CS 4 - In Design Transparency issues?

When I adjust the transparency of a photo in IN DESIGN... once I create a PDF all the fonts on that page are affected. They aren't at "full strength" -- the blacks look less black than on a page when the transparency is not adjusted on any photos.
Any ideas?
Thanks!
David

Thanks. I'm kind of self taught hack. I usually manage for the basics but sometimes things like this give me fits.
My blacks were set for "rich blacks" already.
I'm not sure how to check this:
"Make sure the blend space matches the color mode of the background."
I know how to adjust the transparency blend space but don't know where to check for the color mode of the background exactly.
I was just messing with drop shadows and it too was have an effect on my exporting to a High Quality Print PDF. All my text was either lightened and the quality was degrading.
Is that fact that my images are .jpg an issue with adding effects?

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