Paragraph animation not working

I think I have done everything to animate my text box. Indeed I have used this feature perfectly well in the past.

It's only two bullets (the text box is named 'bullet text' in the attached SL file). Whatever i do, the first bullet will not appear. The second one does, on schedule. When I move the playhead across using timeline visualisation, the two bulets appear in the wrong order!

If I'm doing something silly, I would be very grateful to know - thanks!

John.a.