I'm doing a very simple test and it's not working as intended. The curves effect, levels, or any sort of grading effect isn't being applied to my layers! The only way I can get it to work is if I add a solid to the bottom of my layer stack. 

I've tried reinstalling and wiping preferences.

Steps to reproduce:

1. New comp

2. Add white text "TEST"

3. Add Gaussian blur to text layer to blur it out a bunch.

4. Add adjustment layer on top.

5. Add curves effect to adjustment layer.

Adjusting the curves does NOTHING to my text layer. Adding a black solid at the bottom of the layer stack makes it work, but that's not a good workaround because now all my alpha channels are messed up. 

On top of this issue, applying curves directly to the text layer also does not work (until I put a solid at the bottom of the stack). Thoughts??

Nick