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In this tutorial, the presenter explains how to hide the placeholder text that appears as light gray in content control form fields in Microsoft Word. The video demonstrates using a form created with plain text content control fields. To hide the placeholder text, the user begins by entering design mode, highlights the placeholder text (including the period), and then right-clicks to access the font options. In the font effects section, there is an option to hide the text, which the user can select to remove the placeholder from view. The tutorial invites viewers to check out more videos in the playlist on creating fillable forms.