That was it.  Borderless was turned on in the Canon printer settings in Studio job and not in Ultimate.  I didn't catch that since I hadn't explicitly selected borderless for this test.  My printer is a Canon Pro9000 II.

Thanks Terry and Fred for your help.

Bob

The page size is exactly the same in both, but I wonder if the difference I am seeing is somehow related to the output resolution for prints. In Studio the resolution is 610 PPI while in Ultimate it is 600 PPI.  (I am using a Canon printer.)

I moved the photo location in Ultimate to where I had it set in Studio and saved a version as a new layout.  When I open that version in Studio the photo appears at 0.76 in from the top and 0.5 in from the left.  Again the floating text moves with the photo as expected.

I have a custom layout created in Studio that contains a single 5x7 photo and two items of floating text saved as a freehand page template.  When I try to use that template in Ultimate trial version (v2012.219) the position of the photo on the page changes.  In Studio the photo is placed 0.88 in from the top and 0.75 in from the left.  In Ultimate the photo is placed 1 in from the top and 1 in from the left.  The floating text seems to retain the same relative location to the photo placement in both Studio and Ultimate.

Obviously I can move the photo wherever I want it but why would it not open at the same location in both versions?

Is there a way to precisely control text placement with respect to the image both vertically and horizontally?  Text annotation will put the text below the image at a fixed location but doesn't allow centering under the image.  Floating text allows left, right or center placement but relies on a calibrated eyeball to place the text vertically. 

I'm trying to print calendars on 11x17 paper using borderless printing.  I size the image to 11x8 and place it 0.25 inches from the top of the page.  This leave about 0.25 inches below the image to place a caption before the fold in the paper.  The full page editor display is too small on my monitor to allow placing floating text accurately.

Since I use Word Perfect to print the calendar text, I suppose I could include the captions in that document.  If you are not familiar with Word Perfect it has an advance to command that MS Word lacks. This command allow precise vertical placement of text. 

Printing calendars is not the only reason I would like to control the placement of floating text more precisely.  I also like to print 4x6 prints with a 0.2 inch border and place a caption within the border.  This is a little easier to do in the full page editor display since I'm working with either letter or 4x6 paper.

Any suggestions, or have I missed something obvious?

Bob