Disappearing callouts

[Nancy Allison]

Hi, everyone. New problem:

I create an anchored frame and import a graphic into it.

Using the Text Frame tool in the Graphics toolbar, I create callouts.

They work fine as long as they are positioned on top of the imported 
graphic.

However, if they are above the graphic, but still inside the anchored 
frame, the text inside the text frame disappears. It behaves as if it 
were pushed below the edge of the text frame by a set of forced returns, 
but there aren't any.

As soon as I move the text frame back on top of the imported image (a 
bitmap, if it matters), the callout text reappears in the text frame.

What's going on? How do I make it stop?