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Default Excel 2003 - #REF! in Links

I apologize if this is the second question on the same topic... new to this
forum... I use excel for cash flow and use links frequently... recently,
though, it appears that SOME (not all) links require all the linked files to
be open in order to see the value vs #REF!... I've done nothing differently
than I have in the past... and this is really annoying because there are up
to 12 different files that need to be open simultaneously... this does NOT
happen for EVERY link so something is VERY strange...

help!!!

 
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