I need to build an excel address by using range names and cell references and actual "text". Then I want to use the Indirect command to read that address in a cell and get the data.

It seems to work inconsistently.

the address being built right now is:
'S:\[PSD07-004.xls]Status Report'!$T$12

If I put an "=" sign in front I get the right value out of the spreadsheet.

If I remove the "=" and leave the address in the cell and then in another cell put the Indirect() referencing that cell I get an #REF! error.

Any thoughts?

thanks