Yes. Portraits can be made into a shape once they have been flowed onto a page. Begin by clicking on the portrait flow so that the selection box goes around the entire block, including the names.
Then, go to the Shapes palette on the left side.
Click and drag the shape you would like the portraits to be onto the flow itself and then drop it directly on the portrait flow.
This will turn each picture in the flow into the shape you wish.
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