Bingo! The problem was not having the workbook reference before the
named ranges. If I add the sheet name, it converts to the workbook
name as you suspected.

(And the alternative way using INDIRECT in your example works well,
too.)

I didn't know you had to prefix named ranges in formulas with the
workbook name. You'd think Excel would automatically assume the named
range would be in the active workbook. (???)

Thanks, Jon!

John