Please help me out here..
I am having the exact same issue.
I recall having it a few times in the past and clearing out caches and cached files fixed it, but I can't remember exactly what I did.
...and while typing the last message it sorted itself out.
I cleared caches for both Premiere Pro and After Effects from the Media Preferences section of each.
Then I opened up the Premier Pro sequence and it sorted itself out eventually.
Thanks a lot ootmian!!
This did the trick.
Both are needed. AE and PP.
Thanks! You made my day .