Edgar Filing: WisdomTree Trust

WisdomTree Trust - Currency & Fixed Income Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21864

WisdomTree Trust

(Exact name of registrant as specified in charter)

380 Madison Avenue, 21^st Floor

New York, NY 10017

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2011

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Report(s) to Stockholders.

The Trust’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

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WisdomTree Trust

Currency, Fixed Income and Alternative Funds

Semi-Annual Report

For the six-month period ended February 28, 2011

Currency Income Funds:

WisdomTree Dreyfus Brazilian Real Fund (BZF)

WisdomTree Dreyfus Chinese Yuan Fund (CYB)

WisdomTree Dreyfus Commodity Currency Fund (CCX)

WisdomTree Dreyfus Emerging Currency Fund (CEW)

WisdomTree Dreyfus Euro Fund (EU)

WisdomTree Dreyfus Indian Rupee Fund (ICN)

WisdomTree Dreyfus Japanese Yen Fund (JYF)

WisdomTree Dreyfus New Zealand Dollar Fund (BNZ)

WisdomTree Dreyfus South African Rand Fund (SZR)

Fixed Income Fund:

WisdomTree Emerging Markets Local Debt Fund (ELD)

Alternative Fund:

WisdomTree Managed Futures Strategy Fund (WDTI)

Table of Contents


Performance Summaries (unaudited)			1
Shareholder Expense Examples (unaudited)			15
Schedules of Investments (unaudited)
WisdomTree Dreyfus Brazilian Real Fund			17
WisdomTree Dreyfus Chinese Yuan Fund			18
WisdomTree Dreyfus Commodity Currency Fund			19
WisdomTree Dreyfus Emerging Currency Fund			20
WisdomTree Dreyfus Euro Fund			21
WisdomTree Dreyfus Indian Rupee Fund			22
WisdomTree Dreyfus Japanese Yen Fund			23
WisdomTree Dreyfus New Zealand Dollar Fund			24
WisdomTree Dreyfus South African Rand Fund			25
WisdomTree Emerging Markets Local Debt Fund			26
WisdomTree Managed Futures Strategy Fund (consolidated)			28
Statements of Assets and Liabilities (unaudited)			29
Statements of Operations (unaudited)			31
Statements of Changes in Net Assets (unaudited)			33
Financial Highlights (unaudited)			37
Notes to Financial Statements (unaudited)			43
General Information (unaudited)			62

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

Performance Summary (unaudited)

WisdomTree Dreyfus Brazilian Real Fund (BZF)

Investment Breakdown† as of 2/28/11

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†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Ten Holdings* as of 2/28/11



Description	% of Net Assets
U.S. Treasury Bill, 0.13%, 3/10/11		38.3%
Citigroup, Inc., 0.21%, 3/01/11^†^†		20.8%
U.S. Treasury Bill, 0.15%, 3/03/11		17.9%
U.S. Treasury Bill, 0.10%, 3/17/11		16.4%
Union Bank NA, 0.38%, 3/16/11		1.4%
General Electric Capital Corp., 0.38%, 3/11/11		1.1%
Goldman Sachs Group, Inc., 0.38%, 3/15/11		0.9%
Morgan Stanley, 0.88%, 3/04/11		0.7%
Federal Home Loan Mortgage Corp., 0.36%, 4/01/11		0.5%
Invesco Treasury Fund Private Class, 0.02%		0.5%

*	The holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

††	Fully collateralized by U.S. Government security.

The WisdomTree Dreyfus Brazilian Real Fund (the “Fund”) seeks to achieve total returns reflective of both money market rates in Brazil available to foreign investors and changes in value of the Brazilian real relative to the U.S. dollar. The Brazilian real is a developing market currency which can experience periods of significant volatility. Although the Fund invests in very short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned 9.56% on net asset value (“NAV”) for the six-month period ended February 28, 2011 (for more complete performance information please see below). The Fund outperformed the change in the value of the Brazilian real relative to the U.S. dollar by 3.79% over the six months ended February 28, 2011. This was largely the result of the interest return embedded in the Fund’s forward currency contracts and is reflective of the fact that interest rates in Brazil generally were higher than rates in the U.S. during the period.

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

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns also do not reflect brokerage commission or taxes a shareholder would pay on the sales of Fund shares or on Fund distributions. The annual expense ratio of the Fund during the period was 0.45%.

Performance as of 2/28/11


	Average Annual Total Return
	3-Month			6-Month			1 Year			Since Fund Inception²
Fund NAV Returns¹		5.74	%		9.56	%		17.28	%		8.72	%
Fund Market Price Returns¹		5.16	%		9.56	%		16.39	%		8.09	%
Brazilian real		3.72	%		5.77	%		9.09	%		-0.01	%
JPMorgan Emerging Local Markets Index Plus (ELMI+) Brazil		5.27	%		9.83	%		17.89	%		10.53	%

¹	Performance of less than one year is cumulative.

²	Total returns are calculated based on the commencement of Fund trading on the NYSE on May 14, 2008.

Performance quoted represents past performance and past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. For the most recent month-end performance information visit www.wisdomtree.com. Investment in the Fund poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Total returns for a period less than one year have not been annualized. Index returns do not reflect expenses paid by the Fund.


WisdomTree Currency, Fixed Income and Alternative Funds			1

Performance Summary (unaudited)

WisdomTree Dreyfus Chinese Yuan Fund (CYB)

Investment Breakdown† as of 2/28/11

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†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Ten Holdings* as of 2/28/11



Description	% of Net Assets
Citigroup, Inc., 0.21%, 3/01/11^††		30.4%
U.S. Treasury Bill, 0.13%, 3/10/11		29.9%
U.S. Treasury Bill, 0.11%, 3/17/11		22.0%
U.S. Treasury Bill, 0.15%, 3/03/11		12.8%
U.S. Treasury Bill, 0.16%, 3/31/11		1.5%
Federal Home Loan Mortgage Corp., 0.36%, 4/01/11		0.6%
Invesco Treasury Fund Private Class, 0.02%		0.5%
Goldman Sachs Group, Inc., 0.38%, 3/15/11		0.5%
Morgan Stanley, 0.88%, 3/04/11		0.3%
Union Bank NA, 0.38%, 3/16/11		0.3%

*	The holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

††	Fully collateralized by U.S. Government security.

The WisdomTree Dreyfus Chinese Yuan Fund (the “Fund”) seeks to achieve total returns reflective of both money market rates in China available to foreign investors and changes in value of the Chinese yuan relative to the U.S. dollar. The Chinese yuan is a developing market currency, which can experience periods of significant volatility. Although the Fund invests in very short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned 2.80% on net asset value (“NAV”) for the six-month period ended February 28, 2011 (for more complete performance information please see below). The Fund underperformed the spot currency rate by 0.73% over the six months ended February 28, 2011. This was primarily due to two factors. First, some expectation of future appreciation in the Fund was incorporated into the pricing of the currency forward contracts at the time of purchase by the Fund. This made the contracts more expensive and acted as a drag on Fund performance relative to the spot currency. Additionally, because of the low interest rate environment in the U.S., the rates paid on the Fund’s investments in U.S. money market instruments were not sufficient to overcome this shortfall.

Performance as of 2/28/11


	Average Annual Total Return
	3-Month			6-Month			1 Year			Since Fund Inception²
Fund NAV Returns¹		1.17	%		2.80	%		1.34	%		1.63	%
Fund Market Price Returns¹		1.21	%		2.84	%		1.09	%		1.26	%
Chinese yuan		1.38	%		3.53	%		3.81	%		2.25	%
JPMorgan Emerging Local Markets Index Plus (ELMI+) China		1.48	%		3.12	%		2.24	%		3.10	%

¹	Performance of less than one year is cumulative.

²	Total returns are calculated based on the commencement of Fund trading on the NYSE on May 14, 2008.


2		WisdomTree Currency, Fixed Income and Alternative Funds

Performance Summary (unaudited)

WisdomTree Dreyfus Commodity Currency Fund (CCX)

Investment Breakdown† as of 2/28/11

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†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Holdings* as of 2/28/11



Description	% of Net Assets
U.S. Treasury Bill, 0.15%, 3/03/11		36.9%
Citigroup, Inc., 0.21%, 3/01/11^††		29.0%
U.S. Treasury Bill, 0.14%, 3/10/11		12.2%
U.S. Treasury Bill, 0.14%, 4/07/11		8.1%
U S. Treasury Bill, 0.12%, 3/17/11		7.8%
U.S. Treasury Bill, 0.13%, 5/19/11		2.4%
Invesco Treasury Fund Private Class, 0.02%		0.5%
U.S. Treasury Bill, 0.16%, 3/31/11		0.2%

*	The holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

††	Fully collateralized by U.S. Government security.

The WisdomTree Dreyfus Commodity Currency Fund (the “Fund”) seeks to achieve total returns reflective of both money market rates in selected commodity-producing countries available to foreign investors and changes in value of these currencies relative to the U.S. dollar. The term “commodity currency” generally is used to describe the currency of a country whose economic success is commonly identified with the production and export of commodities (such as precious metals, oil, agricultural products or other raw materials) and whose value is closely linked to the value of such commodities. The Fund can invest in the currencies of commodity-producing countries, such as Australia, Brazil, Canada, Chile, Colombia, Indonesia, Malaysia, New Zealand, Norway, Peru, Russia and South Africa. Although this Fund invests in very short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned 5.46% on net asset value (“NAV”) for the period September 24, 2010 through February 28, 2011 (for more complete performance information please see below). It underperformed its reference composite index by 0.34% over the period, due to transaction costs and expenses.

Performance as of 2/28/11


	Cumulative Total Return
	3-Month			Since Fund Inception¹
Fund NAV Returns		6.01	%		5.46	%
Fund Market Price Returns		6.04	%		5.58	%
Equal-Weighted Commodity Currency Composite		6.07	%		5.80	%

¹	Total returns are calculated based on the commencement of Fund trading on the NYSE on September 24, 2010.


WisdomTree Currency, Fixed Income and Alternative Funds			3

Performance Summary (unaudited)

WisdomTree Dreyfus Emerging Currency Fund (CEW)

Investment Breakdown† as of 2/28/11

LOGO

†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Ten Holdings* as of 2/28/11



Description	% of Net Assets
Citigroup, Inc., 0.21%, 3/01/11^††		30.9%
U.S. Treasury Bill, 0.13%, 3/10/11		24.7%
U.S. Treasury Bill, 0.12%, 3/17/11		21.2%
U.S. Treasury Bill, 0.15%, 3/03/11		11.7%
U.S. Treasury Bill, 0.11%, 5/05/11		4.6%
U.S. Treasury Bill, 0.11%, 6/02/11		2.6%
U.S. Treasury Bill, 0.10%, 4/07/11		1.8%
U.S. Treasury Bill, 0.16%, 4/21/11		1.7%
Invesco Treasury Fund Private Class, 0.02%		0.5%
Federal National Mortgage Association, 0.19%, 5/13/11		0.1%

*	The holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

††	Fully collateralized by U.S. Government security.

The WisdomTree Dreyfus Emerging Currency Fund (the “Fund”) seeks to achieve total returns reflective of both money market rates in selected emerging market countries available to foreign investors and changes in value of these currencies relative to the U.S. dollar. Emerging market currencies can experience periods of significant volatility. Although the Fund invests in short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned 6.21% on net asset value (“NAV”) for the six-month period ended February 28, 2011 (for more complete performance information please see below). During this period, the Fund underperformed its industry reference benchmark, the JPMorgan Emerging Market Index Plus (ELMI+), by 0.59%. The Fund lagged the benchmark primarily due to the underperformance of Asian currencies, relative to currencies in Eastern Europe. The Fund was more heavily invested in Asia while its benchmark index was more heavily concentrated in Eastern Europe.

Performance as of 2/28/11


	Average Annual Total Return
	3-Month			6-Month			1 Year			Since Fund Inception²
Fund NAV Returns¹		2.83	%		6.21	%		6.99	%		9.18	%
Fund Market Price Returns¹		2.74	%		6.36	%		6.80	%		8.61	%
Equal-Weighted Emerging Currency Composite		2.90	%		6.62	%		7.87	%		10.12	%
JPMorgan Emerging Local Markets Index Plus (ELMI+)		3.88	%		6.80	%		7.36	%		9.39	%

¹	Performance of less than one year is cumulative.

²	Total returns are calculated based on the commencement of Fund trading on the NYSE on May 6, 2009.


4		WisdomTree Currency, Fixed Income and Alternative Funds

Performance Summary (unaudited)

WisdomTree Dreyfus Euro Fund (EU)

Investment Breakdown† as of 2/28/11

LOGO

†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Holdings* as of 2/28/11



Description	% of Net Assets
Royal Bank of Scotland PLC, 0.50%, 3/04/11		24.2%
UBS AG, 0.60%, 3/04/11		23.3%
Dutch Treasury Certificate, 0.54%, 3/31/11		9.4%
Belgium Treasury Bill, 0.66%, 4/14/11		5.8%
French Treasury Bill, 0.35%, 3/10/11		5.1%
German Treasury Bill, 0.34%, 4/13/11		4.4%
French Treasury Bill, 0.55%, 4/21/11		4.4%
German Treasury Bill, 0.51%, 5/18/11		4.3%
Buoni Ordinari Del Tes Treasury Bill, 1.02%, 5/31/11		3.6%

*	The holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

The WisdomTree Dreyfus Euro Fund (the “Fund”) seeks to earn current income reflective of money market rates within the European Union available to foreign investors. The Fund also seeks to maintain liquidity and preserve capital measured in Euros. The euro is a developed market currency, which can experience periods of significant volatility. Although the Fund invests in very short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned 8.71% on net asset value (“NAV”) for the six-month period ended February 28, 2011 (for more complete performance information please see below). The Fund outperformed the change in the value of the Euro relative to the U.S. dollar by 0.04% over the six months ended February 28, 2011. The Fund benefited as short-term interest rates rose from historically low levels. This offered more attractive investment opportunities and helped the Fund outperform the Euro.

Performance as of 2/28/11


	Average Annual Total Return
	3-Month			6-Month			1 Year			Since Fund Inception²
Fund NAV Returns¹		6.13	%		8.71	%		1.27	%		-3.12	%
Fund Market Price Returns¹		6.44	%		8.88	%		1.55	%		-3.14	%
Euro		6.10	%		8.67	%		1.21	%		-3.94	%
Merrill Lynch Euro Currency One-Month LIBID Constant Maturity Index		6.29	%		9.02	%		1.70	%		-2.46	%

¹	Performance of less than one year is cumulative.

²	Total returns are calculated based on the commencement of Fund trading on the NYSE on May 14, 2008.


WisdomTree Currency, Fixed Income and Alternative Funds			5

Performance Summary (unaudited)

WisdomTree Dreyfus Indian Rupee Fund (ICN)

Investment Breakdown† as of 2/28/11

LOGO

†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Holdings* as of 2/28/11



Description	% of Net Assets
Citigroup, Inc., 0.21%, 3/01/11^††		29.6%
U.S. Treasury Bill, 0.13%, 3/10/11		29.5%
U.S. Treasury Bill, 0.10%, 3/17/11		18.7%
U.S. Treasury Bill, 0.15%, 3/03/11		10.5%
Federal Home Loan Mortgage Corp., 0.36%, 4/01/11		5.9%
Goldman Sachs Group, Inc., 0.38%, 3/15/11		1.7%
U.S. Treasury Bill, 0.13%, 5/19/11		1.7%
Invesco Treasury Fund Private Class, 0.02%		0.6%
Union Bank NA, 0.38%, 3/16/11		0.4%

*	The holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

††	Fully collateralized by U.S. Government security.

The WisdomTree Dreyfus Indian Rupee Fund (the “Fund”) seeks to achieve total returns reflective of both money market rates in India available to foreign investors and changes in value of the Indian rupee relative to the U.S. dollar. The Indian rupee is a developing market currency, which can experience periods of significant volatility. Although the Fund invests in very short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned 6.77% on net asset value (“NAV”) for the six-month period ended February 28, 2011 (for more complete performance information please see below). The Fund outperformed the change in the value of the Indian rupee relative to the U.S. dollar by 2.67% over the six months ended February 28, 2011. This was largely the result of the interest return embedded in the Fund’s forward currency contracts and reflects the fact that interest rates in India generally were higher than rates in the U.S. during the period. The Reserve Bank of India continued to raise interest rates during the period to counter inflationary pressures.

Performance as of 2/28/11


	Average Annual Total Return
	3-Month			6-Month			1 Year			Since Fund Inception²
Fund NAV Returns¹		3.39	%		6.77	%		5.84	%		3.28	%
Fund Market Price Returns¹		3.14	%		6.71	%		5.54	%		3.05	%
Indian rupee		1.88	%		4.10	%		2.32	%		-2.20	%
JPMorgan Emerging Local Markets Index Plus (ELMI+) India		3.10	%		7.11	%		6.83	%		4.86	%

¹	Performance of less than one year is cumulative.

²	Total returns are calculated based on the commencement of Fund trading on the NYSE on May 14, 2008.


6		WisdomTree Currency, Fixed Income and Alternative Funds

Performance Summary (unaudited)

WisdomTree Dreyfus Japanese Yen Fund (JYF)

Investment Breakdown† as of 2/28/11

LOGO

†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Holdings* as of 2/28/11



Description	% of Net Assets
Royal Bank of Scotland, 0.10%, 3/01/11^††		43.7%
Japan Treasury Bill, 0.10%, 4/11/11, Series 162		24.9%

*	The holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

††	Fully collateralized by Japanese Government Bond.

The WisdomTree Dreyfus Japanese Yen Fund (the “Fund”) seeks to earn current income reflective of money market rates in Japan available to foreign investors. The Fund also seeks to maintain liquidity and preserve capital measured in Japanese yen. The yen is a developed market currency, which can experience periods of significant volatility. Although the Fund invests in very short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned 2.34% on net asset value (“NAV”) for the six-month period ended February 28, 2011 (for more complete performance information please see below). The Fund underperformed the change in the spot currency rate by 0.15% over the six months ended February 28, 2011. This was primarily due to the persistence of low interest rates in Japan.

Performance as of 2/28/11


	Average Annual Total Return
	3-Month			6-Month			1 Year			Since Fund Inception²
Fund NAV Returns¹		2.18	%		2.34	%		8.18	%		8.53	%
Fund Market Price Returns¹		2.99	%		3.32	%		8.87	%		8.67	%
Japanese yen		2.25	%		2.49	%		8.46	%		8.68	%
Merrill Lynch Japanese Yen One-Month LIBID Constant Maturity Index		2.26	%		2.52	%		8.54	%		8.96	%

¹	Performance of less than one year is cumulative.

²	Total returns are calculated based on the commencement of Fund trading on the NYSE on May 21, 2008.


WisdomTree Currency, Fixed Income and Alternative Funds			7

Performance Summary (unaudited)

WisdomTree Dreyfus New Zealand Dollar Fund (BNZ)

Investment Breakdown† as of 2/28/11

LOGO

†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Holdings* as of 2/28/11



Description	% of Net Assets
U.S. Treasury Bill, 0.13%, 3/10/11		49.1%
Citigroup, Inc., 0.21%, 3/01/11^††		15.4%
U.S. Treasury Bill, 0.15%, 3/03/11		15.3%
U.S. Treasury Bill, 0.10%, 3/17/11		14.4%
Federal Home Loan Mortgage Corp., 0.36%, 4/01/11		3.3%
Goldman Sachs Group, Inc., 0.38%, 3/15/11		0.7%
Invesco Treasury Fund Private Class, 0.02%		0.6%
Union Bank NA, 0.38%, 3/16/11		0.4%

*	The holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

††	Fully collateralized by U.S. Government security.

The WisdomTree Dreyfus New Zealand Dollar Fund (the “Fund”) seeks to achieve total returns reflective of both money market rates in New Zealand available to foreign investors and changes in value of the New Zealand dollar relative to the U.S. dollar. The New Zealand dollar is a developed market currency, which can experience periods of significant volatility. Although the Fund invests in very short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the fund to maintain a constant share price.

The Fund returned 8.67% on net asset value (“NAV”) for the six-month period ended February 28, 2011 (for more complete performance information please see below). The Fund outperformed the change in the value of the New Zealand dollar relative to the U.S. dollar by 1.41% over the six months ended February 28, 2011. This was largely the result of the interest return embedded in the Fund’s forward currency contracts and is reflective of the fact that interest rates in New Zealand generally were higher than rates in the U.S. during the period.

Performance as of 2/28/11


	Average Annual Total Return
	3-Month			6-Month			1 Year			Since Fund Inception²
Fund NAV Returns¹		1.67	%		8.67	%		10.30	%		3.05	%
Fund Market Price Returns¹		1.55	%		9.17	%		10.41	%		2.83	%
New Zealand dollar		1.00	%		7.26	%		7.60	%		-0.25	%
Merrill Lynch New Zealand Dollar One-Month LIBID Constant Maturity Index		1.76	%		8.87	%		10.69	%		3.73	%

¹	Performance of less than one year is cumulative.

²	Total returns are calculated based on the commencement of Fund trading on the NYSE on June 25, 2008.


8		WisdomTree Currency, Fixed Income and Alternative Funds

Performance Summary (unaudited)

WisdomTree Dreyfus South African Rand Fund (SZR)

Investment Breakdown† as of 2/28/11

LOGO

†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Holdings* as of 2/28/11



Description	% of Net Assets
U.S. Treasury Bill, 0.14%, 3/10/11		33.4%
U.S. Treasury Bill, 0.10%, 3/17/11		24.1%
Citigroup, Inc., 0.21%, 3/01/11^††		17.8%
U.S. Treasury Bill, 0.15%, 3/03/11		17.7%
Morgan Stanley, 0.88%, 3/04/11		1.1%
Federal Home Loan Mortgage Corp., 0.36%, 4/01/11		0.9%
Goldman Sachs Group, Inc., 0.38%, 3/15/11		0.9%
Union Bank NA, 0.38%, 3/16/11		0.9%
Invesco Treasury Fund Private Class, 0.02%		0.6%

*	The holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

††	Fully collateralized by U.S. Government security.

The WisdomTree Dreyfus South African Rand Fund (the “Fund”) seeks to achieve total returns reflective of both money market rates in South Africa available to foreign investors and changes in value of the South African rand relative to the U.S. dollar. The South African rand is a developing market currency, which can experience periods of significant volatility. Although the Fund invests in very short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the funds to maintain a constant share price.

The Fund returned 9.17% on net asset value (“NAV”) for the six-month period ended February 28, 2011 (for more complete performance information please see below). The Fund outperformed the change in the value of the South African rand relative to the U.S. dollar by 2.88% over the six months ended February 28, 2011. This was largely the result of the interest return embedded in the Fund’s forward currency contracts and reflects the fact that interest rates in South Africa generally were higher than rates in the U.S. during the period.

Performance as of 2/28/11


	Average Annual Total Return
	3-Month			6-Month			1 Year			Since Fund Inception²
Fund NAV Returns¹		3.50	%		9.17	%		17.02	%		13.32	%
Fund Market Price Returns¹		2.77	%		8.47	%		17.22	%		12.81	%
South African rand		2.21	%		6.29	%		10.45	%		4.99	%
JPMorgan Emerging Local Markets Index Plus (ELMI+) South Africa		3.67	%		9.48	%		17.99	%		14.43	%

¹	Performance of less than one year is cumulative.

²	Total returns are calculated based on the commencement of Fund trading on the NYSE on June 25, 2008.


WisdomTree Currency, Fixed Income and Alternative Funds			9

Performance Summary (unaudited)

WisdomTree Emerging Markets Local Debt Fund (ELD)

Investment Breakdown† as of 2/28/11

LOGO

†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Ten Holdings* as of 2/28/11



Description	% of Net Assets
Citigroup, Inc., 0.21%, 3/01/11^††		4.9%
Republic of Chile, 5.50%, 8/05/20		3.7%
Malaysian Government, 4.01%, 9/15/17, Series 0210		3.5%
Federal Republic of Brazil, 12.50%, 1/05/16		3.5%
Republic of Philippines, 4.95%, 1/15/21		3.3%
Republic of Peru, 7.84%, 8/12/20		3.2%
Malaysian Government, 3.84%, 8/12/15, Series 0110		2.9%
Mexican Bonos Desarr, 7.75%, 12/14/17, Series M10		2.8%
Mexican Bonos Desarr, 8.50%, 12/13/18, Series M10		2.8%
Poland Government Bond, 5.25%, 10/25/20, Series 1020		2.8%

*	The ten largest holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

††	Fully collateralized by U.S. Government security.

The WisdomTree Emerging Markets Local Debt Fund (the “Fund”) seeks a high level of total return consisting of both income and capital appreciation. The Fund attempts to achieve its objective through investments in fixed income instruments denominated in the currencies of emerging market countries.

The Fund returned 3.95% on net asset value (“NAV”) for the six-month period ended February 28, 2011 (for more complete performance information please see below). During this period, the Fund underperformed its industry reference benchmark, the JPMorgan Global Bond Index – Emerging Markets (GBI-EM) Global Diversified Index by 1.31%. The Fund lagged due to the relative underperformance of the Fund’s strategic concentrations in Asia versus local currency debt in Eastern Europe and Africa.

Performance as of 2/28/11


	Cumulative Total Return
	3-Month			6-Month			Since Fund Inception¹
Fund NAV Returns		1.46	%		3.95	%		3.64	%
Fund Market Price Returns		1.04	%		3.52	%		3.27	%
JPMorgan GBI-EM Global Diversified Composite Unhedged USD		3.05	%		5.26	%		4.23	%

¹	Total returns are calculated based on the commencement of Fund trading on the NYSE on August 9, 2010.


10		WisdomTree Currency, Fixed Income and Alternative Funds

Performance Summary (unaudited)

WisdomTree Managed Futures Strategy Fund (WDTI) (consolidated)

Investment Breakdown† as of 2/28/11

LOGO

†	The Fund’s investment breakdown is expressed as a percentage of total investments and may change over time.

Top Holdings* as of 2/28/11



Description	% of Net Assets
U.S. Treasury Bill, 0.12%, 3/31/11		83.2%
Dreyfus Institutional Preferred Money Market Fund, 0.23%		14.5%
U.S. Treasury Bill, 0.12%, 3/24/11		0.8%

*	The holdings are subject to change and there is no guarantee the Fund will continue to remain invested in any particular security.

The WisdomTree Managed Futures Strategy Fund (the “Fund”) seeks to achieve positive total returns in rising or falling markets that are not directly correlated to broad market equity or fixed income returns.

The Fund returned 2.39% on net asset value (“NAV”) since its inception on January 5, 2011 through February 28, 2011 (for more complete performance information please see below). The Fund underperformed its performance benchmark, the Diversified Trends Indicator, by 0.21% during the period. This was primarily due to management fees and transaction costs.

Performance as of 2/28/11


	Cumulative Total Return
	Since Fund Inception¹
Fund NAV Returns		2.39	%
Fund Market Price Returns		2.33	%
Diversified Trends Indicator		2.60	%

¹	Total returns are calculated based on the commencement of Fund trading on the NYSE on January 5, 2011.


WisdomTree Currency, Fixed Income and Alternative Funds			11

Description of Terms and Indices (unaudited)

Below are descriptions of certain terms and of each index referenced in this Report.

Forward Contracts:

A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A forward contract may either be deliverable or non-deliverable. A deliverable forward currency contract is an agreement by two parties to transact in currencies at a specific rate on a future date upon which each party delivers the promised currency. A non-deliverable forward currency contract is an agreement by two parties to transact in currencies at a specific rate on a future date and then cash settle the agreement with a simple exchange of the market value difference between the current market rate and the initial agreed-upon rate.

Spot rate:

A “spot” rate is the foreign exchange market price at which a currency will be delivered on the settlement date. Spot rate is the starting point for all foreign exchange transactions. The “spot” return rate is the rate of return percentage difference between the end of period spot rate and the beginning of period spot rate.

Swap:

A swap is an agreement between two parties to exchange payments based on a reference asset, which may be a currency or interest rate, but also may be a single asset, a pool of assets or an index of assets.

Diversified Trends Indicator (“DTI”):

The Diversified Trends Indicator is a long/short rules-based index constructed of 24 liquid commodity and financial futures contracts comprised of 10 sectors. Each month the DTI index sector exposure is rebalanced back to the fixed weights, 50% physical commodities and 50% financials (when energy is long) and approximately 39.5% commodities and 60.5% financials (when energy is flat). The sectors are positioned either long or short depending on the current market environment. The DTI Index individual market components, sectors and related weightings, as well as other aspects of the calculation of the DTI Index are subject to change at any time.

Equal-Weighted Emerging Currency Composite:

A composite incorporating equal-weighted exposure to the currencies within the Emerging Currency Fund was constructed as an additional gauge of Emerging Currency Fund performance. Currently, the composite tracks the returns for the currencies of the following countries: Brazil, Chile, Mexico, Poland, Israel, South Africa, Turkey, India, China, South Korea and Taiwan, using the total returns of the country subindices of the JPMorgan Emerging Local Markets Index Plus. Each subindex uses a weighted basket of one-month, two-months and three months’ currency forwards (deliverable or non-deliverable) collateralized with U.S. money market rates to proxy the total returns of an investment in local-currency money market instruments. Currency exposures are rebalanced back to equal-weighting at the end of the month in which the Emerging Currency Fund intends to rebalance, and currency changes will be similarly incorporated at the end of the month following the annual review unless otherwise noted.

JPMorgan Emerging Local Markets Index Plus (ELMI+):

The JPMorgan Emerging Local Markets Index Plus (ELMI+) and its underlying country and regional subindices track the total returns for local-currency denominated money market instruments in emerging market countries.


12		WisdomTree Currency, Fixed Income and Alternative Funds

Description of Terms and Indices (unaudited) (continued)

JPMorgan Emerging Local Markets Index Plus (ELMI+) Brazil:

The JPMorgan Emerging Local Markets Index Plus and its underlying country and regional subindices track the total returns for local-currency denominated money market instruments in emerging market countries. The Brazil sub index uses a weighted basket of one-month, two-months and three-months’ currency forwards collateralized with U.S. money market rates to proxy the total returns of an investment in Brazilian real money market instruments. The returns are reported in U.S. dollar terms.

JPMorgan Emerging Local Markets Index Plus (ELMI+) China:

The JPMorgan Emerging Local Markets Index Plus and its underlying country and regional subindices track the total returns for local-currency denominated money market instruments in emerging market countries. The China sub index uses a weighted basket of one-month, two-months and three-months’ currency forwards collateralized with U.S. money market rates to proxy the total returns of an investment in Chinese yuan money market instruments. The returns are reported in U.S. dollar terms.

JPMorgan Emerging Local Markets Index Plus (ELMI+) India:

The JPMorgan Emerging Local Markets Index Plus and its underlying country and regional sub indices track the total returns for local-currency denominated money market instruments in emerging market countries. The India sub index uses a weighted basket of one-month, two-months and three-months’ currency forwards collateralized with U.S. money market rates to proxy the total returns of an investment in Indian rupee money market instruments. The returns are reported in U.S. dollar terms.

JPMorgan Emerging Local Markets Index Plus (ELMI+) South Africa:

The JPMorgan Emerging Local Markets Index Plus and its underlying country and regional sub indices track the total returns for local-currency denominated money market instruments in emerging market countries. The South Africa sub index uses a weighted basket of one-month, two-months and three-months’ currency forwards collateralized with U.S. money market rates to proxy the total returns of an investment in South African rand money market instruments. The returns are reported in U.S. dollar terms.

JPMorgan Global Bond Index-Emerging Markets (GBI-EM) Global Diversified Index:

The JPMorgan Global Bond Index-Emerging Markets (GBI-EM) Global Diversified Index tracks the performance of local currency debt issued by emerging market governments, whose debt is accessible by most of the international investor base. The returns are reported in U.S. dollar terms.

Merrill Lynch Euro Currency One-Month LIBID Constant Maturity Index:

Merrill Lynch Euro Currency One-Month LIBID Constant Maturity Index tracks a consistent investment in one-month Euro-denominated bank deposits.

Merrill Lynch Japanese Yen One-Month LIBID Constant Maturity Index:

Merrill Lynch Japanese Yen One-Month LIBID Constant Maturity Index tracks a consistent investment in one-month yen-denominated bank deposits.

Merrill Lynch New Zealand Dollar One-Month LIBID Constant Maturity Index:

Merrill Lynch New Zealand Dollar One-Month LIBID Constant Maturity Index tracks a consistent investment in one-month New Zealand dollar-denominated bank deposits.

LIBID is the London Interbank Bid Rate or the rate at which banks are willing to borrow for a discrete period of time.

Index returns do not reflect expenses paid by the Funds. Index returns assume reinvestment of distributions. It is not possible to invest directly in an index.


WisdomTree Currency, Fixed Income and Alternative Funds			13

Description of Terms and Indices (unaudited) (concluded)

Return on the Underlying Currency Relative to the U.S. dollar:

New Zealand dollar; South African rand; Brazilian real; euro; Japanese yen

Currency return calculated by WisdomTree as the percentage difference between the end of period spot rate and the beginning of the period spot rate.

Source: WM Reuters London closing rates.

Chinese yuan; Indian rupee

Currency return calculated by WisdomTree as the percentage difference between the end of period spot rate and the beginning of the period spot rate.

Source: Tullett Prepon Singapore closing rates.


14		WisdomTree Currency, Fixed Income and Alternative Funds

Shareholder Expense Examples (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2010 to February 28, 2011, for all Funds other than the Commodity Currency Fund and the Managed Futures Strategy Fund. For the Commodity Currency Fund the period is from September 1, 2010 to February 28, 2011. For the Managed Futures Strategy Fund the period is from January 5, 2011 to February 28, 2011.

Actual expenses

The first line under each Fund in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period 9/01/10 to 2/28/11” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

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

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


WisdomTree Currency, Fixed Income and Alternative Funds			15

Shareholder Expense Examples (unaudited) (concluded)


	Beginning Account Value 9/01/10		Ending Account Value 2/28/11		Annualized Expense Ratio Based on the Period 9/01/10 to 2/28/11			Expenses Paid During the Period† 9/01/10 to 2/28/11
WisdomTree Dreyfus Brazilian Real Fund
Actual	$	1,000.00	$	1,095.59		0.45	%	$	2.36
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.54		0.45	%	$	2.28
WisdomTree Dreyfus Chinese Yuan Fund
Actual	$	1,000.00	$	1,028.03		0.45	%	$	2.28
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.54		0.45	%	$	2.28
WisdomTree Dreyfus Commodity Currency Fund*
Actual	$	1,000.00	$	1,054.63		0.55	%	$	2.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.24		0.55	%	$	2.42
WisdomTree Dreyfus Emerging Currency Fund
Actual	$	1,000.00	$	1,062.10		0.55	%	$	2.83
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.05		0.55	%	$	2.78
WisdomTree Dreyfus Euro Fund
Actual	$	1,000.00	$	1,087.06		0.35	%	$	1.83
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.04		0.35	%	$	1.78
WisdomTree Dreyfus Indian Rupee Fund
Actual	$	1,000.00	$	1,067.71		0.45	%	$	2.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.54		0.45	%	$	2.28
WisdomTree Dreyfus Japanese Yen Fund
Actual	$	1,000.00	$	1,023.44		0.35	%	$	1.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.04		0.35	%	$	1.78
WisdomTree Dreyfus New Zealand Dollar Fund
Actual	$	1,000.00	$	1,086.67		0.45	%	$	2.35
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.54		0.45	%	$	2.28
WisdomTree Dreyfus South African Rand Fund
Actual	$	1,000.00	$	1,091.69		0.45	%	$	2.36
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.54		0.45	%	$	2.28
WisdomTree Emerging Markets Local Debt Fund
Actual	$	1,000.00	$	1,039.47		0.55	%	$	2.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.05		0.55	%	$	2.78
WisdomTree Managed Futures Strategy Fund**
Actual	$	1,000.00	$	1,023.91		0.95	%	$	1.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,006.10		0.95	%	$	1.44

†

Expenses are calculated using each Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the one-half year period), except for actual return information which reflects the 158 day period for WisdomTree Dreyfus Commodity Currency Fund and 55 day period for WisdomTree Managed Futures Strategy Fund.

*	Commencement of investment operations for the WisdomTree Dreyfus Commodity Currency Fund is September 24, 2010.

**	Commencement of investment operations for the WisdomTree Managed Futures Strategy Fund is January 5, 2011.


16		WisdomTree Currency, Fixed Income and Alternative Funds

Schedule of Investments (unaudited)

WisdomTree Dreyfus Brazilian Real Fund (BZF)

February 28, 2011


Investments	Principal Amount		Value

U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 73.1%
Treasury Bills – 72.6%
U.S. Treasury Bills 0.15%, 3/03/11^*	$	25,000,000	$	24,999,686
0.13%, 3/10/11^*		53,600,000		53,598,111
0.10%, 3/17/11^*		23,000,000		22,998,962

Total Treasury Bills				101,596,759
U.S. Government Agencies – 0.5%
Federal Home Loan Mortgage Corp. 0.36%, 4/01/11^**		800,000		800,263


TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost: $102,397,232)				102,397,022
CORPORATE BONDS – 4.1%
Banks – 1.4%
Union Bank NA 0.38%, 3/16/11^**(a)		2,000,000		2,000,124
Financials – 2.7%
General Electric Capital Corp. 0.38%, 3/11/11^**(a)		1,500,000		1,500,097
Goldman Sachs Group, Inc. 0.38%, 3/15/11^**(a)		1,200,000		1,200,094
Morgan Stanley 0.88%, 3/04/11^**(a)		1,000,000		1,000,076

Total Financials				3,700,267
TOTAL CORPORATE BONDS (Cost: $5,700,165)				5,700,391
MONEY MARKET FUND – 0.5%
Invesco Treasury Fund Private Class, 0.02%^(b)
(Cost: $734,353)		734,353		734,353
REPURCHASE AGREEMENT – 20.8%
Citigroup, Inc. tri-party repurchase agreement dated 2/28/11, 0.21% due 3/01/11; Proceeds at maturity – $29,114,784 (fully collateralized by Ginnie Mae, 4.50% – 6.50% due 1/20/34 – 1/15/45; Market value – $30,570,346)
(Cost: $29,114,614)		29,114,614		29,114,614
TOTAL INVESTMENTS IN SECURITIES – 98.5% (Cost: $137,946,364)^(c)				137,946,380
Other Assets in Excess of Liabilities – 1.5%				2,046,656

NET ASSETS – 100.0%			$	139,993,036

^*	Interest rate shown reflects the discount rate at time of purchase.

^**	Floating rate note. Coupon shown is in effect at February 28, 2011. Date represents the ultimate maturity date.

^(a)	FDIC Guaranteed issued under temporary liquidity guarantee program.

^(b)	Rate shown represents annualized 7-day yield as of February 28, 2011.

^(c)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			17

Schedule of Investments (unaudited)

WisdomTree Dreyfus Chinese Yuan Fund (CYB)

February 28, 2011


Investments	Principal Amount		Value

U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 66.8%
Treasury Bills – 66.2%
U.S. Treasury Bills 0.15%, 3/03/11^*	$	83,800,000	$	83,798,948
0.13%, 3/10/11^*		195,700,000		195,693,082
0.11%, 3/17/11^*		144,000,000		143,993,432
0.16%, 3/31/11^*		10,000,000		9,998,999

Total Treasury Bills				433,484,461
U.S. Government Agencies – 0.6%
Federal Home Loan Mortgage Corp. 0.36%, 4/01/11^**		3,900,000		3,901,281


TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost: $437,386,152)				437,385,742
CORPORATE BONDS – 1.1%
Banks – 0.3%
Union Bank NA 0.38%, 3/16/11^**(a)		2,000,000		2,000,125
Financials – 0.8%
Goldman Sachs Group, Inc. 0.38%, 3/15/11^**(a)		3,000,000		3,000,236
Morgan Stanley 0.88%, 3/04/11^**(a)		2,000,000		2,000,151

Total Financials				5,000,387
TOTAL CORPORATE BONDS (Cost: $7,000,253)				7,000,512
MONEY MARKET FUND – 0.5%
Invesco Treasury Fund Private Class, 0.02%^(b)
(Cost: $3,317,522)		3,317,522		3,317,522
REPURCHASE AGREEMENT – 30.4%
Citigroup, Inc. tri-party repurchase agreement dated 2/28/11, 0.21% due 3/01/11; Proceeds at maturity – $199,367,510 (fully collateralized by Ginnie Mae, 3.50% – 6.50% due 4/20/25 – 4/15/43; Market value – $209,334,665)
(Cost: $199,366,347)		199,366,347		199,366,347
TOTAL INVESTMENTS IN SECURITIES – 98.8% (Cost: $647,070,274)^(c)				647,070,123
Other Assets in Excess of Liabilities – 1.2%				7,868,204

NET ASSETS – 100.0%			$	654,938,327

^*	Interest rate shown reflects the discount rate at time of purchase.

^**	Floating rate note. Coupon shown is in effect at February 28, 2011. Date represents the ultimate maturity date.

^(a)	FDIC Guaranteed issued under temporary liquidity guarantee program.

^(b)	Rate shown represents annualized 7-day yield as of February 28, 2011.

^(c)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


18		WisdomTree Currency, Fixed Income and Alternative Funds

Schedule of Investments (unaudited)

WisdomTree Dreyfus Commodity Currency Fund (CCX)

February 28, 2011


Investments	Principal Amount		Value

U.S. GOVERNMENT OBLIGATIONS – 67.6%
Treasury Bills – 67.6%
U.S. Treasury Bills 0.15%, 3/03/11^*	$	45,800,000	$	45,799,445
0.14%, 3/10/11^*		15,100,000		15,099,447
0.12%, 3/17/11^*		9,700,000		9,699,496
0.16%, 3/31/11^*		200,000		199,980
0.14%, 4/07/11^*		10,000,000		9,998,828
0.13%, 5/19/11^*		3,000,000		2,999,211

TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $83,796,345)				83,796,407
MONEY MARKET FUND – 0.5%
Invesco Treasury Fund Private Class, 0.02%^(a)
(Cost: $635,032)		635,032		635,032
REPURCHASE AGREEMENT – 29.0%
Citigroup, Inc. tri-party repurchase agreement dated 2/28/11, 0.21% due 3/01/11; Proceeds at maturity – $36,009,124 (fully collateralized by Ginnie Mae, 3.50% – 6.00% due 9/20/36 – 11/20/40; Market value – $37,809,360)
(Cost: $36,008,914)		36,008,914		36,008,914
TOTAL INVESTMENTS IN SECURITIES – 97.1% (Cost: $120,440,291)^(b)				120,440,353
Other Assets in Excess of Liabilities – 2.9%				3,559,611

NET ASSETS – 100.0%			$	123,999,964

^*	Interest rate shown reflects the discount rate at time of purchase.

^(a)	Rate shown represents annualized 7-day yield as of February 28, 2011.

^(b)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			19

Schedule of Investments (unaudited)

WisdomTree Dreyfus Emerging Currency Fund (CEW)

February 28, 2011


Investments	Principal Amount		Value

U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 68.5%
Treasury Bills - 68.3%
U.S. Treasury Bills 0.15%, 3/03/11^*	$	44,500,000	$	44,499,441
0.13%, 3/10/11^*		94,000,000		93,996,686
0.12%, 3/17/11^*		80,700,000		80,696,081
0.10%, 4/07/11^*		7,000,000		6,999,308
0.16%, 4/21/11^*		6,500,000		6,499,374
0.11%, 5/05/11^*		17,300,000		17,296,402
0.11%, 6/02/11^*		10,000,000		9,996,590

Total Treasury Bills				259,983,882
U.S. Government Agencies – 0.2%
Federal Home Loan Mortgage Corp. 0.37%, 3/09/11^**		300,000		300,011
Federal National Mortgage Association 0.19%, 5/13/11^**		500,000		500,112

Total U.S. Government Agencies				800,123
TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost: $260,784,635)				260,784,005
CORPORATE BONDS – 0.3%
Banks – 0.1%
Citigroup Funding, Inc. 0.23%, 5/05/11^**(a)		300,000		300,067
Union Bank NA 0.38%, 3/16/11^**(a)		115,000		115,007

Total Banks				415,074
Financials – 0.2%
Goldman Sachs Group, Inc. 0.38%, 3/15/11^**(a)		400,000		400,032
JPMorgan Chase & Co. 0.43%, 4/01/11^**(a)		400,000		400,090

Total Financials				800,122
TOTAL CORPORATE BONDS (Cost: $1,215,297)				1,215,196
MONEY MARKET FUND – 0.5%
Invesco Treasury Fund Private Class, 0.02%^(b)
(Cost: $1,917,245)		1,917,245		1,917,245
REPURCHASE AGREEMENT – 30.9%
Citigroup, Inc. tri-party repurchase agreement dated 2/28/11, 0.21% due 3/01/11; Proceeds at maturity – $117,660,236 (fully collateralized by Ginnie Mae, 4.00% – 7.35% due 2/15/25 – 1/15/42; Market value – $123,542,528)
(Cost: $117,659,550)		117,659,550		117,659,550
TOTAL INVESTMENTS IN SECURITIES – 100.2% (Cost: $381,576,727)^(c)				381,575,996
Liabilities in Excess of Other Assets – (0.2)%				(747,778	)

NET ASSETS – 100.0%			$	380,828,218

^*	Interest rate shown reflects the discount rate at time of purchase.

^**	Floating rate note. Coupon shown is in effect at February 28, 2011. Date represents the ultimate maturity date.

^(a)	FDIC Guaranteed issued under temporary liquidity guarantee program.

^(b)	Rate shown represents annualized 7-day yield as of February 28, 2011.

^(c)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


20		WisdomTree Currency, Fixed Income and Alternative Funds

Schedule of Investments (unaudited)

WisdomTree Dreyfus Euro Fund (EU)

February 28, 2011


Investments	Principal Amount		Value

TIME DEPOSITS – 47.5%
Banks – 47.5%
Royal Bank of Scotland PLC 0.50%, 3/04/11		1,663,906 EUR	$	2,298,187
UBS AG 0.60%, 3/04/11		1,595,263 EUR		2,203,378

TOTAL TIME DEPOSITS (Cost: $4,485,266)				4,501,565
FOREIGN GOVERNMENT OBLIGATIONS – 37.0%
Sovereign – 37.0%
Belgium Treasury Bill 0.66%, 4/14/11^*		400,000 EUR		551,843
Buoni Ordinari Del Tes Treasury Bill 1.02%, 5/31/11^*		250,000 EUR		344,525
Dutch Treasury Certificate 0.54%, 3/31/11^*		650,000 EUR		897,285
French Treasury Bills 0.35%, 3/10/11^*		350,000 EUR		483,360
0.55%, 4/21/11^*		300,000 EUR		414,015
German Treasury Bills 0.34%, 4/13/11^*		300,000 EUR		414,072
0.51%, 5/18/11^*		296,000 EUR		408,391

TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $3,401,485)				3,513,491
TOTAL INVESTMENTS IN SECURITIES – 84.5% (Cost: $7,886,751)^(a)				8,015,056
Cash, Foreign Currency and Other Assets in Excess of Liabilities – 15.5%				1,473,551

NET ASSETS – 100.0%			$	9,488,607

Principal amount is reported in U.S. dollars, except for those denoted in the following currency:

EUR – euro

^*	Interest rate shown reflects the discount rate at time of purchase.

^(a)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			21

Schedule of Investments (unaudited)

WisdomTree Dreyfus Indian Rupee Fund (ICN)

February 28, 2011


Investments	Principal Amount		Value

U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 66.2%
Treasury Bills – 60.3%
U.S. Treasury Bills 0.15%, 3/03/11^*	$	2,500,000	$	2,499,969
0.13%, 3/10/11^*		7,050,000		7,049,751
0.10%, 3/17/11^*		4,450,000		4,449,799
0.13%, 5/19/11^*		400,000		399,895

Total Treasury Bills				14,399,414
U.S. Government Agencies – 5.9%
Federal Home Loan Mortgage Corp. 0.36%, 4/01/11^**		1,400,000		1,400,460


TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost: $15,799,661)				15,799,874
CORPORATE BONDS – 2.1%
Banks – 0.4%
Union Bank NA 0.38%, 3/16/11^**(a)		100,000		100,006
Financials – 1.7%
Goldman Sachs Group, Inc. 0.38%, 3/15/11^**(a)		400,000		400,031


TOTAL CORPORATE BONDS (Cost: $500,043)				500,037
MONEY MARKET FUND – 0.6%
Invesco Treasury Fund Private Class, 0.02%^(b)
(Cost: $152,314)		152,314		152,314
REPURCHASE AGREEMENT – 29.6%
Citigroup, Inc. tri-party repurchase agreement dated 2/28/11, 0.21% due 3/01/11; Proceeds at maturity – $7,058,936 (fully collateralized by Ginnie Mae, 4.00% – 5.00% due 4/15/39 – 8/15/40; Market value – $7,411,840)
(Cost: $7,058,895)		7,058,895		7,058,895
TOTAL INVESTMENTS IN SECURITIES – 98.5% (Cost: $23,510,913)^(c)				23,511,120
Other Assets in Excess of Liabilities – 1.5%				348,300

NET ASSETS – 100.0%			$	23,859,420

^*	Interest rate shown reflects the discount rate at time of purchase.

^**	Floating rate note. Coupon shown is in effect at February 28, 2011. Date represents the ultimate maturity date.

^(a)	FDIC Guaranteed issued under temporary liquidity guarantee program.

^(b)	Rate shown represents annualized 7-day yield as of February 28, 2011.

^(c)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


22		WisdomTree Currency, Fixed Income and Alternative Funds

Schedule of Investments (unaudited)

WisdomTree Dreyfus Japanese Yen Fund (JYF)

February 28, 2011


Investments	Principal Amount		Value

FOREIGN GOVERNMENT OBLIGATION – 24.9%
Sovereign – 24.9%
Japan Treasury Bill 0.10%, 4/11/11, Series 162^*
(Cost: $1,562,797)		130,000,000 JPY	$	1,586,522
REPURCHASE AGREEMENT – 43.7%
Repurchase agreement dated 2/28/11, 0.10% due 3/01/11 with Royal Bank of Scotland; Proceeds at maturity – 228,477,387 JPY (fully collateralized by Japan Government Bond, 1.20% due 9/20/12; Market value – $2,831,672)
(Cost: $2,788,682)		228,476,752 JPY		2,788,682
TOTAL INVESTMENTS IN SECURITIES – 68.6% (Cost: $4,351,479)^(a)				4,375,204
Cash, Foreign Currency and Other Assets in Excess of Liabilities – 31.4%				1,998,348

NET ASSETS – 100.0%			$	6,373,552

Principal amount is reported in U.S. dollars, except for those denoted in the following currency:

JPY – Japanese yen

^*	Interest rate shown reflects the discount rate at time of purchase.

^(a)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			23

Schedule of Investments (unaudited)

WisdomTree Dreyfus New Zealand Dollar Fund (BNZ)

February 28, 2011


Investments	Principal Amount		Value

U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 82.1%
Treasury Bills – 78.8%
U.S. Treasury Bills 0.15%, 3/03/11^*	$	4,200,000	$	4,199,947
0.13%, 3/10/11^*		13,500,000		13,499,524
0.10%, 3/17/11^*		3,950,000		3,949,822

Total Treasury Bills				21,649,293
U.S. Government Agencies – 3.3%
Federal Home Loan Mortgage Corp. 0.36%, 4/01/11^**		900,000		900,296


TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost: $22,549,503)				22,549,589
CORPORATE BONDS – 1.1%
Banks – 0.4%
Union Bank NA 0.38%, 3/16/11^**(a)		100,000		100,006
Financials – 0.7%
Goldman Sachs Group, Inc. 0.38%, 3/15/11^**(a)		200,000		200,016
TOTAL CORPORATE BONDS (Cost: $300,027)				300,022
MONEY MARKET FUND – 0.6%
Invesco Treasury Fund Private Class, 0.02%^(b)
(Cost: $152,014)		152,014		152,014
REPURCHASE AGREEMENT – 15.4%
Citigroup, Inc. tri-party repurchase agreement dated 2/28/11, 0.21% due 3/01/11; Proceeds at maturity – $4,240,331 (fully collateralized by Ginnie Mae, 4.50% due 6/15/40 – 10/15/40; Market value – $4,452,322)
(Cost: $4,240,307)		4,240,307		4,240,307
TOTAL INVESTMENTS IN SECURITIES – 99.2% (Cost: $27,241,851)^(c)				27,241,932
Other Assets in Excess of Liabilities – 0.8%				233,523

NET ASSETS – 100.0%			$	27,475,455

^*	Interest rate shown reflects the discount rate at time of purchase.

^**	Floating rate note. Coupon shown is in effect at February 28, 2011. Date represents the ultimate maturity date.

^(a)	FDIC Guaranteed issued under temporary liquidity guarantee program.

^(b)	Rate shown represents annualized 7-day yield as of February 28, 2011.

^(c)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


24		WisdomTree Currency, Fixed Income and Alternative Funds

Schedule of Investments (unaudited)

WisdomTree Dreyfus South African Rand Fund (SZR)

February 28, 2011


Investments	Principal Amount		Value

U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 76.1%
Treasury Bills – 75.2%
U.S. Treasury Bills 0.15%, 3/03/11^*	$	1,990,000	$	1,989,975
0.14%, 3/10/11^*		3,750,000		3,749,867
0.10%, 3/17/11^*		2,700,000		2,699,878

Total Treasury Bills				8,439,720
U.S. Government Agencies – 0.9%
Federal Home Loan Mortgage Corp. 0.36%, 4/01/11^**		100,000		100,033


TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost: $8,539,763)				8,539,753
CORPORATE BONDS – 2.9%
Banks – 0.9%
Union Bank NA 0.38%, 3/16/11^**(a)		100,000		100,006
Financials – 2.0%
Goldman Sachs Group, Inc. 0.38%, 3/15/11^**(a)		100,000		100,008
Morgan Stanley 0.88%, 3/04/11^**(a)		125,000		125,010

Total Financials				225,018
TOTAL CORPORATE BONDS (Cost: $325,026)				325,024
MONEY MARKET FUND – 0.6%
Invesco Treasury Fund Private Class, 0.02%^(b)
(Cost: $65,600)		65,600		65,600
REPURCHASE AGREEMENT – 17.8%
Citigroup, Inc. tri-party repurchase agreement dated 2/28/11, 0.21% due 3/01/11; Proceeds at maturity – $2,002,891 (fully collateralized by Fannie Mae, 6.00% due 3/01/37 and Ginnie Mae, 4.50% due 6/15/40; Market value – $2,103,023)
(Cost: $2,002,879)		2,002,879		2,002,879
TOTAL INVESTMENTS IN SECURITIES – 97.4% (Cost: $10,933,268)^(c)				10,933,256
Other Assets in Excess of Liabilities – 2.6%				293,388

NET ASSETS – 100.0%			$	11,226,644

^*	Interest rate shown reflects the discount rate at time of purchase.

^**	Floating rate note. Coupon shown is in effect at February 28, 2011. Date represents the ultimate maturity date.

^(a)	FDIC Guaranteed issued under temporary liquidity guarantee program.

^(b)	Rate shown represents annualized 7-day yield as of February 28, 2011.

^(c)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			25

Schedule of Investments (unaudited)

WisdomTree Emerging Markets Local Debt Fund (ELD)

February 28, 2011


Investments	Principal Amount		Value

FOREIGN GOVERNMENT AGENCIES & OBLIGATIONS – 72.4%
Sovereign Bond – 72.1%
Federal Republic of Brazil 12.50%, 1/05/16^(a)		31,081,000 BRL	$	21,508,532
10.25%, 1/10/28^(a)		23,700,000 BRL		14,735,677
Indonesia Government 9.50%, 6/15/15, Series FR27		87,491,000,000 IDR		10,414,330
10.75%, 5/15/16, Series FR30		42,400,000,000 IDR		5,286,482
7.38%, 9/15/16, Series FR55		127,741,000,000 IDR		13,959,413
Korea Treasury Bond 3.75%, 6/10/13, Series 1306		15,990,000,000 KRW		14,176,648
4.50%, 3/10/15, Series 1503		18,183,160,000 KRW		16,367,261
5.00%, 6/10/20, Series 2006		15,178,920,000 KRW		13,835,902
Malaysian Government 3.43%, 8/15/14, Series 0211		1,710,000 MYR		561,816
3.84%, 8/12/15, Series 0110		54,733,000 MYR		18,230,243
3.81%, 2/15/17, Series 0207		31,690,000 MYR		10,516,499
4.01%, 9/15/17, Series 0210		64,915,000 MYR		21,616,067
4.38%, 11/29/19, Series 0902		49,282,000 MYR		16,628,802
Mexican Bonos Desarr 7.75%, 12/14/17, Series M10		203,152,000 MXN		17,397,917
8.50%, 12/13/18, Series M10		193,624,000 MXN		17,161,732
Nota do Tesouro Nacional 10.00%, 1/01/13		6,390,000 BRL		3,691,490
Poland Government Bond 5.75%, 4/25/14, Series 0414		1,030,000 PLN		362,464
5.50%, 10/25/19, Series 1019		46,348,000 PLN		15,445,286
5.25%, 10/25/20, Series 1020		52,595,000 PLN		17,124,312
5.75%, 9/23/22, Series 0922		36,782,000 PLN		12,233,810
Republic of Chile 5.50%, 8/05/20		10,999,000,000 CLP		22,754,018
Republic of Colombia 12.00%, 10/22/15^(a)		17,127,000,000 COP		11,312,910
7.75%, 4/14/21^(a)		17,491,000,000 COP		9,703,157
Republic of Peru 8.60%, 8/12/17		6,570,000 PEN		2,772,817
7.84%, 8/12/20		48,390,000 PEN		19,658,830
Republic of Philippines 4.95%, 1/15/21^(a)		919,000,000 PHP		20,759,238
Republic of South Africa 7.25%, 1/15/20, Series R207		92,230,000 ZAR		12,209,388
10.50%, 12/21/26, Series R186^(a)		97,454,000 ZAR		15,949,561
Thailand Government Bond 5.25%, 5/12/14		440,635,000 THB		15,204,912
4.13%, 11/18/16		415,720,000 THB		13,986,126
5.13%, 3/13/18		437,345,000 THB		15,603,511
Turkey Government Bond 10.00%, 6/17/15		20,762,000 TRY		13,338,294
10.50%, 1/15/20		18,975,000 TRY		12,687,945

Total Sovereign Bond				447,195,390
Sovereign Agency – 0.3%
Kommunekredit 8.00%, 7/05/13		19,000,000 MXN		1,630,393
TOTAL FOREIGN GOVERNMENT AGENCIES & OBLIGATIONS (Cost: $455,925,387)				448,825,783


Investments	Principal Amount		Value

SUPRANATIONAL BONDS – 18.7%
Banks – 18.7%
Asian Development Bank 8.00%, 5/09/11		12,400,000 MXN	$	1,032,174
12.00%, 2/21/12		1,680,000 TRY		1,099,932
13.50%, 6/27/12		550,000 TRY		369,528
9.25%, 4/30/13		14,180,000 BRL		8,610,874
6.55%, 1/28/15		43,850,000 MXN		3,533,531
6.50%, 9/15/15		5,660,000 ZAR		746,105
European Bank for Reconstruction & Development 8.10%, 10/20/11		500,000 TRY		313,717
6.00%, 2/14/12		11,850,000 RUB		419,863
9.25%, 9/10/12		10,645,000 BRL		6,404,269
8.00%, 2/18/13		46,490,000 ZAR		6,850,476
6.75%, 5/12/17		201,650,000 RUB		6,939,945
European Investment Bank 6.25%, 6/14/12		16,300,000 RUB		574,392
11.25%, 2/14/13		3,000,000 BRL		1,878,503
6.25%, 3/11/13		98,350,000 RUB		3,448,712
8.00%, 10/21/13		37,750,000 ZAR		5,521,944
8.50%, 11/04/14		8,890,000 ZAR		1,313,639
9.57%, 3/02/15^*(b)		4,555,000 TRY		2,099,951
9.63%, 4/01/15		5,880,000 TRY		3,894,319
6.50%, 12/15/15		88,150,000 RUB		3,028,547
9.75%, 3/30/16^*(b)		1,800,000 TRY		746,290
6.50%, 9/30/16		70,600,000 RUB		2,396,592
Inter-American Development Bank 7.75%, 1/08/13		15,550,000 RUB		562,025
9.50%, 1/06/14		4,240,000 BRL		2,616,056
8.00%, 1/26/16		18,412,000 MXN		1,640,053
8.50%, 7/28/16		5,180,000 ZAR		731,494
7.50%, 12/05/24		37,471,000 MXN		2,945,466
International Bank for Reconstruction & Development 5.00%, 7/01/13		84,250,000 MXN		6,979,714
6.50%, 9/11/13		83,550,000 MXN		7,155,904
4.88%, 9/16/13		52,300,000 RUB		1,787,523
7.50%, 10/23/13		10,700,000 RUB		384,727
6.25%, 12/11/13		27,100,000 RUB		954,219
5.25%, 11/24/14		11,200,000 RUB		378,623
8.75%, 3/01/17		16,900,000 ZAR		2,518,613
7.50%, 3/02/17		17,500,000 RUB		631,319
10.00%, 3/02/17		3,875,000 TRY		2,638,717
13.63%, 5/09/17		1,550,000 TRY		1,211,654
7.50%, 3/05/20		26,230,000 MXN		2,262,375
International Finance Corp. 11.25%, 7/17/12		4,620,000 TRY		3,061,234
17.00%, 7/17/12		1,350,000 TRY		950,728
8.25%, 1/15/14		9,080,000 BRL		5,392,108
Kreditanstalt Fuer Wiederaufbau 6.35%, 5/22/12		20,000,000 RUB		719,650
7.25%, 12/17/12		690,000 TRY		434,861
7.63%, 11/04/14		570,000 TRY		352,628
Landwirtschaftliche Rentenbank 10.13%, 2/05/14		770,000 TRY		509,171
8.50%, 2/22/16		27,550,000 MXN		2,429,851

See Notes to Financial Statements.


26		WisdomTree Currency, Fixed Income and Alternative Funds

Schedule of Investments (unaudited) (concluded)

WisdomTree Emerging Markets Local Debt Fund (ELD)

February 28, 2011


Investments	Principal Amount		Value

Nordic Investment Bank 8.09%, 3/28/11		35,500,000 MXN	$	2,942,759
10.00%, 5/14/13		4,085,000 BRL		2,488,642

TOTAL SUPRANATIONAL BONDS (Cost: $115,584,831)				115,903,417
MONEY MARKET FUND – 2.0%
Invesco Treasury Fund Private Class, 0.02%^(c)
(Cost: $12,325,029)	$	12,325,029		12,325,029
INVESTMENT OF CASH COLATERAL FOR SECURITIES LOANED – 6.7%
MONEY MARKET FUND – 6.7%
Dreyfus Institutional Preferred Money Market Fund, 0.22%^(d)
(Cost: $41,861,000)^(e)		41,861,000		41,861,000
REPURCHASE AGREEMENT – 4.9%
Citigroup, Inc. tri-party repurchase agreement dated 2/28/11, 0.21% due 3/01/11; Proceeds at maturity – $30,423,241 (fully collateralized by Ginnie Mae, 3.50% – 6.00% due 1/15/32 – 2/15/41; Market value – $31,944,216)
(Cost: $30,423,063)		30,423,063		30,423,063
TOTAL INVESTMENTS IN SECURITIES – 104.7% (Cost: $656,119,310)^(f)				649,338,292
Liabilities in Excess of Cash, Foreign Currency and Other Assets – (4.7)%				(29,127,779	)

NET ASSETS – 100.0%			$	620,210,513

Principal amount is reported in U.S. dollars, except for those denoted in the following currencies:

BRL – Brazilian real

CLP – Chilean peso

COP – Colombian peso

IDR – Indonesian rupiah

KRW – South Korean won

MXN – Mexican peso

MYR – Malaysian ringgit

PEN – Peruvian nuevo sol

PHP – Philippines peso

PLN – Polish zloty

RUB – Russian ruble

THB – Thai baht

TRY – Turkish new lira

ZAR – South African rand

^*	Interest rate shown reflects the discount rate at time of purchase.

^(a)	Securities, or portion thereof, was on loan at February 28, 2011 (See Note 2).

^(b)	Represents a zero coupon bond. Rate shown reflects the effective yield at reporting date.

^(c)	Rate shown represents annualized 7-day yield as of February 28, 2011.

^(d)	Interest rate shown reflects yield as of February 28, 2011.

^(e)	At February 28, 2011, the total market value of the Fund’s securities on loan was $39,057,905 and the total market value of the collateral held by the Fund was $41,861,000.

^(f)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			27

Consolidated Schedule of Investments (unaudited)

WisdomTree Managed Futures Strategy Fund (WDTI) (consolidated)

February 28, 2011


Investments	Principal Amount		Value

U.S. GOVERNMENT OBLIGATIONS – 84.0%
Treasury Bills – 84.0%
U.S. Treasury Bills 0.12%, 3/24/11^*	$	325,000	$	324,974
0.12%, 3/31/11^*		34,200,000		34,196,837

TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $34,521,687)				34,521,811
MONEY MARKET FUND – 14.5%
Dreyfus Institutional Preferred Money Market Fund, 0.23%^(a)
(Cost: $5,970,248)		5,970,248		5,970,248
TOTAL INVESTMENTS IN SECURITIES – 98.5% (Cost: $40,491,935)^(b)				40,492,059
Cash, Foreign Currency and Other Assets in Excess of Liabilities – 1.5%				614,214

NET ASSETS – 100.0%			$	41,106,273

^*	Interest rate shown reflects the discount rate at time of purchase.

^(a)	Rate shown represents annualized 7-day yield as of February 28, 2011.

^(b)	Aggregate cost for Federal income tax purposes is substantially the same as for book purposes.

See Notes to Financial Statements.


28		WisdomTree Currency, Fixed Income and Alternative Funds

Statements of Assets and Liabilities (unaudited)

WisdomTree Currency, Fixed Income and Alternative Funds

February 28, 2011


	WisdomTree Dreyfus Brazilian Real Fund			WisdomTree Dreyfus Chinese Yuan Fund			WisdomTree Dreyfus Commodity Currency Fund			WisdomTree Dreyfus Emerging Currency Fund			WisdomTree Dreyfus Euro Fund		WisdomTree Dreyfus Indian Rupee Fund
ASSETS:

Investments, at cost	$	137,946,364		$	647,070,274		$	120,440,291		$	381,576,727		$	7,886,751	$	23,510,913

Foreign currency, at cost		—			—			—			—			1,430,019		—
Investments in securities, at value (including repurchase agreements of $29,114,614, $199,366,347, $36,008,914, $117,659,550, $0 and $7,058,895, respectively) (Note 2)		137,946,380			647,070,123			120,440,353			381,575,996			8,015,056		23,511,120

Cash		—			—			—			—			4,834		—

Foreign currency, at value		—			—			—			—			1,470,991		—

Unrealized appreciation on forward foreign currency contracts		2,789,343			8,381,091			5,022,003			3,961,099			—		355,044

Receivables:

Interest		6,531			11,688			219			1,742			274		1,278

Capital shares sold		—			—			—			2,240,166			—		—
Total Assets		140,742,254			655,462,902			125,462,575			387,779,003			9,491,155		23,867,442
LIABILITIES:

Unrealized depreciation on forward foreign currency contracts		701,037			296,394			1,411,650			1,805,367			—		68

Payables:

Investment securities purchased		—			—			—			4,998,921			—		—

Advisory fees (Note 3)		47,714			225,972			50,557			145,334			2,516		7,877

Service fees (Note 2)		467			2,209			404			1,163			32		77
Total Liabilities		749,218			524,575			1,462,611			6,950,785			2,548		8,022
NET ASSETS	$	139,993,036		$	654,938,327		$	123,999,964		$	380,828,218		$	9,488,607	$	23,859,420
NET ASSETS:

Paid-in capital	$	131,438,692		$	654,275,670		$	120,607,772		$	371,406,803		$	8,376,466	$	22,475,728

Undistributed (Distributions in excess of) net investment income		(241,252	)		(892,646	)		(90,380	)		(606,111	)		1,577		(32,070	)

Accumulated net realized gain (loss) on investments and foreign currency related transactions		6,707,274			(6,529,243	)		(127,843	)		7,872,525			941,287		1,060,579

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		2,088,322			8,084,546			3,610,415			2,155,001			169,277		355,183
NET ASSETS	$	139,993,036		$	654,938,327		$	123,999,964		$	380,828,218		$	9,488,607	$	23,859,420
Outstanding beneficial interest shares of $0.001 par value (unlimited number of shares authorized)		5,200,000			25,800,000			4,700,004			17,000,000			425,000		900,000
Net asset value per share	$	26.92		$	25.39		$	26.38		$	22.40		$	22.33	$	26.51

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			29

Statements of Assets and Liabilities (unaudited) (concluded)

WisdomTree Currency, Fixed Income and Alternative Funds

February 28, 2011


	WisdomTree Dreyfus Japanese Yen Fund			WisdomTree Dreyfus New Zealand Dollar Fund			WisdomTree Dreyfus South African Rand Fund			WisdomTree Emerging Markets Local Debt Fund			WisdomTree Managed Futures Strategy Fund¹
ASSETS:

Investments, at cost	$	4,351,479		$	27,241,851		$	10,933,268		$	656,119,310		$	40,491,935

Foreign currency, at cost		776,107			—			—			2,821,922			25,062

Investments in securities, at value (including repurchase agreements of $2,788,682, $4,240,307, $2,002,879, $30,423,063 and $0, respectively and securities on loan) (Note 2)²		4,375,204			27,241,932			10,933,256			649,338,292			40,492,059

Cash		4,592			—			—			3,989,982			23,141

Foreign currency, at value		776,107			—			—			2,839,311			25,062

Unrealized appreciation on forward foreign currency contracts		—			272,433			296,660			476,070			39,399

Unrealized appreciation on swap contracts		—			—			—			—			425,109

Receivables:

Interest		8			803			491			11,125,906			807

Investment securities sold		1,220,405			—			—			—			5,010,000

Variation margin		—			—			—			—			6,685
Total Assets		6,376,316			27,515,168			11,230,407			667,769,561			46,022,262
LIABILITIES:

Unrealized depreciation on forward foreign currency contracts		—			30,009			—			79,279			15,305

Unrealized depreciation on swap contracts		—			—			—			816,161			—

Payables:

Investment securities purchased		—			—			—			4,539,271			4,860,601

Collateral for securities on loan (Note 2)		—			—			—			41,861,000			—

Variation margin		—			—			—			—			15,692

Advisory fees (Note 3)		2,730			9,610			3,727			261,247			23,274

Service fees (Note 2)		34			94			36			2,090			108

Other payables		—			—			—			—			1,009
Total Liabilities		2,764			39,713			3,763			47,559,048			4,915,989
NET ASSETS	$	6,373,552		$	27,475,455		$	11,226,644		$	620,210,513		$	41,106,273
NET ASSETS:

Paid-in capital	$	6,017,430		$	27,697,004		$	10,967,837		$	627,932,934		$	40,283,422

Distributions in excess of net investment income		(16,981	)		(36,523	)		(17,402	)		(362,106	)		(30,503	)

Accumulated net realized gain (loss) on investments, swap contracts, futures contracts and foreign currency related transactions		351,765			(427,531	)		(20,439	)		(220,139	)		461,173

Net unrealized appreciation (depreciation) on investments, swap contracts, futures contracts and translation of assets and liabilities denominated in foreign currencies		21,338			242,505			296,648			(7,140,176	)		392,181
NET ASSETS	$	6,373,552		$	27,475,455		$	11,226,644		$	620,210,513		$	41,106,273
Outstanding beneficial interest shares of $0.001 par value (unlimited number of shares authorized)		200,000			1,200,000			400,000			12,200,002			800,002
Net asset value per share	$	31.87		$	22.90		$	28.07		$	50.84		$	51.38

¹	Consolidated.

²	Market values of securities out on loan were as follows: $0, $0, $0, $39,057,905 and $0, respectively (Note 2).

See Notes to Financial Statements.


30		WisdomTree Currency, Fixed Income and Alternative Funds

Statements of Operations (unaudited)

WisdomTree Currency, Fixed Income and Alternative Funds

For the Six Months Ended February 28, 2011


	WisdomTree Dreyfus Brazilian Real Fund			WisdomTree Dreyfus Chinese Yuan Fund			WisdomTree Dreyfus Commodity Currency Fund¹			WisdomTree Dreyfus Emerging Currency Fund			WisdomTree Dreyfus Euro Fund			WisdomTree Dreyfus Indian Rupee Fund
INVESTMENT INCOME:

Interest	$	141,136		$	523,703		$	34,300		$	235,781		$	20,625		$	19,585
Total investment income		141,136			523,703			34,300			235,781			20,625			19,585
EXPENSES:

Advisory fees (Note 3)		378,685			1,402,634			123,690			835,210			17,694			51,155

Service fees (Note 2)		3,703			13,715			990			6,682			222			500
Total expenses		382,388			1,416,349			124,680			841,892			17,916			51,655
Net investment income (loss)		(241,252	)		(892,646	)		(90,380	)		(606,111	)		2,709			(32,070	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

Net realized gain (loss) from:

Investment transactions		514			549			22			505			1,083,705			41

Foreign currency related transactions		16,030,224			1,520,248			(39,325	)		18,704,237			(142,235	)		1,039,087
Net realized gain (loss)		16,030,738			1,520,797			(39,303	)		18,704,742			941,470			1,039,128
Net change in unrealized appreciation (depreciation) from:

Investment transactions		(16,374	)		(39,437	)		62			(8,425	)		172,468			(1,900	)

Translation of assets and liabilities denominated in foreign currencies		1,120,940			15,176,242			3,610,353			2,619,334			40,770			489,864
Net change in unrealized appreciation		1,104,566			15,136,805			3,610,415			2,610,909			213,238			487,964
Net realized and unrealized gain on investments		17,135,304			16,657,602			3,571,112			21,315,651			1,154,708			1,527,092
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,894,052		$	15,764,956		$	3,480,732		$	20,709,540		$	1,157,417		$	1,495,022

¹	Commencement of operations September 24, 2010.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			31

Statements of Operations (unaudited) (concluded)

WisdomTree Currency, Fixed Income and Alternative Funds

For the Six Months Ended February 28, 2011


	WisdomTree Dreyfus Japanese Yen Fund			WisdomTree Dreyfus New Zealand Dollar Fund			WisdomTree Dreyfus South African Rand Fund			WisdomTree Emerging Markets Local Debt Fund			WisdomTree Managed Futures Strategy Fund¹
INVESTMENT INCOME:

Interest²	$	4,499		$	19,853		$	9,504		$	11,160,374		$	5,453

Securities lending income (Note 2)		—			—			—			5,357			—
Total investment income		4,499			19,853			9,504			11,165,731			5,453
EXPENSES:

Advisory fees (Note 3)		21,213			55,830			26,646			1,223,132			35,790

Service fees (Note 2)		267			546			260			9,785			166
Total expenses		21,480			56,376			26,906			1,232,917			35,956
Net investment income (loss)		(16,981	)		(36,523	)		(17,402	)		9,932,814			(30,503	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

Net realized gain (loss) from:

Investment transactions		6			87			19			(698,231	)		517,306

Swap contracts		—			—			—			1,119,847			(6,816	)

Futures contracts		—			—			—			—			(49,317	)

Foreign currency related transactions		351,761			1,703,020			787,604			6,656			—
Net realized gain		351,767			1,703,107			787,623			428,272			461,173
Net change in unrealized appreciation (depreciation) from:

Investment transactions		(160,897	)		(1,674	)		(730	)		(7,015,398	)		124

Swap contracts		—			—			—			(451,180	)		425,109

Futures contracts		—			—			—			—			(57,146	)

Translation of assets and liabilities denominated in foreign currencies		(28,010	)		(186,271	)		319,173			654,882			24,094
Net change in unrealized appreciation (depreciation)		(188,907	)		(187,945	)		318,443			(6,811,696	)		392,181
Net realized and unrealized gain (loss) on investments		162,860			1,515,162			1,106,066			(6,383,424	)		853,354
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	145,879		$	1,478,639		$	1,088,664		$	3,549,390		$	822,851

¹	Commencement of operations January 5, 2011; consolidated.

²	Net of foreign witholding tax of $0, $0, $0, $336,758, and $0, respectively.

See Notes to Financial Statements.


32		WisdomTree Currency, Fixed Income and Alternative Funds

Statements of Changes in Net Assets (unuaudited)

WisdomTree Currency, Fixed Income and Alternative Funds


	WisdomTree Dreyfus Brazilian Real Fund						WisdomTree Dreyfus Chinese Yuan Fund						WisdomTree Dreyfus Commodity Currency Fund
	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Period September 24, 2010* through February 28, 2011 (unaudited)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:

Net investment loss	$	(241,252	)	$	(426,321	)	$	(892,646	)	$	(1,422,282	)	$	(90,380	)

Net realized gain (loss) on investments and foreign currency related transactions		16,030,738			13,430,403			1,520,797			(3,767,200	)		(39,303	)

Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		1,104,566			4,133,722			15,136,805			(7,074,141	)		3,610,415
Net increase (decrease) in net assets resulting from operations		16,894,052			17,137,804			15,764,956			(12,263,623	)		3,480,732
DIVIDENDS AND DISTRIBUTIONS:

Net investment income		—			(145,080	)		—			—			—

Capital gains		(16,220,400	)		(1,567,800	)		(3,656,016	)		—			(88,540	)
Total dividends and distributions		(16,220,400	)		(1,712,880	)		(3,656,016	)		—			(88,540	)
CAPITAL SHARE TRANSACTIONS:

Net proceeds from sale of shares		22,496,333			129,640,331			101,970,562			721,349,097			125,759,756

Cost of shares redeemed		(104,353,656	)		(36,461,840	)		(45,418,934	)		(259,467,734	)		(5,152,084	)
Net increase (decrease) in net assets resulting from capital share transactions		(81,857,323	)		93,178,491			56,551,628			461,881,363			120,607,672
Net Increase (Decrease) in Net Assets		(81,183,671	)		108,603,415			68,660,568			449,617,740			123,999,864
NET ASSETS:

Beginning of period	$	221,176,707		$	112,573,292		$	586,277,759		$	136,660,019		$	100

End of period	$	139,993,036		$	221,176,707		$	654,938,327		$	586,277,759		$	123,999,964
Distributions in excess of net investment income included in net assets at end of period	$	(241,252	)	$	—		$	(892,646	)	$	—		$	(90,380	)
SHARES CREATED AND REDEEMED:

Shares outstanding, beginning of period		8,000,000			4,600,000			23,600,000			5,400,000			4

Shares created		800,000			4,800,000			4,000,000			28,600,000			4,900,000

Shares redeemed		(3,600,000	)		(1,400,000	)		(1,800,000	)		(10,400,000	)		(200,000	)
Shares outstanding, end of period		5,200,000			8,000,000			25,800,000			23,600,000			4,700,004

*	Commencement of investment operations.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			33

Statements of Changes in Net Assets (unaudited) (continued)

WisdomTree Currency, Fixed Income and Alternative Funds


	WisdomTree Dreyfus Emerging Currency Fund						WisdomTree Dreyfus Euro Fund						WisdomTree Dreyfus Indian Rupee Fund
	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:

Net investment income (loss)	$	(606,111	)	$	(1,022,340	)	$	2,709		$	(4,345	)	$	(32,070	)	$	(72,276	)

Net realized gain (loss) on investments and foreign currency related transactions		18,704,742			719,318			941,470			(2,038,612	)		1,039,128			710,591

Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		2,610,909			(149,064	)		213,238			(140,179	)		487,964			(802	)
Net increase (decrease) in net assets resulting from operations		20,709,540			(452,086	)		1,157,417			(2,183,136	)		1,495,022			637,513
DISTRIBUTIONS:

Capital gains		(11,076,912	)		(1,730,286	)		—			—			(229,344	)		—
Total distributions		(11,076,912	)		(1,730,286	)		—			—			(229,344	)		—
CAPITAL SHARE TRANSACTIONS:

Net proceeds from sale of shares		142,479,315			454,365,131			—			13,457,718			2,640,073			17,720,098

Cost of shares redeemed		(108,389,859	)		(153,276,700	)		(4,505,166	)		(8,295,720	)		(2,632,676	)		(7,663,800	)
Net increase (decrease) in net assets resulting from capital share transactions		34,089,456			301,088,431			(4,505,166	)		5,161,998			7,397			10,056,298
Net Increase (Decrease) in Net Assets		43,722,084			298,906,059			(3,347,749	)		2,978,862			1,273,075			10,693,811
NET ASSETS:

Beginning of period	$	337,106,134		$	38,200,075		$	12,836,356		$	9,857,494		$	22,586,345		$	11,892,534

End of period	$	380,828,218		$	337,106,134		$	9,488,607		$	12,836,356		$	23,859,420		$	22,586,345
Undistributed (Distributions in excess of) net investment income included in net assets at end of period	$	(606,111	)	$	—		$	1,577			(1,132	)	$	(32,070	)	$	—
SHARES CREATED AND REDEEMED:

Shares outstanding, beginning of period		15,400,000			1,800,000			625,000			425,000			900,000			500,000

Shares created		6,300,000			20,800,000			—			600,000			100,000			700,000

Shares redeemed		(4,700,000	)		(7,200,000	)		(200,000	)		(400,000	)		(100,000	)		(300,000	)
Shares outstanding, end of period		17,000,000			15,400,000			425,000			625,000			900,000			900,000

See Notes to Financial Statements.


34		WisdomTree Currency, Fixed Income and Alternative Funds

Statements of Changes in Net Assets (unaudited) (continued)

WisdomTree Currency, Fixed Income and Alternative Funds


	WisdomTree Dreyfus Japanese Yen Fund						WisdomTree Dreyfus New Zealand Dollar Fund						WisdomTree Dreyfus South African Rand Fund
	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:

Net investment loss	$	(16,981	)	$	(31,138	)	$	(36,523	)	$	(55,158	)	$	(17,402	)	$	(29,936	)

Net realized gain on investments and foreign currency related transactions		351,767			1,135,900			1,703,107			565,107			787,623			862,660

Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		(188,907	)		45,139			(187,945	)		(120,850	)		318,443			(120,783	)
Net increase in net assets resulting from operations		145,879			1,149,901			1,478,639			389,099			1,088,664			711,941
DIVIDENDS AND DISTRIBUTIONS:

Net investment income		—			—			—			—			—			(1,980	)

Capital gains		—			—			(1,497,168	)		(1,961,584	)		(1,542,484	)		(318,804	)
Total dividends and distributions		—			—			(1,497,168	)		(1,961,584	)		(1,542,484	)		(320,784	)
CAPITAL SHARE TRANSACTIONS:

Net proceeds from sale of shares		—			—			9,704,051			19,668,417			—			8,593,171

Cost of shares redeemed		(6,227,458	)		—			—			(9,776,710	)		—			(2,649,329	)
Net increase (decrease) in net assets resulting from capital share transactions		(6,227,458	)		—			9,704,051			9,891,707			—			5,943,842
Net Increase (Decrease) in Net Assets		(6,081,579	)		1,149,901			9,685,522			8,319,222			(453,820	)		6,334,999
NET ASSETS:

Beginning of period	$	12,455,131		$	11,305,230		$	17,789,933		$	9,470,711		$	11,680,464		$	5,345,465

End of period	$	6,373,552		$	12,455,131		$	27,475,455		$	17,789,933		$	11,226,644		$	11,680,464
Distributions in excess of net investment income included in net assets at end of period	$	(16,981	)	$	—		$	(36,523	)	$	—		$	(17,402	)	$	—
SHARES CREATED AND REDEEMED:

Shares outstanding, beginning of period		400,000			400,000			800,000			400,000			400,000			200,000

Shares created		—			—			400,000			800,000			—			300,000

Shares redeemed		(200,000	)		—			—			(400,000	)		—			(100,000	)
Shares outstanding, end of period		200,000			400,000			1,200,000			800,000			400,000			400,000

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			35

Statements of Changes in Net Assets (unaudited) (concluded)

WisdomTree Currency, Fixed Income and Alternative Funds


	WisdomTree Emerging Markets Local Debt Fund						WisdomTree Managed Futures Strategy Fund¹
	For the Six Months Ended February 28, 2011 (unaudited)			For the Period August 9, 2010* through August 31, 2010			For the Period January 5, 2011* through February 28, 2011 (unaudited)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:

Net investment income (loss)	$	9,932,814		$	325,815		$	(30,503	)

Net realized gain (loss) on investments, swap contracts, futures contracts and foreign currency related transactions		428,272			(153,966	)		461,173

Net change in unrealized appreciation (depreciation) on investments, swap contracts, futures contracts and translation of assets and liabilities denominated in foreign currencies		(6,811,696	)		(328,480	)		392,181
Net increase (decrease) in net assets resulting from operations		3,549,390			(156,631	)		822,851
DIVIDENDS:

Net investment income		(11,115,180	)		—			—
Total dividends		(11,115,180	)		—			—
CAPITAL SHARE TRANSACTIONS:

Net proceeds from sale of shares		462,960,818			195,475,552			40,286,833

Cost of shares redeemed		(30,503,536	)		—			(3,511	)
Net increase in net assets resulting from capital share transactions		432,457,282			195,475,552			40,283,322
Net Increase in Net Assets		424,891,492			195,318,921			41,106,173
NET ASSETS:

Beginning of period	$	195,319,021		$	100		$	100

End of period	$	620,210,513		$	195,319,021		$	41,106,273
Undistributed (Distributions in excess of) net investment income included in net assets at end of period	$	(362,106	)	$	820,260		$	(30,503	)
SHARES CREATED AND REDEEMED:

Shares outstanding, beginning of period		3,900,002			2			2

Shares created		8,900,000			3,900,000			800,000

Shares redeemed		(600,000	)		—			—
Shares outstanding, end of period		12,200,002			3,900,002			800,002

¹	Consolidated.

*	Commencement of investment operations.

See Notes to Financial Statements.


36		WisdomTree Currency, Fixed Income and Alternative Funds

Financial Highlights

WisdomTree Currency, Fixed Income and Alternative Funds

February 28, 2011

Selected data for a share of beneficial interest outstanding throughout the period is presented below:


WisdomTree Dreyfus Brazilian Real Fund	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Year Ended August 31, 2009			For the Period May 14, 2008¹ through August 31, 2008
Net asset value, beginning of period	$	27.65		$	24.47		$	26.47		$	25.19
Investment operations:
Net investment income (loss)²		(0.04	)		(0.07	)		0.04			0.15
Net realized and unrealized gain (loss)		2.55			3.53			(1.34	)		1.13
Total from investment operations		2.51			3.46			(1.30	)		1.28
Dividends and distributions to shareholders:
Net investment income		—			(0.02	)		(0.17	)		—
Capital gains		(3.24	)		(0.26	)		(0.53	)		—
Total dividends and distributions to shareholders		(3.24	)		(0.28	)		(0.70	)		—
Net asset value, end of period	$	26.92		$	27.65		$	24.47		$	26.47

TOTAL RETURN³		9.56	%		14.24	%		(3.92	)%		5.08	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	139,993		$	221,177		$	112,573		$	121,740
Ratio to average net assets of:
Net expenses		0.45	%⁴		0.45	%		0.45	%		0.45	%⁴
Net investment income (loss)		(0.29	)%⁴		(0.28	)%		0.19	%		1.99	%⁴
Portfolio turnover rate⁵		0	%		0	%		0	%		N/A	*



WisdomTree Dreyfus Chinese Yuan Fund	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Year Ended August 31, 2009			For the Period May 14, 2008¹ through August 31, 2008
Net asset value, beginning of period	$	24.84		$	25.31		$	25.39		$	24.87
Investment operations:
Net investment income (loss)²		(0.04	)		(0.07	)		0.08			0.14
Net realized and unrealized gain (loss)		0.74			(0.40	)		0.32			0.38
Total from investment operations		0.70			(0.47	)		0.40			0.52
Dividends and distributions to shareholders:
Net investment income		—			—			(0.48	)		—
Capital gains		(0.15	)		—			—			—
Total dividends and distributions to shareholders		(0.15	)		—			(0.48	)		—
Net asset value, end of period	$	25.39		$	24.84		$	25.31		$	25.39

TOTAL RETURN³		2.80	%		(1.86	)%		1.58	%		2.09	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	654,938		$	586,278		$	136,660		$	284,393
Ratio to average net assets of:
Net expenses		0.45	%⁴		0.45	%		0.45	%		0.45	%⁴
Net investment income (loss)		(0.29	)%⁴		(0.28	)%		0.36	%		2.04	%⁴
Portfolio turnover rate⁵		0	%		8	%		0	%		N/A	*

¹	Commencement of investment operations.

²	Based on average shares outstanding.

Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

⁴	Annualized.

⁵	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received and delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

*	The Fund invested in short-term securities with maturities less than or equal to 365 days. SEC rules exclude such securities from portfolio turnover calculations.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			37

Financial Highlights (continued)

WisdomTree Currency, Fixed Income and Alternative Funds

February 28, 2011

Selected data for a share of beneficial interest outstanding throughout the period is presented below:


WisdomTree Dreyfus Commodity Currency Fund	For the Period September 24, 2010¹ through February 28, 2011 (unaudited)
Net asset value, beginning of period	$	25.10
Investment operations:
Net investment loss²		(0.04	)
Net realized and unrealized gain		1.41
Total from investment operations		1.37
Distributions to shareholders:
Capital gains		(0.09	)
Total distributions to shareholders		(0.09	)
Net asset value, end of period	$	26.38

TOTAL RETURN³		5.46	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	124,000
Ratio to average net assets of:
Net expenses		0.55	%⁴
Net investment loss		(0.40	)%⁴
Portfolio turnover rate⁵		0	%



WisdomTree Dreyfus Emerging Currency Fund	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Period May 6, 2009¹ through August 31, 2009
Net asset value, beginning of period	$	21.89		$	21.22		$	19.98
Investment operations:
Net investment loss²		(0.04	)		(0.09	)		(0.02	)
Net realized and unrealized gain		1.39			0.94			1.26
Total from investment operations		1.35			0.85			1.24
Distributions to shareholders:
Capital gains		(0.84	)		(0.18	)		—
Total distributions to shareholders		(0.84	)		(0.18	)		—
Net asset value, end of period	$	22.40		$	21.89		$	21.22

TOTAL RETURN³		6.21	%		4.01	%		6.21	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	380,828		$	337,106		$	38,200
Ratio to average net assets of:
Net expenses		0.55	%⁴		0.55	%		0.55	%⁴
Net investment loss		(0.40	)%⁴		(0.39	)%		(0.33	)%⁴
Portfolio turnover rate⁵		0	%		0	%		0	%

¹	Commencement of investment operations.

²	Based on average shares outstanding.

⁴	Annualized.

⁵	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received and delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

See Notes to Financial Statements.


38		WisdomTree Currency, Fixed Income and Alternative Funds

Financial Highlights (continued)

WisdomTree Currency, Fixed Income and Alternative Funds

February 28, 2011

Selected data for a share of beneficial interest outstanding throughout the period is presented below:


WisdomTree Dreyfus Euro Fund	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Year Ended August 31, 2009			For the Period May 14, 2008¹ through August 31, 2008
Net asset value, beginning of period	$	20.54		$	23.19		$	24.07		$	25.04
Investment operations:
Net investment income (loss)²		0.01			(0.01	)		0.35			0.29
Net realized and unrealized gain (loss)		1.78			(2.64	)		(0.63	)		(1.26	)
Total from investment operations		1.79			(2.65	)		(0.28	)		(0.97	)
Dividends to shareholders:
Net investment income		—			—			(0.60	)		—
Total dividends to shareholders		—			—			(0.60	)		—
Net asset value, end of period	$	22.33		$	20.54		$	23.19		$	24.07

TOTAL RETURN³		8.71	%		(11.43	)%		(1.13	)%		(3.87	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	9,489		$	12,836		$	9,857		$	19,256
Ratio to average net assets of:
Net expenses		0.35	%⁴		0.35	%		0.35	%		0.35	%⁴
Net investment income (loss)		0.05	%⁴		(0.03	)%		1.61	%		3.73	%⁴
Portfolio turnover rate⁵		N/A	*		N/A	*		N/A	*		N/A	*



WisdomTree Dreyfus Indian Rupee Fund	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Year Ended August 31, 2009			For the Period May 14, 2008¹ through August 31, 2008
Net asset value, beginning of period	$	25.10		$	23.79		$	24.47		$	24.69
Investment operations:
Net investment income (loss)²		(0.04	)		(0.08	)		0.02			0.15
Net realized and unrealized gain (loss)		1.74			1.39			(0.51	)		(0.37	)
Total from investment operations		1.70			1.31			(0.49	)		(0.22	)
Dividends and distributions to shareholders:
Net investment income		—			—			(0.19	)		—
Capital gains		(0.29	)		—			—			—
Total dividends and distributions to shareholders		(0.29	)		—			(0.19	)		—
Net asset value, end of period	$	26.51		$	25.10		$	23.79		$	24.47

TOTAL RETURN³		6.77	%		5.51	%		(1.97	)%		(0.89	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	23,859		$	22,586		$	11,893		$	9,789
Ratio to average net assets of:
Net expenses		0.45	%⁴		0.45	%		0.45	%		0.45	%⁴
Net investment income (loss)		(0.28	)%⁴		(0.29	)%		0.09	%		1.93	%⁴
Portfolio turnover rate⁵		0	%		0	%		0	%		N/A	*

¹	Commencement of investment operations.

²	Based on average shares outstanding.

⁴	Annualized.

⁵	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received and delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

*	The Fund invested in short-term securities with maturities less than or equal to 365 days. SEC rules exclude such securities from portfolio turnover calculations.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			39

Financial Highlights (continued)

WisdomTree Currency, Fixed Income and Alternative Funds

February 28, 2011

Selected data for a share of beneficial interest outstanding throughout the period is presented below:


WisdomTree Dreyfus Japanese Yen Fund	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Year Ended August 31, 2009			For the Period May 21, 2008¹ through August 31, 2008
Net asset value, beginning of period	$	31.14		$	28.26		$	24.21		$	25.45
Investment operations:
Net investment income (loss)²		(0.05	)		(0.08	)		0.00	³		0.01
Net realized and unrealized gain (loss)		0.78			2.96			4.12			(1.25	)
Total from investment operations		0.73			2.88			4.12			(1.24	)
Dividends to shareholders:
Net investment income		—			—			(0.07	)		—
Total dividends to shareholders		—			—			(0.07	)		—
Net asset value, end of period	$	31.87		$	31.14		$	28.26		$	24.21

TOTAL RETURN⁴		2.34	%		10.19	%		17.01	%		(4.87	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	6,374		$	12,455		$	11,305		$	19,368
Ratio to average net assets of:
Net expenses		0.35	%⁵		0.35	%		0.35	%		0.35	%⁵
Net investment income (loss)		(0.28	)%⁵		(0.27	)%		0.01	%		0.20	%⁵
Portfolio turnover rate⁶		N/A	*		N/A	*		N/A	*		N/A	*



WisdomTree Dreyfus New Zealand Dollar Fund	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Year Ended August 31, 2009			For the Period June 25, 2008¹ through August 31, 2008
Net asset value, beginning of period	$	22.24		$	23.68		$	23.53		$	24.93
Investment operations:
Net investment income (loss)²		(0.03	)		(0.07	)		(0.02	)		0.09
Net realized and unrealized gain (loss)		1.94			1.08			0.30			(1.49	)
Total from investment operations		1.91			1.01			0.28			(1.40	)
Dividends and distributions to shareholders:
Net investment income		—			—			(0.13	)		—
Capital gains		(1.25	)		(2.45	)		—			—
Total dividends and distributions to shareholders		(1.25	)		(2.45	)		(0.13	)		—
Net asset value, end of period	$	22.90		$	22.24		$	23.68		$	23.53

TOTAL RETURN⁴		8.67	%		4.32	%		1.30	%		(5.62	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	27,475		$	17,790		$	9,471		$	2,353
Ratio to average net assets of:
Net expenses		0.45	%⁵		0.45	%		0.45	%		0.45	%⁵
Net investment income (loss)		(0.29	)%⁵		(0.30	)%		(0.11	)%		1.96	%⁵
Portfolio turnover rate⁶		0	%		0	%		0	%		N/A	*

¹	Commencement of investment operations.

²	Based on average shares outstanding.

³	Amount represents less than $0.005.

⁴

⁵	Annualized.

⁶	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received and delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

*	The Fund invested in short-term securities with maturities less than or equal to 365 days. SEC rules exclude such securities from portfolio turnover calculations.

See Notes to Financial Statements.


40		WisdomTree Currency, Fixed Income and Alternative Funds

Financial Highlights (continued)

WisdomTree Currency, Fixed Income and Alternative Funds

February 28, 2011

Selected data for a share of beneficial interest outstanding throughout the period is presented below:


WisdomTree Dreyfus South African Rand Fund	For the Six Months Ended February 28, 2011 (unaudited)			For the Year Ended August 31, 2010			For the Year Ended August 31, 2009			For the Period June 25, 2008¹ through August 31, 2008
Net asset value, beginning of period	$	29.20		$	26.73		$	26.61		$	25.35
Investment operations:
Net investment income (loss)²		(0.04	)		(0.09	)		0.02			0.09
Net realized and unrealized gain		2.77			3.36			1.72			1.17
Total from investment operations		2.73			3.27			1.74			1.26
Dividends and distributions to shareholders:
Net investment income		—			(0.00	)³		(0.09	)		—
Capital gains		(3.86	)		(0.80	)		(1.53	)		—
Total dividends and distributions to shareholders		(3.86	)		(0.80	)		(1.62	)		—
Net asset value, end of period	$	28.07		$	29.20		$	26.73		$	26.61

TOTAL RETURN⁴		9.17	%		12.53	%		8.44	%		4.97	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	11,227		$	11,680		$	5,345		$	2,661
Ratio to average net assets of:
Net expenses		0.45	%⁵		0.45	%		0.45	%		0.45	%⁵
Net investment income (loss)		(0.29	)%⁵		(0.31	)%		0.07	%		1.78	%⁵
Portfolio turnover rate⁶		0	%		0	%		0	%		N/A	*



WisdomTree Emerging Markets Local Debt Fund	For the Six Months Ended February 28, 2011 (unaudited)			For the Period August 9, 2010¹ through August 31, 2010
Net asset value, beginning of period	$	50.08		$	50.23
Investment operations:
Net investment income²		1.15			0.10
Net realized and unrealized gain (loss)		0.83			(0.25	)
Total from investment operations		1.98			(0.15	)
Dividends to shareholders:
Net investment income		(1.22	)		—
Total dividends to shareholders		(1.22	)		—
Net asset value, end of period	$	50.84		$	50.08

TOTAL RETURN⁴		3.95	%		(0.30	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	620,211		$	195,319
Ratio to average net assets of:
Net expenses		0.55	%⁵		0.55	%⁵
Net investment income		4.47	%⁵		3.31	%⁵
Portfolio turnover rate⁶		5	%		0	%

¹	Commencement of investment operations.

²	Based on average shares outstanding.

³	Amount represents less than $0.005.

⁴

⁵	Annualized.

⁶	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

*	The Fund invested in short-term securities with maturities less than or equal to 365 days. SEC rules exclude such securities from portfolio turnover calculations.

See Notes to Financial Statements.


WisdomTree Currency, Fixed Income and Alternative Funds			41

Financial Highlights (concluded)

WisdomTree Currency, Fixed Income and Alternative Funds

February 28, 2011

Selected data for a share of beneficial interest outstanding throughout the period is presented below:


WisdomTree Managed Futures Strategy Fund	For the Period January 5, 2011* through February 28, 2011¹ (unaudited)
Net asset value, beginning of period	$	50.18
Investment operations:
Net investment loss²		(0.06	)
Net realized and unrealized gain		1.26
Total from investment operations		1.20
Net asset value, end of period	$	51.38

TOTAL RETURN³		2.39	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	41,106
Ratio to average net assets of:
Net expenses		0.95	%⁴
Net investment loss		(0.81	)%⁴
Portfolio turnover rate⁵		0	%

^*	Commencement of investment operations.

¹	Consolidated.

²	Based on average shares outstanding.

⁴	Annualized.

⁵	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

See Notes to Financial Statements.


42		WisdomTree Currency, Fixed Income and Alternative Funds

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 pursuant to a Trust Instrument dated December 15, 2005. As of February 28, 2011, the Trust offered 45 investment funds. These financial statements relate only to the WisdomTree Dreyfus Brazilian Real Fund (“Brazilian Real Fund”), WisdomTree Dreyfus Chinese Yuan Fund (“Chinese Yuan Fund”), WisdomTree Dreyfus Emerging Currency Fund (“Emerging Currency Fund”), WisdomTree Dreyfus Euro Fund (“Euro Fund”), WisdomTree Dreyfus Indian Rupee Fund (“Indian Rupee Fund”), WisdomTree Dreyfus Japanese Yen Fund (“Japanese Yen Fund”), WisdomTree Dreyfus New Zealand Dollar Fund (“New Zealand Dollar Fund”), WisdomTree Dreyfus South African Rand Fund (“South African Rand Fund”), WisdomTree Emerging Markets Local Debt Fund (“Emerging Markets Local Debt Fund”), WisdomTree Dreyfus Commodity Currency Fund (“Commodity Currency Fund”) and WisdomTree Managed Futures Strategy Fund (“Managed Futures Strategy”) (each a “Fund”, collectively, the “Funds”). The Funds commenced operations as follows: the Brazilian Real Fund, the Chinese Yuan Fund, the Euro Fund and the Indian Rupee Fund commenced operations on May 14, 2008; the Japanese Yen Fund commenced operations on May 21, 2008; the New Zealand Dollar Fund and South African Rand Fund commenced operations on June 25, 2008; the Emerging Currency Fund commenced operations on May 6, 2009; the Emerging Markets Local Debt Fund commenced operations on August 9, 2010; the Commodity Currency Fund commenced operations on September 24, 2010, and the Managed Futures Strategy Fund commenced operations on January 5, 2011.

Consolidation of Subsidiary

The financial statements of the Managed Futures Strategy Fund are consolidated and include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”). Significant intercompany accounts and transactions have been eliminated in consolidation for the Fund. For the Managed Futures Strategy Fund, the accompanying financial statements reflect the financial position of the Fund and the results of operations on a consolidated basis with the Subsidiary. The Fund may invest up to 25% of its total assets at the end of each fiscal quarter in the subsidiary which acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objectives and policies.

2. SIGNIFICANT ACCOUNTING POLICIES

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification has become 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 Codification has superseded all existing non-SEC accounting and reporting standards.

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.

Guarantees — In the normal course of business the Funds may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Investment Valuation — The net asset value (“NAV”) of each Fund’s shares is calculated each day the national securities exchanges are open for trading as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding. In calculating a Fund’s NAV, Fund investments generally are valued using market valuations. Short-term debt securities with remaining maturities of 60 days or less generally are valued on the basis of amortized cost which approximates fair value. U.S. fixed income assets may be valued as of the announced closing time for such securities on any day that the Securities Industry and Financial Markets Association announces an early closing time. Forward foreign currency contracts are valued daily using WM/Reuters closing spot and forward rates as of 4:00 p.m. London time for Europe and the Americas and Tullett Prebon closing spot and forward rates as of 2:00 p.m. Singapore time for Asia. The value of any assets or liabilities denominated in a currency other than the U.S. dollar is converted into U.S. dollars using an exchange rate prevailing on the respective dates of such transactions. 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 will be valued in accordance with the Fund’s pricing policy and procedures approved by the Board of Trustees. For these purposes, a price based on amortized cost is considered a market valuation. 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 or 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


WisdomTree Currency, Fixed Income and Alternative Funds			43

Notes to Financial Statements (unaudited) (continued)

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. Each Fund may invest in money market funds which are valued at NAV.

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 to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classifications of 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)

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; (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 inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the inputs used as of February 28, 2011 in valuing each Fund’s assets carried at fair value:


Brazilian Real Fund	Level 1		Level 2		Level 3
Investments in Securities
Corporate Bonds	$	—	$	5,700,391	$	—
Money Market Fund		—		734,353		—
Repurchase Agreement		—		29,114,614		—
U.S. Government Agencies		—		800,263		—
U.S. Government Treasury		—		101,596,759		—
Total		—		137,946,380		—
Other Financial Instruments*		—		2,088,306		—
Total - Net	$	—	$	140,034,686	$	—


Chinese Yuan Fund	Level 1		Level 2		Level 3
Investments in Securities
Corporate Bonds	$	—	$	7,000,512	$	—
Money Market Fund		—		3,317,522		—
Repurchase Agreement		—		199,366,347		—
U.S. Government Agencies		—		3,901,281		—
U.S. Government Treasury		—		433,484,461		—
Total		—		647,070,123		—
Other Financial Instruments*		—		8,084,697		—
Total - Net	$	—	$	655,154,820	$	—


44		WisdomTree Currency, Fixed Income and Alternative Funds

Notes to Financial Statements (unaudited) (continued)


Dreyfus Commodity Currency Fund	Level 1		Level 2		Level 3
Investments in Securities
Money Market Fund	$	—	$	635,032	$	—
Repurchase Agreement		—		36,008,914		—
U.S. Government Treasury		—		83,796,407		—
Total				120,440,353
Other Financial Instruments*		—		3,610,353		—
Total - Net	$	—	$	124,050,706	$	—


Emerging Currency Fund	Level 1		Level 2		Level 3
Investments in Securities
Corporate Bonds	$	—	$	1,215,196	$	—
Money Market Fund		—		1,917,245		—
Repurchase Agreement		—		117,659,550		—
U.S. Government Agencies		—		800,123		—
U.S. Government Treasury		—		259,983,882		—
Total				381,575,996
Other Financial Instruments*		—		2,155,732		—
Total - Net	$	—	$	383,731,728	$	—


Euro Fund	Level 1		Level 2		Level 3
Investments in Securities
Foreign Government Obligations	$	—	$	3,513,491	$	—
Time Deposits		—		4,501,565		—
Total	$	—	$	8,015,056	$	—


Indian Rupee Fund	Level 1		Level 2		Level 3
Investments in Securities
Corporate Bonds	$	—	$	500,037	$	—
Money Market Fund		—		152,314		—
Repurchase Agreement		—		7,058,895		—
U.S. Government Agencies		—		1,400,460		—
U.S. Government Treasury		—		14,399,414		—
Total		—		23,511,120		—
Other Financial Instruments*		—		354,976		—
Total - Net	$	—	$	23,866,096	$	—


Japanese Yen Fund	Level 1		Level 2		Level 3
Investments in Securities
Foreign Government Obligations	$	—	$	1,586,522	$	—
Repurchase Agreement		—		2,788,682		—
Total	$	—	$	4,375,204	$	—


New Zealand Dollar Fund	Level 1		Level 2		Level 3
Investments in Securities
Corporate Bonds	$	—	$	300,022	$	—
Money Market Fund		—		152,014		—
Repurchase Agreement		—		4,240,307		—
U.S. Government Agencies		—		900,296		—
U.S. Government Treasury		—		21,649,293		—
Total		—		27,241,932		—
Other Financial Instruments*		—		242,424		—
Total - Net	$	—	$	27,484,356	$	—


WisdomTree Currency, Fixed Income and Alternative Funds			45

Notes to Financial Statements (unaudited) (continued)


South African Rand Fund	Level 1		Level 2		Level 3
Investments in Securities
Corporate Bonds	$	—	$	325,024	$	—
Money Market Fund		—		65,600		—
Repurchase Agreement		—		2,002,879		—
U.S. Government Agencies		—		100,033		—
U.S. Government Treasury		—		8,439,720		—
Total		—		10,933,256		—
Other Financial Instruments*		—		296,660		—
Total - Net	$	—	$	11,229,916	$	—


Emerging Markets Local Debt Fund	Level 1		Level 2		Level 3
Investments in Securities
Supranational Bonds	$	—	$	115,903,417	$	—
Foreign Government Obligations		—		448,825,783		—
Money Market Fund		—		54,186,029		—
Repurchase Agreement		—		30,423,063		—
Total				649,338,292
Other Financial Instruments*		—		1,212,953		—
Total - Net	$	—	$	650,551,245	$	—


Managed Futures Strategy Fund (consolidated)	Level 1		Level 2		Level 3
Investments in Securities
Money Market Fund	$	—	$	5,970,248	$	—
U.S. Government Treasury		—		34,521,811		—
Total		—		40,492,059		—
Other Financial Instruments*		—		392,057		—
Total - Net	$	—	$	40,884,116	$	—

Other financial instruments include foreign forward currency, swap and futures contracts. The fair value of these contracts is represented by net unrealized appreciation or depreciation in this table.

In January 2010, FASB issued Accounting Standards Update No. 2010-06 “Improving Disclosures about Fair Value Measurements (“ASU 2010-06”).” ASU 2010-06 will require reporting entities to make new disclosures about amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements, as well as inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3, have been adopted by the Funds. No significant transfers between Level 1 or Level 2 fair value measurements occurred at February 28, 2011. ASU 2010-06 will also require information on purchases and sales, issuances and settlements on a gross basis in the reconciliation of activity in Level 3 fair value measurements. The new and revised disclosures are required to be implemented for fiscal years beginning after December 15, 2009, except for the disclosures surrounding purchases, sales, issuances and settlements on a gross basis in the reconciliation of Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010. Management is currently evaluating the impact the adoption of ASU 2010-06 may have on the Funds’ financial statement disclosures.

Derivative 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 application of this disclosure is effective for fiscal years beginning November 15, 2008 and interim periods within those fiscal years. The Funds have invested in derivatives, specifically forward foreign currency contracts, futures contracts and swaps, for the six months ended February 28, 2011 which are detailed in the forward foreign currency and swap agreement contract tables herein. The volume of the derivatives that is presented is consistent with the derivative activity for the six months ended February 28, 2011. The Funds’ management is not aware of any credit-risk contingent feature on the forward foreign currency contracts held by the Funds.


46		WisdomTree Currency, Fixed Income and Alternative Funds

Notes to Financial Statements (unaudited) (continued)

The Funds listed below have invested in derivatives, specifically forward foreign currency contracts as described on pages 47 through 57, for the period ended February 28, 2011. The forward contracts 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. The counterparty to a derivative contract might default on its obligations. The effect of such derivative instruments on each Fund’s financial position and financial performance as reflected in the Statements of Assets and Liabilities and Statements of Operations are presented in the summary below.

Derivatives not designated as hedging
instruments, carried at fair value

Asset Derivatives

Liability Derivatives

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Brazilian Real Fund

Foreign exchange contracts

Unrealized appreciation
on forward foreign
currency contracts

2,789,343

Unrealized depreciation
on forward foreign
currency contracts

701,037

Chinese Yuan Fund

Foreign exchange contracts

Unrealized appreciation
on forward foreign
currency contracts

8,381,091

Unrealized depreciation
on forward foreign
currency contracts

296,394

Commodity Currency Fund

Foreign exchange contracts

Unrealized appreciation
on forward foreign
currency contracts

5,022,003

Unrealized depreciation
on forward foreign
currency contracts

1,411,650

Emerging Currency Fund

Foreign exchange contracts

Unrealized appreciation
on forward foreign
currency contracts

3,961,099

Unrealized depreciation
on forward foreign
currency contracts

1,805,367

Indian Rupee Fund

Foreign exchange contracts

Unrealized appreciation
on forward foreign
currency contracts

355,044

Unrealized depreciation
on forward foreign
currency contracts

New Zealand Dollar Fund

Foreign exchange contracts

Unrealized appreciation
on forward foreign
currency contracts

272,433

Unrealized depreciation
on forward foreign
currency contracts

30,009

South African Rand Fund

Foreign exchange contracts

Unrealized appreciation
on forward foreign
currency contracts

296,660

Unrealized depreciation
on forward foreign
currency contracts

—

Emerging Markets Local Debt Fund

Foreign exchange contracts

Unrealized appreciation
on forward foreign
currency contracts

476,070

Unrealized depreciation
on forward foreign
currency contracts

79,279

Swap contracts

Unrealized appreciation
on swap contracts

—

Unrealized depreciation
on swap contracts

816,161

Managed Futures Strategy Fund (consolidated)

Foreign exchange contracts

Unrealized appreciation
on forward foreign
currency contracts

39,399

Unrealized depreciation
on forward foreign
currency contracts

15,305

Swap contracts

Unrealized appreciation
on swap contracts

425,109

Unrealized depreciation
on swap contracts

—

Futures contracts*

Unrealized appreciation
on variation margin on
futures contracts

—

Unrealized depreciation
on variation margin on
futures contracts

57,146

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the futures table. Only current day’s variation margin is reported within the Statement of Assets and liabilities.


WisdomTree Currency, Fixed Income and Alternative Funds			47

Notes to Financial Statements (unaudited) (continued)


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Forward/ Swap/Futures Contracts
Brazilian Real Fund
Foreign exchange contracts	$	16,030,224
Chinese Yuan Fund
Foreign exchange contracts		1,520,248
Commodity Currency Fund
Foreign exchange contracts		(39,325	)
Emerging Currency Fund
Foreign exchange contracts		18,704,237
Indian Rupee Fund
Foreign exchange contracts		1,039,087
New Zealand Dollar Fund
Foreign exchange contracts		1,703,020
South African Rand Fund
Foreign exchange contracts		787,604
Emerging Market Local Debt Fund
Foreign exchange contracts		6,656
Swap contracts		1,119,847
Managed Futures Strategy Fund (consolidated)
Swap contracts		(6,816	)
Futures contracts		(49,317	)


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Forward/ Swap/Futures Contracts
Brazilian Real Fund
Foreign exchange contracts	$	1,120,940
Chinese Yuan Fund
Foreign exchange contracts		15,176,242
Commodity Currency Fund
Foreign exchange contracts		3,610,353
Emerging Currency Fund
Foreign exchange contracts		2,619,334
Indian Rupee Fund
Foreign exchange contracts		489,864
New Zealand Dollar Fund
Foreign exchange contracts		(186,271	)
South African Rand Fund
Foreign exchange contracts		319,173
Emerging Market Local Debt Fund
Foreign exchange contracts		654,882
Swaps contracts		(451,180	)
Managed Futures Strategy Fund (consolidated)
Foreign exchange contracts		24,094
Swaps contracts		425,109
Futures contracts		(57,146	)

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. Interest income 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 deemed appropriate by the investment adviser. Realized and unrealized foreign exchange gains and losses on investments are included as a component of net realized and unrealized gain or loss on foreign currency transactions in the


48		WisdomTree Currency, Fixed Income and Alternative Funds

Notes to Financial Statements (unaudited) (continued)

Statements of Operations. Certain foreign exchange gains and losses included in realized and unrealized gains or losses are included in, or are a reduction of ordinary income in accordance with U.S. Federal income tax regulations.

Expenses — WisdomTree Asset Management, Inc. (“WTAM”) has agreed to pay all expenses of the Funds, except for: (i) brokerage expenses and other expenses (such as stamp taxes) connected with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of each Independent Trustee; (iv) compensation and expenses of counsel to the Independent Trustees; (v) compensation and expenses of the Trust’s chief compliance officer; (vi) extraordinary expenses; (vii) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; and (viii) the advisory fee payable to WTAM.

Pursuant to a separate contractual arrangement, WTAM has arranged for the provision of chief compliance officer (“CCO”) services to the Funds, and is liable and responsible for, and administers, payments to the CCO, the Independent Trustees and counsel to the Independent Trustees, in exchange for a service fee paid by each Fund, of up to 0.0044% of each Fund’s average daily net assets. Trustees fees, which are included in Service Fees on the Statements of Operations, of $48,708 have been paid on behalf of the Funds of the Trust to the Independent Trustees for the six months ended February 28, 2011. Expenses in excess of 0.0044% were paid by WTAM.

Repurchase Agreements — Each Fund’s custodian or a third party custodian under tri-party repurchase agreements may take possession of the collateral pledged for investments in repurchase agreements. The underlying collateral is valued on a daily basis at fair value to ensure that the value, including accrued interest, is at least equal to the repurchase price. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligations. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

Forward 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 has no margin deposit requirement, and no commissions are charged at any stage for trades.

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. Each Fund may enter into forward contracts to manage its foreign currency exposure or to facilitate settlement of foreign currency denominated portfolio transactions. A Fund may invest in both forward currency contracts and U.S. dollar denominated money market securities in an attempt to create a “synthetic” investment in a foreign currency denominated instrument.

The following forward contracts were open at February 28, 2011:


Fund Name	Settlement Date		Contracts To Deliver			In Exchange For		Unrealized Gain (Loss)
Brazilian Real Fund	3/02/11	BRL		58,047,528	USD		34,905,308	$	(101,040	)
	3/02/11	BRL		58,047,530	USD		34,863,381		(142,969	)
	3/02/11	BRL		58,047,528	USD		34,842,454		(163,895	)
	3/02/11	BRL		58,047,528	USD		34,905,308		(101,041	)
	3/02/11	BRL		55,811,738	USD		33,597,242		(60,784	)
	3/02/11	BRL		55,811,740	USD		33,597,243		(60,784	)
	3/02/11	BRL		64,754,898	USD		38,980,796		(70,524	)
	3/02/11	USD		33,197,363	BRL		55,811,738		460,663
	3/02/11	USD		33,171,910	BRL		55,811,738		486,116
	3/02/11	USD		33,128,591	BRL		55,811,738		529,434
	3/02/11	USD		33,152,207	BRL		55,811,740		505,820
	3/02/11	USD		5,339,200	BRL		8,943,160		54,094
	3/02/11	USD		34,943,130	BRL		58,047,528		63,219
	3/02/11	USD		34,943,130	BRL		58,047,528		63,219
	3/02/11	USD		1,345,890	BRL		2,235,792		2,435


WisdomTree Currency, Fixed Income and Alternative Funds			49

Notes to Financial Statements (unaudited) (continued)


Fund Name	Settlement Date		Contracts To Deliver			In Exchange For		Unrealized Gain (Loss)
	3/02/11	USD		34,943,130	BRL		58,047,528	$	63,219
	4/04/11	USD		34,886,740	BRL		58,379,470		115,041
	4/04/11	USD		34,886,741	BRL		58,379,472		115,041
	4/04/11	USD		34,846,136	BRL		58,379,474		155,647
	4/04/11	USD		34,826,387	BRL		58,379,472		175,395
								$	2,088,306
Chinese Yuan Fund	3/11/11	USD		9,445,958	CNY		62,744,778	$	99,930
	3/11/11	USD		5,362,910	CNY		35,574,863		49,392
	3/11/11	USD		5,041,863	CNY		33,604,018		70,597
	3/11/11	USD		5,042,221	CNY		33,616,489		72,137
	3/11/11	USD		5,038,029	CNY		33,643,957		80,508
	3/11/11	USD		5,036,520	CNY		33,643,957		82,016
	3/11/11	USD		20,172,259	CNY		134,266,558		254,836
	3/11/11	USD		10,089,161	CNY		67,133,279		124,386
	3/11/11	USD		5,062,754	CNY		33,578,717		45,857
	3/11/11	USD		10,126,272	CNY		67,157,433		90,951
	3/11/11	USD		20,249,490	CNY		134,314,867		184,955
	3/11/11	USD		5,058,512	CNY		33,555,641		46,588
	3/11/11	USD		5,058,131	CNY		33,555,641		46,970
	3/11/11	USD		25,281,871	CNY		167,858,984		255,921
	3/11/11	USD		35,004,880	CNY		235,442,822		815,008
	5/27/11	USD		79,893,831	CNY		538,564,315		2,481,993
	5/27/11	USD		40,050,567	CNY		268,126,528		960,587
	5/27/11	USD		5,007,707	CNY		33,582,683		128,915
	5/27/11	USD		70,701,225	CNY		467,052,293		736,515
	9/30/11	CNY		136,382	USD		21,092		45
	9/30/11	CNY		14,676,261	USD		2,278,923		14,048
	9/30/11	CNY		99,619,737	USD		15,225,392		(148,155	)
	9/30/11	USD		47,175,908	CNY		309,709,834		619,226
	9/30/11	USD		5,144,270	CNY		33,129,100		(31,711	)
	9/30/11	USD		5,118,414	CNY		33,095,667		(11,015	)
	9/30/11	USD		15,240,823	CNY		99,339,687		89,506
	9/30/11	USD		5,080,274	CNY		33,113,229		29,835
	9/30/11	USD		5,123,451	CNY		33,087,249		(17,351	)
	9/30/11	USD		15,332,918	CNY		99,180,980		(27,081	)
	9/30/11	USD		5,122,208	CNY		33,086,902		(16,161	)
	9/30/11	USD		15,309,313	CNY		99,204,348		130
	9/30/11	USD		5,117,499	CNY		33,089,750		(11,013	)
	9/30/11	USD		10,245,378	CNY		66,169,776		(33,906	)
	12/07/11	USD		79,175,809	CNY		514,761,520		577,113
	12/07/11	USD		5,081,867	CNY		32,869,518		10,666
	12/07/11	USD		70,732,792	CNY		458,985,085		378,588
	12/07/11	USD		10,146,306	CNY		65,707,480		33,871
								$	8,084,697
Commodity Currency Fund	3/02/11	AUD		11,166	USD		11,081	$	(289	)
	3/02/11	AUD		653,779	USD		647,941		(17,801	)
	3/02/11	AUD		15,396,785	USD		15,526,118		(152,427	)
	3/02/11	BRL		6,235,155	USD		3,753,404		(6,791	)
	3/02/11	BRL		7,336,686	USD		4,416,498		(7,990	)
	3/02/11	BRL		12,470,311	USD		7,506,809		(13,581	)
	3/02/11	BRL		26,042,152	USD		15,657,860		(47,213	)


50		WisdomTree Currency, Fixed Income and Alternative Funds

Notes to Financial Statements (unaudited) (continued)


Fund Name	Settlement Date		Contracts To Deliver			In Exchange For		Unrealized Gain (Loss)
	3/02/11	CAD		11,255	USD		11,069	$	(480	)
	3/02/11	CAD		648,413	USD		650,455		(14,891	)
	3/02/11	CAD		15,310,569	USD		15,567,906		(142,492	)
	3/02/11	CLP		5,229,549	USD		11,096		118
	3/02/11	CLP		151,957,993	USD		319,770		765
	3/02/11	CLP		303,557,254	USD		612,021		(25,236	)
	3/02/11	CLP		2,562,991,266	USD		5,393,387		12,907
	3/02/11	CLP		4,232,001,154	USD		8,905,539		21,313
	3/02/11	CLP		7,095,119,740	USD		14,851,736		(43,026	)
	3/02/11	NOK		66,709	USD		11,088		(824	)
	3/02/11	NOK		3,847,976	USD		647,638		(39,469	)
	3/02/11	NOK		90,396,982	USD		16,106,280		(35,317	)
	3/02/11	NZD		14,990	USD		11,076		(188	)
	3/02/11	NZD		820,726	USD		621,904		5,211
	3/02/11	NZD		19,497,066	USD		14,577,761		(72,338	)
	3/02/11	RUB		341,429	USD		11,075		(758	)
	3/02/11	RUB		19,898,569	USD		652,198		(37,417	)
	3/02/11	RUB		465,627,660	USD		16,044,784		(92,250	)
	3/02/11	USD		6,501,598	AUD		6,560,048		178,497
	3/02/11	USD		3,250,737	AUD		3,280,024		89,310
	3/02/11	USD		2,499,736	AUD		2,622,990		171,255
	3/02/11	USD		626,057	AUD		657,088		43,056
	3/02/11	USD		648,524	AUD		656,202		19,686
	3/02/11	USD		648,524	AUD		656,202		19,686
	3/02/11	USD		320,657	AUD		327,585		12,923
	3/02/11	USD		323,291	AUD		327,513		10,215
	3/02/11	USD		321,819	AUD		324,973		9,100
	3/02/11	USD		325,143	AUD		324,598		5,395
	3/02/11	USD		324,448	AUD		324,507		5,997
	3/02/11	USD		15,676,711	BRL		26,042,152		28,362
	3/02/11	USD		7,411,775	BRL		12,470,311		108,615
	3/02/11	USD		3,708,731	BRL		6,235,155		51,464
	3/02/11	USD		3,701,048	BRL		6,235,155		59,147
	3/02/11	USD		328,632	BRL		550,968		3,637
	3/02/11	USD		328,989	BRL		550,563		3,036
	3/02/11	USD		6,540,448	CAD		6,519,715		149,527
	3/02/11	USD		3,270,122	CAD		3,259,857		74,865
	3/02/11	USD		2,545,345	CAD		2,599,586		122,128
	3/02/11	USD		640,038	CAD		653,748		30,783
	3/02/11	USD		653,355	CAD		652,297		15,976
	3/02/11	USD		653,355	CAD		652,297		15,976
	3/02/11	USD		331,023	CAD		327,228		4,751
	3/02/11	USD		328,428	CAD		327,118		7,232
	3/02/11	USD		327,329	CAD		326,570		7,769
	3/02/11	USD		328,298	CAD		325,915		6,128
	3/02/11	USD		330,383	CAD		325,906		4,034
	3/02/11	USD		14,618,696	CLP		6,946,950,413		(34,985	)
	3/02/11	USD		6,076,645	CLP		3,014,015,987		250,669
	3/02/11	USD		3,038,374	CLP		1,507,007,993		125,283
	3/02/11	USD		2,500,996	CLP		1,217,985,167		55,916
	3/02/11	USD		627,213	CLP		305,036,728		13,150


WisdomTree Currency, Fixed Income and Alternative Funds			51

Notes to Financial Statements (unaudited) (continued)


Fund Name	Settlement Date		Contracts To Deliver			In Exchange For		Unrealized Gain (Loss)
	3/02/11	USD		607,575	CLP		301,509,102	$	25,382
	3/02/11	USD		607,575	CLP		301,509,102		25,382
	3/02/11	USD		323,315	CLP		151,957,993		(4,310	)
	3/02/11	USD		320,209	CLP		151,955,274		(1,210	)
	3/02/11	USD		307,810	CLP		151,919,402		11,114
	3/02/11	USD		302,309	CLP		150,519,672		13,676
	3/02/11	USD		305,905	CLP		150,490,123		10,018
	3/02/11	USD		6,469,464	NOK		38,436,381		393,869
	3/02/11	USD		3,234,541	NOK		19,218,190		197,125
	3/02/11	USD		2,501,441	NOK		15,510,811		268,223
	3/02/11	USD		644,062	NOK		3,845,340		42,575
	3/02/11	USD		644,062	NOK		3,845,340		42,575
	3/02/11	USD		612,081	NOK		3,795,855		65,720
	3/02/11	USD		331,577	NOK		1,940,215		14,874
	3/02/11	USD		332,134	NOK		1,939,910		14,263
	3/02/11	USD		335,596	NOK		1,938,304		10,514
	3/02/11	USD		320,654	NOK		1,920,731		22,319
	3/02/11	USD		324,076	NOK		1,920,590		18,871
	3/02/11	USD		6,302,171	NZD		8,316,623		(53,060	)
	3/02/11	USD		3,150,957	NZD		4,158,312		(26,401	)
	3/02/11	USD		2,457,479	NZD		3,296,152		19,250
	3/02/11	USD		626,432	NZD		832,025		(1,248	)
	3/02/11	USD		626,432	NZD		832,025		(1,248	)
	3/02/11	USD		613,100	NZD		822,486		4,916
	3/02/11	USD		313,930	NZD		415,460		(1,753	)
	3/02/11	USD		314,016	NZD		415,420		(1,869	)
	3/02/11	USD		317,422	NZD		414,768		(5,765	)
	3/02/11	USD		313,297	NZD		414,765		(1,643	)
	3/02/11	USD		316,734	NZD		414,746		(5,094	)
	3/02/11	USD		6,490,235	RUB		197,887,269		367,849
	3/02/11	USD		3,242,990	RUB		98,943,634		186,052
	3/02/11	USD		2,518,012	RUB		79,795,813		247,433
	3/02/11	USD		632,360	RUB		20,038,860		62,117
	3/02/11	USD		646,198	RUB		19,799,510		39,984
	3/02/11	USD		646,198	RUB		19,799,510		39,984
	3/02/11	USD		333,711	RUB		9,943,980		10,913
	3/02/11	USD		339,077	RUB		9,941,742		5,469
	3/02/11	USD		338,283	RUB		9,941,305		6,248
	3/02/11	USD		321,818	RUB		9,889,721		20,925
	3/02/11	USD		326,233	RUB		9,886,314		16,393
	3/02/11	USD		6,654,447	ZAR		45,175,042		(144,183	)
	3/02/11	USD		3,329,018	ZAR		22,587,521		(73,886	)
	3/02/11	USD		2,510,802	ZAR		18,173,307		108,189
	3/02/11	USD		659,384	ZAR		4,518,624		(8,196	)
	3/02/11	USD		659,384	ZAR		4,518,624		(8,196	)
	3/02/11	USD		621,437	ZAR		4,499,207		26,952
	3/02/11	USD		325,494	ZAR		2,255,366		(469	)
	3/02/11	USD		327,902	ZAR		2,254,749		(2,966	)
	3/02/11	USD		312,423	ZAR		2,216,082		6,941
	3/02/11	USD		303,255	ZAR		2,212,122		15,538
	3/02/11	USD		300,984	ZAR		2,211,183		17,674


52		WisdomTree Currency, Fixed Income and Alternative Funds

Notes to Financial Statements (unaudited) (continued)


Fund Name	Settlement Date		Contracts To Deliver			In Exchange For		Unrealized Gain (Loss)
	3/02/11	ZAR		75,964	USD		11,079	$	131
	3/02/11	ZAR		4,519,291	USD		666,067		14,783
	3/02/11	ZAR		106,026,572	USD		14,995,308		(284,388	)
	4/04/11	USD		15,416,433	BRL		25,799,401		51,761
	6/02/11	USD		15,447,168	AUD		15,495,281		151,946
	6/02/11	USD		15,469,275	CAD		15,244,197		140,663
	6/02/11	USD		15,242,516	CLP		7,329,059,104		33,358
	6/02/11	USD		15,376,003	NZD		20,697,829		76,584
	6/02/11	USD		15,415,695	RUB		450,824,291		103,320
	6/02/11	USD		15,432,533	ZAR		110,607,280		292,242
	6/03/11	USD		15,373,372	NOK		86,723,497		34,004
								$	3,610,353
Emerging Currency Fund	3/02/11	BRL		1,256,149	USD		756,170	$	(1,368	)
	3/02/11	BRL		13,225,895	USD		7,953,034		(23,022	)
	3/02/11	BRL		13,225,895	USD		7,938,712		(37,343	)
	3/02/11	BRL		13,225,896	USD		7,953,034		(23,022	)
	3/02/11	BRL		13,225,896	USD		7,943,481		(32,575	)
	3/02/11	BRL		50,390,206	USD		30,333,618		(54,879	)
	3/02/11	USD		26,494,140	BRL		44,753,901		495,307
	3/02/11	USD		7,961,652	BRL		13,225,896		14,404
	3/02/11	USD		7,961,651	BRL		13,225,895		14,404
	3/02/11	USD		7,961,651	BRL		13,225,895		14,404
	3/02/11	USD		7,204,833	BRL		11,968,669		13,035
	3/02/11	USD		2,057,258	BRL		3,439,874		17,204
	3/02/11	USD		743,415	BRL		1,257,227		14,772
	3/02/11	USD		563,060	BRL		942,337		5,229
	3/02/11	USD		561,304	BRL		939,343		5,179
	3/02/11	USD		375,389	BRL		628,776		3,803
	3/02/11	USD		187,172	BRL		315,198		2,912
	3/02/11	USD		187,295	BRL		313,812		1,954
	3/02/11	USD		187,101	BRL		313,114		1,726
	4/04/11	USD		7,950,265	BRL		13,303,974		26,217
	4/04/11	USD		7,941,012	BRL		13,303,974		35,470
	4/04/11	USD		7,936,511	BRL		13,303,974		39,970
	4/04/11	USD		7,950,265	BRL		13,303,974		26,217
	4/04/11	USD		189,348	BRL		315,833		11
	4/04/11	USD		187,853	BRL		313,902		349
	4/28/11	USD		26,410,620	CLP		13,144,565,516		1,059,498
	4/28/11	USD		2,167,095	CLP		1,019,791,488		(35,888	)
	4/28/11	USD		761,625	CLP		370,911,572		13,523
	4/28/11	USD		589,316	CLP		277,833,162		(8,688	)
	4/28/11	USD		580,631	CLP		277,105,996		(1,522	)
	4/28/11	USD		383,799	CLP		185,566,810		4,007
	4/28/11	USD		192,711	CLP		92,694,063		1,005
	4/28/11	USD		186,949	CLP		92,661,450		6,699
	4/28/11	USD		196,439	CLP		92,611,054		(2,896	)
	4/28/11	USD		194,251	CLP		92,463,268		(1,017	)
	4/28/11	USD		193,299	CLP		92,445,226		(103	)
	4/28/11	USD		26,495,047	CNY		174,257,924		92,248
	4/28/11	USD		2,067,088	CNY		13,542,328		(876	)
	4/28/11	USD		748,034	CNY		4,912,712		1,520


WisdomTree Currency, Fixed Income and Alternative Funds			53

Notes to Financial Statements (unaudited) (continued)


Fund Name	Settlement Date		Contracts To Deliver			In Exchange For		Unrealized Gain (Loss)
	4/28/11	USD		565,292	CNY		3,704,359	$	(102	)
	4/28/11	USD		562,438	CNY		3,693,811		1,143
	4/28/11	USD		375,156	CNY		2,459,896		161
	4/28/11	USD		188,736	CNY		1,236,785		(34	)
	4/28/11	USD		188,601	CNY		1,235,904		(34	)
	4/28/11	USD		187,551	CNY		1,231,270		310
	4/28/11	USD		187,660	CNY		1,229,829		(19	)
	4/28/11	USD		187,198	CNY		1,229,517		395
	4/28/11	USD		26,073,002	ILS		94,332,121		(68,486	)
	4/28/11	USD		2,021,222	ILS		7,332,239		55
	4/28/11	USD		719,607	ILS		2,657,942		13,107
	4/28/11	USD		549,415	ILS		2,001,299		2,283
	4/28/11	USD		544,794	ILS		1,997,162		5,763
	4/28/11	USD		361,154	ILS		1,329,334		5,304
	4/28/11	USD		184,070	ILS		667,734		4
	4/28/11	USD		182,734	ILS		667,490		1,273
	4/28/11	USD		181,969	ILS		665,760		1,561
	4/28/11	USD		181,598	ILS		665,720		1,921
	4/28/11	USD		183,393	ILS		664,204		(292	)
	4/28/11	USD		13,213,470	INR		613,633,558		215,913
	4/28/11	USD		13,213,470	INR		613,633,558		215,913
	4/28/11	USD		2,064,826	INR		94,436,312		1,914
	4/28/11	USD		743,004	INR		34,486,536		11,735
	4/28/11	USD		559,868	INR		25,781,899		4,370
	4/28/11	USD		562,280	INR		25,696,210		82
	4/28/11	USD		372,508	INR		17,247,135		4,946
	4/28/11	USD		185,635	INR		8,637,607		3,399
	4/28/11	USD		187,567	INR		8,614,961		971
	4/28/11	USD		186,420	INR		8,593,966		1,659
	4/28/11	USD		186,609	INR		8,563,481		803
	4/28/11	USD		187,455	INR		8,559,202		(137	)
	4/28/11	USD		26,402,933	KRW		29,660,526,886		(214,705	)
	4/28/11	USD		2,060,271	KRW		2,299,545,330		(29,929	)
	4/28/11	USD		746,777	KRW		836,091,452		(8,565	)
	4/28/11	USD		556,072	KRW		626,804,245		(2,646	)
	4/28/11	USD		554,568	KRW		625,053,081		(2,688	)
	4/28/11	USD		377,669	KRW		418,080,000		(8,533	)
	4/28/11	USD		188,629	KRW		209,284,027		(3,846	)
	4/28/11	USD		184,984	KRW		208,938,862		(505	)
	4/28/11	USD		185,390	KRW		208,934,748		(915	)
	4/28/11	USD		184,116	KRW		208,438,061		(80	)
	4/28/11	USD		184,455	KRW		208,416,126		(438	)
	4/28/11	USD		26,455,654	MXN		323,015,603		107,054
	4/28/11	USD		2,068,917	MXN		25,004,856		(12,680	)
	4/28/11	USD		744,811	MXN		9,095,298		3,127
	4/28/11	USD		557,026	MXN		6,822,060		3,976
	4/28/11	USD		562,595	MXN		6,819,211		(1,827	)
	4/28/11	USD		375,865	MXN		4,547,493		(1,908	)
	4/28/11	USD		188,577	MXN		2,276,017		(1,412	)
	4/28/11	USD		187,731	MXN		2,275,774		(586	)
	4/28/11	USD		187,075	MXN		2,274,734		(15	)


54		WisdomTree Currency, Fixed Income and Alternative Funds

Notes to Financial Statements (unaudited) (continued)


Fund Name	Settlement Date		Contracts To Deliver			In Exchange For		Unrealized Gain (Loss)
	4/28/11	USD		186,836	MXN		2,274,303	$	188
	4/28/11	USD		187,532	MXN		2,273,070		(609	)
	4/28/11	USD		26,474,665	MYR		81,422,832		127,066
	4/28/11	USD		2,070,988	MYR		6,316,753		(7,235	)
	4/28/11	USD		749,112	MYR		2,294,230		438
	4/28/11	USD		563,663	MYR		1,723,963		(425	)
	4/28/11	USD		562,489	MYR		1,721,779		35
	4/28/11	USD		375,855	MYR		1,147,296		(1,020	)
	4/28/11	USD		188,037	MYR		574,923		(203	)
	4/28/11	USD		187,926	MYR		574,867		(111	)
	4/28/11	USD		188,796	MYR		574,224		(1,191	)
	4/28/11	USD		187,435	MYR		573,926		73
	4/28/11	USD		186,297	MYR		573,703		1,138
	4/28/11	USD		26,283,005	PLN		76,917,215		394,300
	4/28/11	USD		2,063,098	PLN		5,953,797		1,866
	4/28/11	USD		743,459	PLN		2,166,403		7,917
	4/28/11	USD		549,980	PLN		1,623,155		12,981
	4/28/11	USD		557,755	PLN		1,619,079		3,793
	4/28/11	USD		380,126	PLN		1,083,168		(4,449	)
	4/28/11	USD		188,685	PLN		541,914		(733	)
	4/28/11	USD		189,443	PLN		541,783		(1,535	)
	4/28/11	USD		183,326	PLN		541,051		4,327
	4/28/11	USD		187,215	PLN		539,749		(13	)
	4/28/11	USD		185,798	PLN		539,714		1,392
	4/28/11	USD		26,101,483	TRY		41,652,747		(293,287	)
	4/28/11	USD		2,023,224	TRY		3,222,055		(26,827	)
	4/28/11	USD		720,677	TRY		1,173,550		6,459
	4/28/11	USD		543,592	TRY		879,314		1,235
	4/28/11	USD		542,833	TRY		878,303		1,367
	4/28/11	USD		367,583	TRY		586,369		(4,267	)
	4/28/11	USD		185,123	TRY		293,457		(3,296	)
	4/28/11	USD		184,363	TRY		293,211		(2,688	)
	4/28/11	USD		181,922	TRY		293,012		(370	)
	4/28/11	USD		181,448	TRY		292,820		(15	)
	4/28/11	USD		180,944	TRY		292,767		456
	4/28/11	USD		26,345,740	TWD		756,781,392		(768,059	)
	4/28/11	USD		2,053,003	TWD		59,324,774		(47,946	)
	4/28/11	USD		747,349	TWD		21,475,064		(21,535	)
	4/28/11	USD		554,514	TWD		16,347,087		(2,016	)
	4/28/11	USD		556,968	TWD		16,193,856		(9,649	)
	4/28/11	USD		374,756	TWD		10,716,140		(12,572	)
	4/28/11	USD		184,207	TWD		5,464,500		482
	4/28/11	USD		184,066	TWD		5,461,228		513
	4/28/11	USD		185,560	TWD		5,397,952		(3,121	)
	4/28/11	USD		187,954	TWD		5,364,216		(6,655	)
	4/28/11	USD		186,235	TWD		5,359,831		(5,083	)
	4/28/11	USD		26,131,345	ZAR		187,819,039		708,664
	4/28/11	USD		2,013,161	ZAR		14,499,564		58,878
	4/28/11	USD		727,125	ZAR		5,286,602		28,349
	4/28/11	USD		534,060	ZAR		3,956,905		31,396
	4/28/11	USD		545,373	ZAR		3,915,044		14,100


WisdomTree Currency, Fixed Income and Alternative Funds			55

Notes to Financial Statements (unaudited) (continued)


Fund Name	Settlement Date		Contracts To Deliver			In Exchange For		Unrealized Gain (Loss)
	4/28/11	USD		364,591	ZAR		2,642,650	$	13,053
	4/28/11	USD		184,312	ZAR		1,322,680		4,703
	4/28/11	USD		182,395	ZAR		1,321,214		6,411
	4/28/11	USD		178,020	ZAR		1,318,968		10,465
	4/28/11	USD		184,466	ZAR		1,304,642		1,972
	4/28/11	USD		186,430	ZAR		1,304,562		(3	)
								$	2,155,732
Indian Rupee Fund	4/28/11	INR		605,895	USD		13,192	$	(68	)
	4/28/11	USD		10,445,777	INR		485,101,893		170,688
	4/28/11	USD		10,445,777	INR		485,101,892		170,688
	4/28/11	USD		2,639,197	INR		121,218,300		13,668
								$	354,976
New Zealand Dollar Fund	3/16/11	NZD		2,027,788	USD		1,496,579	$	(25,556	)
	3/16/11	USD		28,577,712	NZD		38,434,151		272,432
	3/16/11	USD		166,965	NZD		216,500		(4,452	)
								$	242,424
South African Rand Fund	4/28/11	USD		10,939,069	ZAR		78,624,555	$	296,660
Emerging Market Local Debt	3/02/11	USD		564,953	BRL		937,625	$	494
	3/02/11	USD		188,653	CLP		89,563,048		(634	)
	3/02/11	USD		187,336	COP		355,564,691		(864	)
	3/02/11	USD		566,242	MXN		6,858,582		606
	3/02/11	USD		562,700	MYR		1,715,842		(221	)
	3/02/11	USD		190,859	PEN		529,843		144
	3/02/11	USD		377,345	PLN		1,091,377		2,906
	3/02/11	USD		376,468	THB		11,512,408		61
	3/02/11	USD		765,219	TRY		1,222,208		(1,435	)
	3/02/11	USD		378,836	ZAR		2,656,610		4,012
	3/03/11	USD		376,304	KRW		423,906,000		(716	)
	3/16/11	IDR		20,118,000,000	USD		2,244,060		(36,758	)
	3/16/11	PEN		1,000,000	USD		356,379		—
	3/16/11	RUB		11,700,000	USD		382,540		(22,604	)
	3/16/11	USD		7,875,030	IDR		71,410,772,700		220,952
	3/16/11	USD		1,150,667	IDR		10,356,000,000		23,414
	3/16/11	USD		569,180	IDR		5,208,000,000		21,261
	3/16/11	USD		2,275,191	IDR		20,818,000,000		84,987
	3/16/11	USD		1,676,712	IDR		15,300,000,000		57,879
	3/16/11	USD		767,419	KRW		863,500,000		(3,171	)
	3/16/11	USD		355,556	PEN		1,000,000		824
	3/16/11	USD		396,287	PHP		17,290,000		(901	)
	3/16/11	USD		375,462	PHP		16,464,000		1,036
	3/16/11	USD		381,636	RUB		11,700,000		23,509
	3/16/11	USD		759,960	RUB		22,928,000		33,985
	3/16/11	USD		763,866	THB		23,000,000		(11,975	)
								$	396,791
Managed Futures Strategy Fund (consolidated)	3/16/11	JPY		203,989,000	USD		2,494,817	$	—
	3/16/11	JPY		198,413,000	USD		2,426,334		—
	3/16/11	USD		1,196,040	JPY		98,002,000		2,397
	3/16/11	USD		1,178,268	JPY		97,768,000		17,450
	3/16/11	USD		1,305,006	JPY		106,221,000		(5,907	)
	3/16/11	USD		1,208,344	JPY		100,411,000		19,552
	6/15/11	USD		2,496,729	JPY		203,989,000		(4,855	)


56		WisdomTree Currency, Fixed Income and Alternative Funds

Notes to Financial Statements (unaudited) (continued)


Fund Name	Settlement Date		Contracts To Deliver			In Exchange For		Unrealized Gain (Loss)
	6/15/11	USD		53,358	JPY		4,360,000	$	(97	)
	6/15/11	USD		2,428,205	JPY		198,413,000		(4,446	)
								$	24,094


Currency Legend:
AUD – Australian Dollar		MYR – Malaysian Ringgit
BRL – Brazilian Real		NOK – Norwegian Krone
CAD – Canadian Dollar		NZD – New Zealand Dollar
CLP – Chilean Peso		PEN – Peruvian Nuevo Sol
CNY – Chinese Yuan		PHP – Philippine Peso
COP – Columbia Peso		PLN – Polish Zloty
IDR – Indonesian Rupiah		RUB – Russian Ruble
ILS – Israeli New Shekel		THB—Thai Baht
INR – Indian Rupee		TRY – Turkish New Lira
JPY – Japanese Yen		TWD – New Taiwan Dollar
KRW – South Korean Won		USD – U.S. Dollar
MXN – Mexican Peso		ZAR – South African Rand

Currency, Interest Rate and Total Return Swaps — Each Fund 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 payment. A typical foreign 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 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, and money market securities without actually purchasing such currencies or securities. The Managed Futures Strategy Fund may enter into swap transactions based on commodities or commodity indexes. Each Fund 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.

Detailed below are the total return and interest rate swap agreements outstanding as of February 28, 2011:

Fund

Counterparty

ASC 820
Level*

Termination
Date

Notional
Amount
(000)

Fixed
Rate
Paid

Floating
Rate
Received

Unrealized
Depreciation

Emerging Markets Local Debt

Citibank, N.A.

Level 2

7/17/2017

13,827

10.00

%**

3 Month LIBOR

397,997

Emerging Markets Local Debt

Citibank, N.A.

Level 2

5/17/2016

8,039

10.75

%**

3 Month LIBOR

374,317

Emerging Markets Local Debt

Citibank, N.A.

Level 2

5/17/2016

6,196

10.75

%**

3 Month LIBOR

43,847

Managed Futures Strategy (consolidated)

UBS AG

Level 2

12/15/2011

10,271

—

3 Month Treasury Bill

313,614

Managed Futures Strategy (consolidated)

UBS AG

Level 2

12/15/2011

5,130

—

3 Month Treasury Bill

111,495

*	ASC 820 level is not a part of regular reporting requirements for each security listed.

**	Reference asset is Indonesian Treasury Bond.

Futures Contracts — Each Fund may transact in currency futures contracts and U.S. Treasury futures contracts. The Managed Futures Strategy Fund will transact in commodity futures contracts. When the Fund purchases a listed futures contract, it agrees to purchase a specified reference asset (i.e., commodity, currency or Treasury security) at a specified future date. When the Fund sells a listed futures contract, it agrees to sell a specified reference asset (i.e., commodity, currency or Treasury security) at a specified future date. The price at which the purchase and sale will take place is fixed when the Fund enters into the contract. The exchange clearing corporation is the ultimate counterparty for all exchange listed contracts, so credit risk is limited to the creditworthiness of the exchange’s clearing corporation. Margin deposits are posted as performance bonds with the clearing broker and, in turn, with the exchange clearing corporation.

Each Fund may buy and sell index futures contracts. An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made. Instead, settlement in cash must occur upon the termination of the contract, with the settlement being the difference between the contract price, and the actual level of the index at the expiration of the contract. Generally, contracts are closed out prior to the expiration date of the contract.


WisdomTree Currency, Fixed Income and Alternative Funds			57

Notes to Financial Statements (unaudited) (continued)

When a Fund purchases or sells a futures contract, the Fund is required to “cover” its position in order to limit the risk associated with the use of leverage and other related risks. To cover its position, the Fund will maintain with its custodian bank (and mark-to-market on a daily basis) a segregated account consisting of cash or liquid securities that, when added to any amounts deposited with a futures commission merchant as margin, are equal to the market value of the futures contract or otherwise “cover” its position in a manner consistent with the 1940 Act or the rules and Securities and Exchange Commission (“SEC”) interpretations thereunder. If the Fund continues to engage in the described securities trading practices and properly segregates assets, the segregated account will function as a practical limit on the amount of leverage which the Fund may undertake and on the potential increase in the speculative character of the Fund’s outstanding portfolio securities. Additionally, such segregated accounts will generally ensure the availability of adequate funds to meet the obligations of the Fund arising from such investment activities.

At February 28, 2011 the Funds had the following open futures contracts:


Fund	Futures Contracts Short	Number of Contracts			Notional Value			Expiration Date	Unrealized Appreciation/ (Depreciation)
Managed Futures Strategy (consolidated)	Swiss Franc Futures		(6	)	$	808,275		June 2011	$	(59	)
	U.S. Long Bond (CBT) Futures		(26	)		(3,128,938	)	June 2011		(50,733	)
	U.S. Treasury Notes 10yr Futures		(26	)		(3,095,219	)	June 2011		(5,124	)
										(55,916	)

	Futures Contracts Long
	British Pound Currency Futures		20			2,031,250		June 2011		(195	)
	Canada Currency Futures		4			410,880		June 2011		(34	)
	Cocoa Futures		3			109,020		June 2011		(70	)
	Coffee Futures		1			102,622		June 2011		(22	)
	Copper Futures		4			449,650		May 2011		(14	)
	Corn Futures		11			403,288		June 2011		(176	)
	Euro Foreign Exchange Currency Futures		31			5,340,913		June 2011		(108	)
	Gasoline RBOB Futures		3			366,836		June 2011		(368	)
	Gold 100 Ounce Futures		2			282,260		June 2011		93
	Heating Oil Futures		3			374,170		June 2011		27
	Lean Hogs Futures		5			200,400		June 2011		(168	)
	Live Cattle Futures		6			275,160		June 2011		(22	)
	Natural Gas Futures		9			375,570		June 2011		(32	)
	Silver Futures		1			169,070		June 2011		42
	Soybean Futures		6			411,750		June 2011		129
	Sugar #11 (World) Futures		3			98,952		May 2011		(11	)
	U.S. Dollar Currency Futures		8			804,640		June 2011		(68	)
	Wheat Futures (CBT) Futures		5			212,063		June 2011		(205	)
	WTI Crude Futures		8			795,520		June 2011		(28	)
										(1,230	)
									$	(57,146	)

Security Lending — Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Fund’s 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 collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. The Funds retain all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults.

The securities lending income earned by the Funds is disclosed on the Statements of Operations on page 32.

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


58		WisdomTree Currency, Fixed Income and Alternative Funds

Notes to Financial Statements (unaudited) (continued)

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. It is the policy of each Fund to pay out dividends, if any, to investors at least annually. 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 which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, that exceed earnings and profit for tax purposes, are reported for tax purposes as a return of capital to the extent of a shareholder’s tax basis, and thereafter as capital gain.

3. ADVISER FEES AND TRANSACTIONS

WTAM provides investment management services to each Fund pursuant to an Investment Advisory Agreement. As compensation for services rendered, facilities furnished, and expenses borne by WTAM, each Fund pays WTAM a fee, as listed below, which is accrued daily and paid monthly, based on the average daily net assets of the Fund. Included in the expenses borne by WTAM are fees paid to the Sub-Adviser, Mellon Capital Management Corporation (for the Emerging Markets Local Debt Fund and the Managed Futures Strategy Fund) and The Dreyfus Corporation (for the Currency Income Funds), all accounting, administration, custody, transfer agent fees to The Bank of New York Mellon tax and audit services, as well as printing and postage.


Fund	Fee Rate
Brazilian Real Fund		0.45	%
Chinese Yuan Fund		0.45	%
Commodity Currency Fund		0.55	%
Emerging Currency Fund		0.55	%
Euro Fund		0.35	%
Indian Rupee Fund		0.45	%
Japanese Yen Fund		0.35	%
New Zealand Dollar Fund		0.45	%
South African Rand Fund		0.45	%
Emerging Markets Local Debt Fund		0.55	%
Managed Futures Strategy Fund		0.95	%

Each Fund may purchase shares of an affiliated ETF in secondary market transactions. For the period ended February 28, 2011, there were no transactions in affiliated ETFs.

4. CAPITAL SHARE TRANSACTIONS

As of February 28, 2011, there was an unlimited number of $0.001 par value shares of beneficial interest authorized by the Trust. Shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.


WisdomTree Currency, Fixed Income and Alternative Funds			59

Notes to Financial Statements (unaudited) (concluded)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind purchases and redemptions and short-term investments) for the period ended February 28, 2011 were as follows:


Fund	Purchases		Sales
Brazilian Real Fund	$	—	$	13,885,000
Chinese Yuan Fund		—		25,147,000
Commodity Currency Fund		—		—
Emerging Currency Fund		—		4,700,000
Euro Fund		—		—
Indian Rupee Fund		—		1,130,000
Japanese Yen Fund		—		—
New Zealand Dollar Fund		—		755,000
South African Rand Fund		—		290,000
Emerging Markets Local Debt Fund		435,040,989		20,281,013
Managed Futures Strategy Fund		—		—

6. FEDERAL INCOME TAXES


Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Brazilian Real Fund	$	137,946,364	$	370	$	(354	)	$	16
Chinese Yuan Fund		647,070,274		1,245		(1,396	)		(151	)
Commodity Currency Fund		120,440,291		331		(269	)		62
Emerging Currency Fund		381,576,727		951		(1,682	)		(731	)
Euro Fund		7,886,751		128,305		—			128,305
Indian Rupee Fund		23,510,913		259		(52	)		207
Japanese Yen Fund		4,351,479		23,725		—			23,725
New Zealand Dollar Fund		27,241,851		161		(80	)		81
South African Rand Fund		10,933,268		21		(33	)		(12	)
Emerging Markets Local Debt Fund		656,119,310		5,374,543		(12,155,561	)		(6,781,018	)
Managed Futures Strategy Fund		40,491,935		126		(2	)		124

GAAP provides guidance on tax provisions that prescribe a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. As of and during the six months ended February 28, 2011, the Funds did not have any liabilities for unrecognized tax benefits. If applicable, the Funds will recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other” expenses on the Statements of Operations. The Portfolios file tax returns with the U.S. Internal Revenue Service, New York, and various states. Generally, each of the tax years in the four year period ended August 31, 2010, remains subject to examination by taxing authorities.

7. SUBSEQUENT EVENTS

In accordance with GAAP provisions, management of the Funds evaluated the possibilities of subsequent events existing in the Fund’s financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Funds’ financial statements.

Effective March 17, 2011, the WTAM launched the WisdomTree Asia Local Debt Fund (ALD). The Fund has an expense ratio of 0.55%.


60		WisdomTree Currency, Fixed Income and Alternative Funds

Effective June 17, 2011, the Wisdomtree Funds listed on table below will change their investment objectives, strategies and fund names:


Ticker	Former Fund Name	New Fund Name	Primary Change
DRW	WisdomTree International Real Estate Fund	WisdomTree Global ex-US Real Estate Fund	Broader, global real estate exposure with addition of emerging markets.

DBU	WisdomTree International Utilities Sector Fund	WisdomTree Global ex-US Utility Fund	Broader, global utilities exposure with addition of emerging markets.

DBN	WisdomTree International Basic Materials Sector Fund	WisdomTree Commodity Country Equity Fund	More diversified commodity-focused equity strategy; adds emerging markets.

DKA	WisdomTree International Energy Sector Fund	WisdomTree Global Natural Resources Fund	More diversified energy/natural resources-focused equity strategy; adds emerging markets.

DND	WisdomTree Pacific ex-Japan Total Dividend Fund	WisdomTree Asia Pacific ex- Japan Fund	Expand portfolio to become a broader Asia-Pacific regional strategy; adds emerging markets.

DNH	WisdomTree Pacific ex-Japan Equity Income Fund	WisdomTree Australia Dividend Fund	Expand majority Australia portfolio weight to pure Australia dividend strategy.

DNL	WisdomTree World ex-US Growth Fund	WisdomTree Global ex-US Growth Fund	Name change only.

The Euro Fund and the New Zealand Dollar Fund will change their investment objective, strategies and fund names as indicated table below, effective on or after June 27, 2011 and August 26, 2011 respectively:


Ticker	Former Fund Name	New Fund Name	Primary Change/Enhancement
EU	WisdomTree Dreyfus Euro Fund	WisdomTree Dreyfus Euro Debt Fund	Restructured to provide exposure to debt of issuers in the European Union denominated in Euros. Extend duration to achieve intermediate-term European bond strategy.

BNZ	WisdomTree Dreyfus New Zealand Dollar Fund	WisdomTree Dreyfus Australia & New Zealand Debt Fund	Restructured to provide exposure to Australia & New Zealand debt denominated in their respective currencies. Extend duration to achieve intermediate-term Australia/ New Zealand bond strategy.


WisdomTree Currency, Fixed Income and Alternative Funds			61

General Information (unaudited)

Proxy Voting Policies, Procedures and Record

A complete copy of the Proxy Voting Policy may be obtained by calling 866-909-9473; or writing to: WisdomTree Trust, c/o ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, Colorado 80203.

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 Securities and Exchange Commission (“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 866-909-9473 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, upon request on the SEC’s website at www.sec.gov, and are also available by calling the Trust at 1-866-909-WISE. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330), (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102 or (iii) sending your request electronically to publicinfosec.gov.

Information about each Fund’s portfolio holdings is available daily, without charge, at www.wisdomtree.com.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.


62		WisdomTree Currency, Fixed Income and Alternative Funds

The WisdomTree Family of Funds

The following is a list of WisdomTree Funds being offered, along with their respective ticker symbols as of February 28, 2011:

WisdomTree Domestic Dividend Funds

WisdomTree Total Dividend Fund (DTD)

WisdomTree Equity Income Fund (DHS)

WisdomTree LargeCap Dividend Fund (DLN)

WisdomTree Dividend ex-Financials Fund (DTN)

WisdomTree MidCap Dividend Fund (DON)

WisdomTree SmallCap Dividend Fund (DES)

WisdomTree International Dividend Funds

WisdomTree DEFA Fund (DWM)

WisdomTree DEFA Equity Income Fund (DTH)

WisdomTree Global Equity Income Fund (DEW)

WisdomTree Europe SmallCap Dividend Fund (DFE)

WisdomTree Japan Hedged Equity Fund (DXJ)

WisdomTree World ex-U.S. Growth Fund (DNL)

WisdomTree Japan SmallCap Dividend Fund (DFJ)

WisdomTree Pacific ex-Japan Total Dividend Fund (DND)

WisdomTree Pacific ex-Japan Equity Income Fund (DNH)

WisdomTree International LargeCap Dividend Fund (DOL)

WisdomTree International Dividend ex-Financials Fund (DOO)

WisdomTree International MidCap Dividend Fund (DIM)

WisdomTree International SmallCap Dividend Fund (DLS)

WisdomTree Emerging Markets Equity Income Fund (DEM)

WisdomTree Emerging Markets SmallCap Dividend Fund (DGS)

WisdomTree Middle East Dividend Fund (GULF)

WisdomTree International Hedged Equity Fund (HEDJ)

WisdomTree International Dividend Sector Funds

WisdomTree International Basic Materials Sector Fund (DBN)

WisdomTree International Energy Sector Fund (DKA)

WisdomTree International Utilities Sector Fund (DBU)

WisdomTree International Real Estate Fund (DRW)

WisdomTree Domestic and International Earnings Funds

WisdomTree Total Earnings Fund (EXT)

WisdomTree Earnings 500 Fund (EPS)

WisdomTree MidCap Earnings Fund (EZM)

WisdomTree SmallCap Earnings Fund (EES)

WisdomTree LargeCap Value Fund (EZY)

WisdomTree LargeCap Growth Fund (ROI)

WisdomTree India Earnings Fund (EPI)

WisdomTree Currency Funds

WisdomTree Dreyfus Brazilian Real Fund (BZF)

WisdomTree Dreyfus Chinese Yuan Fund (CYB)

WisdomTree Dreyfus Commodity Currency Fund (CCX)

WisdomTree Dreyfus Emerging Currency Fund (CEW)

WisdomTree Dreyfus Euro Fund (EU)

WisdomTree Dreyfus Indian Rupee Fund (ICN)

WisdomTree Dreyfus Japanese Yen Fund (JYF)

WisdomTree Dreyfus New Zealand Dollar Fund (BNZ)

WisdomTree Dreyfus South African Rand Fund (SZR)

WisdomTree Fixed Income Fund

WisdomTree Emerging Markets Local Debt Fund (ELD)

WisdomTree Alternative Fund

WisdomTree Managed Futures Strategy Fund (WDTI)

The WisdomTree Funds are exchange traded funds (“ETFs”) registered with the United States Securities and Exchange Commission as series of WisdomTree Trust (“Trust”). WisdomTree Asset Management, Inc., a wholly owned subsidiary of WisdomTree investments, Inc., serves as the investment adviser to the WisdomTree Trust. None of the WisdomTree entities are affiliated with ALPS Distributors, Inc., the Funds’ distributor. WisdomTree Investments, its affiliates and their independent providers are not liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.

Investors should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. A prospectus, containing this and other information, is available at www.wisdomtree.com, or by calling 1-866-909-WISE (9473). Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal. Past performance does not guarantee future results. Indexes are unmanaged and you can not invest directly in an index.

There are risks associated with investing including possible loss of principal. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in real estate involve additional special risks, such as credit risk, interest rate fluctuations and the effect of varied economic conditions. Funds that focus its investments in one country increase the impact of events and developments associated with the region which can adversely affect performance. Funds focusing on a single 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 developed markets and are subject to additional risks, such as of adverse governmental regulation and intervention or political developments. Investments in currency involve additional special risks, such as credit risk and interest rate fluctuations. Derivative investments can be volatile and 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. Fixed income investments are subject to interest rate risk; their value will normally decline as interest rates rise. In addition when interest rates fall income may decline. Fixed income investments are also subject to credit risk, the risk that the issuer of a bond will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Unlike typical exchange-traded funds, the Currency Funds, Fixed Income Fund and Alternative Fund do not attempt to track or replicate. Thus, the ability of these Funds to achieve their objectives will depend on the effectiveness of the portfolio manager. Please read each Fund 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

380 Madison Avenue, 21st Floor

New York, NY 10017

LOGO

JOIN YOUR FELLOW TREE INVESTORS

Help reduce impact to environment by going paperless

Currency Income Funds

WisdomTree Dreyfus Brazilian Real Fund

WisdomTree Dreyfus Chinese Yuan Fund

WisdomTree Commodity Currency Fund

WisdomTree Dreyfus Emerging Currency Fund

WisdomTree Dreyfus Euro Fund

WisdomTree Dreyfus Indian Rupee Fund

WisdomTree Dreyfus Japanese Yen Fund

WisdomTree Dreyfus New Zealand Dollar Fund

WisdomTree Dreyfus South African Rand Fund

Fixed Income Fund

WisdomTree Emerging Markets Local Debt Fund

Alternative Fund

WisdomTree Managed Futures Strategy Fund

WisdomTree Fund shares are distributed by ALPS Distributors, Inc. ALPS Distributors, Inc. is not affiliated with the Dreyfus Corporation or Mellon Capital Management Corp.

WIS00003119 (4/2012)

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.

Schedule of Investments.

The schedules are included as part of the report to shareholders filed under Item 1 of this form.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11.

Controls and Procedures.

(a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the President and Treasurer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, is made known to them by others within those entities.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30 a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a)(1) Amendments to Code of Ethics – Not applicable.

(a)(2) Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as a part of EX-99.CERT.

(a)(3) Not applicable.

(b) Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) WisdomTree Trust

By:		/s/ Jonathan L. Steinberg
Name:		Jonathan L. Steinberg
Title:		President

Date:		May 6, 2011


By:		/s/ Amit Muni
Name:		Amit Muni
Title:		Treasurer

Date:		May 6, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Jonathan L. Steinberg
Name:		Jonathan L. Steinberg
Title:		President

Date:		May 6, 2011

By:		/s/ Amit Muni
Name:		Amit Muni
Title:		Treasurer

Date:		May 6, 2011