Select the bulleted text.
Click the Animations tab, and then click the Custom Animation button.
In the Custom Animation task pane, click Add Effect,
point to a category, and then choose an effect from the animation list.
In the Animation Order list, click the list arrow of the animation,
and then click Effect Options.
Click the Text Animation tab, click the Group Text list arrow,
and then click at what paragraph level bulleted text will be animated.
Click OK, and then click Play.