OK, correction - NO modules display content under the host login.  even html/text modules do not show content.  Check out this page source for the html module of one of the pages:

<a name="497"></a><div id="dnn_ctr497_DD">
	

    <div class="c_head title_grey">
        <div class="Head title">
            <span><span class="ModuleTitle_MenuItem" id="dnn_ctr497_dnnACTIONS_ctldnnACTIONS"></span></span>
            &nbsp;<span id="dnn_ctr497_dnnTITLE_lblTitle" class="Head">ALEC History</span>

        </div>
        <div class="Head title_vis">
            <a onclick="if (__dnn_ContainerMaxMin_OnClick(this, 'dnn_ctr497_ModuleContent')) return false;" id="dnn_ctr497_dnnVISIBILITY_cmdVisibility" title="Minimize" href=" __doPostBack('dnn$ctr497$dnnVISIBILITY$cmdVisibility','')"><img id="dnn_ctr497_dnnVISIBILITY_imgVisibility" title="Minimize" src="/Portals/_default/Containers/ALEC_Basic/images/DNN-minus.gif" alt="Minimize" style="border-width:0px;" /></a>
        </div>
    </div>
    <div class="c_content">
        <div id="dnn_ctr497_ContentPane" class="Normal c_contentpane">

        <!-- Start_Module_497 --><div id="dnn_ctr497_ModuleContent" class="DNN_HTMLContent">

	</div><!-- End_Module_497 --></div>
    </div>

Very Strange: - no content for the module....content does show when not logged in as host!