Hi Dennis,

If you
confirm this (and it seems to be the case for both Excel 2002 and 2003), can
you think of a good work-around?

Yes it looks like a bug to me. One workaround might be to have another frame
formatted to have no borders that contains a simple label control, then
position the frame so it appears to be the other frame's caption. Messy, but
it should work.

Regards

Stephen Bullen
Microsoft MVP - Excel
www.BMSLtd.co.uk