Well, it looks like you have the latest Office service pack. Unfortunately I'm not able to duplicate your problem when using Memo fields - as long as I don't do any sorting or grouping or using joins with the memo field. I think it must come from the IIF() function that you are using, but why that should affect the output is a mystery. Hopefully somebody else will have a suggetion to try.

As an aside, is there a reason for doing this in Access rather than Excel? It's fairly easy to creat an Excel workbook with references other workbooks and will tell you where there are differences, etc.