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This tutorial explains how to hide the light-gray placeholder text in content control form fields in a form. The video provides step-by-step instructions on using design mode to modify the plain text form fields. After selecting the placeholder text, including the period, the user is guided to right-click it, choose the font option, and access the font effects box where they can check the "hidden" option to remove the placeholder text. Viewers are encouraged to check the playlist for more information on creating fillable forms.