TAILIEUCHUNG - SEMI-ANNUAL REPORT FOR REGISTERED INVESTMENT COMPANIES

Regarding these two issues, we obtain the following results. First, we report strong negative skewness in the risk-neutral density, which indicates that the probability of a large decrease in stock prices exceeds the probability of a large increase. In the literature on US equity derivatives, this finding has been termed “crashophobia”. Our second result is that the implied volatility of the US stock market has the strongest effect on changes in the DAX RNDs. Therefore the expectation about future stock market movements is less influenced by economic activity in Germany, but more by perceptions about the variability of US stock prices. We also document that . | You may not send a completed printout of this form to the SEC to satisfy a filing obligaton. You can only satisfy an SEC filing obligation by submitting the information required by this form to the SEC in electronic format online at https . OMB APPROVAL OMB Number 3235-0330 Expires November 30 2013 Estimated average burden hours per response . . . . UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington . 20549 FORM N-SAR SEMI-ANNUAL REPORT FOR REGISTERED INVESTMENT COMPANIES Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2100 10-10 FORM N-SAR SEMI-ANNUAL REPORT FOR REGISTERED INVESTMENT COMPANIES Report for six month period ending a or fiscal year ending b Is this a transition report Y N Is this an amendment to a previous filing Y N Those items or sub-items with a box 0 after the item number should be completed only if the answer has changed from the previous filing on this form. 1. A. Registrant Name B. File Number 811- C. Telephone Number 2. A. Street B. City C. State D. Zip Code Zip Ext E. Foreign Country Foreign Postal Code 3. Is this the first filing on this form by Registrant Y N 4. Is this the last filing on this form by Registrant Y N 5. Is Registrantasmall business investment company SBIC Y N If answer is Y Yes complete only items 89 through 110. 6. IsRegistrantaunitinvestmenttrust UIT Y N __ If answer is Y Yes complete only items 111 through 133. 7. A. Is Registrant aseries ormultiple portfolio company Y N If answer is N No go to item 8. B. How many separate series or portfolios did Registrant have at the end of the period 01 For period ending__ File number 811- If filing more than one Page 2 X box C. List the name of each series or portfolio and give a consecutive number to each series or portfolio .

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