I am having the same problem with the Convert Labels to Annotation tool. At the moment I am trying to convert 24 point labels in a local GDB to annotations. The "View Details" pop-out claims the process succeeded in 6 minutes 31 seconds. But it took the tool another 22 minutes to finish "Initializing," during which time several layers were all locked and I couldn't work with the contents. Any suggestions about adjusting settings or the project to get around this behavior would be much appreciated.
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