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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields in Microsoft Word. These placeholders appear as light-gray text to prompt users to fill in the fields. To remove the placeholder text, the user should enter Design Mode, highlight the text (including the period), right-click, and choose the Font option. In the Font dialog box, there is a 'Hidden' checkbox under Font Effects that can be selected to hide the placeholder text. Viewers are encouraged to check out the playlist for more tips on creating fillable forms.