Beginner Help - Morphing text/mask/psd layers
So I'm newish to AE, and have a 20s animation I'm putting together for a friend. It's composed of text masks over an animated background.
I'm wanting to morph this layer:

into this one:

while retaining the ability to have them act as masks over the background like this:

I already removed the font's extra marks to reduce number of masks to deal with. Sorry for the noob post but I'm having a hard time. Any suggestions on how to do this?
Many Thanks!
Bella
