You can change the order of viewport annotations in the Annotation Manager list. Changing the order allows you to keep related annotations—such as text and an arrow that annotate the same area—together in the list. If you plot the multiple selections from the Annotation Manager list to a viewport, the display order is driven by the list order; that is, the annotation at the top of the list will also be in front of all the other annotations in the viewport. However, you can change the display order of annotations in each viewport independently, either by plotting individual annotations from the Annotation Manager or by selecting an annotation, clicking mouse button 3, and using the options in the popup menu. (For more information, see Manipulating annotations in the current viewport.)
from the Viewport toolbar.