You could render the graphics normally to one render target, then paint the visible area in white on a black background in another render target, then render the second into the first with the Min
BlendFunction
.
Alternately, using only one render target, draw the graphics normally, then clear the alpha channel (by painting a rectangle over the whole screen with ColorWriteChannels = Alpha and alpha blend factors both 0), then draw the visible area with ColorWriteChannels = Alpha only.