This issue is a duplicate of CR142201 already in the system.
対処法
This broke again at 9.4 Build 2307.The workaround is to calculate the value for the field HorizontalAlignment in the geodatabase annotation feature class = 0. This left-justifies the text, and the annotation will appear in the correct location in the output DGN file. The default value in this field = 1 (Center), and that causes the annotation in the DGN file to be arranged in a column instead of in the proper location.