Select the Bitmap pictures that you want to Fade in and Fade out from your picture file and bring it to the Flash Library. Select File>Import to Library from the Menu Bar. A Screen named Import To Library will open. Choose the file name and click on Open. Repeat these steps for all the Bitmap pictures. To open Library, go to Window>Library. You can see the pictures in the Library panel.

Press on Ctrl+Enter to see the Fade in & Fade out Effect of the 4 pictures.