\input epsf

\centerline{
\setbox0\vbox{
 \hbox{It is a clipped text.}\hbox{It is a clipped text.}
 \hbox{It is a clipped text.}\hbox{It is a clipped text.}
 \vss % no depth
}%
\special{ps:
 /mftoeps_save save def % the snapshoot of a current stage
 /mftoeps_bhook {/q {} def /Q {} def} def
 /CM matrix currentmatrix def
 currentpoint /cy exch def /cx exch def
 /ori@endspecial /@endspecial load def
 /@endspecial {} def % neutralize /@endspecial locally
}
\hbox to\wd0{\hss\epsfysize\ht0\epsffile{holeclip.eps}\hss}% perform clipping
\special{ps:cx cy moveto CM setmatrix}\llap{\copy0}% set the text
\special{ps:ori@endspecial mftoeps_save restore}% restore a previous stage
}

\end