I needed to clip several annotation layers so I used the Batch option on the Analysis -> Clip tool to build a task clipping 3 annotation layers. Everything seemed to run fine, except the resulting layers display nothing in ArcMap. There are features in the attribute table that appear the same as the original layer but nothing draws.
I went back and individually clipped the layers and the Clip1 layers display as expected. I don't know if there's a bug in the batch part or if I messed it up somewhere, I've been successfully batch clipping "regular" layers all morning.
