Anchors the selected object to a character. Use the mouse to drag the anchor to the desired character.
The character immediately before the anchor position is used for positioning in relation to the Character region and the Line of text reference line.
When a paragraph is used for positioning and the paragraph extends over more than one page or column, then positioning options that refer to a paragraph area or paragraph text area are applied only to the portion of the paragraph in the page or column where the anchor is located
To align an image, frame, or OLE object relative to the anchored character, right-click the object, and choose Properties. Click the Position and Size tab, and in the Position area, select Character in the to boxes.