diff -urp views_customfield/includes/views_customfield_handler_field_markup.inc views_customfield/includes/views_customfield_handler_field_markup.inc
--- views_customfield/includes/views_customfield_handler_field_markup.inc	2008-11-19 07:53:47.000000000 -0600
+++ views_customfield/includes/views_customfield_handler_field_markup.inc	2011-02-04 11:23:21.000000000 -0600
@@ -37,7 +37,7 @@ class views_customfield_handler_field_ma
   }
 
   function render($values) {
-    $value = $values->{$this->field_alias};
+    $value = strtr($values->{$this->field_alias}, $this->get_render_tokens($this->options['alter']));
     return check_markup($value, $this->options['format'], FALSE);
   }
 }
diff -urp views_customfield/includes/views_customfield_handler_field_phpcode.inc views_customfield/includes/views_customfield_handler_field_phpcode.inc
--- views_customfield/includes/views_customfield_handler_field_phpcode.inc	2009-07-16 11:22:21.000000000 -0500
+++ views_customfield/includes/views_customfield_handler_field_phpcode.inc	2011-02-04 11:21:08.000000000 -0600
@@ -130,7 +130,7 @@ class views_customfield_handler_field_ph
   }
 
   function render($values) {
-    return $values->{$this->field_alias};
+    return strtr($values->{$this->field_alias}, $this->get_render_tokens($this->options['alter']));
   }
 
   /**