Composition shows mask instead of content I have the following project layout:

[null]
[comp1]
  mask/matte
  texture


When I'm inside the comp1 I see the content correctly. But in my main project view, I just see the mask(!) (black/white) instead of the content! What might be wrong here?
Check whether you have Collapse Transformations enabled in your comp1.  It's a litte sun icon: