Thanks guys,

I think I am going to go with option 2: (1+IRR()^12)-1, since our
distributions are consistantly monthly.

In much of my financial dealings to date I have too seen IRR()*12 --
but reading a handful of Fred's posts have justly convinced me that it
is simply wrong. Even though, I know I am going to have to teach
FIN101 to many of my investors ;-)

-- jonathan