\documentclass[a4paper,9pt]{scrreprt}
\usepackage{pstricks,pst-text}
\DeclareFixedFont{\SF}{T1}{phv}{b}{ol}{5mm}
%\DeclareFixedFont{\SF}{T1}{ptm}{b}{ol}{5mm}
\def\Frac#1#2#3{\tabular{c}$#1$\\[-1.8ex]#2\\[-1.8ex]$#3$\endtabular}
\def\FFrac#1#2#3{\tabular{c}$#1$\\[-1.5ex]#2\\[-1.5ex]$#3$\endtabular}

\newcommand{\p}{\partial}
\newcommand{\vs}{\vspace{.1in}}
\begin{document}





I

\begin{pspicture}(-4,-4)(4,4)
  \pstextpath[c]{\psarcn[linestyle=none](0,0){2.1}{150}{30}}
{$V_K(t) = (t+t^3-t^4)(t^{\frac{1}{2}} + t^{-\frac{1}{2}})$}

  \pstextpath[c]{\psarc[linestyle=none](0,0){2.1}{150}{390}}
{$V_K(e^{\!\!\!\Frac{\scriptstyle 2\pi i}{\mbox{----}}{\scriptstyle k+2}\!\!\!}\!) 
=\!\! \!\!\FFrac{1}{--}{Z}\!\!{\textstyle \int_{\mathcal A}} 
\!\left (\mbox{Tr Pexp} \oint_K\!\!A\right )\!
e^{\!\!\!\!\Frac{\scriptstyle ik}{\mbox{----}} 
{\scriptstyle 4\pi}\!\!CS(A)}\mathcal{D}A $}

\end{pspicture}
\end{document}