It's most likely because you have the option deselected for showing drawings
& text boxes on screen combined with the graphics having Text Wrapping
applied. You need to restore the setting in Tools> Options - View, no check
on Picture Placeholders, check for Drawings [Word 2003 & prior] or Office
Button> Word Options> Advanced - Show Document Content, no check for
Placeholders, check for Drawings & Text Boxes [if using Word 2007].
To better enable responders to assist you always specify your version.
HTH |:>)
Bob Jones
[MVP] Office:Mac