Reply To: CS4 to CS5 change in layer order of anchored objects?

That's exactly right, but only for CS4 documents imported to CS5. If I create the frames in CS5 they work fine. In fact, the problem seems to be with the 'title' frames (so yellowframe in your example); if I load the document in CS5 and create a new frame with the 'title' object style, and anchor an existing 'content' frame into it, then that appears the way it should. If I create a new frame with the 'content' object style, and anchor it into an existing 'title' frame, then the content frame is hidden.

And it only happens when the outer frame is anchored – if I release a title frame in CS4 and then bring the document into CS5, then there's no problem, even though the content frame is still anchored. But if the title frame is anchored in CS4, then when I've brought it into CS5, even releasing the title frame doesn't resolve it: only releasing the content frame fixes it.