Boole A subtract B is what your looking for.
Make the text as normal. Make the shape. Place them both as children of the boole.
Boole can be found in the same menu as Arrays.
If you text is cutting out from your shape the hiarchy goes like this:
BOOLE
-Shape
-Text
If the text is higher than the shape it will be backwards. Try it and have a look …. always good to know what happens.
Boole objects suck the life out of your computer so use them with caution and it might be worth while to make it editable when you are 100% happy.
/Randy