this should work. you should show us a screenshot of your all your layers and press UU so we can see all the modified properties. since this is an animation problem, a screen recording would be helpful too.
BTW the matte layer can be anywhere you want just as long as it is in the same composition. (doesn't have to be above...)
Does the shape layer cover the Text entirely? make sure to make the shape layer bigger than the text so it will be revealed without any missing part.
I took out all other animation and am showing just one text scenario. I am creating the text in illustrator and importing the .ai file into AE so maybe that has something to do with it as when I create the text in after effects and follow the same process it works fine.
Here is a screen shot showing the Shape layer (blue) covering the text
Here is what it looks like when I hide the shape layer
Now when I set matte effect on the "No Investment" layer and set it to take matte from the shape layer 1 layer you can see the text already going askew and it is not hidden as you would expect:
Now when I set matte effect on the "No Investment" layer and set it to take matte from the shape layer 1 layer you can see the text already going askew and it is not hidden as you would expect as per below:
And when I reveal the text it has the same issue
Do you have the latest graphic card driver update ?
which version of After effects are you using ?
Yes they did need updating and that should have been done before reaching out. My bad
However it did not resolve the problem.
I am now using AE 15.1.0 and have the latest NVIDIA GeForce GTX 1060 6GB driver insrtalled
When I pull in the composition imported from AI into my main composition and apply the layer and set mask at that level it works but covers over stuff I dont want covered. When I double click on the AI import in the main composition and try to apply the mask there to be more selective of what gets masked, thats where it goes haywire. Hopefully that makes sense. I could split the AI file into a graphics file and text file as a work around I guess.