For most of the cases, that dgn file which has multiple call-outs in it, this problem appears for the file. Whenever you opened the file a message will pop up saying that ‘Outdated information might be displayed’.
In the ‘Reference’ dialog box you can see a pencil icon has come up. After that, if you click on the ‘Reload Refence’ option then also this icon does not disappear.
To solve this problem you need to follow the steps mentioned below.
Steps to Accomplish:-
In the ‘DesignModel’ (in Design Model View) hover over any call-out then this dialog came up,
From there unselect the ‘Show callout’ icon,
Now open the ‘Reference’ dialog and reload all references. Then you can find that the pencil icon did not appear again.