I created a new list using the Announcements list template.
I then added two items and made no alterations to the columns, defaults, etc.. I get the same issue with the 'Body' column.
The attached zip file ( a true zip this time <grin> ) contains image of the column settings, image of the AllItems view, image of the Spread view, and the .pdf that gets generated. Let me know if I can get you anything else to help out.