All floating objects in Word -- including AutoShapes, pictures with text
wrapping other than in-line, and text boxes -- are attached or "anchored" to
a particular paragraph of regular text. If you check the box in Tools
Options View for "Object anchors" and select a floating object, the anchor
point is indicated by an icon in the left margin.

You can change the anchor point by dragging the icon, and sometimes by
dragging the object itself, up or down the page. When the "lock anchor"
option is checked, the anchor point can't be moved.

A cardinal rule in Word is that a floating graphic must always be on the
same page as its anchor. If text editing on preceding pages moves the anchor
paragraph to a different page, the object will also move to that page to
stay with the anchor. This is true regardless of the "lock anchor"
setting -- that setting governs the relation between the anchor and a
particular paragraph, not a particular page.

--
Regards,
Jay Freedman
Microsoft Word MVP FAQ: http://word.mvps.org
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