Hello;

Sheet1, Book1.xls contains text and numerical values. Sheet1 is hidden.
Book2.xls is linked to Book1.xls (Sheet1).
Open Book2, click Update, and ALL values are updated correctly.
Now, protect Book1. Open Book2, Update, and the numerical values are updated
correctly, but SOME of the text values are updated as #N/A.
Remove Book1 protection, and ALL text and numerical values are updated
correctly in Book2.

Does the above make sense to anyone?

I would very much appreciate your insight into the possible cause.

Thank you kindly.