Step 1:Start Photoshop.
Step 2:Create A New Document.
Step 3:Select The Text Tool And Write You're Text.
Step 4:Now Select The Elliptical Marquee Tool.
Step 5:Create A New Layer,You're Layers Should Now Look Like This:
Step 6:Create A Clipping Mask. (Layer;Create Clipping Mask)
Step 7:Now With The Elliptical Marquee Tool Create A Circle Over The Text That You Wanted To Have An Effect.
Step 8:Now Select The Paint Bucket Tool And (Color Should Be White) Throw Some White Paint Onto The Dotted Circle.
Step 9:Look At You're Image

It Should Look Like This.
Step 10:Lower The Opacity Down To 50% Or Whatever You Feel Comfortable With.

Here Is The Outcome.
.PSD Incase You Need It.
Thanks For Reading.
-Jesus.