[GIS] Transparency in Labels/annotations

annotation;arcgis-10.0arcgis-desktoplabelingtransparency

I am trying to get my labels transparent. I have converted them into annotation and unable to make the annotations transparent. I have kept annotation in the map. My annotation layer does not appear on table of contents!
Ideas of getting the lables transparent or annotations transparent will be appreciated.

Best Answer

You asked that ages ago but, maybe useful for some, as not answered yet...

You said that you are keep your adnotation in the map but if you save them in a database enter image description here

You will have full control over the adnotation, including transparency

enter image description here

is it something you have been looking for?? enter image description here