For most of these cases, if a DGN file has multiple Callouts placed within it this problem may appear. Whenever you open the file a message will display stating that ‘Outdated information might be displayed’:
In the References dialog box you can see a pencil icon displayed. Even if you click on the ‘Reload Reference’ option the icon does not disappear:
To solve this problem please follow the steps below.
1. In the Design Model hover over any Callout to initiate the mini-toolbar:
From there unselect the ‘Show Callouts’ option:
2. Now open the References dialog and reload all references. You should now find that the pencil icon no longer displays: