Thank you guys, got it. The customized phrase no longer works in the new update (I'm not sure why it worked for 3 weeks after making the upgrade and then suddenly stopped working).
I was using the following custom phrase to include a description in the vbCMS Comments forum when a new article was published:
$vbphrase[comment_thread_firstpost]
PHP Code:
{2}
Read More: [url={1}]{3}[/url]
But that particular phrase no longer works in this version of vb. Any ideas on what the correct variable would be?