Dependent hidden from node view for no apparent reason.

I have a series of simple dependencies defined:

B shows if A=X
C shows if A=X
D shows if A=Y

The node form works properly with fields showing based upon the triggered dependencies.

The view context is not working properly:
If A=X, neither B nor C show in the node display.
If I toggle the View Context Setting, "Hide the dependent if the dependee is not viewable by the user." such that it is NOT checked, then B and C do show up in the node display.

This would lead you to believe that B and C are not viewable by the user, and yet, they ARE viewable by ALL users.

I am, by the way, using the Display Suit and Field Permissions modules.

Have I misinterpreted the View Context Settings? Or would I be correct in inferring that the View Context Settings are misbehaving?