PS....

On Jan 1, 6:06*am, I wrote:
Aha! *Problem solved!

I had created a named formula of the form =EVALUATE("1+2+3").
When I deleted that, the "Excel 4.0 macro" warning went away(!).
[....]
I am surprised. *Using =EVALUATE() in a named formula has been
recommended before in these newsgroups without any mention of an
additional warning at load time.

Setting macro security to "low" eliminates the warning. But that is
unacceptable to me. I set macro security to "medium" de rigueur. The
warning appears to be just a different macro security check that is
not covered (sadly) by simply manually enabling macros in response to
the normal "medium" security warning.

Oh well....