||||
|
| |||||||
Total Auto Components | 19,563 | |||||||
Automobiles – 0.8% | ||||||||
Ford Motor Co. | 341 | 4,805 | ||||||
Tesla Motors, Inc.* | 22 | 5,280 | ||||||
|
| |||||||
Total Automobiles | 10,085 | |||||||
Banks – 1.3% | ||||||||
CIT Group, Inc. | 81 | 3,216 | ||||||
Citigroup, Inc. | 232 | 12,006 | ||||||
|
| |||||||
Total Banks | 15,222 | |||||||
Beverages – 2.6% | ||||||||
Brown-Forman Corp. Class B | 40 | 3,971 | ||||||
Coca-Cola Co. (The) | 203 | 8,721 | ||||||
Coca-Cola Enterprises, Inc. | 65 | 3,201 | ||||||
Molson Coors Brewing Co. Class B | 74 | 6,950 | ||||||
PepsiCo, Inc. | 75 | 7,494 | ||||||
|
| |||||||
Total Beverages | 30,337 | |||||||
Biotechnology – 4.1% | ||||||||
AbbVie, Inc. | 135 | 7,997 | ||||||
Alexion Pharmaceuticals, Inc.* | 45 | 8,584 | ||||||
Baxalta, Inc. | 104 | 4,059 | ||||||
BioMarin Pharmaceutical, Inc.* | 57 | 5,971 | ||||||
Celgene Corp.* | 81 | 9,701 | ||||||
OPKO Health, Inc.* | 355 | 3,568 | ||||||
Puma Biotechnology, Inc.* | 27 | 2,117 | ||||||
Regeneron Pharmaceuticals, Inc.* | 12 | 6,514 | ||||||
|
| |||||||
Total Biotechnology | 48,511 | |||||||
Capital Markets – 2.3% | ||||||||
BlackRock, Inc. | 16 | 5,448 | ||||||
Franklin Resources, Inc. | 107 | 3,940 | ||||||
Goldman Sachs Group, Inc. (The) | 38 | 6,849 | ||||||
Morgan Stanley | 207 | 6,584 | ||||||
T. Rowe Price Group, Inc. | 55 | 3,932 | ||||||
|
| |||||||
Total Capital Markets | 26,753 | |||||||
Chemicals – 7.0% | ||||||||
Air Products & Chemicals, Inc. | 41 | $ | 5,334 | |||||
Albemarle Corp. | 62 | 3,473 | ||||||
Ashland, Inc. | 28 | 2,876 | ||||||
Celanese Corp. Series A | 49 | 3,299 | ||||||
Chemours Co. (The) | 25 | 134 | ||||||
Dow Chemical Co. (The) | 105 | 5,405 | ||||||
E.I. du Pont de Nemours & Co. | 133 | 8,858 | ||||||
Eastman Chemical Co. | 51 | 3,443 | ||||||
Ecolab, Inc. | 50 | 5,719 | ||||||
FMC Corp. | 85 | 3,326 | ||||||
Huntsman Corp. | 178 | 2,024 | ||||||
International Flavors & Fragrances, Inc. | 29 | 3,469 | ||||||
Monsanto Co. | 47 | 4,630 | ||||||
Mosaic Co. (The) | 76 | 2,097 | ||||||
NewMarket Corp. | 11 | 4,188 | ||||||
Platform Specialty Products Corp.* | 177 | 2,271 | ||||||
PPG Industries, Inc. | 48 | 4,743 | ||||||
Praxair, Inc. | 40 | 4,096 | ||||||
RPM International, Inc. | 99 | 4,362 | ||||||
Valspar Corp. (The) | 66 | 5,475 | ||||||
W.R. Grace & Co.* | 35 | 3,486 | ||||||
|
| |||||||
Total Chemicals | 82,708 | |||||||
Communications Equipment – 2.2% | ||||||||
Cisco Systems, Inc. | 239 | 6,490 | ||||||
CommScope Holding Co., Inc.* | 160 | 4,142 | ||||||
F5 Networks, Inc.* | 23 | 2,230 | ||||||
Juniper Networks, Inc. | 181 | 4,996 | ||||||
Motorola Solutions, Inc. | 67 | 4,586 | ||||||
QUALCOMM, Inc. | 77 | 3,849 | ||||||
|
| |||||||
Total Communications Equipment | 26,293 | |||||||
Construction & Engineering – 0.6% | ||||||||
Fluor Corp. | 69 | 3,258 | ||||||
Jacobs Engineering Group, Inc.* | 80 | 3,356 | ||||||
|
| |||||||
Total Construction & Engineering | 6,614 | |||||||
Containers & Packaging – 1.3% | ||||||||
Avery Dennison Corp. | 77 | 4,825 | ||||||
Ball Corp. | 43 | 3,127 | ||||||
Crown Holdings, Inc.* | 50 | 2,535 | ||||||
Sealed Air Corp. | 123 | 5,486 | ||||||
|
| |||||||
Total Containers & Packaging | 15,973 | |||||||
Diversified Financial Services – 1.5% | ||||||||
CME Group, Inc. | 74 | 6,705 | ||||||
McGraw Hill Financial, Inc. | 43 | 4,239 | ||||||
Moody’s Corp. | 29 | 2,910 | ||||||
MSCI, Inc. | 49 | 3,534 | ||||||
|
| |||||||
Total Diversified Financial Services | 17,388 | |||||||
Electrical Equipment – 1.0% | ||||||||
AMETEK, Inc. | 86 | 4,609 | ||||||
Emerson Electric Co. | 88 | 4,209 | ||||||
Rockwell Automation, Inc. | 32 | 3,283 | ||||||
|
| |||||||
Total Electrical Equipment | 12,101 |
See Notes to Financial Statements.
20 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (continued)
WisdomTree Weak Dollar U.S. Equity Fund (USWD)
December 31, 2015
Investments | Shares | Value | ||||||
Electronic Equipment, Instruments & Components – 1.6% | ||||||||
Amphenol Corp. Class A | 92 | $ | 4,805 | |||||
Arrow Electronics, Inc.* | 40 | 2,167 | ||||||
Avnet, Inc. | 76 | 3,256 | ||||||
Corning, Inc. | 197 | 3,601 | ||||||
Keysight Technologies, Inc.* | 88 | 2,493 | ||||||
Trimble Navigation Ltd.* | 139 | 2,982 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 19,304 | |||||||
Energy Equipment & Services – 1.5% | ||||||||
Baker Hughes, Inc. | 58 | 2,677 | ||||||
Cameron International Corp.* | 63 | 3,981 | ||||||
FMC Technologies, Inc.* | 78 | 2,263 | ||||||
Halliburton Co. | 93 | 3,166 | ||||||
National Oilwell Varco, Inc. | 74 | 2,478 | ||||||
Oceaneering International, Inc. | 73 | 2,739 | ||||||
|
| |||||||
Total Energy Equipment & Services | 17,304 | |||||||
Food Products – 1.9% | ||||||||
Archer-Daniels-Midland Co. | 111 | 4,072 | ||||||
Hain Celestial Group, Inc. (The)* | 80 | 3,231 | ||||||
Ingredion, Inc. | 36 | 3,450 | ||||||
McCormick & Co., Inc. Non-Voting Shares | 49 | 4,192 | ||||||
Mead Johnson Nutrition Co. | 34 | 2,684 | ||||||
Mondelez International, Inc. Class A | 120 | 5,381 | ||||||
|
| |||||||
Total Food Products | 23,010 | |||||||
Health Care Equipment & Supplies – 6.6% | ||||||||
Abbott Laboratories | 160 | 7,186 | ||||||
Baxter International, Inc. | 105 | 4,006 | ||||||
Becton, Dickinson and Co. | 30 | 4,623 | ||||||
Boston Scientific Corp.* | 251 | 4,628 | ||||||
Cooper Cos., Inc. (The) | 36 | 4,831 | ||||||
DENTSPLY International, Inc. | 88 | 5,355 | ||||||
DexCom, Inc.* | 87 | 7,125 | ||||||
Edwards Lifesciences Corp.* | 78 | 6,161 | ||||||
IDEXX Laboratories, Inc.* | 57 | 4,156 | ||||||
ResMed, Inc. | 104 | 5,584 | ||||||
Sirona Dental Systems, Inc.* | 48 | 5,259 | ||||||
St. Jude Medical, Inc. | 84 | 5,189 | ||||||
Teleflex, Inc. | 31 | 4,075 | ||||||
Varian Medical Systems, Inc.* | 73 | 5,898 | ||||||
Zimmer Biomet Holdings, Inc. | 42 | 4,309 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 78,385 | |||||||
Health Care Providers & Services – 0.4% | ||||||||
Anthem, Inc. | 33 | 4,601 | ||||||
Health Care Technology – 0.2% | ||||||||
IMS Health Holdings, Inc.* | 85 | 2,165 | ||||||
Hotels, Restaurants & Leisure – 2.1% | ||||||||
Las Vegas Sands Corp. | 74 | 3,244 | ||||||
McDonald’s Corp. | 102 | 12,050 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 55 | 3,811 | ||||||
Wynn Resorts Ltd. | 37 | 2,560 | ||||||
Yum! Brands, Inc. | 42 | 3,068 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 24,733 | |||||||
Household Durables – 0.9% | ||||||||
GoPro, Inc. Class A* | 114 | $ | 2,053 | |||||
Harman International Industries, Inc. | 52 | 4,899 | ||||||
Whirlpool Corp. | 22 | 3,231 | ||||||
|
| |||||||
Total Household Durables | 10,183 | |||||||
Household Products – 1.9% | ||||||||
Colgate-Palmolive Co. | 77 | 5,130 | ||||||
Energizer Holdings, Inc. | 22 | 749 | ||||||
Kimberly-Clark Corp. | 37 | 4,710 | ||||||
Procter & Gamble Co. (The) | 145 | 11,515 | ||||||
|
| |||||||
Total Household Products | 22,104 | |||||||
Independent Power and Renewable Electricity Producers – 0.2% | ||||||||
AES Corp. | 204 | 1,952 | ||||||
Industrial Conglomerates – 2.9% | ||||||||
3M Co. | 58 | 8,737 | ||||||
Danaher Corp. | 74 | 6,873 | ||||||
General Electric Co. | 596 | 18,566 | ||||||
|
| |||||||
Total Industrial Conglomerates | 34,176 | |||||||
Insurance – 1.8% | ||||||||
Aflac, Inc. | 66 | 3,954 | ||||||
CNA Financial Corp. | 89 | 3,128 | ||||||
Marsh & McLennan Cos., Inc. | 83 | 4,602 | ||||||
Prudential Financial, Inc. | 59 | 4,803 | ||||||
Reinsurance Group of America, Inc. | 52 | 4,449 | ||||||
|
| |||||||
Total Insurance | 20,936 | |||||||
Internet & Catalog Retail – 2.8% | ||||||||
Amazon.com, Inc.* | 24 | 16,221 | ||||||
Expedia, Inc. | 53 | 6,588 | ||||||
Priceline Group, Inc. (The)* | 5 | 6,375 | ||||||
TripAdvisor, Inc.* | 42 | 3,580 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 32,764 | |||||||
Internet Software & Services – 2.1% | ||||||||
Alphabet, Inc. Class A* | 15 | 11,670 | ||||||
eBay, Inc.* | 104 | 2,858 | ||||||
Facebook, Inc. Class A* | 95 | 9,943 | ||||||
|
| |||||||
Total Internet Software & Services | 24,471 | |||||||
IT Services – 4.2% | ||||||||
Computer Sciences Corp. | 49 | 1,601 | ||||||
CSRA, Inc. | 49 | 1,470 | ||||||
FleetCor Technologies, Inc.* | 22 | 3,145 | ||||||
Gartner, Inc.* | 54 | 4,898 | ||||||
Global Payments, Inc. | 72 | 4,645 | ||||||
International Business Machines Corp. | 30 | 4,129 | ||||||
MasterCard, Inc. Class A | 72 | 7,010 | ||||||
PayPal Holdings, Inc.* | 106 | 3,837 | ||||||
Sabre Corp. | 152 | 4,251 | ||||||
Teradata Corp.* | 103 | 2,721 | ||||||
Visa, Inc. Class A | 128 | 9,926 | ||||||
Western Union Co. (The) | 117 | 2,096 | ||||||
|
| |||||||
Total IT Services | 49,729 |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 21 |
Schedule of Investments (unaudited) (continued)
WisdomTree Weak Dollar U.S. Equity Fund (USWD)
December 31, 2015
Investments | Shares | Value | ||||||
Leisure Products – 0.6% | ||||||||
Hasbro, Inc. | 45 | $ | 3,031 | |||||
Mattel, Inc. | 151 | 4,103 | ||||||
|
| |||||||
Total Leisure Products | 7,134 | |||||||
Life Sciences Tools & Services – 3.0% | ||||||||
Agilent Technologies, Inc. | 87 | 3,637 | ||||||
Illumina, Inc.* | 23 | 4,415 | ||||||
Mettler-Toledo International, Inc.* | 19 | 6,444 | ||||||
PerkinElmer, Inc. | 85 | 4,553 | ||||||
Quintiles Transnational Holdings, Inc.* | 75 | 5,150 | ||||||
Thermo Fisher Scientific, Inc. | 41 | 5,816 | ||||||
Waters Corp.* | 40 | 5,383 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 35,398 | |||||||
Machinery – 4.8% | ||||||||
Caterpillar, Inc. | 64 | 4,349 | ||||||
Colfax Corp.* | 48 | 1,121 | ||||||
Cummins, Inc. | 44 | 3,872 | ||||||
Deere & Co. | 69 | 5,263 | ||||||
Donaldson Co., Inc. | 124 | 3,554 | ||||||
Dover Corp. | 48 | 2,943 | ||||||
Flowserve Corp. | 59 | 2,483 | ||||||
IDEX Corp. | 42 | 3,218 | ||||||
Illinois Tool Works, Inc. | 63 | 5,839 | ||||||
Lincoln Electric Holdings, Inc. | 61 | 3,165 | ||||||
PACCAR, Inc. | 62 | 2,939 | ||||||
Parker-Hannifin Corp. | 38 | 3,685 | ||||||
Stanley Black & Decker, Inc. | 50 | 5,336 | ||||||
WABCO Holdings, Inc.* | 26 | 2,659 | ||||||
Wabtec Corp. | 41 | 2,916 | ||||||
Xylem, Inc. | 86 | 3,139 | ||||||
|
| |||||||
Total Machinery | 56,481 | |||||||
Media – 1.6% | ||||||||
Discovery Communications, Inc. Class C* | 173 | 4,363 | ||||||
Interpublic Group of Cos., Inc. (The) | 165 | 3,841 | ||||||
News Corp. Class A | 225 | 3,006 | ||||||
Omnicom Group, Inc. | 47 | 3,556 | ||||||
Twenty-First Century Fox, Inc. Class A | 165 | 4,482 | ||||||
|
| |||||||
Total Media | 19,248 | |||||||
Metals & Mining – 0.4% | ||||||||
Alcoa, Inc. | 357 | 3,523 | ||||||
Freeport-McMoRan, Inc. | 167 | 1,131 | ||||||
|
| |||||||
Total Metals & Mining | 4,654 | |||||||
Oil, Gas & Consumable Fuels – 3.3% | ||||||||
Apache Corp. | 75 | 3,335 | ||||||
Chevron Corp. | 105 | 9,446 | ||||||
ConocoPhillips | 98 | 4,576 | ||||||
Exxon Mobil Corp. | 191 | 14,889 | ||||||
Hess Corp. | 57 | 2,763 | ||||||
Murphy Oil Corp. | 56 | 1,257 | ||||||
Spectra Energy Corp. | 100 | 2,394 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 38,660 | |||||||
Personal Products – 0.7% | ||||||||
Coty, Inc. Class A | 115 | $ | 2,948 | |||||
Edgewell Personal Care Co. | 22 | 1,724 | ||||||
Estee Lauder Cos., Inc. (The) Class A | 37 | 3,258 | ||||||
|
| |||||||
Total Personal Products | 7,930 | |||||||
Pharmaceuticals – 5.0% | ||||||||
Bristol-Myers Squibb Co. | 161 | 11,075 | ||||||
Eli Lilly & Co. | 105 | 8,847 | ||||||
Johnson & Johnson | 138 | 14,176 | ||||||
Merck & Co., Inc. | 164 | 8,663 | ||||||
Pfizer, Inc. | 343 | 11,072 | ||||||
Zoetis, Inc. | 121 | 5,798 | ||||||
|
| |||||||
Total Pharmaceuticals | 59,631 | |||||||
Professional Services – 1.3% | ||||||||
IHS, Inc. Class A* | 24 | 2,842 | ||||||
ManpowerGroup, Inc. | 75 | 6,322 | ||||||
Towers Watson & Co. Class A | 52 | 6,680 | ||||||
|
| |||||||
Total Professional Services | 15,844 | |||||||
Real Estate Investment Trusts (REITs) – 0.4% | ||||||||
Equinix, Inc. | 16 | 4,838 | ||||||
Real Estate Management & Development – 0.4% | ||||||||
CBRE Group, Inc. Class A* | 74 | 2,559 | ||||||
Jones Lang LaSalle, Inc. | 17 | 2,717 | ||||||
|
| |||||||
Total Real Estate Management & Development | 5,276 | |||||||
Road & Rail – 0.4% | ||||||||
Kansas City Southern | 59 | 4,405 | ||||||
Semiconductors & Semiconductor Equipment – 5.8% | ||||||||
Analog Devices, Inc. | 54 | 2,987 | ||||||
Applied Materials, Inc. | 228 | 4,257 | ||||||
Broadcom Corp. Class A | 90 | 5,204 | ||||||
Intel Corp. | 195 | 6,718 | ||||||
KLA-Tencor Corp. | 41 | 2,843 | ||||||
Lam Research Corp. | 53 | 4,209 | ||||||
Linear Technology Corp. | 88 | 3,737 | ||||||
Maxim Integrated Products, Inc. | 147 | 5,586 | ||||||
Microchip Technology, Inc. | 99 | 4,607 | ||||||
Micron Technology, Inc.* | 178 | 2,521 | ||||||
NVIDIA Corp. | 217 | 7,152 | ||||||
ON Semiconductor Corp.* | 346 | 3,391 | ||||||
Qorvo, Inc.* | 52 | 2,647 | ||||||
Skyworks Solutions, Inc. | 42 | 3,227 | ||||||
SunEdison, Inc.* | 121 | 616 | ||||||
Texas Instruments, Inc. | 107 | 5,865 | ||||||
Xilinx, Inc. | 59 | 2,771 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 68,338 | |||||||
Software – 6.4% | ||||||||
Activision Blizzard, Inc. | 143 | 5,536 | ||||||
Adobe Systems, Inc.* | 56 | 5,261 | ||||||
ANSYS, Inc.* | 34 | 3,145 | ||||||
Autodesk, Inc.* | 73 | 4,448 | ||||||
CA, Inc. | 82 | 2,342 |
See Notes to Financial Statements.
22 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (concluded)
WisdomTree Weak Dollar U.S. Equity Fund (USWD)
December 31, 2015
Investments | Shares | Value | ||||||
Cadence Design Systems, Inc.* | 232 | $ | 4,828 | |||||
Citrix Systems, Inc.* | 44 | 3,329 | ||||||
Electronic Arts, Inc.* | 72 | 4,948 | ||||||
Fortinet, Inc.* | 72 | 2,244 | ||||||
Microsoft Corp. | 276 | 15,312 | ||||||
Oracle Corp. | 159 | 5,808 | ||||||
Red Hat, Inc.* | 43 | 3,561 | ||||||
ServiceNow, Inc.* | 67 | 5,799 | ||||||
Symantec Corp. | 134 | 2,814 | ||||||
Synopsys, Inc.* | 89 | 4,059 | ||||||
VMware, Inc. Class A* | 31 | 1,754 | ||||||
|
| |||||||
Total Software | 75,188 | |||||||
Specialty Retail – 0.4% | ||||||||
Tiffany & Co. | 65 | 4,959 | ||||||
Technology Hardware, Storage & Peripherals – 3.0% | ||||||||
Apple, Inc. | 175 | 18,420 | ||||||
EMC Corp. | 129 | 3,313 | ||||||
Hewlett Packard Enterprise Co. | 123 | 1,870 | ||||||
HP, Inc. | 123 | 1,456 | ||||||
NetApp, Inc. | 95 | 2,520 | ||||||
SanDisk Corp. | 73 | 5,547 | ||||||
Western Digital Corp. | 31 | 1,862 | ||||||
|
| |||||||
Total Technology Hardware, Storage & Peripherals | 34,988 | |||||||
Textiles, Apparel & Luxury Goods – 1.0% | ||||||||
NIKE, Inc. Class B | 142 | 8,875 | ||||||
PVH Corp. | 45 | 3,314 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 12,189 | |||||||
Tobacco – 0.7% | ||||||||
Philip Morris International, Inc. | 89 | 7,824 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.8% (Cost: $1,244,206) | 1,179,399 | |||||||
Cash and Other Assets in Excess of Liabilities – 0.2% |
| 2,326 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 1,181,725 |
* | Non-income producing security. |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 23 |
Schedule of Investments (unaudited)
WisdomTree Global SmallCap Dividend Fund (GSD)
December 31, 2015
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.6% | ||||||||
Australia – 4.2% | ||||||||
ALS Ltd. | 1,034 | $ | 2,836 | |||||
AP Eagers Ltd. | 541 | 4,999 | ||||||
carsales.com Ltd. | 666 | 5,660 | ||||||
CSR Ltd. | 2,386 | 5,017 | ||||||
Downer EDI Ltd. | 1,799 | 4,712 | ||||||
DuluxGroup Ltd. | 1,292 | 6,251 | ||||||
Event Hospitality and Entertainment Ltd. | 422 | 5,054 | ||||||
Fairfax Media Ltd. | 7,694 | 5,150 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 2,562 | 5,145 | ||||||
Iress Ltd. | 553 | 4,023 | ||||||
JB Hi-Fi Ltd. | 389 | 5,524 | ||||||
Navitas Ltd. | 1,269 | 4,312 | ||||||
Nine Entertainment Co. Holdings Ltd. | 3,684 | 5,106 | ||||||
Northern Star Resources Ltd. | 1,123 | 2,271 | ||||||
Perpetual Ltd. | 174 | 5,906 | ||||||
Premier Investments Ltd. | 469 | 4,845 | ||||||
Primary Health Care Ltd. | 1,861 | 3,168 | ||||||
Seven Group Holdings Ltd. | 1,556 | 6,260 | ||||||
Spotless Group Holdings Ltd. | 3,649 | 2,867 | ||||||
Super Retail Group Ltd. | 664 | 5,512 | ||||||
Veda Group Ltd. | 1,878 | 3,826 | ||||||
WorleyParsons Ltd. | 1,085 | 3,655 | ||||||
|
| |||||||
Total Australia | 102,099 | |||||||
Austria – 0.1% | ||||||||
Schoeller-Bleckmann Oilfield Equipment AG | 38 | 2,081 | ||||||
Belgium – 0.4% | ||||||||
Bekaert S.A. | 133 | 4,101 | ||||||
Econocom Group S.A./N.V. | 216 | 2,005 | ||||||
Warehouses De Pauw CVA | 52 | 4,589 | ||||||
|
| |||||||
Total Belgium | 10,695 | |||||||
Brazil – 1.0% | ||||||||
Cia Siderurgica Nacional S.A. | 3,024 | 3,057 | ||||||
EcoRodovias Infraestrutura e Logistica S.A. | 1,915 | 2,464 | ||||||
EDP – Energias do Brasil S.A. | 1,008 | 3,068 | ||||||
Grendene S.A. | 705 | 3,001 | ||||||
Multiplus S.A. | 403 | 3,804 | ||||||
Odontoprev S.A. | 1,109 | 2,649 | ||||||
Smiles S.A. | 302 | 2,656 | ||||||
Transmissora Alianca de Energia Eletrica S.A. | 1,109 | 4,695 | ||||||
|
| |||||||
Total Brazil | 25,394 | |||||||
Canada – 4.9% | ||||||||
Aimia, Inc. | 641 | 4,342 | ||||||
Algonquin Power & Utilities Corp. | 858 | 6,739 | ||||||
Canadian Energy Services & Technology Corp. | 821 | 2,293 | ||||||
Canadian Western Bank | 150 | 2,525 | ||||||
Capital Power Corp. | 415 | 5,309 | ||||||
Chartwell Retirement Residences | 520 | 4,754 | ||||||
Corus Entertainment, Inc. Class B | 429 | 3,335 | ||||||
Dominion Diamond Corp. | 360 | 3,665 | ||||||
Enbridge Income Fund Holdings, Inc. | 187 | 3,773 | ||||||
EnerCare, Inc. | 345 | $ | 3,964 | |||||
Enerplus Corp. | 1,300 | 4,445 | ||||||
Ensign Energy Services, Inc. | 527 | 2,800 | ||||||
Gibson Energy, Inc. | 517 | 5,144 | ||||||
Just Energy Group, Inc. | 606 | 4,310 | ||||||
Laurentian Bank of Canada | 78 | 2,712 | ||||||
Manitoba Telecom Services, Inc. | 261 | 5,593 | ||||||
Mullen Group Ltd. | 349 | 3,520 | ||||||
Norbord, Inc. | 221 | 4,288 | ||||||
North West Co., Inc. (The) | 203 | 4,190 | ||||||
Pan American Silver Corp. | 665 | 4,313 | ||||||
Parkland Fuel Corp. | 241 | 4,041 | ||||||
Precision Drilling Corp. | 870 | 3,426 | ||||||
Russel Metals, Inc. | 313 | 3,621 | ||||||
Secure Energy Services, Inc. | 374 | 2,251 | ||||||
Superior Plus Corp. | 582 | 4,508 | ||||||
TransAlta Corp. | 1,771 | 6,260 | ||||||
TransAlta Renewables, Inc. | 679 | 5,069 | ||||||
TransForce, Inc. | 235 | 3,994 | ||||||
Westshore Terminals Investment Corp. | 247 | 2,071 | ||||||
Yamana Gold, Inc. | 1,817 | 3,362 | ||||||
|
| |||||||
Total Canada | 120,617 | |||||||
Chile – 0.2% | ||||||||
Parque Arauco S.A. | 1,907 | 3,006 | ||||||
Vina Concha y Toro S.A. | 1,909 | 2,859 | ||||||
|
| |||||||
Total Chile | 5,865 | |||||||
China – 2.4% | ||||||||
Beijing Tong Ren Tang Chinese Medicine Co., Ltd. | 2,000 | 2,550 | ||||||
Boer Power Holdings Ltd. | 1,000 | 1,801 | ||||||
China Communications Services Corp., Ltd. Class H | 8,000 | 3,004 | ||||||
China Lilang Ltd. | 4,000 | 2,952 | ||||||
China National Building Material Co., Ltd. Class H | 6,000 | 2,880 | ||||||
CIFI Holdings Group Co., Ltd. | 16,000 | 3,572 | ||||||
Huadian Power International Corp., Ltd. Class H | 4,000 | 2,606 | ||||||
Jiangsu Expressway Co., Ltd. Class H | 4,000 | 5,399 | ||||||
Jiangxi Copper Co., Ltd. Class H | 3,000 | 3,557 | ||||||
Poly Property Group Co., Ltd. | 7,000 | 2,285 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. Class H | 1,100 | 2,382 | ||||||
Sinotrans Ltd. Class H | 4,000 | 2,152 | ||||||
SITC International Holdings Co., Ltd. | 6,000 | 3,182 | ||||||
Sunac China Holdings Ltd. | 4,000 | 3,097 | ||||||
TCL Communication Technology Holdings Ltd. | 4,000 | 2,947 | ||||||
Weichai Power Co., Ltd. Class H | 2,000 | 2,214 | ||||||
Xinyi Glass Holdings Ltd. | 8,000 | 4,707 | ||||||
Zhejiang Expressway Co., Ltd. Class H | 4,000 | 4,810 | ||||||
Zijin Mining Group Co., Ltd. Class H | 12,000 | 3,143 | ||||||
|
| |||||||
Total China | 59,240 | |||||||
Denmark – 0.3% | ||||||||
Alm Brand A/S | 472 | 3,325 | ||||||
FLSmidth & Co. A/S | 131 | 4,577 | ||||||
|
| |||||||
Total Denmark | 7,902 |
See Notes to Financial Statements.
24 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (continued)
WisdomTree Global SmallCap Dividend Fund (GSD)
December 31, 2015
Investments | Shares | Value | ||||||
Finland – 0.6% | ||||||||
Cargotec Oyj Class B | 102 | $ | 3,822 | |||||
Konecranes Oyj | 195 | 4,851 | ||||||
Uponor Oyj | 221 | 3,265 | ||||||
Valmet Oyj | 395 | 3,819 | ||||||
|
| |||||||
Total Finland | 15,757 | |||||||
France – 1.0% | ||||||||
Alten S.A. | 86 | 4,990 | ||||||
Bourbon S.A. | 296 | 4,807 | ||||||
Neopost S.A. | 255 | 6,224 | ||||||
Saft Groupe S.A. | 82 | 2,502 | ||||||
Vallourec S.A. | 702 | 6,558 | ||||||
|
| |||||||
Total France | 25,081 | |||||||
Germany – 1.5% | ||||||||
alstria office REIT-AG* | 379 | 5,070 | ||||||
Bilfinger SE | 152 | 7,178 | ||||||
Comdirect Bank AG | 352 | 4,168 | ||||||
CompuGroup Medical AG | 75 | 2,754 | ||||||
ElringKlinger AG | 170 | 4,340 | ||||||
Hamburger Hafen und Logistik AG | 229 | 3,498 | ||||||
Indus Holding AG | 80 | 3,868 | ||||||
TLG Immobilien AG | 152 | 2,861 | ||||||
Wacker Neuson SE | 197 | 3,044 | ||||||
|
| |||||||
Total Germany | 36,781 | |||||||
Greece – 0.1% | ||||||||
Archrock, Inc. | 382 | 2,873 | ||||||
Hong Kong – 1.0% | ||||||||
Hong Kong Aircraft Engineering Co., Ltd. | 400 | 2,797 | ||||||
Kingboard Chemical Holdings Ltd. | 2,500 | 3,994 | ||||||
Television Broadcasts Ltd. | 3,000 | 12,368 | ||||||
Vitasoy International Holdings Ltd. | 2,000 | 4,103 | ||||||
Wasion Group Holdings Ltd. | 2,000 | 2,085 | ||||||
|
| |||||||
Total Hong Kong | 25,347 | |||||||
Indonesia – 0.6% | ||||||||
Adaro Energy Tbk PT | 50,000 | 1,868 | ||||||
AKR Corporindo Tbk PT | 4,600 | 2,394 | ||||||
Bumitama Agri Ltd. | 5,000 | 2,485 | ||||||
Lippo Karawaci Tbk PT | 25,600 | 1,922 | ||||||
Media Nusantara Citra Tbk PT | 25,600 | 3,445 | ||||||
Vale Indonesia Tbk PT* | 18,200 | 2,159 | ||||||
|
| |||||||
Total Indonesia | 14,273 | |||||||
Ireland – 0.2% | ||||||||
Irish Continental Group PLC | 850 | 4,999 | ||||||
Israel – 0.7% | ||||||||
Amot Investments Ltd. | 966 | 3,106 | ||||||
Delek Automotive Systems Ltd. | 603 | 5,377 | ||||||
First International Bank of Israel Ltd. | 174 | 2,054 | ||||||
Gazit-Globe Ltd. | 441 | 3,931 | ||||||
Migdal Insurance & Financial Holding Ltd. | 3,211 | 2,337 | ||||||
|
| |||||||
Total Israel | 16,805 | |||||||
Italy – 1.0% | ||||||||
Astaldi SpA | 263 | $ | 1,604 | |||||
ASTM SpA | 409 | 5,132 | ||||||
Industria Macchine Automatiche SpA | 97 | 5,057 | ||||||
MARR SpA | 255 | 5,285 | ||||||
RAI Way SpA(a) | 773 | 3,962 | ||||||
Societa Cattolica di Assicurazioni SCRL | 469 | 3,739 | ||||||
|
| |||||||
Total Italy | 24,779 | |||||||
Japan – 11.1% | ||||||||
ADEKA Corp. | 300 | 4,319 | ||||||
Aeon Delight Co., Ltd. | 100 | 3,230 | ||||||
Aica Kogyo Co., Ltd. | 200 | 3,975 | ||||||
Amano Corp. | 200 | 2,738 | ||||||
Arcs Co., Ltd. | 200 | 4,447 | ||||||
Autobacs Seven Co., Ltd. | 300 | 5,516 | ||||||
Awa Bank Ltd. (The) | 1,000 | 5,877 | ||||||
Chiyoda Co., Ltd. | 100 | 3,138 | ||||||
COMSYS Holdings Corp. | 300 | 4,262 | ||||||
Daido Steel Co., Ltd. | 1,000 | 4,040 | ||||||
DCM Holdings Co., Ltd. | 400 | 2,923 | ||||||
DMG Mori Co., Ltd. | 200 | 2,369 | ||||||
Dynam Japan Holdings Co., Ltd. | 2,800 | 3,049 | ||||||
Eagle Industry Co., Ltd. | 200 | 3,709 | ||||||
Ebara Corp. | 1,000 | 4,813 | ||||||
Exedy Corp. | 200 | 4,890 | ||||||
Furukawa Co., Ltd. | 1,000 | 2,078 | ||||||
Glory Ltd. | 100 | 3,105 | ||||||
Heiwa Corp. | 300 | 5,659 | ||||||
Hokkoku Bank Ltd. (The) | 1,000 | 3,350 | ||||||
Hokuetsu Kishu Paper Co., Ltd. | 500 | 2,968 | ||||||
Hyakugo Bank Ltd. (The) | 1,000 | 4,913 | ||||||
Hyakujushi Bank Ltd. (The) | 1,000 | 3,757 | ||||||
kabu.com Securities Co., Ltd. | 1,500 | 4,738 | ||||||
Keiyo Bank Ltd. (The) | 1,000 | 4,788 | ||||||
Lintec Corp. | 200 | 4,255 | ||||||
Meitec Corp. | 100 | 3,454 | ||||||
Mitsubishi Shokuhin Co., Ltd. | 100 | 2,481 | ||||||
Mochida Pharmaceutical Co., Ltd. | 100 | 7,157 | ||||||
Nagase & Co., Ltd. | 400 | 5,111 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. | 100 | 2,417 | ||||||
Nihon M&A Center, Inc. | 100 | 4,871 | ||||||
Nihon Parkerizing Co., Ltd. | 400 | 4,133 | ||||||
Nikkon Holdings Co., Ltd. | 200 | 4,028 | ||||||
Nippon Densetsu Kogyo Co., Ltd. | 200 | 4,408 | ||||||
Nippon Flour Mills Co., Ltd. | 1,000 | 7,224 | ||||||
Nippon Paper Industries Co., Ltd. | 300 | 4,898 | ||||||
Nippon Steel & Sumikin Bussan Corp. | 1,000 | 3,450 | ||||||
Nipro Corp. | 400 | 4,416 | ||||||
Nissan Shatai Co., Ltd. | 300 | 3,277 | ||||||
Nisshin Steel Co., Ltd. | 300 | 3,215 | ||||||
NOF Corp. | 1,000 | 7,773 | ||||||
North Pacific Bank Ltd. | 600 | 2,100 | ||||||
Paltac Corp. | 200 | 3,593 | ||||||
PanaHome Corp. | 1,000 | 7,631 |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 25 |
Schedule of Investments (unaudited) (continued)
WisdomTree Global SmallCap Dividend Fund (GSD)
December 31, 2015
Investments | Shares | Value | ||||||
Ricoh Leasing Co., Ltd. | 100 | $ | 3,138 | |||||
Saibu Gas Co., Ltd. | 2,000 | 4,655 | ||||||
Sanwa Holdings Corp. | 500 | 4,007 | ||||||
Sapporo Holdings Ltd. | 1,000 | 4,422 | ||||||
Showa Denko K.K. | 3,000 | 3,541 | ||||||
SKY Perfect JSAT Holdings, Inc. | 800 | 4,549 | ||||||
Sumitomo Warehouse Co., Ltd. (The) | 1,000 | 5,354 | ||||||
T-Gaia Corp. | 300 | 3,447 | ||||||
Takara Holdings, Inc. | 500 | 3,841 | ||||||
Toho Bank Ltd. (The) | 1,000 | 3,608 | ||||||
Toho Holdings Co., Ltd. | 100 | 2,454 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 700 | 4,312 | ||||||
Topcon Corp. | 100 | 1,712 | ||||||
Toppan Forms Co., Ltd. | 300 | 3,591 | ||||||
Toyobo Co., Ltd. | 2,000 | 2,826 | ||||||
Tsubakimoto Chain Co. | 1,000 | 7,797 | ||||||
Tsumura & Co. | 100 | 2,801 | ||||||
Universal Entertainment Corp. | 200 | 3,674 | ||||||
UNY Group Holdings Co., Ltd. | 600 | 3,806 | ||||||
Ushio, Inc. | 300 | 4,185 | ||||||
Yamato Kogyo Co., Ltd. | 100 | 2,577 | ||||||
Yoshinoya Holdings Co., Ltd. | 200 | 2,595 | ||||||
|
| |||||||
Total Japan | 271,435 | |||||||
Malaysia – 0.6% | ||||||||
Felda Global Ventures Holdings Bhd | 8,300 | 3,306 | ||||||
Genting Plantations Bhd | 1,800 | 4,444 | ||||||
KPJ Healthcare Bhd | 3,200 | 3,145 | ||||||
Lafarge Malaysia Bhd | 1,900 | 3,929 | ||||||
|
| |||||||
Total Malaysia | 14,824 | |||||||
Mexico – 0.2% | ||||||||
Banregio Grupo Financiero S.A.B. de C.V. | 505 | 2,583 | ||||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* | 504 | 2,440 | ||||||
|
| |||||||
Total Mexico | 5,023 | |||||||
Netherlands – 0.2% | ||||||||
TKH Group N.V. CVA | 139 | �� | 5,653 | |||||
New Zealand – 2.4% | ||||||||
Air New Zealand Ltd. | 5,863 | 11,861 | ||||||
Ebos Group Ltd. | 436 | 4,104 | ||||||
Genesis Energy Ltd. | 7,357 | 9,721 | ||||||
Infratil Ltd. | 2,793 | 6,262 | ||||||
Sky Network Television Ltd. | 2,099 | 6,596 | ||||||
SKYCITY Entertainment Group Ltd. | 2,287 | 6,936 | ||||||
Trade Me Group Ltd. | 1,937 | 5,543 | ||||||
Z Energy Ltd. | 1,421 | 6,576 | ||||||
|
| |||||||
Total New Zealand | 57,599 | |||||||
Norway – 1.7% | ||||||||
Aker ASA Class A | 191 | 3,539 | ||||||
Aker Solutions ASA | 743 | 2,543 | ||||||
Atea ASA* | 492 | 4,086 | ||||||
Austevoll Seafood ASA | 698 | 4,258 | ||||||
Kongsberg Gruppen ASA | 312 | 5,111 | ||||||
Ocean Yield ASA | 613 | 4,744 | ||||||
Salmar ASA | 528 | $ | 9,246 | |||||
SpareBank 1 SR-Bank ASA | 604 | 2,682 | ||||||
Veidekke ASA | 406 | 4,977 | ||||||
|
| |||||||
Total Norway | 41,186 | |||||||
Philippines – 0.3% | ||||||||
First Gen Corp. | 8,100 | 3,890 | ||||||
Nickel Asia Corp. | 16,300 | 2,165 | ||||||
|
| |||||||
Total Philippines | 6,055 | |||||||
Poland – 0.3% | ||||||||
Asseco Poland S.A. | 274 | 3,941 | ||||||
Synthos S.A. | 4,166 | 4,019 | ||||||
|
| |||||||
Total Poland | 7,960 | |||||||
Portugal – 0.4% | ||||||||
CTT-Correios de Portugal S.A. | 534 | 5,136 | ||||||
Semapa-Sociedade de Investimento e Gestao | 334 | 4,606 | ||||||
|
| |||||||
Total Portugal | 9,742 | |||||||
Russia – 0.1% | ||||||||
LSR Group PJSC GDR Reg S | 1,265 | 2,530 | ||||||
Singapore – 0.9% | ||||||||
GuocoLand Ltd. | 2,300 | 2,927 | ||||||
OUE Ltd. | 3,000 | 3,785 | ||||||
SMRT Corp., Ltd. | 4,100 | 4,350 | ||||||
Venture Corp., Ltd. | 1,100 | 6,358 | ||||||
Wing Tai Holdings Ltd. | 3,000 | 3,711 | ||||||
|
| |||||||
Total Singapore | 21,131 | |||||||
South Africa – 0.6% | ||||||||
Coronation Fund Managers Ltd. | 1,128 | 3,851 | ||||||
DataTec Ltd. | 1,159 | 3,852 | ||||||
Famous Brands Ltd. | 456 | 3,826 | ||||||
Sibanye Gold Ltd. | 1,741 | 2,567 | ||||||
|
| |||||||
Total South Africa | 14,096 | |||||||
South Korea – 0.7% | ||||||||
Grand Korea Leisure Co., Ltd. | 98 | 2,023 | ||||||
Hite Jinro Co., Ltd. | 224 | 4,470 | ||||||
KEPCO Engineering & Construction Co., Inc. | 68 | 2,007 | ||||||
Kumho Petrochemical Co., Ltd. | 70 | 3,110 | ||||||
LS Industrial Systems Co., Ltd. | 79 | 3,099 | ||||||
Seah Besteel Corp. | 87 | 2,048 | ||||||
|
| |||||||
Total South Korea | 16,757 | |||||||
Spain – 0.1% | ||||||||
Obrascon Huarte Lain S.A. | 390 | 2,233 | ||||||
Sweden – 1.4% | ||||||||
AddTech AB Class B | 184 | 3,137 | ||||||
Avanza Bank Holding AB | 58 | 2,528 | ||||||
Bilia AB Class A | 172 | 3,917 | ||||||
Com Hem Holding AB | 322 | 2,933 | ||||||
Holmen AB Class B | 152 | 4,717 | ||||||
Modern Times Group MTG AB Class B | 200 | 5,141 | ||||||
Ratos AB Class B | 618 | 3,580 | ||||||
Sweco AB Class B | 218 | 3,213 |
See Notes to Financial Statements.
26 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (continued)
WisdomTree Global SmallCap Dividend Fund (GSD)
December 31, 2015
Investments | Shares | Value | ||||||
Wihlborgs Fastigheter AB | 194 | $ | 3,935 | |||||
|
| |||||||
Total Sweden | 33,101 | |||||||
Switzerland – 0.4% | ||||||||
Cembra Money Bank AG* | 93 | 5,983 | ||||||
Tecan Group AG Registered Shares | 24 | 3,906 | ||||||
|
| |||||||
Total Switzerland | 9,889 | |||||||
Taiwan – 2.9% | ||||||||
Chicony Electronics Co., Ltd. | 2,000 | 4,396 | ||||||
ChipMOS TECHNOLOGIES, Inc. | 3,000 | 2,836 | ||||||
Inventec Corp. | 11,000 | 7,217 | ||||||
King’s Town Bank Co., Ltd. | 4,000 | 2,849 | ||||||
Powertech Technology, Inc. | 2,000 | 3,970 | ||||||
Radiant Opto-Electronics Corp. | 1,000 | 2,295 | ||||||
Realtek Semiconductor Corp. | 2,000 | 4,792 | ||||||
Ruentex Development Co., Ltd. | 4,000 | 5,218 | ||||||
Ruentex Industries Ltd. | 4,000 | 7,477 | ||||||
Synnex Technology International Corp. | 6,000 | 5,854 | ||||||
Taiwan Secom Co., Ltd. | 2,000 | 5,937 | ||||||
Teco Electric and Machinery Co., Ltd. | 4,000 | 3,203 | ||||||
Transcend Information, Inc. | 1,000 | 2,609 | ||||||
Wan Hai Lines Ltd. | 6,000 | 3,334 | ||||||
Wistron Corp. | 7,000 | 3,964 | ||||||
WPG Holdings Ltd. | 6,000 | 5,745 | ||||||
|
| |||||||
Total Taiwan | 71,696 | |||||||
Thailand – 0.8% | ||||||||
Bangchak Petroleum PCL (The) NVDR | 5,400 | 4,952 | ||||||
Banpu PCL NVDR | 8,800 | 3,913 | ||||||
BEC World PCL NVDR | 5,300 | 4,492 | ||||||
Pruksa Real Estate PCL NVDR | 7,100 | 5,228 | ||||||
|
| |||||||
Total Thailand | 18,585 | |||||||
Turkey – 0.2% | ||||||||
Turk Traktor ve Ziraat Makineleri AS | 191 | 4,551 | ||||||
United Kingdom – 6.0% | ||||||||
A.G.Barr PLC | 376 | 2,954 | ||||||
Big Yellow Group PLC | 350 | 4,158 | ||||||
Bodycote PLC | 943 | 7,902 | ||||||
Brewin Dolphin Holdings PLC | 725 | 3,314 | ||||||
Dairy Crest Group PLC | 468 | 4,691 | ||||||
Debenhams PLC | 4,648 | 5,018 | ||||||
Dignity PLC | 83 | 3,126 | ||||||
Diploma PLC | 306 | 3,432 | ||||||
Drax Group PLC | 1,242 | 4,474 | ||||||
Electrocomponents PLC | 1,829 | 6,424 | ||||||
EMIS Group PLC | 175 | 2,935 | ||||||
esure Group PLC | 927 | 3,459 | ||||||
Ferroglobe PLC | 352 | 3,784 | ||||||
Fidessa Group PLC | 135 | 3,986 | ||||||
Genus PLC | 106 | 2,428 | ||||||
Go-Ahead Group PLC | 120 | 4,721 | ||||||
Greggs PLC | 213 | 4,125 | ||||||
Halfords Group PLC | 786 | 3,886 | ||||||
Interserve PLC | 444 | 3,406 | ||||||
J D Wetherspoon PLC | 249 | $ | 2,747 | |||||
Ladbrokes PLC | 3,591 | 6,335 | ||||||
Laird PLC | 732 | 3,829 | ||||||
Lookers PLC | 991 | 2,702 | ||||||
Marshalls PLC | 442 | 2,117 | ||||||
Marston’s PLC | 1,915 | 4,699 | ||||||
Mitie Group PLC | 1,113 | 5,102 | ||||||
Morgan Advanced Materials PLC | 946 | 3,450 | ||||||
N Brown Group PLC | 933 | 4,253 | ||||||
NCC Group PLC | 520 | 2,299 | ||||||
Nostrum Oil & Gas PLC | 409 | 2,441 | ||||||
Novae Group PLC | 204 | 2,682 | ||||||
OneSavings Bank PLC | 353 | 1,840 | ||||||
Polypipe Group PLC | 512 | 2,634 | ||||||
Rank Group PLC | 978 | 4,108 | ||||||
Safestore Holdings PLC | 542 | 2,855 | ||||||
Synthomer PLC | 796 | 3,732 | ||||||
Telecom Plus PLC | 223 | 3,520 | ||||||
Tullett Prebon PLC | 699 | 3,834 | ||||||
Vesuvius PLC | 935 | 4,590 | ||||||
|
| |||||||
Total United Kingdom | 147,992 | |||||||
United States – 48.1% | ||||||||
A. Schulman, Inc. | 133 | 4,075 | ||||||
Abercrombie & Fitch Co. Class A | 557 | 15,039 | ||||||
ABM Industries, Inc. | 241 | 6,861 | ||||||
Allegheny Technologies, Inc. | 844 | 9,495 | ||||||
Alon USA Energy, Inc. | 394 | 5,847 | ||||||
American States Water Co. | 185 | 7,761 | ||||||
Ameris Bancorp | 68 | 2,311 | ||||||
Andersons, Inc. (The) | 101 | 3,195 | ||||||
Applied Industrial Technologies, Inc. | 217 | 8,786 | ||||||
Artisan Partners Asset Management, Inc. Class A | 299 | 10,782 | ||||||
Astoria Financial Corp. | 188 | 2,980 | ||||||
Atlantic Tele-Network, Inc. | 50 | 3,912 | ||||||
Axiall Corp. | 480 | 7,392 | ||||||
AZZ, Inc. | 75 | 4,168 | ||||||
Badger Meter, Inc. | 44 | 2,578 | ||||||
BBCN Bancorp, Inc. | 292 | 5,028 | ||||||
BGC Partners, Inc. Class A | 1,584 | 15,539 | ||||||
Bob Evans Farms, Inc. | 139 | 5,400 | ||||||
Boston Private Financial Holdings, Inc. | 328 | 3,720 | ||||||
Brady Corp. Class A | 347 | 7,974 | ||||||
Briggs & Stratton Corp. | 239 | 4,135 | ||||||
Brink’s Co. (The) | 142 | 4,098 | ||||||
Bristow Group, Inc. | 291 | 7,537 | ||||||
California Water Service Group | 308 | 7,167 | ||||||
Capitol Federal Financial, Inc. | 1,113 | 13,979 | ||||||
Carpenter Technology Corp. | 218 | 6,599 | ||||||
Cato Corp. (The) Class A | 182 | 6,701 | ||||||
Chemical Financial Corp. | 128 | 4,387 | ||||||
Chesapeake Lodging Trust | 348 | 8,756 | ||||||
ClubCorp Holdings, Inc. | 309 | 5,645 | ||||||
Cogent Communications Holdings, Inc. | 437 | 15,160 | ||||||
Cohen & Steers, Inc. | 418 | 12,741 |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 27 |
Schedule of Investments (unaudited) (continued)
WisdomTree Global SmallCap Dividend Fund (GSD)
December 31, 2015
Investments | Shares | Value | ||||||
Commercial Metals Co. | 683 | $ | 9,350 | |||||
Community Bank System, Inc. | 162 | 6,470 | ||||||
CONMED Corp. | 101 | 4,449 | ||||||
Consolidated Communications Holdings, Inc. | 688 | 14,414 | ||||||
CoreSite Realty Corp. | 109 | 6,182 | ||||||
CSG Systems International, Inc. | 159 | 5,721 | ||||||
Cubic Corp. | 49 | 2,315 | ||||||
CVB Financial Corp. | 392 | 6,633 | ||||||
Dean Foods Co. | 322 | 5,522 | ||||||
Delek U.S. Holdings, Inc. | 353 | 8,684 | ||||||
DeVry Education Group, Inc. | 165 | 4,176 | ||||||
DineEquity, Inc. | 137 | 11,600 | ||||||
Dolby Laboratories, Inc. Class A | 124 | 4,173 | ||||||
DuPont Fabros Technology, Inc. | 501 | 15,927 | ||||||
EastGroup Properties, Inc. | 166 | 9,231 | ||||||
Ebix, Inc. | 92 | 3,017 | ||||||
Education Realty Trust, Inc. | 268 | 10,152 | ||||||
El Paso Electric Co. | 248 | 9,548 | ||||||
Empire District Electric Co. (The) | 400 | 11,228 | ||||||
ESCO Technologies, Inc. | 68 | 2,458 | ||||||
Essendant, Inc. | 138 | 4,486 | ||||||
Exponent, Inc. | 76 | 3,796 | ||||||
FBL Financial Group, Inc. Class A | 87 | 5,537 | ||||||
Federal Signal Corp. | 213 | 3,376 | ||||||
Finish Line, Inc. (The) Class A | 209 | 3,779 | ||||||
First Financial Bancorp | 266 | 4,807 | ||||||
First Merchants Corp. | 90 | 2,288 | ||||||
First Midwest Bancorp, Inc. | 245 | 4,515 | ||||||
Forward Air Corp. | 81 | 3,484 | ||||||
Franklin Electric Co., Inc. | 144 | 3,892 | ||||||
Franklin Street Properties Corp. | 765 | 7,918 | ||||||
G&K Services, Inc. Class A | 78 | 4,906 | ||||||
Government Properties Income Trust | 861 | 13,664 | ||||||
Gramercy Property Trust | 2,947 | 22,751 | ||||||
Granite Construction, Inc. | 137 | 5,879 | ||||||
Greenbrier Cos., Inc. (The) | 107 | 3,490 | ||||||
H.B. Fuller Co. | 141 | 5,142 | ||||||
Heartland Express, Inc. | 108 | 1,838 | ||||||
Herman Miller, Inc. | 233 | 6,687 | ||||||
Hersha Hospitality Trust | 286 | 6,223 | ||||||
Hillenbrand, Inc. | 355 | 10,519 | ||||||
Horace Mann Educators Corp. | 161 | 5,342 | ||||||
Independent Bank Corp. | 89 | 4,140 | ||||||
Innospec, Inc. | 63 | 3,422 | ||||||
Insperity, Inc. | 106 | 5,104 | ||||||
International Bancshares Corp. | 205 | 5,268 | ||||||
Intersil Corp. Class A | 1,020 | 13,015 | ||||||
Interval Leisure Group, Inc. | 304 | 4,745 | ||||||
Investors Real Estate Trust | 957 | 6,651 | ||||||
Joy Global, Inc. | 929 | 11,715 | ||||||
Kaiser Aluminum Corp. | 60 | 5,020 | ||||||
Kaman Corp. | 112 | 4,571 | ||||||
Kindred Healthcare, Inc. | 526 | 6,265 | ||||||
Knoll, Inc. | 221 | 4,155 | ||||||
La-Z-Boy, Inc. | 146 | $ | 3,565 | |||||
LegacyTexas Financial Group, Inc. | 120 | 3,002 | ||||||
Lexmark International, Inc. Class A | 553 | 17,945 | ||||||
LTC Properties, Inc. | 199 | 8,585 | ||||||
Mack-Cali Realty Corp. | 342 | 7,986 | ||||||
Matson, Inc. | 145 | 6,181 | ||||||
Matthews International Corp. Class A | 78 | 4,169 | ||||||
MDC Holdings, Inc. | 386 | 9,855 | ||||||
Meredith Corp. | 293 | 12,672 | ||||||
MGE Energy, Inc. | 203 | 9,419 | ||||||
Minerals Technologies, Inc. | 36 | 1,651 | ||||||
Mobile Mini, Inc. | 204 | 6,351 | ||||||
Monotype Imaging Holdings, Inc. | 146 | 3,451 | ||||||
MSA Safety, Inc. | 217 | 9,433 | ||||||
MTS Systems Corp. | 65 | 4,122 | ||||||
Mueller Industries, Inc. | 141 | 3,821 | ||||||
Mueller Water Products, Inc. Class A | 410 | 3,526 | ||||||
National Penn Bancshares, Inc. | 592 | 7,299 | ||||||
NBT Bancorp, Inc. | 182 | 5,074 | ||||||
Neenah Paper, Inc. | 68 | 4,245 | ||||||
New York REIT, Inc. | 878 | 10,097 | ||||||
Nexstar Broadcasting Group, Inc. Class A | 95 | 5,576 | ||||||
Northwest Bancshares, Inc. | 411 | 5,503 | ||||||
Northwest Natural Gas Co. | 208 | 10,527 | ||||||
Old National Bancorp | 483 | 6,549 | ||||||
Olin Corp. | 696 | 12,013 | ||||||
Otter Tail Corp. | 316 | 8,415 | ||||||
Park National Corp. | 75 | 6,786 | ||||||
Parkway Properties, Inc. | 633 | 9,894 | ||||||
Pattern Energy Group, Inc. | 787 | 16,456 | ||||||
Pennsylvania Real Estate Investment Trust | 372 | 8,136 | ||||||
Physicians Realty Trust | 378 | 6,373 | ||||||
Potlatch Corp. | 270 | 8,165 | ||||||
Power Integrations, Inc. | 84 | 4,085 | ||||||
Provident Financial Services, Inc. | 242 | 4,876 | ||||||
QTS Realty Trust, Inc. Class A | 154 | 6,947 | ||||||
Quaker Chemical Corp. | 43 | 3,322 | ||||||
Ramco-Gershenson Properties Trust | 476 | 7,906 | ||||||
Renasant Corp. | 108 | 3,716 | ||||||
Rent-A-Center, Inc. | 408 | 6,108 | ||||||
Retail Opportunity Investments Corp. | 479 | 8,574 | ||||||
RMR Group, Inc. (The) Class A* | 10 | 144 | ||||||
Rouse Properties, Inc. | 324 | 4,717 | ||||||
S&T Bancorp, Inc. | 105 | 3,236 | ||||||
Sabra Health Care REIT, Inc. | 520 | 10,520 | ||||||
Sanderson Farms, Inc. | 67 | 5,194 | ||||||
Saul Centers, Inc. | 98 | 5,024 | ||||||
Scholastic Corp. | 104 | 4,010 | ||||||
Schweitzer-Mauduit International, Inc. | 240 | 10,078 | ||||||
SeaWorld Entertainment, Inc. | 808 | 15,910 | ||||||
Select Income REIT | 867 | 17,184 | ||||||
Selective Insurance Group, Inc. | 155 | 5,205 | ||||||
ServisFirst Bancshares, Inc. | 33 | 1,568 | ||||||
Shenandoah Telecommunications Co. | 62 | 2,669 |
See Notes to Financial Statements.
28 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (concluded)
WisdomTree Global SmallCap Dividend Fund (GSD)
December 31, 2015
Investments | Shares | Value | ||||||
Simmons First National Corp. Class A | 75 | $ | 3,852 | |||||
Simpson Manufacturing Co., Inc. | 174 | 5,942 | ||||||
Sinclair Broadcast Group, Inc. Class A | 323 | 10,510 | ||||||
Sonic Corp. | 171 | 5,525 | ||||||
South Jersey Industries, Inc. | 525 | 12,348 | ||||||
SpartanNash Co. | 164 | 3,549 | ||||||
STAG Industrial, Inc. | 555 | 10,240 | ||||||
Standex International Corp. | 28 | 2,328 | ||||||
Steelcase, Inc. Class A | 412 | 6,139 | ||||||
Stepan Co. | 77 | 3,826 | ||||||
Sturm Ruger & Co., Inc. | 70 | 4,173 | ||||||
Summit Hotel Properties, Inc. | 439 | 5,246 | ||||||
Tennant Co. | 63 | 3,544 | ||||||
Terreno Realty Corp. | 201 | 4,547 | ||||||
Tessera Technologies, Inc. | 242 | 7,262 | ||||||
Tetra Tech, Inc. | 155 | 4,033 | ||||||
Theravance, Inc. | 2,288 | 24,116 | ||||||
Towne Bank | 164 | 3,423 | ||||||
Trustmark Corp. | 294 | 6,774 | ||||||
Union Bankshares Corp. | 147 | 3,710 | ||||||
United Fire Group, Inc. | 100 | 3,831 | ||||||
United States Steel Corp. | 521 | 4,158 | ||||||
Universal Corp. | 179 | 10,038 | ||||||
Universal Forest Products, Inc. | 57 | 3,897 | ||||||
Universal Insurance Holdings, Inc. | 80 | 1,854 | ||||||
Virtus Investment Partners, Inc. | 24 | 2,819 | ||||||
Vishay Intertechnology, Inc. | 643 | 7,748 | ||||||
Washington Real Estate Investment Trust | 376 | 10,175 | ||||||
Watts Water Technologies, Inc. Class A | 82 | 4,073 | ||||||
WD-40 Co. | 54 | 5,327 | ||||||
Weis Markets, Inc. | 153 | 6,778 | ||||||
WesBanco, Inc. | 123 | 3,692 | ||||||
Westamerica Bancorp | 113 | 5,283 | ||||||
Worthington Industries, Inc. | 327 | 9,856 | ||||||
|
| |||||||
Total United States | 1,177,839 | |||||||
TOTAL COMMON STOCKS (Cost: $2,488,358) | 2,440,465 | |||||||
EXCHANGE-TRADED NOTE – 0.1% | ||||||||
United States – 0.1% | ||||||||
iPath MSCI India Index ETN* | ||||||||
(Cost: $2,828) | 45 | 2,884 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.7% (Cost: $2,491,186) |
| 2,443,349 | ||||||
Cash, Foreign Currency and Other Assets in Excess of |
| 6,512 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 2,449,861 |
* | Non-income producing security. |
(a) | This security is exempt from registration under rule 144A of the Securities Act of 1933. This security may be sold in transactions that are exempt from registration, normally to qualified institutional buyers. |
CVA – Certificaten Van Aandelen (Certificate of Stock)
ETN – Exchange-Traded Note
GDR – Global Depositary Receipt
NVDR – Non-Voting Depositary Receipt
Reg S – Regulation S provides an exclusion from the registration requirements of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 29 |
Schedule of Investments (unaudited)
WisdomTree Global Hedged SmallCap Dividend Fund (HGSD)
December 31, 2015
Investments | Shares | Value | ||||||
EXCHANGE-TRADED FUND – 99.9% | ||||||||
United States – 99.9% | ||||||||
WisdomTree Global SmallCap Dividend Fund(a) | ||||||||
(Cost: $1,997,465) | 80,821 | $ | 1,989,813 | |||||
TOTAL INVESTMENTS IN SECURITIES – 99.9% (Cost: $1,997,465) | 1,989,813 | |||||||
Cash, Foreign Currency and Other Assets in Excess of Liabilities – 0.1% | 1,382 | |||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 1,991,195 |
(a) | Affiliated company (See Note 7). |
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||
FORWARD CONTRACTS | ||||||||||||||||
Settlement Date | Contracts To Deliver | In Exchange For | Unrealized Gain (Loss) | |||||||||||||
1/5/2016 | CHF | 1,738 | USD | 1,694 | $ | (42 | ) | |||||||||
1/5/2016 | CHF | 2,051 | USD | 2,000 | (49 | ) | ||||||||||
1/5/2016 | CHF | 2,050 | USD | 2,000 | (48 | ) | ||||||||||
1/5/2016 | CHF | 2,050 | USD | 2,000 | (48 | ) | ||||||||||
1/5/2016 | DKK | 9,052 | USD | 1,283 | (35 | ) | ||||||||||
1/5/2016 | DKK | 10,685 | USD | 1,515 | (40 | ) | ||||||||||
1/5/2016 | DKK | 10,686 | USD | 1,515 | (40 | ) | ||||||||||
1/5/2016 | DKK | 10,686 | USD | 1,515 | (40 | ) | ||||||||||
1/5/2016 | EUR | 22,875 | USD | 24,185 | (664 | ) | ||||||||||
1/5/2016 | EUR | 27,030 | USD | 28,579 | (784 | ) | ||||||||||
1/5/2016 | EUR | 27,031 | USD | 28,579 | (785 | ) | ||||||||||
1/5/2016 | EUR | 27,031 | USD | 28,579 | (784 | ) | ||||||||||
1/5/2016 | GBP | 17,328 | USD | 26,086 | 546 | |||||||||||
1/5/2016 | GBP | 20,474 | USD | 30,825 | 648 | |||||||||||
1/5/2016 | GBP | 20,475 | USD | 30,825 | 647 | |||||||||||
1/5/2016 | GBP | 20,475 | USD | 30,825 | 646 | |||||||||||
1/5/2016 | HKD | 119,394 | USD | 15,403 | (2 | ) | ||||||||||
1/5/2016 | HKD | 141,092 | USD | 18,203 | (2 | ) | ||||||||||
1/5/2016 | HKD | 141,090 | USD | 18,203 | (2 | ) | ||||||||||
1/5/2016 | HKD | 141,096 | USD | 18,203 | (3 | ) | ||||||||||
1/5/2016 | ILS | 12,065 | USD | 3,119 | 18 | |||||||||||
1/5/2016 | ILS | 14,258 | USD | 3,686 | 22 | |||||||||||
1/5/2016 | ILS | 14,257 | USD | 3,686 | 22 | |||||||||||
1/5/2016 | ILS | 14,257 | USD | 3,686 | 22 | |||||||||||
1/5/2016 | NOK | 63,499 | USD | 7,309 | 135 | |||||||||||
1/5/2016 | NOK | 75,003 | USD | 8,635 | 161 | |||||||||||
1/5/2016 | NOK | 75,004 | USD | 8,635 | 161 | |||||||||||
1/5/2016 | NOK | 75,007 | USD | 8,635 | 161 | |||||||||||
1/5/2016 | PHP | 125,548 | USD | 2,652 | (17 | ) | ||||||||||
1/5/2016 | PHP | 62,774 | USD | 1,327 | (8 | ) | ||||||||||
1/5/2016 | PHP | 62,774 | USD | 1,329 | (5 | ) | ||||||||||
1/5/2016 | PLN | 5,877 | USD | 1,452 | (36 | ) | ||||||||||
1/5/2016 | PLN | 6,944 | USD | 1,716 | (42 | ) | ||||||||||
1/5/2016 | PLN | 6,945 | USD | 1,716 | (43 | ) | ||||||||||
1/5/2016 | PLN | 6,944 | USD | 1,716 | (43 | ) | ||||||||||
1/5/2016 | SEK | 49,362 | USD | 5,666 | (189 | ) | ||||||||||
1/5/2016 | SEK | 58,308 | USD | 6,695 | (221 | ) | ||||||||||
1/5/2016 | SEK | 58,305 | USD | 6,695 | (221 | ) | ||||||||||
1/5/2016 | SEK | 58,314 | USD | 6,695 | (222 | ) | ||||||||||
1/5/2016 | TRY | 2,608 | USD | 888 | (5 | ) | ||||||||||
1/5/2016 | TRY | 3,074 | USD | 1,047 | (6 | ) | ||||||||||
1/5/2016 | TRY | 3,074 | USD | 1,047 | (6 | ) | ||||||||||
FORWARD CONTRACTS (continued) | ||||||||||||||||
Settlement Date | Contracts To Deliver | In Exchange For | Unrealized Gain (Loss) | |||||||||||||
1/5/2016 | TRY | 3,074 | USD | 1,047 | (6 | ) | ||||||||||
1/5/2016 | USD | 36 | CHF | 36 | – | |||||||||||
1/5/2016 | USD | 1,922 | CHF | 1,924 | – | |||||||||||
1/5/2016 | USD | 1,922 | CHF | 1,924 | – | |||||||||||
1/5/2016 | USD | 1,922 | CHF | 1,924 | – | |||||||||||
1/5/2016 | USD | 1,892 | CHF | 1,894 | – | |||||||||||
1/5/2016 | USD | 28 | DKK | 191 | – | |||||||||||
1/5/2016 | USD | 1,455 | DKK | 9,996 | – | |||||||||||
1/5/2016 | USD | 1,455 | DKK | 9,996 | – | |||||||||||
1/5/2016 | USD | 1,455 | DKK | 9,996 | – | |||||||||||
1/5/2016 | USD | 1,435 | DKK | 9,858 | – | |||||||||||
1/5/2016 | USD | 520 | EUR | 476 | (3 | ) | ||||||||||
1/5/2016 | USD | 27,459 | EUR | 25,277 | (1 | ) | ||||||||||
1/5/2016 | USD | 27,459 | EUR | 25,276 | (1 | ) | ||||||||||
1/5/2016 | USD | 27,459 | EUR | 25,276 | (1 | ) | ||||||||||
1/5/2016 | USD | 27,025 | EUR | 24,878 | – | |||||||||||
1/5/2016 | USD | 561 | GBP | 377 | (6 | ) | ||||||||||
1/5/2016 | USD | 29,618 | GBP | 20,096 | 1 | |||||||||||
1/5/2016 | USD | 29,618 | GBP | 20,094 | (1 | ) | ||||||||||
1/5/2016 | USD | 29,618 | GBP | 20,094 | (1 | ) | ||||||||||
1/5/2016 | USD | 29,146 | GBP | 19,775 | – | |||||||||||
1/5/2016 | USD | 331 | HKD | 2,566 | – | |||||||||||
1/5/2016 | USD | 17,489 | HKD | 135,546 | 1 | |||||||||||
1/5/2016 | USD | 17,489 | HKD | 135,536 | (1 | ) | ||||||||||
1/5/2016 | USD | 17,489 | HKD | 135,536 | (1 | ) | ||||||||||
1/5/2016 | USD | 17,214 | HKD | 133,411 | – | |||||||||||
1/5/2016 | USD | 67 | ILS | 261 | – | |||||||||||
1/5/2016 | USD | 3,541 | ILS | 13,779 | – | |||||||||||
1/5/2016 | USD | 3,541 | ILS | 13,777 | – | |||||||||||
1/5/2016 | USD | 3,541 | ILS | 13,777 | – | |||||||||||
1/5/2016 | USD | 3,487 | ILS | 13,568 | – | |||||||||||
1/5/2016 | USD | 157 | NOK | 1,375 | (2 | ) | ||||||||||
1/5/2016 | USD | 8,297 | NOK | 73,443 | – | |||||||||||
1/5/2016 | USD | 8,297 | NOK | 73,436 | – | |||||||||||
1/5/2016 | USD | 8,297 | NOK | 73,434 | (1 | ) | ||||||||||
1/5/2016 | USD | 8,166 | NOK | 72,280 | – | |||||||||||
1/5/2016 | USD | 25 | PHP | 1,194 | – | |||||||||||
1/5/2016 | USD | 5,319 | PHP | 249,902 | (6 | ) | ||||||||||
1/5/2016 | USD | 31 | PLN | 120 | – | |||||||||||
1/5/2016 | USD | 1,648 | PLN | 6,508 | – | |||||||||||
1/5/2016 | USD | 1,648 | PLN | 6,508 | – | |||||||||||
1/5/2016 | USD | 1,648 | PLN | 6,508 | – |
See Notes to Financial Statements.
30 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (continued)
WisdomTree Global Hedged SmallCap Dividend Fund (HGSD)
December 31, 2015
FINANCIAL DERIVATIVE INSTRUMENTS (continued) | ||||||||||||||||
FORWARD CONTRACTS (continued) | ||||||||||||||||
Settlement Date | Contracts To Deliver | In Exchange For | Unrealized Gan (Loss) | |||||||||||||
1/5/2016 | USD | 1,625 | PLN | 6,417 | $ | – | ||||||||||
1/5/2016 | USD | 122 | SEK | 1,037 | 1 | |||||||||||
1/5/2016 | USD | 6,432 | SEK | 54,228 | – | |||||||||||
1/5/2016 | USD | 6,432 | SEK | 54,223 | – | |||||||||||
1/5/2016 | USD | 6,432 | SEK | 54,222 | – | |||||||||||
1/5/2016 | USD | 6,333 | SEK | 53,391 | – | |||||||||||
1/5/2016 | USD | 19 | TRY | 56 | – | |||||||||||
1/5/2016 | USD | 1,006 | TRY | 2,936 | – | |||||||||||
1/5/2016 | USD | 1,006 | TRY | 2,937 | – | |||||||||||
1/5/2016 | USD | 1,006 | TRY | 2,936 | – | |||||||||||
1/5/2016 | USD | 992 | TRY | 2,896 | – | |||||||||||
1/6/2016 | AUD | 24,797 | USD | 17,934 | (106 | ) | ||||||||||
1/6/2016 | AUD | 29,299 | USD | 21,191 | (124 | ) | ||||||||||
1/6/2016 | AUD | 29,299 | USD | 21,191 | (125 | ) | ||||||||||
1/6/2016 | AUD | 29,300 | USD | 21,191 | (126 | ) | ||||||||||
1/6/2016 | BRL | 19,944 | USD | 5,057 | 18 | |||||||||||
1/6/2016 | BRL | 23,567 | USD | 5,983 | 29 | |||||||||||
1/6/2016 | BRL | 23,567 | USD | 5,951 | (4 | ) | ||||||||||
1/6/2016 | BRL | 23,567 | USD | 5,993 | 38 | |||||||||||
1/6/2016 | CAD | 31,104 | USD | 23,355 | 963 | |||||||||||
1/6/2016 | CAD | 36,752 | USD | 27,598 | 1,140 | |||||||||||
1/6/2016 | CAD | 36,754 | USD | 27,598 | 1,139 | |||||||||||
1/6/2016 | CAD | 36,754 | USD | 27,598 | 1,139 | |||||||||||
1/6/2016 | CLP | 734,060 | USD | 1,028 | (7 | ) | ||||||||||
1/6/2016 | CLP | 867,523 | USD | 1,214 | (10 | ) | ||||||||||
1/6/2016 | CLP | 867,523 | USD | 1,216 | (8 | ) | ||||||||||
1/6/2016 | CLP | 867,523 | USD | 1,215 | (9 | ) | ||||||||||
1/6/2016 | IDR | 31,992,108 | USD | 2,297 | (24 | ) | ||||||||||
1/6/2016 | IDR | 63,984,217 | USD | 4,593 | (48 | ) | ||||||||||
1/6/2016 | IDR | 31,992,108 | USD | 2,295 | (25 | ) | ||||||||||
1/6/2016 | INR | 31,218 | USD | 465 | (7 | ) | ||||||||||
1/6/2016 | INR | 62,436 | USD | 929 | (13 | ) | ||||||||||
1/6/2016 | INR | 31,219 | USD | 465 | (7 | ) | ||||||||||
1/6/2016 | JPY | 5,898,781 | USD | 47,909 | (1,128 | ) | ||||||||||
1/6/2016 | JPY | 6,970,961 | USD | 56,618 | (1,332 | ) | ||||||||||
1/6/2016 | JPY | 6,970,870 | USD | 56,618 | (1,332 | ) | ||||||||||
1/6/2016 | JPY | 6,971,238 | USD | 56,618 | (1,335 | ) | ||||||||||
1/6/2016 | KRW | 8,611,476 | USD | 7,444 | 103 | |||||||||||
1/6/2016 | KRW | 4,305,738 | USD | 3,717 | 47 | |||||||||||
1/6/2016 | KRW | 4,305,738 | USD | 3,720 | 49 | |||||||||||
1/6/2016 | MXN | 18,326 | USD | 1,101 | 40 | |||||||||||
1/6/2016 | MXN | 21,655 | USD | 1,301 | 47 | |||||||||||
1/6/2016 | MXN | 21,655 | USD | 1,301 | 47 | |||||||||||
1/6/2016 | MXN | 21,653 | USD | 1,301 | 47 | |||||||||||
1/6/2016 | MYR | 13,043 | USD | 3,062 | 24 | |||||||||||
1/6/2016 | MYR | 26,086 | USD | 6,129 | 53 | |||||||||||
1/6/2016 | MYR | 13,044 | USD | 3,065 | 27 | |||||||||||
1/6/2016 | SGD | 5,890 | USD | 4,175 | 23 | |||||||||||
1/6/2016 | SGD | 6,959 | USD | 4,933 | 28 | |||||||||||
1/6/2016 | SGD | 6,959 | USD | 4,933 | 28 | |||||||||||
1/6/2016 | SGD | 6,959 | USD | 4,933 | 28 | |||||||||||
1/6/2016 | THB | 144,242 | USD | 4,016 | 8 | |||||||||||
1/6/2016 | THB | 288,484 | USD | 8,029 | 13 | |||||||||||
1/6/2016 | THB | 144,242 | USD | 4,016 | 8 | |||||||||||
1/6/2016 | TWD | 468,011 | USD | 14,312 | 67 | |||||||||||
1/6/2016 | TWD | 936,022 | USD | 28,664 | 174 | |||||||||||
1/6/2016 | TWD | 468,011 | USD | 14,325 | 80 | |||||||||||
1/6/2016 | USD | 386 | AUD | 537 | 5 | |||||||||||
1/6/2016 | USD | 20,361 | AUD | 27,988 | – | |||||||||||
1/6/2016 | USD | 20,361 | AUD | 27,988 | 1 | |||||||||||
1/6/2016 | USD | 20,361 | AUD | 27,988 | 1 | |||||||||||
1/6/2016 | USD | 20,038 | AUD | 27,542 | (1 | ) | ||||||||||
1/6/2016 | USD | 110 | BRL | 446 | 2 | |||||||||||
1/6/2016 | USD | 22,533 | BRL | 90,199 | 259 | |||||||||||
1/6/2016 | USD | 502 | CAD | 702 | 3 | |||||||||||
1/6/2016 | USD | 26,517 | CAD | 36,833 | (1 | ) | ||||||||||
1/6/2016 | USD | 26,517 | CAD | 36,833 | (2 | ) | ||||||||||
1/6/2016 | USD | 26,517 | CAD | 36,833 | (1 | ) | ||||||||||
1/6/2016 | USD | 26,096 | CAD | 36,250 | – | |||||||||||
1/6/2016 | USD | 23 | CLP | 15,713 | (1 | ) | ||||||||||
1/6/2016 | USD | 4,684 | CLP | 3,320,916 | 2 | |||||||||||
1/6/2016 | USD | 45 | IDR | 615,149 | – | |||||||||||
1/6/2016 | USD | 9,232 | IDR | 127,353,284 | 5 | |||||||||||
1/6/2016 | USD | 9 | INR | 588 | – | |||||||||||
1/6/2016 | USD | 1,873 | INR | 124,285 | 3 | |||||||||||
1/6/2016 | USD | 1,031 | JPY | 124,763 | 6 | |||||||||||
1/6/2016 | USD | 54,399 | JPY | 6,543,731 | – | |||||||||||
1/6/2016 | USD | 54,399 | JPY | 6,543,329 | (3 | ) | ||||||||||
1/6/2016 | USD | 54,399 | JPY | 6,543,400 | (3 | ) | ||||||||||
1/6/2016 | USD | 53,535 | JPY | 6,439,992 | 1 | |||||||||||
1/6/2016 | USD | 71 | KRW | 83,358 | – | |||||||||||
1/6/2016 | USD | 3,650 | KRW | 4,284,898 | 3 | |||||||||||
1/6/2016 | USD | 3,654 | KRW | 4,284,899 | (2 | ) | ||||||||||
1/6/2016 | USD | 3,653 | KRW | 4,284,898 | (1 | ) | ||||||||||
1/6/2016 | USD | 3,655 | KRW | 4,284,899 | (3 | ) | ||||||||||
1/6/2016 | USD | 24 | MXN | 410 | – | |||||||||||
1/6/2016 | USD | 1,249 | MXN | 21,572 | – | |||||||||||
1/6/2016 | USD | 1,249 | MXN | 21,571 | – | |||||||||||
1/6/2016 | USD | 1,249 | MXN | 21,570 | – | |||||||||||
1/6/2016 | USD | 1,233 | MXN | 21,295 | – | |||||||||||
1/6/2016 | USD | 58 | MYR | 250 | – | |||||||||||
1/6/2016 | USD | 12,099 | MYR | 51,923 | (5 | ) | ||||||||||
1/6/2016 | USD | 90 | SGD | 127 | (1 | ) | ||||||||||
1/6/2016 | USD | 4,739 | SGD | 6,724 | – | |||||||||||
1/6/2016 | USD | 4,739 | SGD | 6,722 | (1 | ) | ||||||||||
1/6/2016 | USD | 4,739 | SGD | 6,723 | – | |||||||||||
1/6/2016 | USD | 4,667 | SGD | 6,621 | – | |||||||||||
1/6/2016 | USD | 76 | THB | 2,745 | – | |||||||||||
1/6/2016 | USD | 15,928 | THB | 574,223 | 28 | |||||||||||
1/6/2016 | USD | 271 | TWD | 8,900 | – | |||||||||||
1/6/2016 | USD | 56,682 | TWD | 1,863,144 | 27 | |||||||||||
1/7/2016 | NZD | 14,428 | USD | 9,483 | (394 | ) | ||||||||||
1/7/2016 | NZD | 17,050 | USD | 11,207 | (465 | ) | ||||||||||
1/7/2016 | NZD | 17,050 | USD | 11,207 | (465 | ) | ||||||||||
1/7/2016 | NZD | 17,051 | USD | 11,207 | (465 | ) | ||||||||||
1/7/2016 | USD | 204 | NZD | 302 | 2 | |||||||||||
1/7/2016 | USD | 10,767 | NZD | 15,729 | – | |||||||||||
1/7/2016 | USD | 10,767 | NZD | 15,729 | – | |||||||||||
1/7/2016 | USD | 10,767 | NZD | 15,729 | – | |||||||||||
1/7/2016 | USD | 10,599 | NZD | 15,482 | (1 | ) | ||||||||||
1/8/2016 | USD | 61 | ZAR | 921 | (2 | ) | ||||||||||
1/8/2016 | USD | 3,225 | ZAR | 49,969 | (2 | ) |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 31 |
Schedule of Investments (unaudited) (concluded)
WisdomTree Global Hedged SmallCap Dividend Fund (HGSD)
December 31, 2015
FINANCIAL DERIVATIVE INSTRUMENTS (continued) | ||||||||||||||||
FORWARD CONTRACTS (continued) | ||||||||||||||||
Settlement Date | Contracts To Deliver | In Exchange For | Unrealized Gain (Loss) | |||||||||||||
1/8/2016 | USD | 3,225 | ZAR | 49,977 | $ | (1 | ) | |||||||||
1/8/2016 | USD | 3,225 | ZAR | 49,993 | – | |||||||||||
1/8/2016 | USD | 3,174 | ZAR | 49,183 | (2 | ) | ||||||||||
1/8/2016 | ZAR | 41,266 | USD | 2,842 | 180 | |||||||||||
1/8/2016 | ZAR | 48,726 | USD | 3,356 | 213 | |||||||||||
1/8/2016 | ZAR | 48,733 | USD | 3,356 | 213 | |||||||||||
1/8/2016 | ZAR | 48,728 | USD | 3,356 | 213 | |||||||||||
2/2/2016 | CHF | 2,119 | USD | 2,119 | – | |||||||||||
2/2/2016 | CHF | 2,119 | USD | 2,119 | – | |||||||||||
2/2/2016 | CHF | 2,119 | USD | 2,119 | – | |||||||||||
2/2/2016 | CHF | 2,088 | USD | 2,088 | – | |||||||||||
2/2/2016 | DKK | 10,085 | USD | 1,469 | – | |||||||||||
2/2/2016 | DKK | 10,085 | USD | 1,469 | – | |||||||||||
2/2/2016 | DKK | 10,085 | USD | 1,469 | – | |||||||||||
2/2/2016 | DKK | 9,949 | USD | 1,449 | – | |||||||||||
2/2/2016 | EUR | 26,291 | USD | 28,580 | – | |||||||||||
2/2/2016 | EUR | 26,291 | USD | 28,580 | 1 | |||||||||||
2/2/2016 | EUR | 26,291 | USD | 28,580 | 1 | |||||||||||
2/2/2016 | EUR | 25,874 | USD | 28,125 | (1 | ) | ||||||||||
2/2/2016 | GBP | 20,211 | USD | 29,790 | (2 | ) | ||||||||||
2/2/2016 | GBP | 20,210 | USD | 29,790 | 1 | |||||||||||
2/2/2016 | GBP | 20,210 | USD | 29,790 | 1 | |||||||||||
2/2/2016 | GBP | 19,891 | USD | 29,318 | (1 | ) | ||||||||||
2/2/2016 | HKD | 137,928 | USD | 17,800 | (2 | ) | ||||||||||
2/2/2016 | HKD | 137,911 | USD | 17,800 | 1 | |||||||||||
2/2/2016 | HKD | 137,913 | USD | 17,800 | – | |||||||||||
2/2/2016 | HKD | 135,732 | USD | 17,518 | – | |||||||||||
2/2/2016 | ILS | 12,986 | USD | 3,338 | (1 | ) | ||||||||||
2/2/2016 | ILS | 12,987 | USD | 3,338 | (1 | ) | ||||||||||
2/2/2016 | ILS | 12,984 | USD | 3,338 | – | |||||||||||
2/2/2016 | ILS | 12,778 | USD | 3,285 | – | |||||||||||
2/2/2016 | NOK | 74,103 | USD | 8,369 | (1 | ) | ||||||||||
2/2/2016 | NOK | 74,098 | USD | 8,369 | – | |||||||||||
2/2/2016 | NOK | 74,093 | USD | 8,369 | 1 | |||||||||||
2/2/2016 | NOK | 72,949 | USD | 8,239 | – | |||||||||||
2/2/2016 | PHP | 249,776 | USD | 5,296 | (11 | ) | ||||||||||
2/2/2016 | PLN | 6,683 | USD | 1,691 | – | |||||||||||
2/2/2016 | PLN | 6,683 | USD | 1,691 | – | |||||||||||
2/2/2016 | PLN | 6,685 | USD | 1,691 | (1 | ) | ||||||||||
2/2/2016 | PLN | 6,592 | USD | 1,668 | – | |||||||||||
2/2/2016 | SEK | 56,690 | USD | 6,729 | (1 | ) | ||||||||||
2/2/2016 | SEK | 56,684 | USD | 6,729 | – | |||||||||||
2/2/2016 | SEK | 56,680 | USD | 6,729 | – | |||||||||||
2/2/2016 | SEK | 55,799 | USD | 6,624 | – | |||||||||||
2/2/2016 | TRY | 2,922 | USD | 993 | – | |||||||||||
2/2/2016 | TRY | 2,923 | USD | 993 | – | |||||||||||
2/2/2016 | TRY | 2,923 | USD | 993 | – | |||||||||||
2/2/2016 | TRY | 2,884 | USD | 980 | – | |||||||||||
2/3/2016 | AUD | 28,413 | USD | 20,641 | (2 | ) | ||||||||||
2/3/2016 | AUD | 28,413 | USD | 20,641 | (2 | ) | ||||||||||
2/3/2016 | AUD | 28,413 | USD | 20,641 | (2 | ) | ||||||||||
2/3/2016 | AUD | 27,958 | USD | 20,313 | 1 | |||||||||||
2/3/2016 | BRL | 82,327 | USD | 20,374 | (223 | ) | ||||||||||
2/3/2016 | CAD | 34,214 | USD | 24,632 | – | |||||||||||
2/3/2016 | CAD | 34,213 | USD | 24,632 | 1 | |||||||||||
2/3/2016 | CAD | 34,213 | USD | 24,632 | 1 | |||||||||||
2/3/2016 | CAD | 33,675 | USD | 24,243 | (1 | ) | ||||||||||
2/3/2016 | CLP | 3,346,956 | USD | 4,706 | (1 | ) | ||||||||||
2/3/2016 | IDR | 127,716,785 | USD | 9,169 | (29 | ) | ||||||||||
2/3/2016 | INR | 126,587 | USD | 1,901 | (4 | ) | ||||||||||
2/3/2016 | JPY | 6,546,939 | USD | 54,456 | (3 | ) | ||||||||||
2/3/2016 | JPY | 6,546,836 | USD | 54,456 | (2 | ) | ||||||||||
2/3/2016 | JPY | 6,443,125 | USD | 53,590 | (5 | ) | ||||||||||
2/3/2016 | JPY | 6,546,618 | USD | 54,456 | – | |||||||||||
2/3/2016 | KRW | 4,195,406 | USD | 3,570 | 6 | |||||||||||
2/3/2016 | KRW | 4,195,407 | USD | 3,575 | 10 | |||||||||||
2/3/2016 | KRW | 4,195,406 | USD | 3,574 | 10 | |||||||||||
2/3/2016 | KRW | 4,195,406 | USD | 3,576 | 12 | |||||||||||
2/3/2016 | NZD | 16,936 | USD | 11,573 | (1 | ) | ||||||||||
2/3/2016 | NZD | 16,936 | USD | 11,573 | (1 | ) | ||||||||||
2/3/2016 | NZD | 16,936 | USD | 11,573 | (1 | ) | ||||||||||
2/3/2016 | NZD | 16,668 | USD | 11,391 | – | |||||||||||
2/3/2016 | SGD | 6,703 | USD | 4,725 | 4 | |||||||||||
2/3/2016 | SGD | 6,711 | USD | 4,725 | (1 | ) | ||||||||||
2/3/2016 | SGD | 6,710 | USD | 4,725 | – | |||||||||||
2/3/2016 | SGD | 6,603 | USD | 4,650 | – | |||||||||||
2/3/2016 | THB | 552,289 | USD | 15,287 | (49 | ) | ||||||||||
2/3/2016 | TWD | 1,891,769 | USD | 57,379 | (50 | ) | ||||||||||
2/4/2016 | MXN | 20,336 | USD | 1,175 | – | |||||||||||
2/4/2016 | MXN | 20,338 | USD | 1,175 | – | |||||||||||
2/4/2016 | MXN | 20,334 | USD | 1,175 | – | |||||||||||
2/4/2016 | MXN | 20,043 | USD | 1,158 | – | |||||||||||
2/4/2016 | MYR | 52,694 | USD | 12,272 | 7 | |||||||||||
2/5/2016 | ZAR | 44,834 | USD | 2,876 | (1 | ) | ||||||||||
2/5/2016 | ZAR | 44,836 | USD | 2,876 | (1 | ) | ||||||||||
2/5/2016 | ZAR | 44,822 | USD | 2,876 | – | |||||||||||
2/5/2016 | ZAR | 44,111 | USD | 2,832 | 1 | |||||||||||
$ | (2,631 | ) |
CURRENCY LEGEND
AUD | Australian dollar | |
BRL | Brazilian real | |
CAD | Canadian dollar | |
CHF | Swiss franc | |
CLP | Chilean peso | |
DKK | Danish krone | |
EUR | Euro | |
GBP | British pound | |
HKD | Hong Kong dollar | |
IDR | Indonesian rupiah | |
ILS | Israeli new shekel | |
INR | Indian rupee | |
JPY | Japanese yen | |
KRW | South Korean won | |
MXN | Mexican peso | |
MYR | Malaysian ringgit | |
NOK | Norwegian krone | |
NZD | New Zealand dollar | |
PHP | Philippine peso | |
PLN | Polish zloty | |
SEK | Swedish krona | |
SGD | Singapore dollar | |
THB | Thai baht | |
TRY | Turkish New lira | |
TWD | New Taiwan dollar | |
USD | U.S. dollar | |
ZAR | South African rand |
See Notes to Financial Statements.
32 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited)
WisdomTree Dynamic Bearish U.S. Equity Fund (DYB)
December 31, 2015
Investments | Principal Amount | Value | ||||||
U.S. GOVERNMENT OBLIGATIONS – 101.1% | ||||||||
U.S. Treasury Bills – 101.1% | ||||||||
U.S. Treasury Bills | ||||||||
0.10%, 1/7/16* | $ | 232,000 | $ | 231,999 | ||||
0.13%, 1/14/16* | 204,000 | 203,994 | ||||||
0.12%, 1/21/16* | 115,000 | 114,995 | ||||||
0.13%, 1/28/16* | 115,000 | 114,991 | ||||||
0.13%, 2/4/16* | 208,000 | 207,984 | ||||||
0.13%, 2/11/16* | 156,000 | 155,979 | ||||||
0.13%, 2/18/16* | 156,000 | 155,979 | ||||||
0.14%, 2/25/16* | 55,000 | 54,995 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 101.1% (Cost: $1,240,848) | 1,240,916 | |||||||
Liabilities in Excess of Cash and Other Assets – (1.1)% | (13,900 | ) | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 1,227,016 |
* | Interest rate shown reflects the discount rate at time of purchase. |
FINANCIAL DERIVATIVE INSTRUMENTS
TOTAL RETURN SWAP
Counterparty | Termination Date | Notional Amount | Fund Receives Floating Rate (per annum) | Fund Pays Total Return of Reference Entity | Unrealized Depreciation | |||||||||||||
Bank of America Merrill Lynch | 12/2/16 | $ | 1,238,845 | 1-Month LIBOR less 0.11% | S&P 500 Index | $ | (14,411 | ) |
LIBOR – London Interbank Offered Rate
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 33 |
Schedule of Investments (unaudited)
WisdomTree Dynamic Long/Short U.S. Equity Fund (DYLS)
December 31, 2015
Investments | Shares | Value | ||||||
COMMON STOCKS – 101.1% | ||||||||
United States – 101.1% | ||||||||
Aerospace & Defense – 3.0% | ||||||||
Boeing Co. (The) | 166 | $ | 24,002 | |||||
Lockheed Martin Corp. | 235 | 51,030 | ||||||
|
| |||||||
Total Aerospace & Defense | 75,032 | |||||||
Air Freight & Logistics – 2.6% | ||||||||
C.H. Robinson Worldwide, Inc. | 696 | 43,166 | ||||||
United Parcel Service, Inc. Class B | 219 | 21,074 | ||||||
|
| |||||||
Total Air Freight & Logistics | 64,240 | |||||||
Auto Components – 0.7% | ||||||||
Goodyear Tire & Rubber Co. (The) | 564 | 18,426 | ||||||
Banks – 1.3% | ||||||||
CIT Group, Inc. | 808 | 32,078 | ||||||
Biotechnology – 0.6% | ||||||||
Amgen, Inc. | 98 | 15,908 | ||||||
Capital Markets – 0.8% | ||||||||
Ameriprise Financial, Inc. | 196 | 20,858 | ||||||
Chemicals – 3.1% | ||||||||
International Flavors & Fragrances, Inc. | 266 | 31,824 | ||||||
Monsanto Co. | 312 | 30,738 | ||||||
Westlake Chemical Corp. | 290 | 15,753 | ||||||
|
| |||||||
Total Chemicals | 78,315 | |||||||
Commercial Services & Supplies – 1.3% | ||||||||
Pitney Bowes, Inc. | 1,552 | 32,049 | ||||||
Communications Equipment – 2.5% | ||||||||
Arista Networks, Inc.* | 194 | 15,101 | ||||||
Brocade Communications Systems, Inc. | 3,571 | 32,782 | ||||||
F5 Networks, Inc.* | 142 | 13,768 | ||||||
|
| |||||||
Total Communications Equipment | 61,651 | |||||||
Consumer Finance – 1.0% | ||||||||
Navient Corp. | 1,210 | 13,854 | ||||||
Santander Consumer USA Holdings, Inc.* | 668 | 10,588 | ||||||
|
| |||||||
Total Consumer Finance | 24,442 | |||||||
Containers & Packaging – 1.3% | ||||||||
International Paper Co. | 860 | 32,422 | ||||||
Diversified Financial Services – 0.7% | ||||||||
Voya Financial, Inc. | 482 | 17,791 | ||||||
Diversified Telecommunication Services – 2.2% | ||||||||
CenturyLink, Inc. | 621 | 15,624 | ||||||
Verizon Communications, Inc. | 875 | 40,443 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 56,067 | |||||||
Electric Utilities – 1.5% | ||||||||
PPL Corp. | 1,091 | 37,236 | ||||||
Electrical Equipment – 1.5% | ||||||||
Emerson Electric Co. | 460 | 22,002 | ||||||
Rockwell Automation, Inc. | 164 | 16,828 | ||||||
|
| |||||||
Total Electrical Equipment | 38,830 | |||||||
Electronic Equipment, Instruments & Components – 2.3% | ||||||||
Corning, Inc. | 1,074 | 19,633 | ||||||
FLIR Systems, Inc. | 1,333 | 37,417 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 57,050 | |||||||
Energy Equipment & Services – 2.2% | ||||||||
Helmerich & Payne, Inc. | 629 | 33,683 | ||||||
Oceaneering International, Inc. | 606 | 22,737 | ||||||
|
| |||||||
Total Energy Equipment & Services | 56,420 | |||||||
Food Products – 4.0% | ||||||||
Cal-Maine Foods, Inc. | 204 | 9,453 | ||||||
Keurig Green Mountain, Inc. | 172 | 15,477 | ||||||
Lancaster Colony Corp. | 434 | 50,110 | ||||||
Mead Johnson Nutrition Co. | 318 | 25,106 | ||||||
|
| |||||||
Total Food Products | 100,146 | |||||||
Health Care Equipment & Supplies – 5.1% | ||||||||
Abbott Laboratories | 783 | 35,165 | ||||||
Alere, Inc.* | 414 | 16,183 | ||||||
Baxter International, Inc. | 1,987 | 75,804 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 127,152 | |||||||
Health Care Providers & Services – 4.2% | ||||||||
HCA Holdings, Inc.* | 188 | 12,715 | ||||||
HealthSouth Corp. | 398 | 13,854 | ||||||
Quest Diagnostics, Inc. | 915 | 65,093 | ||||||
Universal Health Services, Inc. Class B | 112 | 13,383 | ||||||
|
| |||||||
Total Health Care Providers & Services | 105,045 | |||||||
Hotels, Restaurants & Leisure – 7.5% | ||||||||
Cracker Barrel Old Country Store, Inc. | 182 | 23,083 | ||||||
Las Vegas Sands Corp. | 469 | 20,561 | ||||||
McDonald’s Corp. | 692 | 81,753 | ||||||
Six Flags Entertainment Corp. | 589 | 32,360 | ||||||
Wyndham Worldwide Corp. | 408 | 29,641 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 187,398 | |||||||
Household Durables – 1.2% | ||||||||
GoPro, Inc. Class A* | 382 | 6,880 | ||||||
Tupperware Brands Corp. | 402 | 22,371 | ||||||
|
| |||||||
Total Household Durables | 29,251 | |||||||
Household Products – 1.7% | ||||||||
Colgate-Palmolive Co. | 626 | 41,704 | ||||||
Independent Power and Renewable Electricity Producers – 0.8% | ||||||||
AES Corp. | 2,056 | 19,676 | ||||||
Industrial Conglomerates – 0.8% | ||||||||
3M Co. | 136 | 20,487 | ||||||
Insurance – 3.0% | ||||||||
AmTrust Financial Services, Inc. | 216 | 13,301 | ||||||
MetLife, Inc. | 400 | 19,284 | ||||||
Travelers Cos., Inc. (The) | 375 | 42,323 | ||||||
|
| |||||||
Total Insurance | 74,908 | |||||||
Internet Software & Services – 4.0% | ||||||||
eBay, Inc.* | 2,416 | 66,392 | ||||||
GrubHub, Inc.* | 488 | 11,809 |
See Notes to Financial Statements.
34 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Schedule of Investments (unaudited) (concluded)
WisdomTree Dynamic Long/Short U.S. Equity Fund (DYLS)
December 31, 2015
Investments | Shares | Value | ||||||
IAC/InterActiveCorp | 382 | $ | 22,939 | |||||
|
| |||||||
Total Internet Software & Services | 101,140 | |||||||
IT Services – 2.7% | ||||||||
DST Systems, Inc. | 215 | 24,523 | ||||||
Paychex, Inc. | 637 | 33,691 | ||||||
Western Union Co. (The) | 528 | 9,456 | ||||||
|
| |||||||
Total IT Services | 67,670 | |||||||
Life Sciences Tools & Services – 1.2% | ||||||||
Charles River Laboratories International, Inc.* | 204 | 16,400 | ||||||
VWR Corp.* | 510 | 14,438 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 30,838 | |||||||
Machinery – 0.8% | ||||||||
Lincoln Electric Holdings, Inc. | 399 | 20,704 | ||||||
Media – 5.2% | ||||||||
CBS Corp. Class B Non-Voting Shares | 420 | 19,795 | ||||||
Omnicom Group, Inc. | 376 | 28,448 | ||||||
Scripps Networks Interactive, Inc. Class A | 558 | 30,807 | ||||||
Sinclair Broadcast Group, Inc. Class A | 655 | 21,314 | ||||||
TEGNA, Inc. | 662 | 16,894 | ||||||
Viacom, Inc. Class B | 317 | 13,048 | ||||||
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| |||||||
Total Media | 130,306 | |||||||
Oil, Gas & Consumable Fuels – 4.4% | ||||||||
ONEOK, Inc. | 454 | 11,196 | ||||||
Spectra Energy Corp. | 2,035 | 48,718 | ||||||
Tesoro Corp. | 146 | 15,384 | ||||||
Valero Energy Corp. | 320 | 22,627 | ||||||
Western Refining, Inc. | 340 | 12,111 | ||||||
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Total Oil, Gas & Consumable Fuels | 110,036 | |||||||
Personal Products – 0.3% | ||||||||
Nu Skin Enterprises, Inc. Class A | 206 | 7,805 | ||||||
Pharmaceuticals – 1.6% | ||||||||
Catalent, Inc.* | 540 | 13,516 | ||||||
Merck & Co., Inc. | 526 | 27,784 | ||||||
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Total Pharmaceuticals | 41,300 | |||||||
Professional Services – 0.6% | ||||||||
Robert Half International, Inc. | 346 | 16,310 | ||||||
Real Estate Investment Trusts (REITs) – 8.6% | ||||||||
Duke Realty Corp. | 1,668 | 35,061 | ||||||
General Growth Properties, Inc. | 1,755 | 47,753 | ||||||
Lamar Advertising Co. Class A | 581 | $ | 34,848 | |||||
Macerich Co. (The) | 475 | 38,328 | ||||||
Outfront Media, Inc. | 654 | 14,277 | ||||||
Weyerhaeuser Co. | 1,522 | 45,630 | ||||||
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| |||||||
Total Real Estate Investment Trusts (REITs) | 215,897 | |||||||
Real Estate Management & Development – 1.0% | ||||||||
Jones Lang LaSalle, Inc. | 150 | 23,979 | ||||||
Semiconductors & Semiconductor Equipment – 4.4% | ||||||||
Applied Materials, Inc. | 976 | 18,222 | ||||||
Linear Technology Corp. | 787 | 33,424 | ||||||
Skyworks Solutions, Inc. | 262 | 20,129 | ||||||
Synaptics, Inc.* | 144 | 11,569 | ||||||
Texas Instruments, Inc. | 499 | 27,350 | ||||||
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| |||||||
Total Semiconductors & Semiconductor Equipment | 110,694 | |||||||
Software – 2.5% | ||||||||
Aspen Technology, Inc.* | 550 | 20,768 | ||||||
Manhattan Associates, Inc.* | 433 | 28,651 | ||||||
MicroStrategy, Inc. Class A* | 78 | 13,985 | ||||||
|
| |||||||
Total Software | 63,404 | |||||||
Specialty Retail – 0.8% | ||||||||
Gap, Inc. (The) | 825 | 20,378 | ||||||
Technology Hardware, Storage & Peripherals – 1.0% | ||||||||
Apple, Inc. | 234 | 24,631 | ||||||
Thrifts & Mortgage Finance – 1.5% | ||||||||
MGIC Investment Corp.* | 1,548 | 13,669 | ||||||
Radian Group, Inc. | 1,708 | 22,870 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 36,539 | |||||||
Tobacco – 2.6% | ||||||||
Altria Group, Inc. | 570 | 33,180 | ||||||
Philip Morris International, Inc. | 364 | 31,999 | ||||||
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| |||||||
Total Tobacco | 65,179 | |||||||
Trading Companies & Distributors – 1.0% | ||||||||
Fastenal Co. | 648 | 26,451 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 101.1% (Cost: $2,503,100) | 2,537,843 | |||||||
Liabilities in Excess of Cash and Other Assets – (1.1)% | (27,476 | ) | ||||||
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| |||||||
NET ASSETS – 100.0% | $ | 2,510,367 |
* | Non-income producing security. |
FINANCIAL DERIVATIVE INSTRUMENTS
TOTAL RETURN SWAP
Counterparty | Termination Date | Notional Amount | Fund Receives Floating Rate (per annum) | Fund Pays Total Return of Reference Entity | Unrealized Depreciation | |||||||||||||
Bank of America Merrill Lynch | 12/2/16 | $ | 2,473,912 | 1-Month LIBOR less 0.11% | S&P 500 Index | $ | (29,010 | ) |
LIBOR – London Interbank Offered Rate
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 35 |
Statements of Assets and Liabilities (unaudited)
WisdomTree Trust
December 31, 2015
WisdomTree Europe Local Recovery Fund | WisdomTree Strong Dollar Emerging Markets Equity Fund | WisdomTree Strong Dollar U.S. Equity Fund | WisdomTree Weak Dollar U.S. Equity Fund | WisdomTree Global SmallCap Dividend Fund | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at cost | $ | 3,714,974 | $ | 2,503,130 | $ | 1,242,141 | $ | 1,244,206 | $ | 2,491,186 | ||||||||||
Foreign currency, at cost | 2,350 | 533 | — | — | 3,963 | |||||||||||||||
Investments in securities, at value (including securities on loan) (Note 2)1 | 3,684,494 | 2,384,731 | 1,206,495 | 1,179,399 | 2,443,349 | |||||||||||||||
Cash | 4 | 3,009 | 1,056 | 1,175 | 1,602 | |||||||||||||||
Foreign currency, at value | 2,335 | 533 | — | — | 3,943 | |||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 11 | — | — | — | — | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investment securities sold | — | — | — | — | 183 | |||||||||||||||
Dividends and interest | 1,463 | 1,266 | 1,945 | 1,488 | 4,632 | |||||||||||||||
Foreign tax reclaims | 360 | — | — | — | 55 | |||||||||||||||
Total Assets | 3,688,667 | 2,389,539 | 1,209,496 | 1,182,062 | 2,453,764 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investment of cash collateral for securities loaned (Note 2) | — | 24,378 | — | — | — | |||||||||||||||
Investment securities purchased | — | — | — | — | 3,000 | |||||||||||||||
Advisory fees (Note 3) | 1,490 | 1,152 | 339 | 333 | 894 | |||||||||||||||
Service fees (Note 2) | 14 | 9 | 5 | 4 | 9 | |||||||||||||||
Foreign capital gains tax | — | 511 | — | — | — | |||||||||||||||
Total Liabilities | 1,504 | 26,050 | 344 | 337 | 3,903 | |||||||||||||||
NET ASSETS | $ | 3,687,163 | $ | 2,363,489 | $ | 1,209,152 | $ | 1,181,725 | $ | 2,449,861 | ||||||||||
NET ASSETS: | ||||||||||||||||||||
Paid-in capital | $ | 3,715,411 | $ | 2,492,621 | $ | 1,281,047 | $ | 1,272,898 | $ | 2,495,973 | ||||||||||
Undistributed (Distributions in excess of) net investment income | 2,493 | (2,568 | ) | 954 | 541 | (1,476 | ) | |||||||||||||
Accumulated net realized gain (loss) on investments and forward foreign currency contracts and foreign currency related transactions | (252 | ) | (7,653 | ) | (37,203 | ) | (26,907 | ) | 3,270 | |||||||||||
Net unrealized depreciation on investments, forward foreign currency contracts, and translation of assets and liabilities denominated in foreign currencies | (30,489 | ) | (118,911 | ) | (35,646 | ) | (64,807 | ) | (47,906 | ) | ||||||||||
NET ASSETS | $ | 3,687,163 | $ | 2,363,489 | $ | 1,209,152 | $ | 1,181,725 | $ | 2,449,861 | ||||||||||
Outstanding beneficial interest shares of $0.001 par value (unlimited number of shares authorized) | 150,004 | 100,004 | 50,000 | 50,000 | 100,004 | |||||||||||||||
Net asset value per share | $ | 24.58 | $ | 23.63 | $ | 24.18 | $ | 23.63 | $ | 24.50 | ||||||||||
1 Market value of securities out on loan were as follows: | $ | — | $ | 22,906 | $ | — | $ | — | $ | — | ||||||||||
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See Notes to Financial Statements.
36 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Statements of Assets and Liabilities (unaudited) (concluded)
WisdomTree Trust
December 31, 2015
WisdomTree Global Hedged SmallCap Dividend Fund | WisdomTree Dynamic Bearish U.S. Equity Fund | WisdomTree Dynamic Long/Short U.S. Equity Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at cost | $ | — | $ | 1,240,848 | $ | 2,503,100 | ||||||
Investment in affiliates, at cost (Note 7) | 1,997,465 | — | — | |||||||||
Foreign currency, at cost | 267 | — | — | |||||||||
Investments in securities, at value (Note 2) | — | 1,240,916 | 2,537,843 | |||||||||
Investment in affiliates, at value (Note 7) | 1,989,813 | — | — | |||||||||
Cash | 1,035 | 1,472 | 1,078 | |||||||||
Foreign currency, at value | 270 | — | — | |||||||||
Unrealized appreciation on forward foreign currency contracts | 9,825 | — | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 2,707 | 1,240,938 | — | |||||||||
Dividends | 6 | — | 755 | |||||||||
Advisory fee waiver (Note 3) | 2 | — | — | |||||||||
Total Assets | 2,003,658 | 2,483,326 | 2,539,676 | |||||||||
LIABILITIES: | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 12,456 | — | — | |||||||||
Unrealized depreciation on swap contracts | — | 14,411 | 29,010 | |||||||||
Payables: | ||||||||||||
Capital shares redeemed | — | 1,215,081 | — | |||||||||
Swap contracts closed | — | 26,528 | — | |||||||||
Advisory fees (Note 3) | — | 287 | 296 | |||||||||
Service fees (Note 2) | 7 | 3 | 3 | |||||||||
Total Liabilities | 12,463 | 1,256,310 | 29,309 | |||||||||
NET ASSETS | $ | 1,991,195 | $ | 1,227,016 | $ | 2,510,367 | ||||||
NET ASSETS: | ||||||||||||
Paid-in capital | $ | 2,002,496 | $ | 1,268,087 | $ | 2,503,896 | ||||||
Accumulated net investment loss | — | (290 | ) | — | ||||||||
Undistributed (Distributions in excess of) net investment income | (11 | ) | — | 456 | ||||||||
Accumulated net realized gain (loss) on investments, swap contracts and forward foreign currency contracts and foreign currency related transactions | (1,010 | ) | (26,438 | ) | 282 | |||||||
Net unrealized appreciation (depreciation) on investments, swap contracts, forward foreign currency contracts, and translation of assets and liabilities denominated in foreign currencies | (10,280 | ) | (14,343 | ) | 5,733 | |||||||
NET ASSETS | $ | 1,991,195 | $ | 1,227,016 | $ | 2,510,367 | ||||||
Outstanding beneficial interest shares of $0.001 par value (unlimited number of shares authorized) | 100,005 | 50,004 | 100,004 | |||||||||
Net asset value per share | $ | 19.91 | $ | 24.54 | $ | 25.10 |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 37 |
Statements of Operations (unaudited)
WisdomTree Trust
For the Period Ended December 31, 2015
WisdomTree Europe Local Recovery Fund1 | WisdomTree Strong Dollar Emerging Markets Equity Fund1 | WisdomTree Strong Dollar U.S. Equity Fund2 | WisdomTree Weak Dollar U.S. Equity Fund2 | WisdomTree Global SmallCap Dividend Fund3 | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends4 | $ | 7,918 | $ | 1,935 | $ | 21,848 | $ | 17,086 | $ | 11,944 | ||||||||||
Securities lending income (Note 2) | — | 6 | — | — | — | |||||||||||||||
Total investment income | 7,918 | 1,941 | 21,848 | 17,086 | 11,944 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Advisory fees (Note 3) | 3,577 | 2,423 | 3,022 | 2,952 | 1,449 | |||||||||||||||
Service fees (Note 2) | 27 | 18 | 40 | 39 | 15 | |||||||||||||||
Total expenses | 3,604 | 2,441 | 3,062 | 2,991 | 1,464 | |||||||||||||||
Expense waivers (Note 3) | (617 | ) | — | — | — | — | ||||||||||||||
Net expenses | 2,987 | 2,441 | 3,062 | 2,991 | 1,464 | |||||||||||||||
Net investment income (loss) | 4,931 | (500 | ) | 18,786 | 14,095 | 10,480 | ||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment transactions | 4 | (5,600 | ) | (4,071 | ) | (6,483 | ) | 3,400 | ||||||||||||
In-kind redemptions | — | — | (33,132 | ) | (20,424 | ) | — | |||||||||||||
Forward foreign currency contracts and foreign currency related transactions | (256 | ) | (2,053 | ) | — | — | (130 | ) | ||||||||||||
Net realized gain (loss) | (252 | ) | (7,653 | ) | (37,203 | ) | (26,907 | ) | 3,270 | |||||||||||
Net change in unrealized depreciation from: | ||||||||||||||||||||
Investment transactions5 | (30,480 | ) | (118,910 | ) | (35,646 | ) | (64,807 | ) | (47,837 | ) | ||||||||||
Forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies | (9 | ) | (1 | ) | — | — | (69 | ) | ||||||||||||
Net change in unrealized depreciation | (30,489 | ) | (118,911 | ) | (35,646 | ) | (64,807 | ) | (47,906 | ) | ||||||||||
Net realized and unrealized loss on investments | (30,741 | ) | (126,564 | ) | (72,849 | ) | (91,714 | ) | (44,636 | ) | ||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (25,810 | ) | $ | (127,064 | ) | $ | (54,063 | ) | $ | (77,619 | ) | $ | (34,156 | ) | |||||
1 For the period October 29, 2015 (commencement of operations) through December 31, 2015. |
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2 For the period July 21, 2015 (commencement of operations) through December 31, 2015. |
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3 For the period November 12, 2015 (commencement of operations) through December 31, 2015. |
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4 Net of foreign withholding tax of: | $ | 1,350 | $ | 387 | $ | — | $ | — | $ | 508 | ||||||||||
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5 Net of foreign capital gain taxes of: | $ | — | $ | 511 | $ | — | $ | — | $ | — | ||||||||||
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See Notes to Financial Statements.
38 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Statements of Operations (unaudited) (concluded)
WisdomTree Trust
For the Period Ended December 31, 2015
WisdomTree Global Hedged SmallCap Dividend Fund1 | WisdomTree Dynamic Bearish U.S. Equity Fund2 | WisdomTree Dynamic Long/Short U.S. Equity Fund2 | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends | $ | — | $ | — | $ | 755 | ||||||
Dividends from affiliates (Note 7) | 9,676 | — | — | |||||||||
Total investment income | 9,676 | — | 755 | |||||||||
EXPENSES: | ||||||||||||
Advisory fees (Note 3) | 1,012 | 317 | 327 | |||||||||
Service fees (Note 2) | 11 | 3 | 3 | |||||||||
Total expenses | 1,023 | 320 | 330 | |||||||||
Expense waivers (Note 3) | (1,012 | ) | (30 | ) | (31 | ) | ||||||
Net expenses | 11 | 290 | 299 | |||||||||
Net investment income (loss) | 9,665 | (290 | ) | 456 | ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investment transactions | — | 90 | 282 | |||||||||
Investment transactions in affiliates (Note 7) | 41 | — | — | |||||||||
Swap contracts | — | (26,528 | ) | — | ||||||||
Forward foreign currency contracts and foreign currency related transactions | (1,051 | ) | — | — | ||||||||
Net realized gain (loss) | (1,010 | ) | (26,438 | ) | 282 | |||||||
Net change in unrealized appreciation (depreciation) from: | ||||||||||||
Investment transactions | (7,652 | ) | 68 | 34,743 | ||||||||
Swap contracts | — | (14,411 | ) | (29,010 | ) | |||||||
Forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies | (2,628 | ) | — | — | ||||||||
Net change in unrealized appreciation (depreciation) | (10,280 | ) | (14,343 | ) | 5,733 | |||||||
Net realized and unrealized gain (loss) on investments | (11,290 | ) | (40,781 | ) | 6,015 | |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,625 | ) | $ | (41,071 | ) | $ | 6,471 |
1 | For the period November 19, 2015 (commencement of operations) through December 31, 2015. |
2 | For the period December 23, 2015 (commencement of operations) through December 31, 2015. |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 39 |
Statements of Changes in Net Assets
WisdomTree Trust
WisdomTree Europe Local Recovery Fund | WisdomTree Strong Dollar Emerging Markets Equity Fund | WisdomTree Strong Dollar U.S. Equity Fund | WisdomTree Weak Dollar U.S. Equity Fund | WisdomTree Global SmallCap Dividend Fund | ||||||||||||||||
For the Period October 29, 2015* through December 31, 2015 (unaudited) | For the Period October 29, 2015* through December 31, 2015 (unaudited) | For the Period July 21, 2015* through December 31, 2015 (unaudited) | For the Period July 21, 2015* through December 31, 2015 (unaudited) | For the Period November 12, 2015* through December 31, 2015 (unaudited) | ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||||||
Net investment income (loss) | $ | 4,931 | $ | (500 | ) | $ | 18,786 | $ | 14,095 | $ | 10,480 | |||||||||
Net realized gain (loss) on investments, forward foreign currency contracts and foreign currency related transactions | (252 | ) | (7,653 | ) | (37,203 | ) | (26,907 | ) | 3,270 | |||||||||||
Net change in unrealized depreciation on investments, forward foreign currency contracts, and translation of assets and liabilities denominated in foreign currencies | (30,489 | ) | (118,911 | ) | (35,646 | ) | (64,807 | ) | (47,906 | ) | ||||||||||
Net decrease in net assets resulting from operations | (25,810 | ) | (127,064 | ) | (54,063 | ) | (77,619 | ) | (34,156 | ) | ||||||||||
DIVIDENDS: | ||||||||||||||||||||
Net investment income | (2,438 | ) | (2,068 | ) | (17,832 | ) | (13,554 | ) | (11,956 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||
Net proceeds from sale of shares | 3,715,311 | 2,492,521 | 2,499,007 | 2,502,016 | 2,495,873 | |||||||||||||||
Cost of shares redeemed | — | — | (1,218,060 | ) | (1,229,218 | ) | — | |||||||||||||
Net increase in net assets resulting from capital share transactions | 3,715,311 | 2,492,521 | 1,280,947 | 1,272,798 | 2,495,873 | |||||||||||||||
Net Increase in Net Assets | 3,687,063 | 2,363,389 | 1,209,052 | 1,181,625 | 2,449,761 | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period | $ | 100 | $ | 100 | $ | 100 | $ | 100 | $ | 100 | ||||||||||
End of period | $ | 3,687,163 | $ | 2,363,489 | $ | 1,209,152 | $ | 1,181,725 | $ | 2,449,861 | ||||||||||
Undistributed (Distributions in excess of) net investment income included in net assets at end of period | $ | 2,493 | $ | (2,568 | ) | $ | 954 | $ | 541 | $ | (1,476 | ) | ||||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||||||
Shares outstanding, beginning of period | 4 | 4 | 4 | 4 | 4 | |||||||||||||||
Shares created | 150,000 | 100,000 | 100,000 | 100,000 | 100,000 | |||||||||||||||
Shares redeemed | — | — | (50,004 | ) | (50,004 | ) | — | |||||||||||||
Shares outstanding, end of period | 150,004 | 100,004 | 50,000 | 50,000 | 100,004 |
* | Commencement of operations. |
See Notes to Financial Statements.
40 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Statements of Changes in Net Assets (concluded)
WisdomTree Trust
WisdomTree Global Hedged SmallCap Dividend Fund | WisdomTree Dynamic Bearish U.S. Equity Fund | WisdomTree Dynamic Long/Short U.S. Equity Fund | ||||||||||
For the Period November 19, 2015* through December 31, 2015 (unaudited) | For the Period December 23, 2015* through December 31, 2015 (unaudited) | For the Period December 23, 2015* through December 31, 2015 (unaudited) | ||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||
Net investment income (loss) | $ | 9,665 | $ | (290 | ) | $ | 456 | |||||
Net realized gain (loss) on investments, swap contracts, forward foreign currency contracts and foreign currency related transactions | (1,010 | ) | (26,438 | ) | 282 | |||||||
Net change in unrealized appreciation (depreciation) on investments, swap contracts, forward foreign currency contracts, and translation of assets and liabilities denominated in foreign currencies | (10,280 | ) | (14,343 | ) | 5,733 | |||||||
Net increase (decrease) in net assets resulting from operations | (1,625 | ) | (41,071 | ) | 6,471 | |||||||
DIVIDENDS: | ||||||||||||
Net investment income | (9,676 | ) | — | — | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Net proceeds from sale of shares | 2,002,396 | 2,483,068 | 2,503,796 | |||||||||
Cost of shares redeemed | — | (1,215,081 | ) | — | ||||||||
Net increase in net assets resulting from capital share transactions | 2,002,396 | 1,267,987 | 2,503,796 | |||||||||
Net Increase in Net Assets | 1,991,095 | 1,226,916 | 2,510,267 | |||||||||
NET ASSETS: | ||||||||||||
Beginning of period | $ | 100 | $ | 100 | $ | 100 | ||||||
End of period | $ | 1,991,195 | $ | 1,227,016 | $ | 2,510,367 | ||||||
Accumulated net investment loss included in net assets at end of period | $ | — | $ | (290 | ) | $ | — | |||||
Undistributed (Distributions in excess of) net investment income included in net assets at end of period | $ | (11 | ) | $ | — | $ | 456 | |||||
SHARES CREATED AND REDEEMED: | ||||||||||||
Shares outstanding, beginning of period | 5 | 4 | 4 | |||||||||
Shares created | 100,000 | 100,000 | 100,000 | |||||||||
Shares redeemed | — | (50,000 | ) | — | ||||||||
Shares outstanding, end of period | 100,005 | 50,004 | 100,004 |
* | Commencement of operations. |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 41 |
WisdomTree Trust
Selected data for a share of beneficial interest outstanding throughout the period is presented below:
WisdomTree Europe Local Recovery Fund | For the Period October 29, 2015* through December 31, 2015 (unaudited) | |||
Net asset value, beginning of period | $ | 24.70 | ||
Investment operations: | ||||
Net investment income1 | 0.03 | |||
Net realized and unrealized loss | (0.13 | ) | ||
Total from investment operations | (0.10 | ) | ||
Dividends to shareholders: | ||||
Net investment income | (0.02 | ) | ||
Net asset value, end of period | $ | 24.58 | ||
TOTAL RETURN2 | (0.42 | )% | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period (000’s omitted) | $ | 3,687 | ||
Ratios to average net assets of: | ||||
Expenses, net of expense waivers | 0.48 | %3 | ||
Expenses, prior to expense waivers | 0.58 | %3 | ||
Net investment income | 0.80 | %3 | ||
Portfolio turnover rate4 | 0 | % |
WisdomTree Strong Dollar Emerging Markets Equity Fund | For the Period October 29, 2015* through December 31, 2015 (unaudited) | |||
Net asset value, beginning of period | $ | 24.58 | ||
Investment operations: | ||||
Net investment loss1 | (0.00 | )5 | ||
Net realized and unrealized loss | (0.93 | ) | ||
Total from investment operations | (0.93 | ) | ||
Dividends to shareholders: | ||||
Net investment income | (0.02 | ) | ||
Net asset value, end of period | $ | 23.63 | ||
TOTAL RETURN2 | (3.78 | )% | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period (000’s omitted) | $ | 2,363 | ||
Ratios to average net assets of: | ||||
Expenses | 0.58 | %3 | ||
Net investment loss | (0.12 | )%3 | ||
Portfolio turnover rate4 | 9 | % |
* | Commencement of operations. |
1 | Based on average shares outstanding. |
2 | 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 waived by the investment adviser for the WisdomTree Europe Local Recovery Fund (Note 2 and 3). |
3 | Annualized. |
4 | Portfolio turnover rate is not annualized and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation as well. |
5 | Amount represents less than $0.005. |
See Notes to Financial Statements.
42 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Financial Highlights (continued)
WisdomTree Trust
Selected data for a share of beneficial interest outstanding throughout the period is presented below:
WisdomTree Strong Dollar U.S. Equity Fund | For the Period July 21, 2015* through December 31, 2015 (unaudited) | |||
Net asset value, beginning of period | $ | 24.85 | ||
Investment operations: | ||||
Net investment income1 | 0.22 | |||
Net realized and unrealized loss | (0.60 | ) | ||
Total from investment operations | (0.38 | ) | ||
Dividends to shareholders: | ||||
Net investment income | (0.29 | ) | ||
Net asset value, end of period | $ | 24.18 | ||
TOTAL RETURN2 | (1.53 | )% | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period (000’s omitted) | $ | 1,209 | ||
Ratios to average net assets of: | ||||
Expenses | 0.33 | %3 | ||
Net investment income | 2.05 | %3 | ||
Portfolio turnover rate4 | 1 | % |
WisdomTree Weak Dollar U.S. Equity Fund | For the Period July 21, 2015* through December 31, 2015 (unaudited) | |||
Net asset value, beginning of period | $ | 24.88 | ||
Investment operations: | ||||
Net investment income1 | 0.17 | |||
Net realized and unrealized loss | (1.20 | ) | ||
Total from investment operations | (1.03 | ) | ||
Dividends to shareholders: | ||||
Net investment income | (0.22 | ) | ||
Net asset value, end of period | $ | 23.63 | ||
TOTAL RETURN2 | (4.12 | )% | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period (000’s omitted) | $ | 1,182 | ||
Ratios to average net assets of: | ||||
Expenses | 0.33 | %3 | ||
Net investment income | 1.58 | %3 | ||
Portfolio turnover rate4 | 2 | % |
* | Commencement of operations. |
1 | Based on average shares outstanding. |
2 | 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. |
3 | Annualized. |
4 | Portfolio turnover rate is not annualized and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation as well. |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 43 |
Financial Highlights (continued)
WisdomTree Trust
Selected data for a share of beneficial interest outstanding throughout the period is presented below:
WisdomTree Global SmallCap Dividend Fund | For the Period November 12, 2015* through December 31, 2015 (unaudited) | |||
Net asset value, beginning of period | $ | 24.58 | ||
Investment operations: | ||||
Net investment income1 | 0.10 | |||
Net realized and unrealized loss | (0.06 | ) | ||
Total from investment operations | 0.04 | |||
Dividends to shareholders: | ||||
Net investment income | (0.12 | ) | ||
Net asset value, end of period | $ | 24.50 | ||
TOTAL RETURN2 | 0.17 | % | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period (000’s omitted) | $ | 2,450 | ||
Ratios to average net assets of: | ||||
Expenses | 0.43 | %3 | ||
Net investment income | 3.11 | %3 | ||
Portfolio turnover rate4 | 1 | % |
WisdomTree Global Hedged SmallCap Dividend Fund | For the Period November 19, 2015* through December 31, 2015 (unaudited) | |||
Net asset value, beginning of period | $ | 20.23 | ||
Investment operations: | ||||
Net investment income1 | 0.10 | |||
Net realized and unrealized loss | (0.32 | ) | ||
Total from investment operations | (0.22 | ) | ||
Dividends to shareholders: | ||||
Net investment income | (0.10 | ) | ||
Net asset value, end of period | $ | 19.91 | ||
TOTAL RETURN2 | (1.09 | )% | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period (000’s omitted) | $ | 1,991 | ||
Ratios to average net assets6 of: | ||||
Expenses, net of expense waivers | 0.00 | %3,5 | ||
Expenses, prior to expense waivers | 0.43 | %3 | ||
Net investment income | 4.11 | %3 | ||
Portfolio turnover rate4 | 1 | % |
* | Commencement of operations. |
1 | Based on average shares outstanding. |
2 | 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 waived by the investment adviser for the WisdomTree Global Hedged SmallCap Dividend Fund (Note 2 and 3). |
3 | Annualized. |
4 | Portfolio turnover rate is not annualized and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation as well. |
5 | Amount represents less than 0.005%. |
6 | The ratios to average net assets do not include net investment income (loss) or expenses of other funds in which the Fund invests. |
See Notes to Financial Statements.
44 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Financial Highlights (concluded)
WisdomTree Trust
Selected data for a share of beneficial interest outstanding throughout the period is presented below:
WisdomTree Dynamic Bearish U.S. Equity Fund | For the Period December 23, 2015* through December 31, 2015 (unaudited) | |||
Net asset value, beginning of period | $ | 24.30 | ||
Investment operations: | ||||
Net investment loss1 | (0.00 | )2 | ||
Net realized and unrealized gain | 0.24 | |||
Total from investment operations | 0.24 | |||
Net asset value, end of period | $ | 24.54 | ||
TOTAL RETURN3 | 0.99 | % | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period (000’s omitted) | $ | 1,227 | ||
Ratios to average net assets of: | ||||
Expenses, net of expense waivers | 0.48 | %4 | ||
Expenses, prior to expense waivers | 0.53 | %4 | ||
Net investment loss | (0.48 | )%4 | ||
Portfolio turnover rate5 | 0 | % |
WisdomTree Dynamic Long/Short U.S. Equity Fund | For the Period December 23, 2015* through December 31, 2015 (unaudited) | |||
Net asset value, beginning of period | $ | 25.13 | ||
Investment operations: | ||||
Net investment income1 | 0.00 | 2 | ||
Net realized and unrealized loss | (0.03 | ) | ||
Total from investment operations | (0.03 | ) | ||
Net asset value, end of period | $ | 25.10 | ||
TOTAL RETURN3 | (0.12 | )% | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period (000’s omitted) | $ | 2,510 | ||
Ratios to average net assets of: | ||||
Expenses, net of expense waivers | 0.48 | %4 | ||
Expenses, prior to expense waivers | 0.53 | %4 | ||
Net investment income | 0.74 | %4 | ||
Portfolio turnover rate5 | 0 | % |
* | Commencement of operations. |
1 | Based on average shares outstanding. |
2 | Amount represents less than $0.005. |
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. For the periods in which the investment advisor waived advisory fees, the total return would have been lower if certain expenses had not been waived (Notes 2 and 3). |
4 | Annualized. |
5 | Portfolio turnover rate is not annualized and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation as well. |
See Notes to Financial Statements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 45 |
Notes to Financial Statements (unaudited)
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 on December 15, 2005. As of December 31, 2015, the Trust offered 86 investment funds (each a “Fund”, collectively, the “Funds”). In accordance with Accounting Standard Update (“ASU”) 2013-08, Financial Services-Investment Companies, each Fund listed below qualifies as an investment company and is applying the accounting and reporting guidance for investment companies. These notes relate only to the Funds listed in the table below:
Fund | Commencement of Operations | |||
WisdomTree Europe Local Recovery Fund (“Europe Local Recovery Fund”) | October 29, 2015 | |||
WisdomTree Strong Dollar Emerging Markets Equity Fund (“Strong Dollar Emerging Markets Equity Fund”) | October 29, 2015 | |||
WisdomTree Strong Dollar U.S. Equity Fund (“Strong Dollar U.S. Equity Fund”) | July 21, 2015 | |||
WisdomTree Weak Dollar U.S. Equity Fund (“Weak Dollar U.S. Equity Fund”) | July 21, 2015 | |||
WisdomTree Global SmallCap Dividend Fund (“Global SmallCap Dividend Fund”) | November 12, 2015 | |||
WisdomTree Global Hedged SmallCap Dividend Fund (“Global Hedged SmallCap Dividend Fund”) | November 19, 2015 | |||
WisdomTree Dynamic Bearish U.S. Equity Fund (“Dynamic Bearish U.S. Equity Fund”) | December 23, 2015 | |||
WisdomTree Dynamic Long/Short U.S. Equity Fund (“Dynamic Long/Short U.S. Equity Fund”) | December 23, 2015 |
Each Fund seeks to track the price and yield performance, before fees and expenses, of a particular index (“Index”) developed by WisdomTree Investments, Inc. (“WisdomTree Investments”). WisdomTree Investments is the parent company of WisdomTree Asset Management, Inc. (‘‘WTAM’’), the investment adviser to each Fund and the Trust. “WisdomTree” is a registered mark of WisdomTree Investments and has been licensed for use by the Trust. Each Fund described herein is considered to be non-diversified.
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.
2. SIGNIFICANT ACCOUNTING POLICIES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants.
The following is a summary of significant accounting policies followed by the Funds:
Use of Estimates — The preparation of financial statements in conformity with 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.
Investment Valuation — The net asset value (“NAV”) of each Fund’s shares is calculated each day a Fund is open for business as of the regularly scheduled close of regular trading on the New York Stock Exchange, normally 4:00 p.m. Eastern time (the “NAV Calculation Time”). NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding. Each Fund issues and redeems shares at NAV only in large blocks of shares known as creation units, which only certain institutions or large investors may purchase or redeem. Shares of each Fund are listed on a national securities exchange and trade at market prices. Most investors will buy and sell shares through brokers. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV or less than NAV. In calculating each Fund’s NAV, investments are valued under policies approved by the Board of Trustees. Equity securities (including preferred stock) 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 (including preferred stock) are valued at the last quoted sale price or, if no sale price is available, at the mean between the highest bid and lowest ask price. Each Fund may invest in money market funds which are valued at their NAV per share and affiliated ETFs which are valued at their last sale or official closing price on the exchange on which they are principally traded or at their NAV per share in instances where the affiliated ETF has not traded on its principal exchange. Fixed income securities (including short-term debt securities with remaining maturities of 60 days or less) generally are valued at current market quotations or mean prices obtained from broker-dealers or independent pricing service providers. Broker-dealers or independent pricing service providers, in determining the value of securities may consider such factors as recent transactions, indications from broker-dealers yields and
46 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Notes to Financial Statements (unaudited) (continued)
quoted prices on similar securities, and market sentiment for the type of security. Forward foreign currency contracts are valued daily using WM/Reuters closing spot and forward rates as of 4:00 p.m. London time, except, forward foreign currency contracts on Asian currencies for Global Hedged SmallCap Dividend Fund are valued using WM/Reuters closing spot and forward rates as of 2:00 p.m. Singapore time. Swap contracts are generally marked to market daily based upon values from independent pricing service providers or quotations from broker-dealers to the extent available.
In certain instances, such as when reliable market valuations are not readily available or are not deemed to reflect current market values, a Fund’s investments and derivatives will be fair valued in accordance with the Fund’s pricing policy. The Board of Trustees of the Trust has established a pricing committee (the “Pricing Committee”) which is comprised of senior representatives of WTAM and which reports to the Board of Trustees on a quarterly basis. In the event that a financial instrument cannot be valued based upon a price from a national securities exchange, independent pricing service provider or broker-dealer quotation, or such prices are deemed to not reflect current market value, the Pricing Committee may value the financial instrument in good faith under the policies and procedures approved by the Board of Trustees based on current facts and circumstances. Securities that may be valued using “fair value” pricing may include, but are not limited to, securities for which there are no current market quotations, securities whose issuer is in default or bankruptcy, securities subject to corporate actions (such as mergers or reorganizations), securities subject to non-U.S. investment limits or currency controls, and securities affected by “significant events.” An example of a significant event is an event occurring after the close of the market in which a security trades but before a Fund’s next NAV Calculation Time that may materially affect the value of a Fund’s investment (e.g., government action, natural disaster, or significant market fluctuation). When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities.
Fair Value Measurement — In accordance with Codification Topic 820 (“ASC 820”), Fair Value Measurements and Disclosures, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy of inputs to be used when determining fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk — for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including each Fund’s assumptions in determining the fair value of investments)
The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments.
Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation or market activity; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which a Fund’s NAV is computed and that may materially affect the value of the Fund’s investments).
The valuation techniques and significant inputs used in determining the fair market value measurements for Level 2 and Level 3 positions are as follows:
Financial instruments are generally valued by independent pricing service providers that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. Depending on the type of financial instrument, the independent pricing service providers’ internal pricing models may use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Financial instruments that use similar valuation techniques and observable inputs as described above and have an appropriate level of market activity are categorized as Level 2 of the fair value hierarchy, otherwise a Level 3 fair value classification is appropriate. Over-the-counter financial derivative instruments derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These instruments are normally valued on the basis of broker-dealer quotations or independent pricing service providers.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 47 |
Notes to Financial Statements (unaudited) (continued)
Depending on the product and the terms of the transaction, the value of the financial derivative instruments can be estimated by an independent pricing service provider using a series of techniques including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, credit risks/spreads, interest rates, yield curves, default and exchange rates. Derivative contracts that use valuation techniques and observable inputs as described above and have an appropriate level of market activity are categorized as Level 2 of the fair value hierarchy, otherwise a Level 3 fair value classification is appropriate.
Determination of a fair value by the Pricing Committee may include significant unobservable inputs and therefore would be reflected as a Level 3 of the fair value hierarchy. The Pricing Committee may employ a market-based valuation approach which may use, among other potential considerations, related or comparable securities, recent transactions, market multiples, book values, and other relevant information to determine fair value. The Pricing Committee may also use an income-based valuation approach in which anticipated future cash flows of the financial instrument are discounted to calculate fair value. The Pricing Committee meets at least on a monthly basis to review and discuss the appropriateness of such fair values using more current information such as, recent security news, recent market transactions, updated corporate action information and/or other macro or security specific events. Also, when observable inputs become available, the Pricing Committee conducts back testing of the methodologies used to value Level 3 financial instruments to substantiate the unobservable inputs used to value those investments. Such back testing includes comparing Level 3 investment values to observable inputs such as exchange-traded prices, transaction prices, and/or vendor prices.
The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing each Fund’s assets:
Europe Local Recovery Fund | Level 1 | Level 2 | Level 3 | |||||||||
Common Stocks* | $ | 3,684,494 | $ | — | $ | — | ||||||
Rights | — | — | 0 | ** | ||||||||
Total | 3,684,494 | — | 0 | |||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 11 | — | |||||||||
Total – Net | $ | 3,684,494 | $ | 11 | $ | 0 | ||||||
Strong Dollar Emerging Markets Equity Fund | Level 1 | Level 2 | Level 3 | |||||||||
Common Stocks* | $ | 2,360,353 | $ | — | $ | — | ||||||
Investment of Cash Collateral for Securities Loaned | — | 24,378 | — | |||||||||
Total | $ | 2,360,353 | $ | 24,378 | $ | — | ||||||
Strong Dollar U.S. Equity Fund | Level 1 | Level 2 | Level 3 | |||||||||
Common Stocks* | $ | 1,206,495 | $ | — | $ | — | ||||||
Weak Dollar U.S. Equity Fund | Level 1 | Level 2 | Level 3 | |||||||||
Common Stocks* | $ | 1,179,399 | $ | — | $ | — | ||||||
Global SmallCap Dividend Fund | Level 1 | Level 2 | Level 3 | |||||||||
Common Stocks* | $ | 2,440,465 | $ | — | $ | — | ||||||
Exchange-Traded Note | 2,884 | — | — | |||||||||
Total | $ | 2,443,349 | $ | — | $ | — | ||||||
Global Hedged SmallCap Dividend Fund | Level 1 | Level 2 | Level 3 | |||||||||
Exchange-Traded Fund | $ | 1,989,813 | $ | — | $ | — | ||||||
Total | 1,989,813 | — | — | |||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 9,825 | — | |||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (12,456 | ) | — | ||||||||
Total – Net | $ | 1,989,813 | $ | (2,631 | ) | $ | — |
48 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Notes to Financial Statements (unaudited) (continued)
Dynamic Bearish U.S. Equity Fund | Level 1 | Level 2 | Level 3 | |||||||||
U.S. Government Obligations | $ | — | $ | 1,240,916 | $ | — | ||||||
Total | — | 1,240,916 | — | |||||||||
Unrealized Depreciation on Swap Contracts | — | (14,411 | ) | — | ||||||||
Total – Net | $ | — | $ | 1,226,505 | $ | — |
Dynamic Long/Short U.S. Equity Fund | Level 1 | Level 2 | Level 3 | |||||||||
Common Stocks* | $ | 2,537,843 | $ | — | $ | — | ||||||
Total | 2,537,843 | — | — | |||||||||
Unrealized Depreciation on Swap Contracts | — | (29,010 | ) | — | ||||||||
Total – Net | $ | 2,537,843 | $ | (29,010 | ) | $ | — |
* | Please refer to the Schedule of Investments for a breakdown of the valuation by industry type and/or by country. |
** | Security is being fair valued by the Pricing Committee. |
The Funds have elected to use the beginning of period method for transfers between fair value measurement levels.
There were no transfers into or out of any fair value measurement levels during the period ended December 31, 2015.
Derivatives and Hedging Disclosure — Codification Topic 815 (“ASC 815”), Derivatives and Hedging, requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The Funds have invested in derivatives, specifically forward foreign currency contracts and swaps contracts during the period ended December 31, 2015 which are detailed in each Fund’s schedule of investments. All of the derivative instruments disclosed and described herein are subject to credit risk. Credit risk is where the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security or where the counterparty to a derivative contract might default on its obligations. The Funds’ derivative agreements contain credit-risk related contingent features which include, but are not limited to, a percentage decline in the Funds’ NAV over a specified time period. If an event occurred at December 31, 2015 that triggered a contingent feature, the counterparty to the agreement may require the Funds to post additional collateral or terminate the derivative positions and demand payment. Any collateral posted with respect to the derivative positions would be used to offset or reduce the payment. The maximum exposure to derivatives agreements with credit-risk related contingent features would be the total value of derivatives in net liability positions for each Fund. At December 31, 2015, the Funds did not receive or post collateral with any counterparty for derivatives and no event occurred that triggered a credit-risk-related contingent feature.
As of December 31, 2015, the effects of such derivative instruments on each Fund’s financial position as reflected in the Statements of Assets and Liabilities are presented in the summary below:
Asset Derivatives | Liability Derivatives | |||||||||||
Fund | Balance Sheet Location | Value | Balance Sheet Location | Value | ||||||||
Europe Local Recovery Fund | ||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 11 | Unrealized depreciation on forward foreign currency contracts | $ | — | ||||||
Global Hedged SmallCap Dividend Fund | ||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 9,825 | Unrealized depreciation on forward foreign currency contracts | 12,456 | ||||||||
Dynamic Bearish U.S. Equity Fund | ||||||||||||
Equity contracts | Unrealized appreciation on swap contracts | — | Unrealized depreciation on swap contracts | 14,411 | ||||||||
Receivables: Swap contracts closed | — | Payables: Swap contracts closed | 26,528 | |||||||||
Dynamic Long/Short U.S. Equity Fund | ||||||||||||
Equity contracts | Unrealized appreciation on swap contracts | — | Unrealized depreciation on swap contracts | 29,010 |
WisdomTree Trust Semi-Annual Report December 31, 2015 | 49 |
Notes to Financial Statements (unaudited) (continued)
For the period ended December 31, 2015, the effect of derivative instruments on each Fund’s financial performance as reflected in the Statements of Operations are presented in the summary below:
Fund | Amount of Realized Gain or (Loss) on Derivatives Recognized1 | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized2 | ||||||
Europe Local Recovery Fund3 | ||||||||
Foreign exchange contracts | $ | (1,150 | ) | $ | 11 | |||
Strong Dollar Emerging Markets Equity Fund3 | ||||||||
Foreign exchange contracts | (3,919 | ) | — | |||||
Global SmallCap Dividend Fund4 | ||||||||
Foreign exchange contracts | (30 | ) | — | |||||
Global Hedged SmallCap Dividend Fund5 | ||||||||
Foreign exchange contracts | (1,051 | ) | (2,631 | ) | ||||
Dynamic Bearish U.S. Equity Fund6 | ||||||||
Equity contracts | (26,528 | ) | (14,411 | ) | ||||
Dynamic Long/Short U.S. Equity Fund6 | ||||||||
Equity contracts | — | (29,010 | ) |
1 | Realized gains (losses) on derivatives are located on the Statement of Operations as follows: |
Foreign exchange contracts | Net realized gain (loss) from forward foreign currency contracts and foreign currency related transactions | |
Equity contracts | Net realized gain (loss) from swap contracts |
2 | Change in unrealized appreciation (depreciation) is located on the Statement of Operations as follows: |
Foreign exchange contracts | Net change in unrealized appreciation (depreciation) from forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies | |
Equity contracts | Net change in unrealized appreciation (depreciation) from swap contracts |
3 | For the period October 29, 2015 (commencement of operations) through December 31, 2015. |
4 | For the period November 12, 2015 (commencement of operations) through December 31, 2015. |
5 | For the period November 19, 2015 (commencement of operations) through December 31, 2015. |
6 | For the period December 23, 2015 (commencement of operations) through December 31, 2015. |
During the period ended December 31, 2015, the volume of derivative activity (based on the average of month-end balances) for the Funds was as follows:
Average Notional | ||||||||||||
Fund | Forward foreign currency contracts (to deliver) | Forward foreign currency contracts (to receive) | Swap contracts | |||||||||
Europe Local Recovery Fund1 |
| |||||||||||
Foreign exchange contracts | $ | 2,691 | $ | 1,192 | $ | — | ||||||
Strong Dollar Emerging Markets Equity Fund2 |
| |||||||||||
Foreign exchange contracts | 742,775 | 11,886 | — | |||||||||
Global SmallCap Dividend Fund3 |
| |||||||||||
Foreign exchange contracts | 74,334 | 1,551 | — | |||||||||
Global Hedged SmallCap Dividend Fund4 |
| |||||||||||
Foreign exchange contracts | 1,043,566 | 2,056,512 | — | |||||||||
Dynamic Bearish U.S. Equity Fund5 |
| |||||||||||
Equity contracts | — | — | 1,238,845 | |||||||||
Dynamic Long/Short U.S. Equity Fund5 |
| |||||||||||
Equity contracts | — | — | 2,473,912 |
1 | For the period October 29, 2015 (commencement of operations) through December 31, 2015. |
2 | For the period October 29, 2015 (commencement of operations) through December 31, 2015, the volume of derivative activity for the period is based on intra-month balances. |
3 | For the period November 12, 2015 (commencement of operations) through December 31, 2015, the volume of derivative activity for the period is based on intra-month balances. |
4 | For the period November 19, 2015 (commencement of operations) through December 31, 2015. |
5 | For the period December 23, 2015 (commencement of operations) through December 31, 2015. |
50 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Notes to Financial Statements (unaudited) (continued)
Investment Transactions and Investment Income — 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. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld. Interest income including amortization of premiums and discounts, is accrued daily.
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 prevailing on the respective dates of such transactions that are deemed appropriate by WTAM. Realized and unrealized foreign exchange gains and losses on investments are included as a component of net realized gain (loss) from investment transactions and net change in unrealized appreciation (depreciation) from investment transactions, respectively, on the Statement of Operations. Net realized and unrealized foreign exchange gains or losses arising from sales of foreign currencies, including gains and losses of forward foreign currency contracts, currency gains or losses recognized between the trade and settlement dates on investment transactions, and the difference between the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) from forward foreign currency contracts and foreign currency related transactions and/or net change in unrealized appreciation (depreciation) from forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies in the Statement 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.
Expenses/Reimbursements — Under the investment advisory agreement for each Fund, WTAM has agreed to pay all expenses of the Trust, except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the partition or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or 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 (“CCO”); (vi) extraordinary expenses (in each case as determined by a majority of the Independent Trustees); (vii) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (viii) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (ix) fees and expenses related to the provision of securities lending services; and (x) the advisory fee payable to WTAM.
The internal expenses of pooled investment vehicles in which the Funds may invest (acquired fund fees and expenses) are not expenses of the Funds and are not paid by WTAM.
Pursuant to a separate contractual arrangement, WTAM arranges for the provision of CCO services with respect to each Fund, and is liable and responsible for, and administers, payments to the CCO, the Independent Trustees and counsel to the Independent Trustees. WTAM receives a fee, as shown on the Statements of Operations under “Service fees”, of up to 0.0044% of each Fund’s average daily net assets for providing such services and paying such expenses. WTAM provides CCO services to the Trust.
Currency Transactions — The Funds may enter into forward foreign currency contracts to facilitate local securities settlements or to protect against currency exposure. The Funds, other than Global Hedged SmallCap Dividend Fund, do not expect to engage in currency transactions for the purpose of hedging against declines in the value of the Fund’s assets that are denominated in one or more foreign currencies. The Funds may not enter into such contracts for speculative purposes.
Forward Foreign Currency Contracts — A forward foreign currency contract (“Forward Contract”) involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the inter-bank market conducted directly between currency traders (usually large, commercial banks) and their customers. A Forward Contract generally does not require an initial margin deposit and no commissions are charged at any stage for trades. However, if a Fund is in an unrealized loss position on a Forward Contract, it may be required to pledge collateral (or additional collateral) to the counterparty. If a Fund is in an unrealized gain position on a Forward Contract, it may receive collateral from the counterparty.
Risks may arise upon entering into Forward Contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar or each other.
Fluctuations in the value of open Forward Contracts are recorded for book purposes as unrealized gains or losses on Forward Contracts by the Funds. Realized gains and losses on Forward Contracts include net gains or losses recognized by the Funds on contracts which have matured or were sold.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 51 |
Notes to Financial Statements (unaudited) (continued)
Currency, Interest Rate and Total Return Swaps — The Dynamic Bearish U.S. Equity Fund and the Dynamic Long/Short U.S. Equity Fund each may enter into swap agreements, including interest rate swaps, currency swaps and total return swaps. A typical interest rate swap involves the exchange of a floating interest rate payment for a fixed interest rate payment. A typical foreign cross-currency swap involves the exchange of cash flows based on the notional difference among two or more currencies (e.g., the U.S. dollar and the Brazilian real). A typical total return swap involves the payment of the total return on a reference asset in return for payments equal to a rate of interest on another reference asset. The total return typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Swap agreements may be used to achieve exposure to, for example, currencies, interest rates, indexes and money market securities without actually purchasing such currencies or securities. The Dynamic Bearish U.S. Equity Fund and the Dynamic Long/Short U.S. Equity Fund each may use swap agreements to invest in a market without owning or taking physical custody of the underlying securities in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements will tend to shift a Fund’s investment exposure from one type of investment to another or from one payment stream to another. Depending on their structure, swap agreements may increase or decrease a Fund’s exposure to long- or short-term interest rates (in the United States or abroad), foreign currencies, corporate borrowing rates, or other factors, and may increase or decrease the overall volatility of a Fund’s investments and its share price.
Securities Lending — Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and/or high-grade debt obligations, equivalent to at least 100% of the market value of securities, is maintained at all times. The cash collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. The value of the investment of cash collateral for securities on loan along with the obligation to return such collateral are included on the Statements of Assets and Liabilities. The value of securities received as collateral for securities on loan are not included on the Statements of Assets and Liabilities because the receiving Fund does not have the right to sell or repledge the securities received as collateral. 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, all of which are included in the securities lending income earned by the Funds and disclosed on the Statement of Operations. 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. Dividends received while a security is out on loan are not considered Qualified Dividend Income (“QDI”) under the specific criteria issued by the Internal Revenue Service and are subject to taxation at the shareholder’s ordinary income tax rate instead of the lower long-term capital gains tax rate. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults.
Master Netting Arrangements — ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”) is generally intended to (i) help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position, (ii) improve transparency in the reporting of how companies mitigate credit risk, and (iii) facilitate comparisons between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of international financial reporting standards. ASU 2011-11 requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2011-11 is limited in scope to the following financial instruments, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement: (i) recognized derivative instruments accounted for under ASC 815 (Derivatives and Hedging); (ii) repurchase agreements and reverse repurchase agreements; and (iii) securities borrowing and securities lending transactions.
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter derivatives (“OTC”), including Forward Contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.
Collateral requirements generally differ by type of derivative. Collateral terms are contract-specific for OTC derivatives (e.g. foreign exchange contracts, options and certain swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent
52 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Notes to Financial Statements (unaudited) (continued)
amounts due to a Fund from its derivatives counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.
A Fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between the Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a Fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, a Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. A Fund is exposed to risk of loss if a Borrower defaults on its obligation to return borrowed securities and the value of the collateral a Fund received is insufficient to cover the market value of the securities loaned. Also, the lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower. For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement or Lending Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of December 31, 2015, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement and the Lending Agreement are detailed in the following table:
Assets | Liabilities | |||||||||||||||||||||||||||||||
Gross Amounts Assets and | Gross Amounts Not Offset in Statement of Assets and Liabilities | Gross Amounts Assets and | Gross Amounts Not Offset in Statement of Assets and Liabilities | |||||||||||||||||||||||||||||
Fund | Financial Instruments | Collateral Received | Net Amount | Financial Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||||||||
Europe Local Recovery Fund | ||||||||||||||||||||||||||||||||
Forward Foreign Currency Contracts | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Strong Dollar Emerging Markets Equity Fund | ||||||||||||||||||||||||||||||||
Securities Lending | 22,906 | — | (22,906 | )1 | — | — | — | — | — | |||||||||||||||||||||||
Global Hedged SmallCap Dividend Fund | ||||||||||||||||||||||||||||||||
Forward Foreign Currency Contracts | 9,825 | (39 | ) | — | 9,786 | 12,456 | (39 | ) | — | 12,417 | ||||||||||||||||||||||
Dynamic Bearish U.S. Equity Fund | ||||||||||||||||||||||||||||||||
Swap Contracts | — | — | — | — | 40,939 | — | — | 40,939 | ||||||||||||||||||||||||
Dynamic Long/Short U.S. Equity Fund | ||||||||||||||||||||||||||||||||
Swap Contracts | — | — | — | — | 29,010 | — | — | 29,010 |
1 | The amount of collateral presented has been limited such that the net amount by counterparty cannot be less than zero. |
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 include short-term obligations issued by the U.S. government, its agencies, non-U.S. government agencies, 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.
Tax Information and Dividends and Distributions to Shareholders — It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the “Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. In order to qualify for the special tax treatment accorded RICs and their shareholders, each Fund must, among other things, distribute with respect to each taxable year an amount equal to or greater than the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income. There can be no guarantee that a Fund will pay dividends. 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 the requirements of the Code and the U.S. Treasury regulations. 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
WisdomTree Trust Semi-Annual Report December 31, 2015 | 53 |
Notes to Financial Statements (unaudited) (continued)
their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital.
3. ADVISORY FEES AND TRANSACTIONS
WTAM has overall responsibility for the general management and administration of the Trust. WTAM provides an investment program for each Fund. WTAM has arranged for Mellon Capital Management Corporation (‘‘MCM’’) to provide sub-advisory services to the Funds. MCM is compensated by WTAM at no additional cost to the Funds. WTAM also arranges for transfer agency, custody, fund accounting, fund administration, securities lending and all other non-distribution related services necessary for the Funds to operate, which are generally under separate agreements entered into between the Trust on behalf of the Funds and the applicable service provider. Under the investment advisory agreement for each Fund, WTAM agrees to pay all expenses of the Funds, except for certain expenses described in Note 2.
Pursuant to a separate contractual arrangement, as also described in Note 2, WTAM arranges for the provision of CCO services with respect to each Fund, and is liable and responsible for, and administers, payments to the CCO, the Independent Trustees and counsel to the Independent Trustees in exchange for a fee of up to 0.0044% of each Fund’s average daily net assets. WTAM expects to receive advisory fees from each Fund, based on a percentage of the Fund’s average daily net assets, as shown in the following table:
Fund | Advisory Fee Rate | |||
Europe Local Recovery Fund | 0.58 | %* | ||
Strong Dollar Emerging Markets Equity Fund | 0.58 | % | ||
Strong Dollar U.S. Equity Fund | 0.33 | % | ||
Weak Dollar U.S. Equity Fund | 0.33 | % | ||
Global SmallCap Dividend Fund | 0.43 | % | ||
Global Hedged SmallCap Dividend Fund | 0.43 | %** | ||
Dynamic Bearish U.S. Equity Fund | 0.53 | %*** | ||
Dynamic Long/Short U.S. Equity Fund | 0.53 | %*** |
* | WTAM has contractually agreed to limit the advisory fee to 0.48% through October 31, 2017, unless earlier terminated by the Board of Trustees of the Trust for any reason. |
** | WTAM has contractually agreed to waive a portion of its advisory fee in an amount equal to the AFFEs attributable to the Fund’s investments in the Underlying Fund through July 31, 2018, unless earlier terminated by the Board of Trustees of the Trust for any reason. |
*** | WTAM has contractually agreed to limit the advisory fee to 0.48% through December 10, 2016, unless earlier terminated by the Board of Trustees of the Trust for any reason. |
Each Fund may purchase shares of affiliated exchanged-traded funds (“ETF”) in secondary market transactions. WTAM waives its advisory fees for each Fund’s investment, associated with daily uninvested cash, in correlated affiliated ETFs net of any incremental costs as a result of these transactions (fund accounting, safekeeping, transaction fees, etc.) that are paid by WTAM out of the advisory fee received from the affiliated ETFs. The dollar amount of advisory fees waived during the period for the Funds, if any, are shown in the Statements of Operations. Please see Note 7 “Other Affiliated Parties and Transactions” for additional information.
4. CAPITAL SHARE TRANSACTIONS
As of December 31, 2015, 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 purchases and sales resulting from in-kind capital share transactions and short-term investments) and the cost of purchases and the proceeds from sales resulting from in-kind capital share transactions (excluding short-term investments) for the period ended December 31, 2015 are shown in the table below. Realized gains and losses on sales
54 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Notes to Financial Statements (unaudited) (concluded)
resulting from in-kind capital share redemptions, as shown on the Statement of Operations, are not recognized by the Funds for tax purposes.
In-kind Capital Share Transactions | ||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Europe Local Recovery Fund1 | $ | 131,324 | $ | — | $ | 3,583,452 | $ | — | ||||||||
Strong Dollar Emerging Markets Equity Fund1 | 2,218,587 | 212,484 | 478,250 | — | ||||||||||||
Strong Dollar U.S. Equity Fund2 | 24,804 | 34,024 | 2,502,086 | 1,214,204 | ||||||||||||
Weak Dollar U.S. Equity Fund2 | 47,288 | 61,681 | 2,508,798 | 1,223,292 | ||||||||||||
Global SmallCap Dividend Fund3 | 165,540 | 30,184 | 2,352,131 | — | ||||||||||||
Global Hedged SmallCap Dividend Fund4 | 17,510 | 29,026 | 2,008,940 | — | ||||||||||||
Dynamic Bearish U.S. Equity Fund5 | — | — | — | — | ||||||||||||
Dynamic Long/Short U.S. Equity Fund5 | — | 18,502 | 2,521,321 | — |
1 | For the period October 29, 2015 (commencement of operations) through December 31, 2015. |
2 | For the period July 21, 2015 (commencement of operations) through December 31, 2015. |
3 | For the period November 12, 2015 (commencement of operations) through December 31, 2015. |
4 | For the period November 19, 2015 (commencement of operations) through December 31, 2015. |
5 | For the period December 23, 2015 (commencement of operations) through December 31, 2015. |
6. FEDERAL INCOME TAXES
At December 31, 2015, the cost of investments (including securities on loan) for Federal income tax purposes was as follows:
Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | ||||||||||||
Europe Local Recovery Fund | $ | 3,714,974 | $ | 108,385 | $ | (138,865 | ) | $ | (30,480 | ) | ||||||
Strong Dollar Emerging Markets Equity Fund | 2,503,130 | 62,137 | (180,536 | ) | (118,399 | ) | ||||||||||
Strong Dollar U.S. Equity Fund | 1,242,141 | 52,482 | (88,128 | ) | (35,646 | ) | ||||||||||
Weak Dollar U.S. Equity Fund | 1,244,206 | 45,294 | (110,101 | ) | (64,807 | ) | ||||||||||
Global SmallCap Dividend Fund | 2,491,186 | 74,480 | (122,317 | ) | (47,837 | ) | ||||||||||
Global Hedged SmallCap Dividend Fund | 1,997,465 | — | (7,652 | ) | (7,652 | ) | ||||||||||
Dynamic Bearish U.S. Equity Fund | 1,240,848 | 68 | — | 68 | ||||||||||||
Dynamic Long/Short U.S. Equity Fund | 2,503,100 | 42,730 | (7,987 | ) | 34,743 |
7. OTHER AFFILIATED PARTIES AND TRANSACTIONS
Affiliated holdings are funds which are managed by, or an affiliate of, WTAM. Transactions with affiliated funds during the period ended December 31, 2015 are as follows:
Fund | Value at 6/30/2015 | Purchases/ Additions | Sales/ Reductions | Value at 12/31/2015 | Dividend Income | |||||||||||||||
Global Hedged SmallCap Dividend Fund1 |
| |||||||||||||||||||
WisdomTree Global SmallCap Dividend Fund | $ | — | $ | 2,026,450 | $ | 29,026 | $ | 1,989,813 | $ | 9,676 |
1 | For the period November 19, 2015 (commencement of operations) through December 31, 2015. |
8. RECENT ACCOUNTING PRONOUNCEMENT
In May 2015, the FASB issued ASU 2015-07 Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent). This is an update to Fair Value Measurement Topic 820. The amendments in this ASU remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. ASU 2015-07 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. WTAM has evaluated ASU 2015-07 and determined that there is no impact on the Trust’s financial statement disclosures.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 55 |
Approval of Investment Advisory and Sub-Advisory Agreements (unaudited)
Approval of Investment Advisory and Sub-Advisory Agreements with respect to the WisdomTree Global Hedged SmallCap Dividend Fund, WisdomTree Global SmallCap Dividend Fund, WisdomTree Strong Dollar Emerging Markets Equity Fund, WisdomTree Strong Dollar U.S. Equity Fund and the WisdomTree Weak Dollar U.S. Equity Fund (each, a “Fund” and, collectively, the “Funds”)
At a meeting of the Board of Trustees (the “Board”) of the WisdomTree Trust (the “Trust”) held on June 9-10, 2015, the Trustees (the “Trustees”), including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), considered the approval of the Investment Advisory Agreement (the “Advisory Agreement”), pursuant to which WisdomTree Asset Management, Inc. (“WTAM”) will provide each Fund with investment advisory services, and the Sub-Advisory Agreement (together with the Advisory Agreement, the “Agreements”), pursuant to which Mellon Capital Management Corporation (the “Sub-Adviser”) will coordinate the investment and reinvestment of the assets of each Fund.
In considering whether to approve the Agreements, the Trustees considered and discussed information and analysis provided by WTAM and Lipper, Inc., an independent provider of investment company data. The Independent Trustees were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of WTAM and the Sub-Adviser. In considering the approval of the Agreements, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Trustee may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services to be Provided to the Funds. The Board considered information provided to them at the meeting and in previous presentations throughout the year from WTAM representatives regarding the nature, extent, and quality of the services provided to the WisdomTree funds, recognizing WTAM’s and the Sub-Adviser’s operational capabilities and resources. The Board also discussed WTAM’s proposed role as index provider to the Funds. The Board also noted the extensive responsibilities that WTAM will have as investment adviser to the Funds, including: the selection of, and supervisory responsibilities and activities over, the Sub-Adviser, including oversight of the Sub-Adviser’s compliance with Fund policies and objectives; oversight of, and the provision of consultation to, the Sub-Adviser with respect to the creation of custom creation or redemption baskets for authorized participants; the oversight of general Fund compliance with federal and state laws; and the implementation of Board directives as they relate to the Funds. The Board also considered research support available to, and management capabilities of, the Funds’ management personnel and that WTAM will provide oversight of day-to-day Fund operations, including fund accounting, administration, compliance and legal assistance in meeting disclosure and regulatory requirements.
Based on review of this information and the other factors considered at the meeting, the Board concluded that the nature, extent and quality of services to be provided by WTAM and the Sub-Adviser under the Advisory Agreement and Sub-Advisory Agreement, respectively, are adequate and appropriate and supported the approval of the Agreements.
Comparative Analysis of the Funds’ Performance, Advisory Fees and Fund Expenses. As the Funds had not yet commenced operations, the Board was not able to review the Funds’ performance. The Board discussed with representatives of WTAM and the Sub-Adviser the portfolio management team and the investment strategies to be employed in the management of each Fund’s assets. The Board noted the reputation and experience of WTAM and the Sub-Adviser.
The Board considered the fees to be paid to WTAM by each Fund. The Board examined the fee to be paid by each Fund in light of fees paid to other investment advisers by comparable funds and the method of computing each Fund’s fee. The Board also considered the fee to be paid to the Sub-Adviser in relation to the fee to be paid to WTAM by each Fund and the respective services to be provided by the Sub-Adviser and WTAM. The Board also noted the Sub-Adviser’s fees will be paid by WTAM (out of its fees paid by the Funds) and not the Funds. Based on this review, the Board concluded that the fees to be paid to WTAM and the Sub-Adviser were justified in light of the considerations described above.
Analysis of Profitability and Economies of Scale. As the Funds had not yet commenced operations, WTAM representatives were not able to review the dollar amount of expenses allocated and profit received by WTAM, or any economies of scale. The Board considered potential benefits to WTAM and the Sub-Adviser from acting as investment adviser and sub-adviser, respectively. The Board also considered the uncertainty of the estimated asset levels and the renewal requirements for advisory agreements and their ability to review the advisory fees annually after the initial term of the Agreements. The Board determined that because the Funds had not yet commenced operations, economies of scale were not a factor, but, to the extent in the future it were determined that material economies of scale had not been shared with the Funds, the Board would seek to have those economies of scale shared with the Funds in connection with future renewals.
Approval of Investment Advisory and Sub-Advisory Agreement with respect to the WisdomTree Europe Local Recovery Fund (the “Fund”)
At a meeting of the Board of Trustees (the “Board”) of the WisdomTree Trust (the “Trust”) held on September 21-22, 2015, the Trustees (the “Trustees”), including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), considered the approval of the Investment Advisory Agreement (the “Advisory Agreement”), pursuant to which WisdomTree Asset Management, Inc. (“WTAM”) will provide the Fund with investment
56 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Approval of Investment Advisory and Sub-Advisory Agreements (unaudited) (continued)
advisory services, and the Sub-Advisory Agreement (together with the Advisory Agreement, the “Agreements”), pursuant to which Mellon Capital Management Corporation (the “Sub-Adviser”) will coordinate the investment and reinvestment of the assets of the Fund.
In considering whether to approve the Agreements, the Trustees considered and discussed information and analysis provided by WTAM and Lipper, Inc., an independent provider of investment company data. The Independent Trustees were assisted in their review by independent legal counsel and met with counsel in executive session separate from WTAM representatives and the Sub-Adviser. In considering the approval of the Agreements, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Trustee may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services to be Provided to the Fund. The Board considered information provided to them at the meeting and in previous presentations throughout the year from WTAM representatives regarding the nature, extent, and quality of the services provided to the WisdomTree funds, recognizing WTAM’s and the Sub-Adviser’s operational capabilities and resources. The Board also discussed the proposed role of WisdomTree Investments, Inc. (“WTI”), the parent of WTAM, as index provider to the Fund. The Board noted that the strategies represented by the Fund is unique, based on WTI’s intellectual property and is only available for use by the Fund through WTAM. The Board noted WTAM’s belief that shareholders will invest in the Fund on the strength of WTI’s intellectual property and WTAM’s industry standing and reputation and with the expectation that WTAM will have a continuing role in providing advisory services to the Fund based on the WTI index. The Board also noted the extensive responsibilities that WTAM will have as investment adviser to the Fund, including: the selection of, and supervisory responsibilities and activities over, the Sub-Adviser, including oversight of the Sub-Adviser’s adherence to the Fund’s investment strategy and restrictions, monitoring of the Sub-Adviser’s buying and selling of securities and derivatives transactions, review of Sub-Adviser performance, review of proxies voted by the Sub-Adviser and oversight of, and the provision of consultation to, the Sub-Adviser with respect to the creation of custom creation or redemption baskets for authorized participants; oversight of the daily valuation of the Fund’s portfolio holdings; oversight of general Fund compliance with federal and state laws; and implementation of Board directives as they relate to the Fund. The Board also considered research support available to, and management capabilities of, the Fund’s management personnel and that WTAM will provide oversight of day-to-day Fund operations, including fund accounting, tax matters, administration, compliance and legal assistance in meeting disclosure and regulatory requirements.
Based on review of this information and the other factors considered at the meeting, the Board concluded that the nature, extent and quality of services to be provided by WTAM and the Sub-Adviser under the Advisory Agreement and Sub-Advisory Agreement, respectively, are adequate and appropriate and supported the Board’s approval of the Agreements.
Comparative Analysis of Fund Performance, Advisory Fees and Fund Expenses. As the Fund has not yet commenced operations, the Board was not able to review the Fund’s performance. The Board discussed with WTAM representatives the portfolio management team and the investment strategies to be employed in the management of the Fund’s assets. The Board noted the reputation and experience of WTAM and the Sub-Adviser.
The Board considered the fees to be paid to WTAM by the Fund. The Board examined the fee to be paid by the Fund in light of fees paid to other investment advisers by comparable funds and the method of computing the Fund’s fee. The Board also considered the fee to be paid to the Sub-Adviser in relation to the fee to be paid to WTAM by the Fund and the respective services to be provided by the Sub-Adviser and WTAM. The Board also noted the Sub-Adviser’s fees will be paid by WTAM (out of its fees paid by the Fund) and not the Fund. The Board considered the meaningful differences in the services that WTAM will provide to the Fund as compared to the Sub-Adviser, including that the role of the Sub-Adviser in making investment recommendations with respect to a Fund is a rules-based function, with oversight by WTAM in seeking to ensure compliance with such rules. The Board also considered the entrepreneurial and expense risk to be borne by WTAM that is associated with the Fund’s unitary fee structure, which includes minimum fees (such as those to the Sub-Adviser), regardless of whether the asset size of a Fund grows to a sufficient size. Based on this review, the Board concluded that the fees to be paid to WTAM and the Sub-Adviser supported the Board’s approval of the Agreements.
Analysis of Profitability and Economies of Scale. As the Fund has not yet commenced operations, WTAM representatives were not able to review the dollar amount of expenses allocated and profit received by WTAM, or any economies of scale. The Board considered potential benefits to WTAM and the Sub-Adviser from acting as investment adviser and sub-adviser, respectively. The Board also considered the uncertainty of the estimated asset levels and the renewal requirements for advisory agreements and their ability to review the advisory fees annually after the initial term of the Agreements. The Board determined that because the Fund had not yet commenced operations, economies of scale were not a factor, but, to the extent in the future it were determined that material economies of scale had not been shared with the Fund, the Board would seek to have those economies of scale shared with the Fund in connection with future renewals.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 57 |
Approval of Investment Advisory and Sub-Advisory Agreements (unaudited) (continued)
Approval of Investment Advisory and Sub-Advisory Agreements with respect to the WisdomTree Dynamic Bearish U.S. Equity Fund and the WisdomTree Dynamic Long/Short U.S. Equity Fund (each, a “Fund” and, collectively, the “Funds”)
At a meeting of the Board of Trustees (the “Board”) of the WisdomTree Trust (the “Trust”) held on December 10-11, 2015, the Trustees (the “Trustees”), including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), considered the approval of the Investment Advisory Agreement (the “Advisory Agreement”), pursuant to which WisdomTree Asset Management, Inc. (“WTAM”) will provide each Fund with investment advisory services, and the Sub-Advisory Agreement (together with the Advisory Agreement, the “Agreements”), pursuant to which Mellon Capital Management Corporation (the “Sub-Adviser”) will coordinate the investment and reinvestment of the assets of each Fund.
In considering whether to approve the Agreements, the Trustees considered and discussed information and analysis provided by WTAM and Broadridge Financial Solutions, Inc., an independent provider of investment company data. The Independent Trustees were assisted in their review by independent legal counsel and met with counsel in executive session separate from WTAM representatives and the Sub-Adviser. In considering the approval of the Agreements, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Trustee may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services to be Provided to the Fund’s. The Board considered information provided to them at the meeting and in previous presentations throughout the year from WTAM representatives regarding the nature, extent, and quality of the services provided to the WisdomTree Fund’s, recognizing WTAM’s and the Sub-Adviser’s operational capabilities and resources. The Board also discussed the proposed role of WisdomTree Investments, Inc. (“WTI”), the parent of WTAM, as index provider to the Fund’s. The Board noted that the strategies represented by the Funds are unique, based on WTI’s intellectual property and are only available for use by the Fund’s through WTAM. The Board noted WTAM’s belief that shareholders will invest in the Fund’s on the strength of WTI’s intellectual property and WTAM’s industry standing and reputation and with the expectation that WTAM will have a continuing role in providing advisory services to the Fund’s based on the WTI indexes. The Board also noted the extensive responsibilities that WTAM will have as investment adviser to the Fund’s, including: the selection of, and supervisory responsibilities and activities over, the Sub-Adviser, including oversight of the Sub-Adviser’s adherence to each Fund’s investment strategy and restrictions, monitoring of the Sub-Adviser’s buying and selling of securities and derivatives transactions, review of Sub-Adviser performance, review of proxies voted by the Sub-Adviser and oversight of, and the provision of consultation to, the Sub-Adviser with respect to the creation of custom creation or redemption baskets for authorized participants; oversight of the daily valuation of the Fund’s portfolio holdings; oversight of general Fund compliance with federal and state laws; and implementation of Board directives as they relate to the Funds. The Board also considered research support available to, and management capabilities of, the Funds’ management personnel and that WTAM will provide oversight of day-to-day Fund operations, including fund accounting, tax matters, administration, compliance and legal assistance in meeting disclosure and regulatory requirements.
Based on review of this information and the other factors considered at the meeting, the Board concluded that the nature, extent and quality of services to be provided by WTAM and the Sub-Adviser under the Advisory Agreement and Sub-Advisory Agreement, respectively, are adequate and appropriate and supported the Board’s approval of the Agreements.
Comparative Analysis of the Funds’ Performance, Advisory Fees and Fund Expenses. As the Funds had not yet commenced operations, the Board was not able to review the Funds’ performance. The Board discussed with WTAM representatives the portfolio management team and the investment strategies to be employed in the management of each Fund’s assets. The Board noted the reputation and experience of WTAM and the Sub-Adviser.
The Board considered the fees to be paid to WTAM by each Fund. The Board examined the fee to be paid by each Fund in light of fees paid to other investment advisers by comparable Funds and the method of computing each Fund’s fee. The Board also considered the fee to be paid to the Sub-Adviser in relation to the fee to be paid to WTAM by each Fund and the respective services to be provided by the Sub-Adviser and WTAM. The Board also noted the Sub-Adviser’s fees will be paid by WTAM (out of its fees paid by the Funds) and not the Funds. The Board considered the meaningful differences in the services that WTAM will provide to the Funds as compared to the Sub-Adviser, including that the role of the Sub-Adviser in making investment recommendations with respect to a Fund is a rules-based function, with oversight by WTAM in seeking to ensure compliance with such rules. The Board also considered the entrepreneurial and expense risk to be borne by WTAM that is associated with the Funds’ unitary fee structure, which includes minimum fees (such as those to the Sub-Adviser), regardless of whether the asset size of a Fund grows to a sufficient size. Based on this review, the Board concluded that the fees to be paid to WTAM and the Sub-Adviser supported the Board’s approval of the Agreements.
Analysis of Profitability and Economies of Scale. As the Funds had not yet commenced operations, WTAM representatives were not able to review the dollar amount of expenses allocated and profit received by WTAM, or any economies of scale. The Board considered potential benefits to WTAM and the Sub-Adviser from acting as investment adviser and sub-adviser, respectively. The Board also
58 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
Approval of Investment Advisory and Sub-Advisory Agreements (unaudited) (concluded)
considered the uncertainty of the estimated asset levels and the renewal requirements for advisory agreements and their ability to review the advisory fees annually after the initial term of the Agreements. The Board determined that because the Funds had not yet commenced operations, economies of scale were not a factor, but, to the extent in the future it were determined that material economies of scale had not been shared with the Funds, the Board would seek to have those economies of scale shared with the Funds in connection with future renewals.
* * * * * *
In evaluating the Agreements, the Board considered the conclusions and determinations discussed above and also relied on its knowledge, gained through meetings and other interactions with WTAM and the Sub-Adviser, of other funds advised by WTAM and the Sub-Adviser. In light of the foregoing, the Board, including a majority of the Independent Trustees, determined to approve the Agreements.
WisdomTree Trust Semi-Annual Report December 31, 2015 | 59 |
General Information (unaudited)
Proxy Voting Policies, Procedures and Record
A complete copy of the Proxy Voting Policy may be obtained by calling 1-866-909-WISE (9473) or writing to: WisdomTree Trust, c/o Foreside Fund Services, LLC, Three Canal Plaza Suite 100, Portland, ME, 04101.
The Trust is required to disclose annually the Funds’ complete proxy voting record on Form N-PX covering the most recent 12-month period ended June 30 and to file Form N-PX with the SEC no later than August 31 of each year. The current Form N-PX for the Funds is available at no charge upon request by calling 1-866-909-WISE (9473) or through the Trust’s website at www.wisdomtree.com. The Funds’ Form N-PX is also available on the SEC’s 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, on the SEC’s website at www.sec.gov and are also available by calling the Trust at 1-866-909-WISE (9473). 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 publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily, without charge, at www.wisdomtree.com.
The 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.
Frequency Distribution of Discounts & Premiums
Information about differences between the per share net asset value of each Fund and the market trading price of shares of each Fund are available, without charge, at www.wisdomtree.com
60 | WisdomTree Trust Semi-Annual Report December 31, 2015 |
The WisdomTree Family of Funds
The following is a list of WisdomTree Funds being offered, along with their respective ticker symbols, as of December 31, 2015:
WisdomTree Domestic Earnings and Dividend Funds
WisdomTree Dividend ex-Financials Fund (DTN)
WisdomTree Earnings 500 Fund (EPS)
WisdomTree High Dividend Fund (DHS)
WisdomTree LargeCap Dividend Fund (DLN)
WisdomTree LargeCap Value Fund (EZY)
WisdomTree MidCap Dividend Fund (DON)
WisdomTree MidCap Earnings Fund (EZM)
WisdomTree SmallCap Dividend Fund (DES)
WisdomTree SmallCap Earnings Fund (EES)
WisdomTree Total Dividend Fund (DTD)
WisdomTree Total Earnings Fund (EXT)
WisdomTree U.S. Quality Dividend Growth Fund (DGRW)
WisdomTree U.S. SmallCap Quality Dividend Growth Fund (DGRS)
WisdomTree Developed World ex-U.S. and Currency Hedged Equity Funds
WisdomTree Australia Dividend Fund (AUSE)
WisdomTree Europe Hedged Equity Fund (HEDJ)
WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)
WisdomTree Europe Local Recovery Fund (EZR)
WisdomTree Europe Quality Dividend Growth Fund (EUDG)
WisdomTree Europe SmallCap Dividend Fund (DFE)
WisdomTree Germany Hedged Equity Fund (DXGE)
WisdomTree Global ex-U.S. Hedged Dividend Fund (DXUS)
WisdomTree Global ex-U.S. Hedged Real Estate Fund (HDRW)
WisdomTree Global Hedged SmallCap Dividend Fund (HGSD)
WisdomTree International Dividend ex-Financials Fund (DOO)
WisdomTree International Equity Fund (DWM)
WisdomTree International Hedged Equity Fund (HDWM)
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
WisdomTree International Hedged SmallCap Dividend Fund (HDLS)
WisdomTree International High Dividend Fund (DTH)
WisdomTree International LargeCap Dividend Fund (DOL)
WisdomTree International MidCap Dividend Fund (DIM)
WisdomTree International SmallCap Dividend Fund (DLS)
WisdomTree Japan Hedged Capital Goods Fund (DXJC)
WisdomTree Japan Hedged Equity Fund (DXJ)
WisdomTree Japan Hedged Financials Fund (DXJF)
WisdomTree Japan Hedged Health Care Fund (DXJH)
WisdomTree Japan Hedged Quality Dividend Growth Fund (JHDG)
WisdomTree Japan Hedged Real Estate Fund (DXJR)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
WisdomTree Japan Hedged Tech, Media and Telecom Fund (DXJT)
WisdomTree Japan Quality Dividend Growth Fund (JDG)
WisdomTree Japan SmallCap Dividend Fund (DFJ)
WisdomTree Korea Hedged Equity Fund (DXKW)
WisdomTree United Kingdom Hedged Equity Fund (DXPS) | WisdomTree Global/Global ex-U.S. and Emerging/Frontier Markets
WisdomTree Asia Pacific ex-Japan Fund (AXJL)
WisdomTree China ex-State-Owned Enterprises Fund (CXSE)
WisdomTree Commodity Country Equity Fund (CCXE)
WisdomTree Emerging Markets Consumer Growth Fund (EMCG)
WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE)
WisdomTree Emerging Markets High Dividend Fund (DEM)
WisdomTree Emerging Markets Quality Dividend Growth Fund (DGRE)
WisdomTree Emerging Markets SmallCap Dividend Fund (DGS)
WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL)
WisdomTree Global ex-U.S. Real Estate Fund (DRW)
WisdomTree Global ex-U.S. Utilities Fund (DBU)
WisdomTree Global High Dividend Fund (DEW)
WisdomTree Global Natural Resources Fund (GNAT)
WisdomTree Global SmallCap Dividend Fund (GSD)
WisdomTree India Earnings Fund (EPI)
WisdomTree Middle East Dividend Fund (GULF)
WisdomTree Dollar Sensitive Equity Funds
WisdomTree Strong Dollar Emerging Markets Equity Fund (EMSD)
WisdomTree Strong Dollar U.S. Equity Fund (USSD)
WisdomTree Weak Dollar U.S. Equity Fund (USWD)
WisdomTree Currency Strategy Funds
WisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU)
WisdomTree Brazilian Real Strategy Fund (BZF)
WisdomTree Chinese Yuan Strategy Fund (CYB)
WisdomTree Commodity Currency Strategy Fund (CCX)
WisdomTree Emerging Currency Strategy Fund (CEW)
WisdomTree Indian Rupee Strategy Fund (ICN)
WisdomTree Fixed Income Funds
WisdomTree Asia Local Debt Fund (ALD)
WisdomTree Australia & New Zealand Debt Fund (AUNZ)
WisdomTree Barclays U.S. Aggregate Bond Enhanced Yield Fund (AGGY)
WisdomTree Barclays U.S. Aggregate Bond Negative Duration Fund (AGND)
WisdomTree Barclays U.S. Aggregate Bond Zero Duration Fund (AGZD)
WisdomTree Bloomberg Floating Rate Treasury Fund (USFR)
WisdomTree BofA Merrill Lynch High Yield Bond Negative Duration Fund (HYND)
WisdomTree BofA Merrill Lynch High Yield Bond Zero Duration Fund (HYZD)
WisdomTree Emerging Markets Corporate Bond Fund (EMCB)
WisdomTree Emerging Markets Local Debt Fund (ELD)
WisdomTree Japan Interest Rate Strategy Fund (JGBB)
WisdomTree Strategic Corporate Bond Fund (CRDT)
WisdomTree Western Asset Unconstrained Bond Fund (UBND)
WisdomTree Alternative Funds
WisdomTree Dynamic Bearish U.S. Equity Fund (DYB)
WisdomTree Dynamic Long/Short U.S. Equity Fund (DYLS)
WisdomTree Global Real Return Fund (RRF)
WisdomTree Managed Futures Strategy Fund (WDTI) |
The WisdomTree Funds are exchange traded funds (“ETFs”) registered with the United States Securities and Exchange Commission as separate series (“Funds”) of WisdomTree Trust (“Trust”). WisdomTree Asset Management, Inc., a wholly owned subsidiary of WisdomTree Investments, Inc., serves as the investment adviser to the Trust. None of the WisdomTree entities are affiliated with Foreside Fund Services, LLC, the Funds’ distributor. WisdomTree Investments, its affiliates and their independent providers are not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein.
Investors should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. A prospectus, containing this and other information, is available at www.wisdomtree.com, or by calling 1-866-909-WISE (9473). Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal. Past performance does not guarantee future results. Indexes are unmanaged and you cannot invest directly in an index.
There are risks associated with investing including possible loss of principal. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in real estate involve additional special risks, such as credit risk, interest rate fluctuations and the effect of varied economic conditions. Funds that focus their investments in one country or region may be significantly impacted by events and developments associated with the region which can adversely affect performance. Funds focusing on a single sector and/or smaller companies generally experience greater price volatility. Investments in emerging, offshore or frontier markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments. Inflation protected securities do not eliminate risks associated with inflation or deflation. Investments in currency involve additional special risks, such as credit risk and interest rate fluctuations. Derivative investments can be volatile and these investments may be less liquid than other securities, and more sensitive to the effect of varied economic conditions. As these Funds can have a high concentration in some issuers the Funds can be adversely impacted by changes affecting such issuers. Due to the investment strategy of certain Funds they may make higher capital gain distributions than other ETFs. Please read the Fund’s prospectus for specific details regarding the Fund’s risk profile.
Transactions in Fund shares will result in brokerage commissions and will generate tax consequences. Shares may be sold through brokerage accounts, but may be redeemed from the Funds only in large amounts of 50,000 shares or more.
WisdomTree Trust
245 Park Avenue, 35th Floor
New York, NY 10167
Developed World ex-U.S. Funds:
WisdomTree Europe Local Recovery Fund (EZR)
Dollar Sensitive Equity Funds:
WisdomTree Strong Dollar Emerging Markets Equity Fund (EMSD)
WisdomTree Strong Dollar U.S. Equity Fund (USSD)
WisdomTree Weak Dollar U.S. Equity Fund (USWD)
Global/Global ex-U.S. Funds:
WisdomTree Global SmallCap Dividend Fund (GSD)
Currency Hedged Equity Funds:
WisdomTree Global Hedged SmallCap Dividend Fund (HGSD)
Alternative Funds:
WisdomTree Dynamic U.S. Bearish Equity Fund (DYB)
WisdomTree Dynamic U.S. Long/Short Equity Fund (DYLS)
WisdomTree Fund shares are distributed by Foreside Fund Services, LLC, in the U.S. only.
WTGM-1052
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed registrants. |
Not applicable.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
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. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
(a)(1) | Not applicable. | |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
(a)(3) | Not applicable. | |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
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 (Signature and Title) | /s/ Jonathan L. Steinberg | |
Jonathan L. Steinberg, President | ||
(principal executive officer) |
Date: March 4, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Jonathan L. Steinberg | |
Jonathan L. Steinberg, President | ||
(principal executive officer) |
Date: March 4, 2016
By (Signature and Title) | /s/ David Castano | |
David Castano, Treasurer | ||
(principal financial officer) |
Date: March 4, 2016