Stacking/Overlapping/Layering Animations: Translucent Fading
http://pptheaven.mvps.org/tutorials/FadeToTranslucent.html

Tohlz, Shawn
PowerPoint Heaven
2005

Abstract:

The solution to fading in from 0% to 50% is simple, but depending on what are you fading. As far as I know, the Emphasis (Transparency) animation will never work because it makes an object translucent/transparent immediately. Even if you combine it with Entrance (Fade) or Exit (Fade) animations, the effect will not work effectively. Do take note that this tutorial does not apply to animating the text.