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Default link from other source file is not working

File 1 has a trial balance on it for May08
File 2 has a trial balance on it for June08
File 3 has a trial balance on it for July08

Separate File 4 has 3 columns representing the 3 months of trial balance
numbers.
using SUMIF formula -

If the first 3 files are not open first, then when i open the File 4 it has
#VALUE! - everywhere ?

If I open the first 3 files, everything links up properly.

Question: Does the source file alsways have to be OPEN for the linked sheet
to work ?
 
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