The annotation feature class displays as unreadable text.
The map units are set to unknown.
Solution or Workaround
Set the map units to match the units the annotation is stored in.
A. Select Data Frame Properties from the View menu. B. Click the General tab. C. Select the desired map unit from the Map dropdown list. D. Select the desired display unit from the Display dropdown list. E. Click Apply. F. Click OK to close the Data Frame Properties dialog box.