December 31, 2012 Update

    Cash:                             $ (4,703.42)
    Accrued Dividends:                     190.00
    Interest Accruals:                      (8.70)
    Stocks:                            121,134.05
    Options:                            (8,853.20)

  Account Value:                      $107,758.73

  Equity:                             $116,655.24
  Margin Requirement:                   80,536.67
  Available Funds:                      36,118.57

  Regulation T Margin Requirement:     110,376.90
  Special Memorandum Acct:              23,035.14

The account value of $107,758.73 compares with the value a month earlier of  $112,716.23, a return of -4.40%. However, this does not take into account $7,500.00 withdrawn from the account during the month. Adding this in to the final value gives a return for the month of 2.26%.

This compares with the change in the S&P 500 Index from 1,416.18 to 1,426.19. Adding an estimate of a quarter percent dividend payment (one twelfth of 3%), this gives a return of 0.96% for the S&P 500, so my portfolio outperformed the market in the month of December.