I think that it's a timing issue, the printer prints the letter before
composition of it is complete.
I'm not sure what the work around is with 5,000 records. I'm usually only
merging half a dozen or so letters at a time so I merge them to a new
document and then print that. When scrolling through that document however,
immediately after the merge has been executed, it takes a while for the
signatures to appear.

Signature
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Hope this helps,
Doug Robbins - Word MVP
> We use Word 2000, and have recently found that when doing a mailmerge of
> say
[quoted text clipped - 4 lines]
> using several different workstations. We don't think it is a memory
> problem.