Image does not appear when I convert Frame book file to PDF

One other question: what specific version of FM are you using, as shown in Help > About, the full "xx.xx.xx" numbers.

In your original post, you said:

The images are imported by reference into three separate graphics frames that are positioned within a large anchored frame.

If this is indeed what you are doing, I am wondering if there are too many layers of frames. Try this:

Delete everything from the large anchored frame. Select the anchored frame, and import one graphic by reference. Move it to where you want it. Select the ANCHORED FRAME again, import the second graphic, and move it. Repeat for the third graphic. Now you should have ONE anchored frame with the three graphics inside it. There is no need (if it can be done) to have each graphic within its own frame and then those three frames inside the one anchored frame. You just need one frame with the three graphics inside it.

Regarding creating the PDF...when you print the Adobe PDF printer, a dialog should display asking you to name the PDF and specify where you want to store it. So, choose a convenient location that you can look in when the creation is finished. Also, this dialog box does NOT appear if you have checked the save to file box in the print dialog (if checked, the ps file is saved by default in the same location as your book or document file you are printing; unless, of course, you have changed it). Furthermore, if you click the Create Acrobat Data button, the save to file box is checked automatically. So, keep a sharp eye out as you are printing to Adobe PDF to make sure you can find the resulting files when finished.

Missing content (text or images) in a PDF is usually a symptom of needing the XP hotfix described here:

Adobe blog: Hotfix for FrameMaker

PS Hotfix KB 952909

Be sure to follow the install instructions carefully to be sure that the hotfix has been correctly installed.

check Add or Remove programs in Control panel, click the “show  updates” button, then scroll way down to see the hotfixes, to be sure  that #952909 is shown.