slideshow image with fadeIn and fadeout

<ul id="exampleSlider">
    <li><img src="http://placehold.it/500x250" alt="" /></li>
    <li><img src="http://placehold.it/500x250" alt="" /></li>
    <li><img src="http://placehold.it/500x250" alt="" /></li>
    <li><img src="http://placehold.it/500x250" alt="" /></li>
</ul>
<script>
$(function () {

    /* SET PARAMETERS */
    var change_img_time     = 5000;
    var transition_speed    = 100;

    var simple_slideshow    = $("#exampleSlider"),
        listItems           = simple_slideshow.children('li'),
        listLen             = listItems.length,
        i                   = 0,

        changeList = function () {

            listItems.eq(i).fadeOut(transition_speed, function () {
                i += 1;
                if (i === listLen) {
                    i = 0;
                }
                listItems.eq(i).fadeIn(transition_speed);
            });

        };

    listItems.not(':first').hide();
    setInterval(changeList, change_img_time);

});
</script>